In the Order, which was settled without any admission or denial of the truth of the charges, the CFTC finds that a trader engaged in spoofing in the course of trading “a variety of futures contracts” on the Chicago Mercantile Exchange and the Chicago Board of Trade, including Treasury and Eurodollar futures. The CFTC said that the conduct continued over a period of almost five and a half years, from July 2009 through December 2014, but that most of the activity occurred over two years, 2010 and 2011. The conduct is described as similar to that addressed in most CFTC spoofing cases in recent years: the placement of a relatively small trade or trades on one side of the market, and then placing larger trades on the other side of the market, intending not to execute the larger orders but rather to move the market favorably to the smaller trade or trades. When the smaller trades executed, the trader would cancel the larger trades on the other side of the market.
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