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CME bans trader for month for alleged manipulation in oil, metals

Release time:2014-12-02

CHICAGO, Nov 28 (Reuters) - CME Group Inc on Friday fined trader Igor Oystacher $150,000 and banned him from its markets for one month for attempting to manipulate crude oil and metals futures.

Oystacher entered bids and offers in the crude oil market at the New York Mercantile Exchange (Nymex) on multiple occasions from December 2010 to July 2011 without having "the requisite intent to trade at the time of order entry," CME Group said in a disciplinary notice. He did the same in the silver ,gold and copper markets at the Commodity Exchange (Comex) from May to July 2011, according to the exchange operator, which owns Nymex and Comex.

The illegal practice of placing orders to create the illusion of market demand and then cancelling them, sometimes known as spoofing, has come under increased scrutiny from U.S. regulators recently. It can trick unsuspecting market participants into buying or selling at artificial prices before they find the orders were canceled.

CME Group, the world's largest futures market operator, did not say in the disciplinary notice whether Oystacher worked for a trading firm. He did not admit or deny the violations.

A man named Igor Oystacher founded Chicago proprietary trading firm 3Red Group in 2010, according to the firm's website. 3Red, which has traded in commodities and other markets, said its founder was unavailable for comment. A spokesman for CME Group could not immediately be reached for comment.

The U.S. Commodity Futures Trading Commission on Monday recommended that CME Group continue to develop strategies to detect spoofing at Nymex and Comex after the company's internal programs identified few cases during a review period.[ID:nL2N0TF22H]


(Reporting by Tom Polansek; Editing by Bernard Orr)

((Thomas.Polansek@thomsonreuters.com; +1-312-408-8556; Twitter:

@tpolansek; Reuters Messaging: thomas.polansek.thomsonreuters.com@reuters.net))