The Montreal Exchange (MX) has a fined Kevin Abarbanel $15,000 for manipulative trading practices.

On Jan. 17, 2003, following an investigation conducted by its Regulatory Division, the MX filed a complaint against Abarbanel who was a restricted trading permit holder.

During the period of July 2001 to January 2002, Abarbanel contravened article 6306 of the Rules of the MX when, on six occasions, he executed transactions for the purchase or sale of Three-month Canadian Bankers’ Acceptance futures contracts (BAX) in a manner contrary to the regulations.

In the approved settlement agreement, Abarbanel admitted having contravened article 6306, which prohibits restricted trading permit holders from using or knowingly participate in the use of any manipulative or deceptive methods of trading in connection with the purchase or sale of any derivative instruments listed on the MX.

In addition to the fine, Abarbanel must pay $4,00 for investigation costs.