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ARTICLE · 18 OCTOBER 2017

Dubai-Based Trading Firm Settles CFTC Spoofing Charges

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In an Order, the CFTC claimed that a trader employed by Arab Global Commodities DMCC ("AGC")...

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A Dubai-based proprietary trading firm settled CFTC charges that (i) an employee engaged in multiple acts of spoofing and (ii) the firm lacked adequate policies and procedures to prevent the spoofing activity.

In an Order, the CFTC claimed that a trader employed by Arab Global Commodities DMCC ("AGC"), a registered broker and clearing member of Dubai Gold and Commodity Exchange, regularly made use of an illegal spoofing strategy on the Commodity Exchange, Inc. According to the CFTC, the trader would (i) place a small order on one side of the market, (ii) place a large order on the opposite side to create the false impression of market depth, and (iii) cancel the large order before fulfillment.

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