CFTC bans futures trader for spoofing

By GlobalCapital
27 Jul 2017

The US Commodity Futures Trading Commission (CFTC) has banned a trading software executive from trading on any CFTC regulated market and fined him $650,000 for spoofing in the gold, silver, copper and crude oil futures markets.

The CFTC investigation found that Simon Posen spoofed the commodity futures market with thousands of false orders between December 2011 and March 2015.

“Today’s enforcement action marks another successful spoofing prosecution by the CFTC. Illegal spoofing disrupts trading in the markets, undermines market integrity and can cause serious ...

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