Misconduct in Wholesale Financial Markets

Refreshed June 2023 | CPD time: 2 Hours

Misconduct in financial markets disadvantages investors, undermines market confidence and has caused public outrage. The 2012 scandal surrounding the manipulation of the London Inter-bank Offered Rate (LIBOR), and the subsequent foreign exchange rate scandal, brought attention to the then less-regulated wholesale fixed income, currency and commodity (FICC) markets. Misconduct in these markets can occur in a wide range of asset classes and legal jurisdictions. This module covers the regulatory background (more fully covered in the CISI’s Market Abuse Professional Refresher module) and examines the main types of misconduct in the wholesale financial markets, their relationship with other offences and their international scope across different asset classes.