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ARTICLE · 13 APRIL 2018

CME Floor Broker Settles CFTC Spoofing Charges

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A Chicago Mercantile Exchange ("CME") floor broker agreed to settle CFTC charges that he engaged in "spoofing" in the wheat futures market.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A Chicago Mercantile Exchange ("CME") floor broker agreed to settle CFTC charges that he engaged in "spoofing" in the wheat futures market.

According to the CFTC Order, Mr. Anuj C. Singhal repeatedly entered large limit orders on futures products, and then placed smaller market orders on the opposite side of the market. After the smaller orders were executed, Mr. Singhal modified the larger orders to prevent them from being executed, and then canceled the larger orders. In September 2014, he was fined by CME for similar misconduct and suspended from trading for three months.

To settle the charges, Mr. Singhal agreed to pay a $150,000 civil penalty and serve a four-month trading suspension. Mr. Singhal neither admitted to nor denied the findings or conclusions in the Order.

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