Citigroup Hit with $25M Fine by CFTC For Spoofing, Supervisory Failures

[kreslik.news]

The U.S. Commodity Futures Trading Commission (CFTC) has just issued an Order, effectively settling charges against Citigroup Global Markets Inc for its role in spoofing and unlawful execution, resulting in a $25 million civil monetary penalty, according to a CFTC filing.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong.

The enforcement action entails a prolonged period of spoofing, i.e. bidding or offering with the intent to cancel the bid or offer before execution. More specifically this entails Citigroup’s handling of US Treasury futures, which ultimately saw the group fail to properly supervise the activities ... (read more)