Ex-Mizuho Bond Traders Lose Bid to Lift UK Bans Over Spoofing

A trio of ex-Mizuho International Plc government bond traders accused by the UK’s City watchdog of market abuse lost their bid to challenge their ban from financial services.

Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth had sought to challenge the Financial Conduct Authority, which said the three engaged in manipulation by spoofing the market. The men were accused of placing large “misleading” orders for certain trades that they had no intention of executing in the weeks before and after the Brexit vote in 2016.

“We have concluded that Mr. Urra, Mr. Sheth and Mr. Lopez each ...