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A trader who lost his job at JP Morgan Chase & Co following allegations of market manipulation was unfairly dismissed because the firm ‘radically altered’ its approach to an issue that arose three years before his dismissal, an employment tribunal has found. It ruled that Mr B Jones, who was dismissed in 2019 following allegations of gross misconduct, did not engage in market “spoofing” and that his conduct should not have caused or contributed to his dismissal. Jones began working at investment banking division JP Morgan Securities as an intern in 2010 and in 2014 he began trading alongside two more senior employees. By 2017 he was a vice president supervising more junior staff. In January 2016 Jones entered and deleted in quick succession two sell orders. The company’s surveillance systems immediately identified this as potential market abuse. Jones was interviewed by managers about the circumstances surrounding the orders and it was determined that no misconduct had taken place and no further action would be taken. However, to show that it was taking a hard line on allegations of market manipulation following the precious metals scandal JP Morgan Chase & Co was involved in, the company later introduced a new enhanced standard around how it would deal with trading activity that was potentially consistent with spoofing. In 2019 it commenced a market conduct review. The review found that Jones' explanations for the events of January 2016 were inadequate and he would undergo a disciplinary process. In
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