Tag: Spoofing

Spoofing

In the FICC of It

In this week’s podcast Colin Lambert gets his teeth into one of his favourite subjects – spoofing – and, as usual, has some theories about lessons that can be learned elsewhere. Ahead of Forex Network Chicago later this week, however, which will kick off by a panel looking at the FX swaps market structure, the […]

CFTC Clobbers Bank of Nova Scotia with $127 Million Spoofing Fine

The US Commodity Futures Trading Commission has issued three Orders filing and settling charges against Bank of Nova Scotia for spoofing in precious metals futures, making false statements to US regulators and  for compliance and oversight failures. The bank has been fined a total of $127.4 million. The first two orders require Scotia to pay […]

In the FICC of It

There is a controversial start to this week’s podcast as P&L’s managing director Colin Lambert ponders whether the US really does have an “innocent until proven guilty” ethos in its legal system, before debating whether a firm, no last look, order book can really be spoofed? He argues “intention to deal” is fairly easy to […]

And Another Thing…

The latest Spotlight Review from the FICC Market Standards Board got me thinking about the waning ethos of “consenting adults” in markets, as well as about a piece of industry infrastructure that could be very useful in monitoring activity in FX markets especially. The Review from FMSB looked at the use of machine learning in […]

And Another Thing…

A week and a half ago, during our In the FICC of It podcast, Galen Stops and I briefly touched upon a comment from a speaker at one of our events, that clients were looking at deploying an algo that deliberately lost money for the first 30 seconds. At the time we chatted away, as […]

Record Fine for Tower Research as CFTC Hits Spoofers Again

The US Commodity Futures Trading Commission (CFTC) has again targeted spoofers in futures markets with two actions against firms, including a record fine for high frequency trading firm Tower Research. Tower was hit with a $67.4 million fine for failing to halt a spoofing scheme that lasted over two years and led to criminal charges […]

US Charges Former JPM Traders with Spoofing

The US Department of Justice and Commodity Futures Trading Commission (CFTC) have charged five traders with spoofing and market manipulation offences in precious metals. Gregg Smith, Michael Nowak and Christopher Jordan were all charged for their alleged participation in a racketeering conspiracy and other federal crimes in connection with what the authorities claim was the […]

Two Precious Metals Traders Plead Guilty to Spoofing Charges

Two bank precious metals traders have pleaded guilty to spoofing charges brought by US authorities. Former JP Morgan trader John Edmonds and former Scotia Capital trader Corey Flaum both entered into cooperation agreements with the US government and admitted to spoofing and manipulative conduct in futures markets. Flaum also admitted guilt to a related US […]

And Another Thing…

Spoofing is a strange thing; some could argue it is part of a best execution policy when trying to fill a very large order, others that it is criminal activity, and both would have valid points – but is it fraud? I have no wish to get into the legal technicalities, especially around US law, […]