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MAR, REMIT, Uncategorized

Trader acquitted of spoofing precious metals in US

Andre Flotron, an ex UBS trader who was accused of spoofing on the Comex market in precious metals futures, was yesterday acquitted of the charge, as reported here on the Bloomberg web site and also here on the New York Times web site.  Flotron was accused of spoofing in gold and silver futures at various times between 2008 and 2013. The CFTC complaint document, which can be found here, lists the examples in detail. He was also accused on “training” other traders to spoof.  Several other cases have been brought to court recently, as reported here on the New York Times web site.

In addition, the CME has issued several fines and suspensions recently for spoofing and wash trades. For example, this disciplinary notice from the 20th April issues a fine for spoofing, using 2 traders’ logins and  this notice from the same day also relates to placing orders with no intention of execution in gas futures.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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