LONDON, June 26 A carbon broker at London-based
Jefferies Bache has been suspended for breaking rules
on commodity and energy exchange ICE Futures Europe, the
exchange said on Thursday.
Joshua Gershon was found by ICE to have profited by trading
ahead of client orders on nine occasions between June 2012 and
August 2013, the exchange said in a note to members.
ICE said he took personal positions on the exchange before
agreeing over-the-counter deals at less favourable prices with
his clients, which were then cleared by ICE.
"The exchange undertook its own investigation and concluded
that Mr. Gershon had failed to give priority to client orders
over his own activity, and withheld client orders from the
market which were capable of being executed at a better price,"
Attempts to reach Gershon were unsuccessful while a
spokeswoman for Jefferies Bache declined to comment on the
ICE said Gershon's actions appeared to result from a lack of
understanding of his role and the exchange's rules.
ICE said Gershon's clients were reimbursed for undisclosed
losses due to his activities.
It added that Gershon was suspended by his employer, had
part of his accreditation under British industry regulators the
Financial Conduct Authority revoked, and faced fines including
the forfeiture of his 2013 bonus.
(Reporting by Michael Szabo; editing by Keiron Henderson)