Two traders fined over gold spoofing

Section:

From the Financial Times, London
Tuesday, April 5, 2016

A US financial regulator has slapped two more traders with fines in a widening crackdown on "spoofing," a form of market trickery. The traders, Heet Khara and Nasim Salim of the United Arab Emirates, were each ordered to pay more than $1.3 million in civil penalties to settle charges that they spoofed New York gold and and silver futures markets, the Commodity Futures Trading Commission said.

Spoofing -- rapidly placing and cancelling orders to mislead others into buying higher or selling lower than actual market prices -- was made illegal by the 2010 Dodd-Frank financial reform law. The rise of spoofing reflects the speed, anonymity, and geographic reach of electronic markets, reports Gregory Meyer in New York. ...

... For the remainder of the report:

http://www.ft.com/fastft/2016/04/05/two-traders-fined-over-gold-spoofing...



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