Chicago-Based Trading Co. To Pay $1.5M Over 'Spoofing' Claims
By Dean Seal (September 20, 2018, 4:54 PM EDT) -- Chicago-based Geneva Trading USA LLC has agreed to shell out $1.5 million to the U.S. Commodity Futures Trading Commission to settle allegations that three of its traders used the disruptive practice of "spoofing" to manipulate the Chicago Mercantile Exchange, according to an order the agency filed Thursday.
The three traders engaged in the practice between 2013 and 2016 to ensure that their genuine orders of futures contracts for gold, oil and other commodities were filled, the order said. When a genuine order was placed, the traders almost simultaneously posted a larger order or series of orders — dubbed "spoof orders" — on...
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