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The AMF Enforcement Committee fines a Dutch trading firm and three Dutch traders for price manipulation

The AMF Enforcement Committee fines a Dutch trading firm and three Dutch traders for price manipulation

In its decision of 6 May 2022, the Enforcement Committee imposed fines of between €80,000 and €400,000 on Nyenburgh Holding B.V. and on Rob Kamsteeg, Dionisius Johannes Henricus Van Tilborg and Diede Mink Van Den Ouden.

Between 2013 and 2016, Nyenburgh Holding B.V., a proprietary trading firm, and one of its traders, who is also a director of the company, Mr Kamsteeg, as well as Mr Van Tilborg and Mr Van Den Ouden, issued orders for a number of securities listed on Euronext Paris.

First of all, the Committee found that the respondents had given the impression of strong demand for the purchase or sale of these securities, through their rapid actions on large volumes of the securities in question at the three best prices displayed in the order book. They cancelled their orders before execution, however. This affected the representation of the order book to which market participants have access. The Committee also found that the modus operandi of the respondents was aimed at creating artificial imbalances on one side of the order book, causing confusion for the other participants as to the actual supply, demand or price of the securities. The Committee concluded that the interventions of the respondents constituted price manipulation involving false or misleading signals as to the supply of, demand for or price of financial instruments for all of the sequences in question.

The Committee then found that the interventions of the respondents also constituted price manipulation due to a dominant position which had the effect of creating unfair trading conditions.

The Committee pronounced penalties of €200,000 against Nyenburgh Holding B.V., €100,000 against Mr Kamsteeg, €400,000 against Mr Van Tilborg and €80,000 against Mr Van Den Ouden.

The Committee noted, however, that a second company, which had also been accused of price manipulation, had disappeared after its final liquidation had been pronounced, and therefore could not be sanctioned.

An appeal may be lodged against this decision.

About the Enforcement Committee

The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF’s educational efforts by clarifying financial regulations when explaining its decisions.

AMF Communications Directorate