Thursday, February 8, 2018

Market Trading Investigations - Layering, Spoofing, Front-Running, Stop-Loss Triggering

Adding to our prior compilations of valuation issues, questions of fairness in market executions, and fee disclosure concerns, we are adding a new set that looks at investigations into, and allegations of layering, spoofing, front-running, barrier-running and stop-loss triggering in the financial markets.
  1. Jan 2018: Spoofing - Precious Metals; S&P Futures. CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals 
  2. Jan 2018: Front-running - FX. HSBC front-running victim (Prudential Plc) 
  3. Jan 2018: Front-running - FX. Barclays front-running of HPQ in $8.3bn FX options trade 
  4. Oct 2017: Front-running - FX. U.S. jury finds ex-HSBC executive guilty of fraud in $3.5 billion currency trade 
  5. Aug 2017: Spoofing - Treasury Futures; Eurodollar Futures. CFTC Finds that The Bank of Tokyo-Mitsubishi UFJ, Ltd. Engaged in Spoofing of Treasury Futures and Eurodollar Futures 
  6. Jul 2017: Spoofing - Commodity Futures (multiple). CFTC Orders New York Trader Simon Posen to Pay a $635,000 Civil Monetary Penalty and Permanently Bans Him from Trading in CFTC-Regulated Markets for Spoofing in the Gold, Silver, Copper, and Crude Oil Futures Markets 
  7. Jun 2017: Spoofing - Precious Metals. CFTC Finds Former Trader David Liew Engaged in Spoofing and Manipulation of the Gold and Silver Futures Markets and Permanently Bans Him from Trading and Other Activities in CFTC-Regulated Markets 
  8. Mar 2017: Spoofing - Equities (cash and contracts for difference). Ex-DBS Trader Convicted in Singapore's First Spoofing Case 
  9. Jan 2017: Spoofing - Treasury Futures. CFTC Orders Citigroup Global Markets Inc. to Pay $25 Million for Spoofing in U.S. Treasury Futures Markets and for Related Supervision Failures 
  10. Dec 2016: Stop-Loss Triggering - FX. Australian Securities and Investments Commission (ASIC) accepts Enforceable Undertaking from Commonwealth Bank of Australia (CBA) for triggering FX customer stop-loss orders 
  11. Dec 2016: Spoofing - Futures (equity index; crude oil; natural gas; cooper; VIX). Federal Court Orders Chicago Trader Igor B. Oystacher and 3Red Trading LLC to Pay $2.5 Million Penalty for Spoofing and Employment of a Manipulative and Deceptive Device, while Trading Futures Contracts on Multiple Futures Exchanges 
  12. Nov 2016: Spoofing - Equity Index Futures. Federal Court in Chicago Orders U.K. Resident Navinder Singh Sarao to Pay More than $38 Million in Monetary Sanctions for Price Manipulation and Spoofing 
  13. Jan 2015: Layering & Spoofing - Equities. Canadian Man Charged in First Federal Securities Fraud Prosecution Involving 'Layering' 
  14. Jul 2013: Spoofing - Commodity Future (multiple). CFTC Orders Panther Energy Trading LLC and its Principal Michael J. Coscia to Pay $2.8 Million and Bans Them from Trading for One Year, for Spoofing in Numerous Commodity Futures Contracts 
  15. Dec 2012: Spoofing - Wheat Futures. CFTC Files Complaint in Federal Court against Eric Moncada, BES Capital LLC, and Serdika LLC Alleging Attempted Manipulation of Wheat Futures Contract Prices, Fictitious Sales, and Non-Competitive Transactions 

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