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Two traders fined over gold spoofing
From the Financial Times, London
Tuesday, April 5, 2016
A US financial regulator has slapped two more traders with fines in a widening crackdown on "spoofing," a form of market trickery. The traders, Heet Khara and Nasim Salim of the United Arab Emirates, were each ordered to pay more than $1.3 million in civil penalties to settle charges that they spoofed New York gold and and silver futures markets, the Commodity Futures Trading Commission said.
Spoofing -- rapidly placing and cancelling orders to mislead others into buying higher or selling lower than actual market prices -- was made illegal by the 2010 Dodd-Frank financial reform law. The rise of spoofing reflects the speed, anonymity, and geographic reach of electronic markets, reports Gregory Meyer in New York. ...
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