U.S. authorities charge three banks, eight individuals in futures 'spoofing' probe

By Michelle Price
Reuters
Monday, January 30, 2018

WASHINGTON -- The U.S. Justice Department and the country's derivatives regulator said on Monday they had filed civil and criminal charges against three European banks, which paid $46.6 million to settle the cases, and eight individuals for alleged manipulation in U.S. futures and commodities markets.

UBS, Deutsche Bank, and HSBC and former traders at the banks, as well as individuals at other firms, were charged following a large-scale multi-agency probe including the Commodity Futures Trading Commission (CFTC) into so-called "spoofing" in metals and equities futures.

Deutsche Bank and UBS have agreed to pay $30 million and $15 million respectively to settle the civil charges in the case, while HSBC will pay $1.6 million to settle the charges, the CFTC said.

All three banks received reduced penalties from the CFTC for providing significant assistance in the investigations. UBS self-reported the alleged misconduct by its traders to the regulator, the CFTC said. ...

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https://www.reuters.com/article/us-usa-cftc-arrests/u-s-authorities-char...