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

The Authority has characterised whether an order is a Large Order differently in respect of the three Traders. For Mr Lopez, the Authority has identified his orders of 200 lots or more, rather than 250 lots or more as used for Mr Urra and Mr Sheth (save where they were involved in a Multi Trader Instance, in which case the lower threshold of 200 lots is applied to them as well).

Adopting this approach, the Authority relied on the following numbers of Large Orders being placed by each Trader:

Mr Urra’s Large Orders were usually in the range of 400 to 499 lots, typically 400, 444 or 499 lots. He did occasionally place a Large Order of a smaller size, namely 250 or 333 lots. The Tribunal only identified one Instance where Mr Urra had placed a Large Order of 500 lots and that was in F30, although he did occasionally place concurrent Large Orders in an Instance where the total size was then more than 500 lots, F82 where he placed two Large Orders, each of 490 lots (and which were concurrent with a Large Order placed by Mr Sheth of 500 lots).

Most of Mr Lopez’s Large Orders were of 200 lots. Where he placed a Large Order in a larger size it was generally of 300 or 400 lots. Whilst some of Mr Lopez’s Large Orders were live concurrently with Large Orders which were placed by Mr Urra or Mr Sheth, the Tribunal has not identified any Instance where Mr Lopez had placed concurrent Large Orders.

Mr Sheth’s Large Orders were usually of 500 lots, although he did occasionally place Large Orders of 250, 300 or 400 lots. The 151 Large Orders relied upon against Mr Sheth include all of his Large Orders within the Instance Pool, ie including those Multiple Large Orders which he submits were a mistake.