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April 9, 2018

Posted  April 9, 2018

The CFTC issued an Order filing and settling charges against Anuj C. Singhal, a Dallas, Texas resident and registered floor broker, for engaging in the disruptive trading practice of “spoofing” (bidding or offering with the intent to cancel bids or offers before execution) through manual trading in the Chicago Mercantile Exchange (CME) wheat futures market between at least March and June 2016 (the Relevant Period). The CFTC Order finds that Singhal frequently engaged in this spoofing activity by first entering larger limit orders on one side of the CME wheat futures market, and at times, several larger orders in succession. The Order finds that Singhal then entered a smaller, aggressive order (a market order) on the opposite side of the market, which was usually filled instantaneously or within a fraction of a second. In most instances, the Order finds, after the smaller order was entered and executed Singhal continued to modify his larger orders further away from the market, each modification generally within seconds of the last, but in all such instances those larger orders were cancelled without any part of the order being filled. The Order finds that Singhal repeated this trading pattern numerous times during the Relevant Period. CFTC