Nick Bayley, Managing Director, Head of UK Regulatory Consulting of Duff & Phelps comments: “This is FCA’s very first market abuse outcome under the EU Market Abuse Regulation, which went live in July 2016. We can see from its Annual Report that the regulator had 29 market manipulation cases open as at 31 March this year, so hopefully other outcomes will follow quickly in its wake. “In terms of new lessons from this case, there are relatively few.