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You are here: Home / Archives for futures contracts

Record Number of Spoofing Cases Examined

November 18, 2018 by Michael Volpe Leave a Comment Filed Under: Feature Articles Tagged: 3 Red Trading, Andrew Busch, CFTC, commodities fraud, Dodd/Frank, fraud, futures contracts, James McDonald, Kamaldeep Gandhi, Proprietary Trading, Spoof Orders, spoofing, wire fraud

James McDonald, CFTC’s Head of Enforcement

James McDonald, CFTC’s Head of Enforcement

The Commodities Futures Trading Commission’s head of enforcement touted increased spoofing cases, but is it all propaganda?

James McDonald is CFTC’s Head of Enforcement and he was the latest guest on the podcast of CFTC’s Chief of Market Intelligence, Andrew Busch.

Spoofing, as McDonald noted, was first written into law and defined in Dodd/Frank, however, spoofing activity was already being prosecuted, it was just referred to as other things.

“Before this specific anti-spoofing provision, we could charge spoofing activity. We charged it as some sort of fraud or manipulation or false recording.”

Spoofing, “is placing orders with the intent to cancel them.” McDonald said.

Busch noted that the CFTC has brought a record 26 spoofing cases in 2018.

Busch also noted that often these cases are brought in conjunction with criminal charges from the US Department of Justice (USDOJ).

The CFTC can only deliver civil punishment while criminal punishment is done by the USDOJ, because spoofing is considered a federal crime.

Indeed, a check of the CFTC press releases for the year will show that much more has been done by the agency than in previous years.

Busch and McDonald spoke about an action in January, brought against multiple banks, on different continents, and with criminal charges in many cases.

“CFTC Files Eight Anti-spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC, and UBS, and six individuals.” Their press release stated at the time.

More recently, the CFTC took another action on October 12, 2018, which also culminated in criminal charges as well.

“The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Kamaldeep Gandhi, in which Gandhi admits to engaging in manipulative and deceptive schemes, along with other individuals, which involved thousands of acts of spoofing (bidding or offering with the intent to cancel the bid or offer before execution) with respect to a variety of futures products traded on the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and the Commodity Exchange, Inc.” That press release stated. “The Order finds that Gandhi engaged in this unlawful activity while placing orders for, and trading futures contracts through, accounts owned by his former employers, two proprietary trading firms named as Firm A and Firm B in the Order.”

US Department of Justice - USDOJ

Ghandi, along with another defendant, then pleaded guilty to criminal charges in November, according to a USDOJ press release: “Krishna Mohan, 33, of New York, New York, pleaded guilty today to one count of conspiracy to engage in wire fraud, commodities fraud and spoofing.  Sentencing is scheduled for Feb. 28, 2019 before U.S. District Judge Gray H. Miller of the Southern District of Texas.

“Kamaldeep Gandhi, 36, of Chicago, pleaded guilty on Nov. 2 to two counts of conspiracy to engage in wire fraud, commodities fraud and spoofing.  Sentencing is scheduled for Feb. 22, 2019 before U.S. District Judge Ewing Werlein Jr. of the Southern District of Texas.

“As part of their pleas, Gandhi and Mohan admitted that, from March 2012 to March 2014, they conspired with Yuchun‘Bruce’ Mao and others at the first firm (Trading Firm A) to mislead the markets for E-Mini S&P 500 and E‑Mini NASDAQ 100 futures contracts traded on the Chicago Mercantile Exchange (CME) and E-Mini Dow futures contracts traded on the Chicago Board of Trade (CBOT).  Gandhi and Mohan further admitted that they and their co-conspirators placed thousands of orders that they did not intend to execute, or ‘spoof orders,’ in order to obtain executions of other orders, or ‘primary orders,’ at better prices, quantities and/or times than otherwise possible, to the benefit of the co-conspirators and Trading Firm A.  Gandhi and Mohan further admitted that the United States has calculated that the scheme resulted in market losses of over $60 million.”

Busch and McDonald both noted that spoofing is a form of manipulation which is a sign of the times.

Busch said that spoofing could never be done in a trading pit because that would quickly become the trader’s reputation, and no one would trade with them.

While the numbers have grown, that is also to be expected given how new the crime is.

Furthermore, McDonald said that his department was, “Growing our whistleblower program and providing whistleblowers extra protections.”

But as The Industry Spread has documented, that was not the case with Edwin Johnson, who continues to face retaliation even though the CFTC settled with the subject of Johnson’s disclosure: Igor Oystacher and 3 Red Trading.

The CFTC has also been criticized, specifically in Forbes, for not being able to develop cases on mass scale, like with Oystacher and Jon Corzine.

“Big fraud allegations often mean big settlements will follow. But the settlements the Commodity Futures Trading Commission reached with former MF Global CEO Jon Corzine in early January and Igor Oystacher and his Chicago firm, 3Red Trading LLC, in December were surprisingly puny.” Forbes said in 2017.

It’s important to note that the investigation which nabbed three banks and six traders came after this article came out and would provide some evidence this was not necessarily so, but even in that case, the numbers recovered were not enormous: the banks were ordered to repay $46.6 million in penalties combined.

One problem for the CFTC, and a topic not covered on the podcast, was the budge for the CFTC Enforcement Department, $51,299,154 in 2017, according to figures from the CFTC.

Here’s what Forbes noted about the budget: “That is the explanation former CFTC enforcement chief Aitan Goelman gave to Reuters in an interview last week. Taking Corzine, a former US Senator and New Jersey governor, and Oystacher to trial would have absorbed more than half of the enforcement division’s entire operating budget for 2017, Goelman said. That put the CFTC in a very weak position to push for larger settlements.”

Oystacher, according to one expose from The Industry Spread, hired fifteen lawyers to defend himself.

Corzine had equally unlimited resources for lawyers.

Oystacher paid a relatively small fine, $2.5 million, and 3 Red Trading not only continues to trade today but is still a major player on the CME.

Meanwhile, Johnson was terminated, had his ownership shares removed, and has been in litigation since.

Exchanges Reports Modest Uptick in Trading Volume in the Month of October 2018

November 2, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: ADV, average daily volumes, Brokers, Cboe FX, Euroyen, exchanges, FastMatch, futures contracts, FX Markets, TFX CLick, trading volume

Cboe FX MarketsAfter a brief period on muteness in the growth in trading volume, brokers and exchanges have started reporting a better October month compared to previous months. Though the growth in trading volume has been modest, but it’s a relief for the Fx industry which was under severe pressure after the strong uptick in volumes in the first few months.

Cboe FX

Institutional Forex ECN Cboe FX Markets has reported a marginal increase in trading volumes compared to previous month, but it is still well below the daily volumes it has seen in the first half of the year. This is the third month in a row with a modest climb in trading volumes.

The average daily volumes during the October came in at $36.3 billion compared to $35.8 billion in the previous month, which is almost 1.4 per cent increase. In the first half of the year, Cboe Fx had ADV of $40 billion.

The most active pair was the EUR/USD which contributed 24.6 per cent of total trading, next is USD/JPY at 16.7 per cent, GBP/USD at 8.6 per cent, AID/USD at 8.4 per cent and USD/CAD at 6.2% to the total trading.

FastMatch

After slow September, the Forex ECN FastMatch has witnessed a modest increase in the average daily volume of 3 per cent from $18.6 billion to $19.2 billion. Despite the increase, the volumes are well below the $20-$22 billion range which was seen in the first few months of the year.

Click 365TFX CLick 

The Tokyo Financial Exchange released its October operational metrics, reporting a combined increase of 31.3 per cent in trading volume for all TFX products month over month.

The trading volume of 3-months Euroyen futures was 114,555 contract which is 38 per cent lower month over month but is 8.3 per cent higher when compared yearly. Its average daily volume coming in at 5,207 contracts.

For FX Daily Futures contracts (Click 365), it recorded a 26 per cent increase in trading volume to 2,658,139 over the month and 22.4 per cent on yearly basis. The average daily trading volume was 115,571 contracts.

Equity Index Daily Futures contracts (Click kabu 365) increased 85 per cent to 823,194 contracts month on month, but 12.1 per cent lower year over year. The average daily trading volume was 35,815 contracts.

BSE Commences Trading in Futures Contracts on Oman Crude Oil in Commodity Derivatives

October 29, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: BSE, Commodity derivatives, DMX, futures contracts, gold, Oman Crude Oil, silver, trading

BSE LOGOFutures trading in gold and silver contracts records fresh all-time peak of INR 621.47 Cr on Thursday, 25th October 2018

Mumbai, October 26, 2018: BSE, Asia’s oldest exchange and now the world’s fastest exchange with the speed of 6 microseconds, today commenced trading in futures contracts on Oman Crude Oil in its newly launched commodity derivatives segment.

The BSE Oman Crude Oil Futures Contract will be settled on Dubai Mercantile Exchange Oman Crude Oil prices on the expiry day. BSE recently entered into an agreement with Dubai Mercantile Exchange (DMX) a premier energy-focused commodities exchange in the Middle East, for the growth and systematic development of commodity derivatives markets in the Crude Oil Complex.

BSE’s newly-introduced commodities derivatives trading platform with futures trading in gold and silver contracts also hit fresh all-time peak with the traded value logging INR 621.47 Cr on Thursday, 25th October 2018. The gold contracts recorded a traded volume of 1715 lots with a value of INR 548.09 Cr and the silver contracts clocked a traded volume of 629 lots with a value of INR 73.38 Cr.

The leading exchange began trading in commodity derivatives on October 1, 2018, after gaining SEBI’s approval to launch a delivery-based futures contract in gold (1 kg) and silver (30 kg). BSE’s announcement to waive transaction charges has attracted a lot of participants, including all types of brokers and traders, who are cost sensitive due to their nature of business. Out of the 442 expressions of interest received from members, BSE has registered 170 trading members and 27 clearing members in the commodity derivatives segment. Many more members are expected to join the bourse in the near future.

FX Brokers Starts H2, 2018 in a Soft Note, Lower MoM July ADV Reported Across Brokerages

August 2, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: active traders, average daily volume, broker, brokerages, Cboe FX, CySEC-regulated, EUR-USD, EuroYen futures, Exness, FastMatch, Forex ECN, futures contracts, FX aggregation, FX brokers, FX Daily Futures, FX trading, FXSpotStream, record trading volumes, Retail Fx, retail Fx broker, Tokyo Financial Exchange, trading, Trading Volumes, USDJPY

FXSpotStreamAfter record forex trading volumes in the first half of 2018, brokerages around the world have started the second half of the year in a soft note, with July trading volumes failing to make any impression. The seasonal slowdown in the Fx trading volume has been recorded with brokerage across the globe.

FXSpotStream

The multibank FX aggregation service provider has reported the average daily volume of $27.7 billion, which 9 per cent lower compared to the June volume at $30.4 billion. The June volume is the all-time best for the company. And, compared on a yearly basis, the July 2018 ADV is close to 58 per cent higher versus $17.5 billion. 

ExnessExness

The FCA and CySEC regulated retail FX broker reported total volumes of $343.5 billion, 11 per cent higher from June’s $308.6 billion. The July month also proved to be one of the busiest for the company ever.

Exness witnessed total 44,135 active traders in July 2018, up from 43,643 in the previous month. The company completed the first six months with record trading volumes of more than $2 trillion. Exness is fast expanding its operational presence in the UK region and recently injected £1.5 million of additional capital. 

Cboe Fx Cboe FX (Hotspot FX)

The company witnessed cooling down of trading activities in July, with over 12 per cent decline in average trading volume $33.2 billion compared to $37.8 billion in June 2018. The July month also became the slowest month in 2018.

By currency pairs, the EUR/USD was the most active pair in July 2018 which accounted 23.1 per cent of total trading, followed by USDJPY at 15.6 per cent, GBPUSD at 8.8 per cent, AUDUSD at 8.8 per cent, and USDCAD at 5.9 per cent. 

FastMatch

The leading institutional FX platforms, Forex ECN has reported a 10 per cent decline in average daily volume in July 2018 with volumes coming in at $20 billion. Despite the seasonal slowdown, FastMatch was able to post July ADV not very far from 2018’s best month of May 2018, at $22.6 billion ADV.

TFXTFX-Click 365

The Tokyo Financial Exchange (TFX) reported a 6 per cent month-on-month increase in volume in July. The trading volume of three-month EuroYen futures was recorded at 110,841, an increase of 38 per cent MoM and 25.6 per cent YoY. And, average daily volume was recorded at 5,278.

The total volume for FX Daily Futures contracts (Click 365) was recorded at 2,604,952, an increase of 6.0 per cent MoM and 13 per cent YoY. The average daily trading volume for July month was recorded at 118,407 contracts.

The total trading volume for Equity Index Daily Futures contracts (Click kabu 365) came in at 365,235 contracts, an increase of 15.2 per cent MoM but declined by 31 per cent YoY. Its average daily trading volume reported at 16,602 contracts. 

US DOJ Charges Two Former Deutsche Traders with Spoofing

July 30, 2018 by Michael Volpe Leave a Comment Filed Under: Feature Articles Tagged: Cedric Chanu, commodities markets, Commodity Exchange Inc, coordinated spoofing, Deutsche Bank, Deutsche Traders, futures contracts, James Vorley, manipulative trading, precious metals futures, Spoof Orders, spoofing, US Department of Justice, wire fraud

Brian A. Benczkowski

Brian A. Benczkowski

The US Department of Justice announced that two former Deutsche Bank traders have been charged with “manipulative trading practices in the commodities markets.”

The US DOJ made the announcement in a press release.

“Two former employees of Deutsche Bank AG, a global financial institution, were charged in an indictment returned by a Chicago federal grand jury yesterday with engaging in fraudulent and manipulative trading involving precious metals futures contracts, announced Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division and Assistant Director in Charge William Sweeney of the FBI’s New York Field Office.

“James Vorley, 38, of the United Kingdom, and Cedric Chanu, 39, of France and the United Arab Emirates, were each charged in the Northern District of Illinois with one count of conspiracy to commit wire fraud affecting a financial institution and one count of wire fraud affecting a financial institution.”

The announcement is part of a burgeoning case against traders from the European banks.

In June, the USDOJ reached a plea deal with David Liew, another former trader with the bank. Liew was accused of spoofing, where traders place orders they don’t intend to execute but rather to artificially drive the price of a security a certain way.

“Coordinated spoofing involved one or more additional participants. When engaging in coordinated spoofing, defendant LIEW and/or one or more co-conspirators would place one or more Spoof Orders on one side of the market in order to facilitate the execution of Primary Orders placed on the opposite side of the market by either LIEW or a coconspirator. For example, LIEW would place a Spoof Order in order to facilitate the execution of a Primary Order placed by a co-conspirator, or a co-conspirator would place a Spoof Order in order to facilitate the execution of a Primary Order placed by LIEW. At other times, LIEW and one or more co-conspirators would each place one or more Spoof Orders in order to facilitate the execution of a Primary Order placed by LIEW or a co-conspirator.” The US DOJ noted in the plea agreement.

Liew faces up to five years in prison and up to a $250,000 fine and still awaits sentencing.

Deutsche BankIn this case, the US DOJ noted: “The indictment alleges that Vorley and Chanu, who were employed as traders at Deutsche Bank AG—Vorley based in London; Chanu based in London and Singapore—engaged in a years-long conspiracy to defraud other traders on the Commodity Exchange Inc., which was an exchange run by the Chicago Mercantile Exchange Group.  The defendants and their co-conspirators, including former Deutsche Bank AG trader David Liew, are alleged to have defrauded other traders by placing fraudulent orders that they did not intend to execute in order to create the appearance of false supply and demand and to induce other traders to trade at prices, quantities and times that they otherwise would not have traded.  The indictment further alleges that Vorley, Chanu, Liew and others placed such fraudulent and manipulative orders by themselves and in coordination with other traders at Deutsche Bank AG, including each other.”

MAS warns Digital Token Exchanges and ICO Issuer

June 7, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: Capital Markets, Digital Token Exchanges, digital tokens, futures contracts, ICO, Initial Coin Offering, MAS, Monetary Authority of Singapore, Securities and Futures Act, SFA

Singapore, 24 May 2018

The Monetary Authority of Singapore (MAS) has warned eight digital token monetary authority of singaporeexchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorisation. It also warned an Initial Coin Offering (ICO) issuer to stop the offering of its digital tokens in Singapore.

2   MAS has reminded the eight digital token exchanges to seek MAS’ authorisation if the digital tokens traded on their platforms constitute securities or futures contracts under the Securities and Futures Act (SFA). Digital token exchanges commonly allow the buying and selling of digital tokens using fiat currency, and also facilitate the exchange of digital tokens between their clients. If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorised as an approved exchange or recognised market operator by MAS.

3   MAS has directed an ICO issuer offering digital tokens to Singapore-based investors to stop doing so. MAS has assessed that the issuer had contravened the SFA as its tokens represented equity ownership in a company and therefore would be considered as securities under the SFA. The offer was made without a MAS-registered prospectus, which is a SFA requirement. The issuer has ceased the offer and has taken remedial actions to comply with MAS’ regulations. It has also returned all funds received from Singapore-based investors.

4   MAS has reiterated that digital token issuers, intermediaries and platforms that offer, facilitate or trade digital tokens are responsible for ensuring that they comply with all relevant laws.

5   Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said “The number of digital token exchanges and digital token offerings in Singapore has been increasing.  We do not see a need to restrict them if they are bona fide businesses.  But if any digital token exchange, issuer or intermediary  breaches our securities laws, MAS will take firm action.  The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS’ rules.”

Additional Information

A digital token is a cryptographically-secured representation of a token-holder’s rights to receive a benefit or to perform specified functions. For more information on digital tokens and the risks involved, please refer to MoneySENSE’s consumer alerts:  (http://www.moneysense.gov.sg/Understanding-Financial-Products/Investments/Consumer-Alerts/Virtual-Currencies.aspx)

CFCT Busts Commodity Trading Fraud

March 6, 2018 by Michael Volpe Leave a Comment Filed Under: Feature Articles Tagged: CFTC, commodities, Commodity Exchange Act, futures contracts, investors, Lon Olen Friedrichsen, trading advisor, trading bans, trading fraudster

A commodities trading fraudster who used Craig’s List to entice potential clients has been busted by the Commodities Futures Trading Commission (CFTC).

The CFTC made the announcement against Lon Olen Friedrichsen of Alton, Iowa, accusing him of acting as commodities trading advisor without registering, among a series of frauds.

“The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Southern District of New York, charging Lon Olen Friedrichsen of Alton, Iowa, with fraud and failing to register with the CFTC as a Commodity Trading Advisor,” The CFTC stated.  as required. Friedrichsen, as alleged, also solicited clients under the names of Lon Kummer and Lon Richardson, but omitted that these were false names.

“The CFTC’s Complaint alleges that from at least December 16, 2014 through May 24, 2017, Friedrichsen fraudulently solicited clients in New York, New York and throughout the United States by making false statements in violation of the Commodity Exchange Act (CEA). Specifically, the Complaint alleges that Friedrichsen solicited clients for his fraudulent scheme via Craigslist ads, telephone, and e-mail. In these solicitations, the CFTC alleges that Friedrichsen made numerous materially false and misleading statements concerning his trading successes, omitted material facts, guaranteed future trading profits, and prepared false trading statements.”

Friedrichsen found potential investors on the popular website, Craig’s List, according to CFTC’s statement.

According to the complaint, he posted this advertisement on Craig’s List on September 23, 2015, “10% ROI [Return on Investment] daily!! I currently trade over $5 mil and am looking to expand up to $100mil. Do you want to make these kinds of returns?”

These claims proved false and misleading, according to CFTC’s complaint: “At the time Friedrichsen made this claim, and at all times during the Relevant Period, Friedrichsen was not consistently earning a 10% Return on Investment (‘ROI’) daily.” The CFTC noted. “For example, from approximately April 11, 2016 to May 9, 2016, Friedrichsen lost approximately $98,700 of $100,000, or 98.7%, of the funds he traded in futures contracts for Client A.”

The CFTC continued: “Friedrichsen advertised guaranteed returns of “10% net profit per day” when guaranteed returns are a fiction in futures trading. Despite making these statements, Friedrichsen omitted the fact that he did not make 10% net profits per day and frequently lost client funds when trading in their accounts.”

The CFTC further noted that guarantees are non-existent in commodities trading.

In this litigation, the CFTC seeks restitution to defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans.

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