Ex-Citibank Traders Hit With CFTC Fines Over Spoof Orders
Law360, New York (March 30, 2017, 5:08 PM EDT) -- Two former Citigroup Global Markets traders must pay fines to settle U.S. Commodity Futures Trading Commission allegations that they sought to manipulate the market for U.S. Treasury futures by placing spoof orders, the agency said Thursday.
The CFTC said that Stephen Gola and Jonathan Brims each placed more than 1,000 fake orders for U.S. Treasury futures products on the Chicago Mercantile Exchange in an effort to induce other traders into filling smaller orders that Citigroup Global Markets Inc. placed on the opposite side of the market, a tactic known as spoofing. Brims, a former vice president for the broker-dealer subsidiary of...
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