Chicago Futures Contract Traders Hit With 'Spoofing' Suit
Law360, New York (March 12, 2015, 4:44 PM EDT) -- HTG Capital Partners LLC sued an unknown group of traders in Illinois federal court Tuesday for allegedly engaging in an illegal form of market manipulation known as “spoofing” in the Chicago futures market.
According to the complaint, the group of traders repeatedly submitted deceptive orders into the CME Globex electronic trading platform with the intention of canceling them after luring other market participants into selling below or buying above the prevailing market price of a futures contract.
The behavior, which took place from January 2013 to at least August 2014, created abrupt shifts in commodity prices and forced HTG to “substantially...
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