A trader's gonna trade - and why not?

摘要

The decision by the UK's Financial Conduct Authority to impose a draconian fine of US$lm (£662,700) on Mark Stevenson, a former prop trader at Credit Suisse Securities, and railroad him out of the industry for market abuse drew squeals of shock and bewilderment from market participants. They claim the regulator is making a scapegoat of someone for no apparent reason, save perhaps for having the audacity - the perfectly legal audacity -to try to front-run the Bank of England's QE auction. No matter how you look at this, the decision is odd.