Arbitral Digest

Matter

Global Derivative Trading GmbH and C. B. v Financial Markets Authority (Paris Court of Appeal, RG No. 21/13507, 29 June 2023)

  1. 20 December 2019Arbitration

    20 December 2019Arbitration

    Specialized Commission No. 1 of the Financial Markets Authority College decision dated 20 December 2019

    Decision summary
    The Specialized Commission decided to notify allegations to Global Derivative Trading GmbH and C. B. concerning alleged price manipulation in FOAT futures traded on Eurex between 1 July and 13 October 2015, opening the AMF sanctions procedure.

    Supporting details

    3 participants
    Global Derivative Trading GmbH
    C. B.
    Financial Markets Authority

    1 year, 5 months and 8 days later · 525 days

  2. 28 May 2021Arbitration

    28 May 2021Arbitration

    Financial Markets Authority Enforcement Committee Decision No. 9 dated 28 May 2021

    Decision summary
    The Enforcement Committee retained jurisdiction over the alleged manipulation of FOAT futures traded on Eurex between 1 July and 13 October 2015, attributed the breaches to Global Derivative Trading GmbH and C. B., imposed a €1,200,000 pecuniary sanction on each, and ordered publication for five years.

    Supporting details

    3 participants
    Global Derivative Trading GmbH
    C. B.
    Financial Markets Authority

    2 years, 1 month and 1 day later · 762 days

  3. 29 June 2023France

    29 June 2023France

    Judgment of the Paris Court of Appeal, Pôle 5 - Chamber 7, in RG No. 21/13507 dated 29 June 2023

    Paris Court of Appeal, Pôle 5 - Chamber 7

    Case no.
    21/13507
    Citation
    Paris Court of Appeal, Pôle 5 - Chamber 7, 29 June 2023, RG No. 21/13507
    Decision summary
    The Court rejected Global Derivative Trading GmbH and C. B.'s appeals against the AMF's 28 May 2021 sanctions decision and the 20 December 2019 decision notifying allegations, and rejected the AMF president's cross-appeal seeking to increase each €1,200,000 sanction to €1,500,000. It also rejected the applicants' damages, counterclaims, and Article 700 claim, leaving each party to bear its own costs.

    Supporting details

    13 authorities · 13 participants
    Global Derivative Trading GmbH
    Representative
    Benoît Descours of RAVET & ASSOCIÉS (For: Global Derivative Trading GmbH · C. B.)
    Representative
    Frank Martin Laprade of AARPI JEANTET (For: Global Derivative Trading GmbH · C. B.)
    C. B.
    Representative
    Benoît Descours of RAVET & ASSOCIÉS (For: Global Derivative Trading GmbH · C. B.)
    Representative
    Frank Martin Laprade of AARPI JEANTET (For: Global Derivative Trading GmbH · C. B.)
    E. I.
    Representative
    M. T. (For: E. I. · K. J. · Financial Markets Authority)
    K. J.
    Representative
    M. T. (For: E. I. · K. J. · Financial Markets Authority)
    Financial Markets Authority
    Representative
    M. T. (For: E. I. · K. J. · Financial Markets Authority)
    Paris Court of Appeal, Pôle 5 - Chamber 7
    Advocate General
    Jocelyne Amouroux
    Other
    Institutional administrator
    Véronique Couvet

    Authorities cited

    13
    • AMF General Regulation
      statute
    • French Monetary and Financial Code
      statute
    • French Civil Code
      statute
    • French Code of Civil Procedure
      statute
    • German Securities Trading Act (former version of the WpHG)
      statute
    • Market Abuse Regulation (MAR)
      statute
    • French QPC Decision of 11 March 2022
      case law
    • French Court of Cassation, Commercial Chamber, 14 April 2021, Appeal No. 20-12.599 (Com., 14 April 2021, No. 20-12.599)
      case law
    • French Court of Cassation, Commercial Chamber, 23 June 2021, Appeal No. 19-18.216 (Com., 23 June 2021, No. 19-18.216)
      case law
    • Paris Court of Appeal, 8 December 2016, No. 15/23987 (CA Paris, 8 December 2016, No. 15/23987)
      case law
    • French Jurisdictional Disputes Tribunal, 2 May 2011, No. C 3766 (Tribunal des conflits, 2 May 2011, C 3766)
      case law
    • French Jurisdictional Disputes Tribunal, 22 June 1992, No. 02671 (Tribunal des conflits, 22 June 1992, No. 02671)
      case law
    • French Court of Cassation, Second Civil Chamber, 23 November 1956, No. 56-11.87 (Civ. 2, 23 November 1956, No. 56-11.87)
      case law

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Global Derivative Trading GmbH and C. B. v Financial Markets Authority (Paris Court of Appeal, RG No. 21/13507, 29 June 2023) · Matter