Dallas, Texas resident and CME floor broker Anuj C. Singhal is facing penalties after the Commodity Futures Trading Commission (CFTC) found he engaged in a manipulative trading practice known as “spoofing” in the Chicago Mercantile Exchange (CME) wheat futures market. The CFTC issued an order on Monday detailing the charges and settlement.
According to the order, between March and June of 2016, Singhal repeatedly placed large limit orders with no intention of executing them. He would then quickly place smaller, aggressive orders on the opposite side of the market, which were typically filled immediately. After the smaller order was executed, Singhal would modify and ultimately cancel the larger, unfulfilled orders, a pattern repeated numerous times.
This “spoofing” activity creates a false impression of market demand or supply, potentially influencing prices and deceiving other traders. The CFTC considers this a disruptive and illegal practice. Singhal was previously penalized for similar behavior in 2014, receiving a $60,000 fine and a three-month trading suspension from CME Group Inc. for spoofing activity in agricultural futures.
As part of the settlement, Singhal is ordered to cease and desist from further spoofing. He will also be subject to a four-month trading suspension across all registered entities and must pay a $150,000 civil monetary penalty. Additionally, Singhal is banned from trading all commodity interests for four months, effectively extending his trading suspension.
The CFTC acknowledged the assistance of CME Group and the Autorité des marchés financiers (AMF) of France in the investigation. The case was brought forth by the CFTC Division of Enforcement’s Spoofing Task Force.
Source: CFTC.gov
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