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Release Date: 15th December 2020

To access the original FCA document, click here.


The FCA has fined Corrado Abbattista, formerly Chief Investment Officer at Fenician Capital Management LLP, £100,000 for market abuse and prohibited him from performing any functions related to regulated activities.

The FCA’s investigation revealed that Mr. Abbattista engaged in market abuse by creating a false and misleading impression of supply and demand for equities between 20 January and 15 May 2017. He placed large misleading orders for Contracts for Difference (CFDs) that he did not intend to execute, while placing smaller orders on the opposite side of the order book that he did intend to execute. This manipulation falsely indicated his intent to buy or sell when his true intention was the opposite.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, emphasised that market manipulation undermines market integrity and fairness. The FCA has enhanced its capabilities to detect and address such abuses effectively.

Mr. Abbattista was aware of the potential market manipulation risk but proceeded recklessly. His actions were identified by the FCA’s surveillance systems, which analyse order book data from leading UK equity trading venues to detect abusive behaviours.

Mr. Abbattista referred the matter to the Upper Tribunal but withdrew his reference on 10 November 2020. The FCA’s fine and prohibition reflect the seriousness of his breach and serve as a deterrent to other market participants.

Key Takeaways for Firms:


The FCA’s action against Corrado Abbattista highlights the importance of maintaining market integrity. Firms and individuals must adhere to regulatory standards and avoid manipulative practices to ensure clean, efficient, and fair markets. The fine and prohibition serve as a strong warning against market abuse.

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