Commodity Futures Trading Commission to Fine European Lenders For Futures Market Spoofing

The U.S. derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the U.S. futures market. The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) and is the first of its kind for the CFTC.