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CFTC Fines Daewoo Securities $700,000 in Spoofing Case

  • Leader
    June 6, 2020
    In settling the CFTC case, Daewoo will pay $700,000 though it didn‘t
    admit or deny the agency’s allegations.To get more news about WikiFX, you can visit wikifx news official website.

    The Commodity Futures Trading Commission (CFTC) today settled a spoofing
    case with South Koreas Mirae Asset Daewoo, who the agency said its
    traders made profits by entering spoofing orders in futures traded on
    the Chicago Mercantile Exchange (CME).

      The ex-traders at Daewoo Securities Co. Ltd, a company Mirae acquired
    after the spoofing issue, on numerous occasions placed orders to buy or
    sell futures contracts with the intent to cancel those orders before
    they were executed. The spoofing scheme ran from at least December 2014
    through April 2016 and focused on E-mini S&P 500 contracts listed on
    the CME futures market.

      In settling the CFTC case, Daewoo will pay $700,000 though it didn‘t
    admit or deny the agency’s allegations. The CFTC also credited Mirae for
    its cooperation since learning of the traders‘ misconduct, which the
    regulator says it expedited the resolution of this matter and reduced
    the monetary penalty.

      Spoofing, in general, is a practice in which a trader floods the
    marketwith fake orders by entering and quickly canceling large buy or
    sell orders on an exchange, in order to fool other traders into thinking
    that the market is poised to rise or fall.

      Regulators stepped up their policing of spoofing

      The CFTC described the alleged plot, explaining one strategy that
    Daewoos traders employed and involved three steps. First, the trader
    placed orders without intending to execute them to try to move prices in
    their favor.

      While theres nothing wrong with canceling orders, the regulator said
    the trader capitalized on the increased buying or selling interest that
    spoof orders created. He placed the genuine order, which he intended to
    execute, on the opposite side of the market. Third, the spoof orders
    were canceled within seconds of the genuine order being filled and only
    after prices moved in the direction the spoofer wants.

      As such, Daewoos traders falsely represented they had made bids, and
    while non-existent trades had taken place to create an illusion to
    encourage other investors to trade against their genuine orders and move
    the market for their own benefit.

      Deutsche Bank, HSBC, and UBS were all hit by spoofing penalties, the
    largest of which was a $30 million fine for Germanys biggest bank. The
    Swiss bank UBS has also found itself facing similar accusations after
    some of its spot traders used phony trade orders to manipulate precious
    metals futures traded on the COMEX.
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