Tag: US Treasury Futures

US Treasury Futures

CFTC in First Non-Prosecution Agreements with Former Citi Traders

The US Commodity Futures Trading Commission (CFTC) has for the first time entered into non-prosecution agreements with subjects of an official investigation into misconduct.
The CFTC says it has signed the agreements with three former Citi traders, Jeremy Lao, Daniel Liao, and Shlomo Salant thanks mainly to what it terms their “timely and substantial cooperation, immediate willingness to accept responsibility for their misconduct, material assistance provided to the CFTC’s investigation of Citigroup, and the absence of a history of prior misconduct.”

Former Citi Traders Fined for Spoofing

The US Commodity Futures Trading Commission (CFTC) has issued two separate Orders filing and settling charges against two former Citigroup traders for spoofing US Treasury futures markets.
Stephen Gola and Jonathan Brims, who have been dismissed by the bank, are required to pay $350,000 and $200,000 in civil monetary penalties respectively. Both traders are banned from trading in the futures markets until six months after each has made full payment of his respective penalty. In addition, Gola and Brims are ordered to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing, as charged.