News & Analysis as of

Disruptive Trading Practices Enforcement Actions

Proskauer Rose LLP

Private Fund Managers – 2021 SEC Enforcement Results and What to Expect Next

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For much of 2021, the SEC has been in transition. New Enforcement staff have been settling into their roles since April of 2021, when Gary Gensler was confirmed and sworn in as Chair of the SEC. Under former Chairman Jay...more

Skadden, Arps, Slate, Meagher & Flom LLP

Impact of COVID-19 on White Collar Enforcement

While enforcement agencies have yet to indicate that they intend to put their pens down in response to COVID-19, there is anecdotal evidence that some agencies have slowed their investigations as remote working impacts matter...more

A&O Shearman

CFTC Settles Spoofing Charges Against Trader Without Monetary Penalty

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On February 25, 2019, the Commodity Futures Trading Commission (“CFTC”) settled spoofing charges brought against a former trader who pleaded guilty to similar criminal charges last year brought by the U.S. Department of...more

Katten Muchin Rosenman LLP

Bridging the Week - December 2018 #2

The Commodity Futures Trading Commission issued a request for input regarding the virtual currency ether. It wants to understand better how bitcoin and ether are different, and any unique qualities of ether (ETH), as it...more

Katten Muchin Rosenman LLP

Bridging the Week - September 2017

Retail Metals Dealer and Principals Sued by CFTC for Illegal Transactions and Fraud: Monex Deposit Company and two affiliated companies (collectively, “Monex”), and Louis Cabrini and Michael Cabrini, the firms’ principals,...more

Katten Muchin Rosenman LLP

Bridging the Week - April 2017

Price Protection Is Price Protection Is Price Protection – Unless It’s FCM Activity Says CFTC: Davisco Foods International, Inc., an international cheese and food ingredient company headquartered in Le Sueur, Minnesota,...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2016

CME Group Settles With Trading Firm for Spoofing-Type Offenses, Holding It Strictly Liable for Acts of Agents; Orders Disgorgement of Profits - CME Group brought and settled disciplinary actions against Geneva Trading...more

Katten Muchin Rosenman LLP

Bridging the Week - July 2016

Government Seeks Maximum Sentence in Coscia Criminal Action: The United States Attorney’s Office in Chicago requested last week that the judge presiding over the criminal trial of Michel Coscia impose the maximum sentence...more

Stinson - Corporate & Securities Law Blog

CFTC Collects $2.69 Million in Spoofing Action

The CFTC announced that a federal court in New York issued a Consent Order imposing a permanent injunction against CFTC Defendants Heet Khara and Nasim Salim, residents of the United Arab Emirates (UAE), prohibiting them from...more

Morgan Lewis

Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

Morgan Lewis on

Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development. On November 3, 2015, a federal jury in...more

Proskauer - Corporate Defense and Disputes

CFTC Accuses Firm Manually Entering Orders Of Spoofing Scheme That Fooled Algorithmic Traders

Potentially abusive trading algorithms, such as algorithms that purportedly engage in “spoofing” or “layering” are the subject of considerable regulatory interest. However, in an interesting complaint filed on October 19,...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2015 #2

SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE - Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2015

ESMA Publishes Final Technical Standards for MiFID II - The European Securities and Markets Authority issued the equivalent of final rules (known as “technical standards”) to implement three cornerstones of the European...more

Katten Muchin Rosenman LLP

Bridging the Week - September 2015

Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more

Katten Muchin Rosenman LLP

Bridging the Week - August 2015 #4

CME Group Files Disciplinary Actions for Trading Ahead of Block Trades and Failure to Supervise an Employee Engaging in Disruptive Trading Activities - In two cases of first impression, CME Group exchanges brought and...more

Katten Muchin Rosenman LLP

Bridging the Week - August 2015

ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD: The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more

Katten Muchin Rosenman LLP

Bridging the Week - July 2015 #3

Et tu, CFE? CBOE Futures Proposes Amended Disruptive Practices Rules and New Related Policies and Procedures: CBOE Futures Exchange became the latest designated contract market to propose specific rules to ban disruptive...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2014

NJ-Based Trader Previously Sanctioned by UK FCA, CFTC and CME Indicted in Chicago for Same Spoofing Offenses - New Jersey resident Michael Coscia, the prior manager and sole owner of Panther Energy Trading LLC, was...more

Ballard Spahr LLP

High-Speed Trader Indicted for ‘Spoofing’

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A federal grand jury in Chicago recently indicted high-frequency trader Michael J. Coscia for “spoofing,” making it the first criminal case ever brought under the Dodd-Frank Act’s rules against disruptive trading practices....more

Bracewell LLP

CFTC Exercises Disruptive Trading Authority for the First Time

Bracewell LLP on

By order dated July 22, 2013, the Commodity Futures Trading Commission (CFTC or Commission) settled charges against Panther Energy Trading LLC and its principal Michael Coscia for engaging in the disruptive trading practice...more

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