Arbitral Digest

Matter

J. P. and Global Derivative Trading GmbH v Financial Markets Authority

  1. 20 December 2019France

    20 December 2019France

    Financial Markets Authority College decision dated 20 December 2019

    Financial Markets Authority College

    Decision summary
    The Financial Markets Authority College decided to notify J. P. and Global Derivative Trading GmbH of grievances alleging false or misleading orders in interest-rate futures linked to French government bonds and the creation of unfair trading conditions through a dominant order-book position.

    Supporting details

    2 participants
    J. P.
    Global Derivative Trading GmbH
    Financial Markets Authority College

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

  2. 28 May 2021France

    28 May 2021France

    Financial Markets Authority Sanctions Commission Decision No. 9 dated 28 May 2021

    Financial Markets Authority Sanctions Commission

    Decision summary
    The Financial Markets Authority Sanctions Commission held that it had jurisdiction over the notified market-manipulation breaches, found the breaches established against J. P. and Global Derivative Trading GmbH, and imposed a EUR 1.2 million pecuniary sanction on each of them.

    Supporting details

    2 participants
    J. P.
    Global Derivative Trading GmbH
    Financial Markets Authority Sanctions Commission

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

  3. 29 June 2023France

    29 June 2023France

    Paris Court of Appeal judgment dated 29 June 2023

    Paris Court of Appeal

    Decision summary
    The Paris Court of Appeal rejected J. P. and Global Derivative Trading GmbH's applications to annul the Financial Markets Authority College decision of 20 December 2019 and the Financial Markets Authority Sanctions Commission decision of 28 May 2021 concerning market-manipulation sanctions.

    Supporting details

    3 participants
    J. P.
    Global Derivative Trading GmbH
    Financial Markets Authority
    Paris Court of Appeal

    1 year, 8 months and 11 days later · 622 days

  4. 12 March 2025France

    12 March 2025France

    Judgment of the French Court of Cassation, Commercial, Financial and Economic Chamber in the case J 23-20.432 dated 12 March 2025

    French Court of Cassation, Commercial, Financial and Economic Chamber

    Case no.
    J 23-20.432
    Citation
    Arrêt No. 124 FS-B
    Decision summary
    The Court of Cassation dismissed the appeal by J. P. and Global Derivative Trading GmbH against the Paris Court of Appeal judgment concerning market manipulation in futures linked to French government bonds. It upheld the Financial Markets Authority's jurisdiction over manipulation carried out in France or abroad involving an instrument linked to an instrument admitted to trading on a French regulated market or multilateral trading facility, and held that both the company and J. P. could be sanctioned. The Court rejected the request for a preliminary reference, ordered the appellants to pay the costs, and ordered them to pay the Financial Markets Authority EUR 5,000 under Article 700 of the French Code of Civil Procedure.

    Supporting details

    7 authorities · 17 participants
    J. P.
    Representative
    Melka-Prigent-Drusch (For: J. P. · Global Derivative Trading GmbH)
    Global Derivative Trading GmbH
    Representative
    Melka-Prigent-Drusch (For: J. P. · Global Derivative Trading GmbH)
    Financial Markets Authority
    Representative
    Ohl et Vexliard (For: Financial Markets Authority)
    French Court of Cassation, Commercial, Financial and Economic Chamber
    Judge
    Ponsot
    Judge
    Ducloz
    Judge
    Alt
    Judge
    Thomas
    Judge
    Maigret
    Advocate General
    Lecaroz
    Court clerk
    Doyen

    Authorities cited

    7
    • French Code of Civil Procedure, Article 700
      statute
    • French Monetary and Financial Code (Articles L. 621-15, I and L. 621-15, II, c))
      statute
    • General Regulation of the Financial Markets Authority (Articles 611-1 and 631-1)
      statute
    • French Code of Judicial Organization (Article R. 431-5)
      statute
    • European Convention on Human Rights (Article 6 § 2)
      statute
    • Regulation (EU) No. 596/2014 on market abuse (Regulation (EU) No. 596/2014 of 16 April 2014, Article 22)
      statute
    • French Ordinance No. 2014-158 of 22 February 2014 (Ordinance No. 2014-158 of 22 February 2014)
      statute

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J. P. and Global Derivative Trading GmbH v Financial Markets Authority · Matter