In a bizarre claim brought in France, a seemingly inexperienced day trader is suing a UK authorised brokerage for profits made by building up a $5 billion position in US equity futures on what he initially believed to be a ‘demo’ trading platform.

In commenting for the Journal, Peter Dodge questioned how the platform could have allowed the claimant to build such an improbably large position and highlighted the FCA high level ‘management and control’ principle requiring UK regulated firms to take reasonable care to organise and control their affairs responsibly and effectively with adequate risk management systems.

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