David Griffiths

MALAYSIAN businessman John Soh Chee Wen and his partner in crime Quah Su-Ling used classic “wash trading” techniques to engineer the biggest market-manipulation case in Singapore’s history. 

Wash trading itself is as old as securities markets, but it is becoming increasingly sophisticated as markets become more connected and trading volumes multiply. Quah’s and Soh’s conspiracy, which took nearly a decade to prosecute, demonstrates the scale of challenge that regulators and exchanges are up against today as they try to protect investors and prevent criminal activity in financial markets. It’s a technology arms race that the financial system cannot afford to lose.