CFTC Orders Mitsubishi Unit To Pay $500K For Spoofing

Law360 (November 7, 2019, 8:33 PM EST) -- The precious metals arm of Japanese conglomerate Mitsubishi Corp. agreed to pay a $500,000 fine to settle a federal regulator’s claims that one of its inexperienced traders engaged in spoofing on U.S. platinum and palladium futures markets, officials said Thursday.

The U.S. Commodity Futures Trading Commission alleged that an unnamed Mitsubishi Corp. RtM Japan Ltd. business development employee on his or her first rotation on a trading desk in Tokyo used layers of spoof orders to test how markets would react to trades before they were filled. The CFTC said the company agreed to overhaul its training policies as part of...

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