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US: CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation

By  |  January 28, 2018

The Commodity Futures Trading Commission (CFTC) reportedly is to announce it has fined UBS Group, HSBC Holdings Plc and Deutsche Bank AG millions of dollars for “spoofing” and manipulation in the US futures market, according to a published report.

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    According to a report from Reuters Friday, January 26, afternoon, citing three people with direct knowledge of the matter, fines for UBS and Deutsche Bank will be more than US$10 million, and the fine for HSBC will be less, but Reuters’ sources did not provide exact amounts.

    The enforcement action by the CFTC is the result of a multi-agency investigation that also involves the Department of Justice and the Federal Bureau of Investigation, the first of its kind for the CFTC, the people said.

    Spoofing involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.

    Full Content: Reuters

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