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SFC prohibits brokers' client from placing orders for derivative warrants
SFC, 4-Jan-2019
The SFC sketches allegations that a trader bought warrants, then bid up the underlying stock, then sold warrants, then sold the stock, and somehow made a profit repeating this pattern despite the often-wide spreads in DWs. In our view a binding order can never be false, and the SFC should not encourage the fallacy that bids and offers in the market should provide a predictive price signal to investors. They are no more than bids and offers capable of being executed. The investigation continues - but aren't there better things on which to spend limited enforcement resources?



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