AGC reached a $300k settlement with the CFTC after one of its traders engaged in copper spoofing in 2016.
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.
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.
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.”
Webull Introduces "Lite" Version of Trading App for Retail Users
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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