This week on The Spread – election volatility makes options more expensive, the CME has a COVID scare, and more.
spoofing
JPMorgan: “tens of thousands of episodes of unlawful trading” Government Settles Complaint Against Banking Giant For Almost $1 Billion
Photo by Lucas Benjamin on Unsplash JPMorgan Chase and Co has agreed to pay the U.S. government $920 million in fines and disgorgement to settle spoofing charges. It is the largest payment ever agreed to by a defendant to settle a futures market manipulation charge. ...
DOJ Obtains Mixed Verdicts in Spoofing Case
A COVID-19 depleted jury returned unanimous verdicts for each of the 17 counts in the criminal spoofing case brought against two former Deutsche Bank traders, James Vorley and Cedric Chanu. The decisions by the eleven jurors were announced late on Friday afternoon at...
JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty; Westpac, one of Australia’s largest banks, hit with record $920 million penalty over money laundering scandal
JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty; Westpac, one of Australia’s largest banks, hit with record $920 million penalty over money laundering scandal
USA v Vorley and Chanu: DOJ Looking For Conviction Against Spoofers
On Tuesday, the defense finished cross examining the FBI special agent, the prosecution rested its case, defense declined to offer witnesses, prosecution made its closing arguments, defense made its closing arguments, Judge Tharp instructed the jury and the jury began deliberating the fates of James Vorley and Cedric Chanu.
Fed’s Star Witness in Spoofing Trial Gets Tarnished Under Cross-Examination
Another day of methodical testimony unfolded in Judge John Tharp’s federal courtroom on Wednesday, the second day of testimony in the case of the Department of Justice versus James Vorley and Cedric Chancu.
DOJ Settles Criminal Spoofing Charge Against Scotiabank for $60.4 Million; CFTC Sanctions Bank of Nova Scotia $17 Million for False Statements Re: Spoofing
The Department of Justice announced on Wednesday that it was settling its criminal spoofing case against the Bank of Nova Scotia for its role in a “. . . massive price manipulation scheme aimed at falsely manufacturing the prices of precious metals futures contracts ....
Spoofing Is Not Just Bluffing: No Zero-Sum Game in Trading
Stepping away from the increasingly settled legal issues around spoofing, we see that business ethicists are also addressing the moral and economic dimensions of spoofing. When we spoke to market participants and experts, defendants of spoofing often analogized it to other trading practices or strategies that are admittedly deceptive.
Could shutting exchanges stop the markets rot? SEC chief says ‘markets should continue to function’ but global staffing has been hit by virus
First Read ++++ Ceres Hit Hard By Restaurant Ban Thom Thompson - JLN The popular restaurant in the Chicago Board of Trade's Jackson Street Lobby closed Monday afternoon in response to the Illinois governor's restrictions on restaurants and bars...
Sarao Sentenced to Home Detention
Navinder Singh Sarao escaped possible detention in a U.S. prison for anywhere from 78 to 97 months when he was sentenced yesterday in Chicago to one year of detention to be served at his parents’ home in Hounslow, west London. The term of the sentence begins today.
Life and Times of Navinder Sarao
Navinder Sarao pleaded guilty to roughly $13 million worth of spoofing on his first visit to the United States in November 2016. Wearing leg irons and an orange prison jumpsuit in a Chicago federal court, Sarao was freed on bail pending final sentencing, which occurs today, January 28, 2020.
Spoofer Sarao Looks Forward to His (Last?) Court Appearance
This Tuesday afternoon, Navinder Singh Sarao will be sentenced by Virginia M. Kendall, U.S. Judge of the United States District Court for the Northern District of Illinois.
Trading Technologies’ CEO Discusses the Jitesh Thakkar Case and Its Impact on the Trading Industry: Rick Lane Part II
JLN FIA EXPO 2019 Industry Leader SeriesAt FIA Expo 2019, TT's Rick Lane tells JLN that the Jitesh Thakkar case has already added cost to running businesses like TT. Tech firms have to invest in making sure that when they build bespoke solutions for...
Support Swells for Developer in Spoofing Software Case; Ignoring Women Costs Finance Firms $700 Billion a Year
See also: Libor is going away, Bakkt officially dives into crowded crypto custody market after NYDFS blessing, and more.
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Europe digs in for a long battle with the virus
First Read $12,791/$300,000 (4.3%) Leticia Manos, Ray Mckenzie and Nils-Robert Persson ++++ Election 2020: Tight Races Set Stage for Continued Period of Volatility By Suzanne Cosgrove - John Lothian News Here's how the presidential election 2020 is unfolding in its...
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Volatility Markets Flash Signs of Distress After Turbulent Week; Bitcoin Traders Can Now Bet on $40K Price With New Deribit Options
Volatility Markets Flash Signs of Distress After Turbulent Week; Bitcoin Traders Can Now Bet on $40K Price With New Deribit Options
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