Dutch primary dealer programme helped trader pick off algos

The Dutch State Treasury Agency's primary dealer quotation obligations gave Bank of America Merrill Lynch trader Paul Walter the chance to pick off his counterparts on the ‘BrokerTec’ platform — behaviour for which he was fined by the UK's Financial Conduct Authority on Wednesday.

  • By Nell Mackenzie
  • 23 Nov 2017

BrokerTec became a 'designated trading system' for primary dealers in Dutch government bonds on July 1, 2014 — just one day before Walter began the trading which the FCA considers market abuse.

That meant primary dealers could quote on BrokerTec to fulfill the "quotation obligation" in Dutch government ...

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