In settling the CFTC case, Daewoo will pay $700,000 though it didn‘t admit or deny the agency’s allegations.To get more news about WikiFX, you can visit WikiFX news official website.
The Commodity Futures Trading Commission (CFTC) today settled a spoofing case with South Koreas Mirae Asset Daewoo, who the agency said its traders made profits by entering spoofing orders in futures traded on the Chicago Mercantile Exchange (CME).
　　The ex-traders at Daewoo Securities Co. Ltd, a company Mirae acquired after the spoofing issue, on numerous occasions placed orders to buy or sell futures contracts with the intent to cancel those orders before they were executed. The spoofing scheme ran from at least December 2014 through April 2016 and focused on E-mini S&P 500 contracts listed on the CME futures market.
　　In settling the CFTC case, Daewoo will pay $700,000 though it didn‘t admit or deny the agency’s allegations. The CFTC also credited Mirae for its cooperation since learning of the traders‘ misconduct, which the regulator says it expedited the resolution of this matter and reduced the monetary penalty.
　　Spoofing, in general, is a practice in which a trader floods the marketwith fake orders by entering and quickly canceling large buy or sell orders on an exchange, in order to fool other traders into thinking that the market is poised to rise or fall.
　　Regulators stepped up their policing of spoofing