A proprietary trading firm, Geneva Trading USA, LLC ("Geneva Trading"), agreed to pay $1.5 million to settle CFTC charges of spoofing with respect to a variety of agricultural, energy and precious metals futures contracts traded on the Chicago Mercantile Exchange.
According to the CFTC Order, three traders employed by the firm placed small orders on one side of the market at or near the best price while placing larger orders on the opposite side of the market to induce other market participants to transact on the smaller order. The CFTC recognized the efforts of the Geneva Trading in resolving the matter by reducing the civil monetary penalty.
Geneva Trading neither admitted nor denied the CFTC findings.
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