Liffe trader fined for market abuse
Liffe coffee trader Andrew Kerr, formerly of commodities broker Sucden, has been fined £100,000 and banned by the Financial Services Authority for market abuse.
Kerr was found guilty of artificially boosting the prices of Liffe Robusta Coffee Futures and Options by executing orders during what the FSA calls a key one minute period of trading on August 15 2007. It adds that Kerr actively encouraged the market manipulation and benefited financially from it.
Kerr agreed an immediate settlement with the FSA, gaining a £25,000 reduction in his fine. The FSA notes that all firms involved cooperated fully throughout the investigation.
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