The other thing to consider here is that the LPPM are not the only ones failing to adhering to their own principles (ok so they have the “could include” get out of jail card here but the ‘Independent’ LBMA is also known for not complying with its own guidelines.
Take the DOJ case above on Manipulation where JP Morgan was fined $920 million for manipulating precious metals which was most likely a fraction of what they earnt from these trading tactics. When will the regulators start fining a multiple of the money earnt instead of fractions?
It also took the LBMA weeks to remove Michael Nowak from the Board which was highlighted by Ronan again in the article LBMA Removes JP Morgan’s Michael Nowak from the LBMA, Ronan goes on to highlight that LBMA in discussions with JP Morgan which you can see his extraction from the FT below we have not seen any actions taken by the LBMA against JP Morgan we at least publicly.
As of the writing of this post The former LBMA Board Member Michael Nowak, in addition to other ex-JP Morgan traders and staff, still stands accused by the DOJ of Racketeering amongst other ex-JP Morgan traders and staff (innocent until proven guilty).
I wonder what is happening to the Ex-JPM Traders in Singapore where the law is very different, Guilty until Proven Innocent? No news so far from the MAS in this regard either, which is strange cos they threw a few young traders under the bus for the same manipulation breaches back in 2019 Three charged with alleged spoofing of futures market, providing false statements to SGX.
I do hope these guys were not just to make an example of and then there are different rules for the big boys!
