CME Group suspends two gold traders for 60 days for spoofing
CME Group Bars Two Gold Futures Traders for Allegedly Spoofing
By Ann Saphir
Thursday, April 30, 2015
CME Group Inc. on Thursday barred two traders from its markets for allegedly colluding to enter orders repeatedly with no intention of trading, a strategy that has been fingered as a key contributor to the 2010 Wall Street flash crash.
Heet Khara and Nasim Salim, both traders of CME Group's gold and silver futures contracts on its Comex exchange in New York, are prohibited from trading for 60 days, according to a disciplinary notice released by the futures exchange giant.
Each trader, the notice said, "entered orders or layered multiple orders to encourage market participants to trade opposite his smaller orders resting on the opposite side of the book. ... After receiving a fill on his smaller orders," each trader "would then cancel the resting order or layered multiple orders that he had entered on the opposite side of the order book."
Reuters was not able to immediately contact either trader to comment on the CME notice.
The CME's action is notable for its swiftness. The activity at issue began in February and last took place on Tuesday, CME Group said. Most CME discplinary actions are carried out after years of investigations. ...
... For the remainder of the report:
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