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Posted by Richard640 @ 7:54 on April 18, 2018  

Gold Manipulation, Spoofing Futures And Banging Fixes: Same Banks, Same Trading Desks

“Large price moves during the afternoon call were also overwhelmingly in the same direction: down.”

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Submitted by Ronan Manly of Bullionstar

On 29 January 2018, the Commodity Futures Trading Commission (CFTC) Division of Enforcement together with the Criminal Division of the US Department of Justice and the FBI announced criminal and civil enforcement actions against 3 global investment banks and 5 traders for involvement in trade spoofing in precious metals futures contracts on the US-based Commodity Exchange (COMEX). COMEX is by far the largest and most active futures exchange in the world for trading precious metals futures including gold futures contracts and silver futures contracts.

The CFTC is bringing the charges under what it calls “commodities fraud and spoofing schemes“. Spoofing of orders is illegal under the US Commodity Exchange Act. The 3 banks in question are Deutsche Bank, UBS, and HSBC. As part of the CFTC’s prosecution, Deutsche Bank is being fined US$ 30 million, UBS US$ 15 million, and HSBC US$ 1.6 million.

The CFTC’s Order against the banks maintains that from at least February 2008 to at least September 2014, Deutsche Banktraders were involved in a scheme to manipulate precious metals futures prices by spoofing orders for those futures contracts, and also by extension that this spoofing triggered customer stop-loss orders.

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.