LON (89/1818)

No. 5444

Decision given 21 November 1990.

Supply – Appellant trading in financial futures markets on behalf of clients – Whether transactions entered into by appellant were as principal or agent.

  The issue was whether, when it entered into transactions on the financial markets purchasing options and futures, the appellant was acting as a principal or as an agent on behalf of the persons who invested money with it. The appellant recently changed its name to Trading Strategies Ltd.

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