AGC reached a $300k settlement with the CFTC after one of its traders engaged in copper spoofing in 2016.
Bloomberg
Proprietary trading firm Arab Global Commodities DMCC (AGC) has just settled spoofing charges with the Commodity Futures Trading Commission (CFTC). The CFTC action centered on spoofing activity carried out by one of its employees engaging in copper futures trading during 2016.
The charges focused on a trader at Dubai-headquartered AGC, who had been accused of spoofing copper futures contracts traded on the Commodity Exchange , Inc. (COMEX). Between March and August 2016, the trader had been engaging in after-hours trading from home, exercising disruptive trading practices for illegal gain.
These actions have resulted in a $300,000 civil monetary penalty for AGC as well as a cease and desist order for the group. Spoofing is a prevalent issue, often taking the form of disruptive algorithmic trading, whereby traders can outpace other market participants to manipulate commodity markets.
In particular, one of AGC’s traders had succeeded in habitually spoofing copper futures by placing multiple large orders (often in excess of 100 contracts) on one side of the book. In tandem, he had utilized a small resting order on the opposite side of the book – the larger order would be promptly cancelled when his small order was filled.
The practice is illegal and designated as spoofing, as outlined under Section 4c(a)(5)(C) of the Commodity Exchange Act. As such, traders are prohibited from entering into multiple bids or offers on a registered entity with the intent to cancel the bids or offers before Execution.
James McDonald
The situation was more convoluted given that the trader had also succeeded in using another employee’s account to mask his own behavior. The unnamed trader has since had his employment terminated at AGC. On its part, AGC was cooperative with the CFTC, settling charges and immediately accepting responsibility for the trader’s misconduct, also taking internal measures to curb this behavior.
James McDonald, the CFTC’s Director of Enforcement, commented on the settlement: “This case demonstrates our continued commitment to rooting out disruptive trade practices like spoofing in our markets. We will continue to work together with our regulatory and law enforcement partners in pursuit of that goal.”
Proprietary trading firm Arab Global Commodities DMCC (AGC) has just settled spoofing charges with the Commodity Futures Trading Commission (CFTC). The CFTC action centered on spoofing activity carried out by one of its employees engaging in copper futures trading during 2016.
The charges focused on a trader at Dubai-headquartered AGC, who had been accused of spoofing copper futures contracts traded on the Commodity Exchange , Inc. (COMEX). Between March and August 2016, the trader had been engaging in after-hours trading from home, exercising disruptive trading practices for illegal gain.
These actions have resulted in a $300,000 civil monetary penalty for AGC as well as a cease and desist order for the group. Spoofing is a prevalent issue, often taking the form of disruptive algorithmic trading, whereby traders can outpace other market participants to manipulate commodity markets.
In particular, one of AGC’s traders had succeeded in habitually spoofing copper futures by placing multiple large orders (often in excess of 100 contracts) on one side of the book. In tandem, he had utilized a small resting order on the opposite side of the book – the larger order would be promptly cancelled when his small order was filled.
The practice is illegal and designated as spoofing, as outlined under Section 4c(a)(5)(C) of the Commodity Exchange Act. As such, traders are prohibited from entering into multiple bids or offers on a registered entity with the intent to cancel the bids or offers before Execution.
James McDonald
The situation was more convoluted given that the trader had also succeeded in using another employee’s account to mask his own behavior. The unnamed trader has since had his employment terminated at AGC. On its part, AGC was cooperative with the CFTC, settling charges and immediately accepting responsibility for the trader’s misconduct, also taking internal measures to curb this behavior.
James McDonald, the CFTC’s Director of Enforcement, commented on the settlement: “This case demonstrates our continued commitment to rooting out disruptive trade practices like spoofing in our markets. We will continue to work together with our regulatory and law enforcement partners in pursuit of that goal.”
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How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
