spoofing Archives - The Industry Spread

The CFTC on Artificial Intelligence

October 28, 2019

“A strength of AI is its ability to identify correlations in vast data sets. Such correlations can be helpful in systemic risk monitoring, which depends on predicting when circumstances may require intervention.”

CFTC Orders Two Trading Firms, Bank to Pay a Total of $3 Million for Spoofing

October 4, 2019

The U.S. Commodity Futures Trading Commission today announced that civil enforcement actions were filed and simultaneously settled against two trading firms and one bank for violating the Commodity Exchange Act’s (CEA) prohibition on spoofing (bidding or offering with the intent to cancel the bid or offer before execution).  These cases were brought in connection with the Division of Enforcement’s Spoofing Task Force.

An Australian Trader Pled Guilty to Spoofing

February 1, 2019

Jiongsheng (‘Jim’) Zhao, 31, of Sydney, Australia, pleaded guilty before U.S. District Judge John J. Tharp Jr. of the Northern District of Illinois to one count of spoofing.  Zhao was extradited to the United States on Nov. 16 and made his first court appearance on Nov. 19.  Sentencing is scheduled for July 19, 2019, before Judge Tharp.

Record Number of Spoofing Cases Examined

November 18, 2018

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.