Upper Tribunal Tax and Chancery Chamber

UT (Tax & Chancery) UT-2022-000134 UT-2022-000135 UT-2022-000137 - [2025] UKUT 00214 (TCC)

Fecha: 31-Ene-2025

Non-Instance large orders and Lone Large Orders

Non-Instance large orders and Lone Large Orders

329.

During the Relevant Period the Traders placed uniceberged orders of 200 lots or more that are not within the Instance Pool (the “Non-Instance large orders”). There are a total of 124 Non-Instance large orders and they comprise two different categories:

(1)

90 had a small order placed by one of the Traders on the opposite side of the book whilst they were live (but did not meet all of the Criteria which is why they are not in the Instance Pool); and

(2)

34 did not have a small order placed by one of the Traders on the opposite side of the book whilst they were live – these are the “Lone Large Orders”.

330.

On the basis of Mr Creaturo’s evidence, the Tribunal finds that the numbers of such orders are as follows:

	Number of Large Orders in Instance Pool	Number of Non-Instance large orders	Number of Lone Large Orders
Mr Urra	135	40	15
Mr Lopez	55	33	5
Mr Sheth	151	51	14
Totals	341	124	34

331.

Three of these Non-Instance large orders traded – two in part and one in full, and all three of these had been placed by Mr Urra. The remaining 121 were cancelled without having traded.

332.

The Lone Large Orders were not iceberged, were placed in round numbers (with Mr Urra’s generally being between 400 to 499 lots, most of Mr Lopez’s being for 200 lots and all but one of Mr Sheth’s being for 500 lots), and were live for various lengths of time (including 2, 3, 17, 24, 34 and 43 seconds).

333.

The Tribunal finds that there is nothing to distinguish the Lone Large Orders from the Large Orders in the Instance Pool, save for the fact that there was no small order which had been placed by one of the Traders on the opposite side of the order book.