Relief Obtained in Enforcement Action Charging Two Traders in Spain with Insider Trading Ahead of BHP Billiton Acquisition Bid

Cañas served as an executive advisor to Banco Santander’s CEO, and allegedly learned confidentially that the investment bank had been asked by international mining company BHP Billiton to advise and help underwrite its proposed acquisition of Potash Corporation. Cañas allegedly took the opportunity to purchase Potash contracts-for-difference (highly leveraged securities not traded in the U.S. but based on the U.S. stock price) in the days leading up to announcement of the bid. He also allegedly tipped his close personal friend Marín about the potential acquisition and advised him to purchase Potash stock, and they made illicit profits of nearly $1 million combined.