October 10, 2017

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Arab Global Commodities DMCC (AGC), a proprietary trading firm headquartered in Dubai, with several trading offices in India, for engaging in the disruptive trading practice of “spoofing” in the copper futures contract traded on the Commodity Exchange, Inc. (COMEX) between March and August 2016. The CFTC Order finds that AGC engaged in this activity through one of its employees (Trader A), who generally spoofed after business hours, when Trader A traded from home. The Order requires AGC to pay a $300,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,