Tag: Spoofing


And Another Thing…

The size of the fines being dished out by the US authorities are not particularly large – especially for those banks that have been targeted – but the number of sanctions is. As the CFTC noted in a release this very week, it closed its fiscal year with a record number of enforcement actions, and […]

In the FICC of It

There’s a behavioural feel to this week’s podcast as Colin Lambert opens up with his views on the number of spoofers being brought to heel by the CFTC. He then moves onto another CFTC-related issue, wondering if questions should be asked of the management team that allowed Citi’s voice monitoring operation to descend into apparent […]

And Another Thing…

Because, if nothing else, this column is an information service, this will be brief and to the point – and, hopefully, informative. Are you wondering why we are seeing so many spoofing cases in the US? If you are then you’re probably thinking that the activity is out of control over there – and it […]

JP Morgan Fined $920 Million Related to Spoofing Charges

Two US regulators, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), along with the US Department of Justice (DoJ) have levied fines totalling $920.2 million on JP Morgan over spoofing activities conducted by former traders in precious metals futures and US Treasury cash markets. The authorities say the activities of […]

CFTC Nails Another Two Spoofers

In its continuing battle against spoofing, the US Commodity Futures Trading Commission (CFTC) has issued two orders filing and settling charges against Thomas Donino and his employer FNY Partners Fund, for spoofing Comex gold futures and NYMEX oil futures. In a separate action, the Commission charged Slovakians Roman Banoczay Jr., Roman Banoczay Sr., and their […]

Deutsche Traders Guilty in Spoofing Case

Two former Deutsche Bank precious metals traders have been found guilty in a Chicago court of spoofing precious metals markets. James Vorley and Cedric Chanu were convicted of three and seven counts of wire fraud respectively, however they were cleared of conspiracy charges. Vorley, who was based in London, and Chanu, who worked in both […]

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 […]

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