US CFTC to fine UBS, Deutsche Bank, HSBC for futures market spoofing

U.S. CFTC to fine UBS, Deutsche Bank, HSBC for futures market spoofing, manipulation

January 26, 2018, 06:35:00 PM EDT By Reuters

WASHINGTON, Jan 26 (Reuters) – The U.S. derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the U.S. futures market, three people with direct knowledge of the matter told Reuters.

The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI), the people said.

Spokesmen for all three banks declined to comment.

https://www.reuters.com/article/us-usa-cftc-enforcement-exclusive/u-s-cftc-to-fine-ubs-deutsche-bank-hsbc-for-spoofing-manipulation-sources-idUSKBN1FF2YK

The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) – the first of its kind for the CFTC, the people said.

The fines for UBS and Deutsche Bank will be upward of ten million, while the fine for HSBC will be slightly less than that, the people said, without providing exact figures.

Spokesmen for HSBC, Deutsche Bank and UBS declined to comment.

Spoofing involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.

Spoofing is a criminal offense under a provision implemented as part of the 2010 Dodd-Frank financial reform.

Some of the manipulative behavior came to light as a result of the authorities’ previously-settled probes into forex market manipulation while UBS self-reported the wrong doing, according to two of the people with knowledge of the matter.

The bank investigations have been ongoing for more than a year, one of the people said.

The settlement is the most high-profile brought so far by the CFTC’s head of enforcement James McDonald who was appointed to the role in March 2017.

McDonald, who was previously a prosecutor in the Southern District of New York, said in September he plans to encourage companies and staff to report their own wrongdoing and cooperate with investigators, a strategy he hopes will make it easier to prosecute more individuals.

In August, a U.S. appeals court upheld the conviction of former New Jersey-based high-speed trader Michael Coscia who was the first individual was the first person to be criminally prosecuted for the manipulative trading practice.

A spokeswoman for the CBOE, one of the U.S.’s major futures exchanges, declined to comment. A spokeswoman for the CME Group, the other major futures bourse, did not immediately respond to a request for comment.

(This version of the story corrects to remove extraneous words from penultimate paragraph.)

Reporting by Michelle Price; additional reporting by Karen Freifeld in New York; editing by Clive McKeef.

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Stew Webb served in the United States Marine Corps and was Honorable Discharge. Stew was a Realtor-General Contractor-Home Builder until 3 car crashes in 2010-2011 and is now disabled. Stew turned Federal Whistle blower - Activist of 38 years and has been a guest on over 4,000 Radio and TV Programs since September 18, 1991 and now has his own Radio Network http://www.stewwebb.com .Stew was responsible for the Congressional Investigations and Hearings that lead to the Appointment of Independent Prosecutor Arlin Adams in the 1989 HUD Hearings, the Silverado Savings and Loan Hearings Neil Bush Director, the Denver International Airport Frauds Hearings, the MDC Holdings, Inc. (MDC-NYSE) Illegal Political Campaign Money Laundering Colorado’s biggest case aka Keating 5 Hearings and the information provided that lead to the 2008 Illegal Bank Bailout. Stew was held as a Political Prisoner from 1992-1993 to silence his exposure by Leonard Millman his former in law with illegal charges of threatening harassing telephone calls charges which were dismissed with prejudice. Leonard Millman, George HW Bush, George W Bush, Jeb Bush, Neil Bush, Bill Clinton, Hillary Clinton, Larry Mizel, Phil Winn, Norman Brownstein, John McCain and Mitt Romney to name a few are all partners in what is known as the Bush - Millman - Clinton Organized Crime Syndicate. Leonard Millman (Deceased 2004) was member of the "Illuminati Council of 13". Larry Mizel is now in control of this Organized Crime Syndicate RICO.

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