CFTC finally effective in cracking down on spoofing in the futures markets

https://www.cftc.gov/PressRoom/PressReleases/8221-20
Of course this should have happened years ago.

 

Nav Singh told them what to look for.

 

The Bank of Nova Scotia, obviously forget to pay the right people.

Reminds of this software developer from india i worked once with who told when he went for his driving test back in India, he was the only one in the room who didnt pass

 

What's amazing is that typically the traders of these banks usually work with others in Bloomberg chat rooms about their spoofing activities before being caught (e.b. UBS, Deutsche Bank, Merrill Lynch, HSBC and many others) involving Emini Futures, Treasury Futures, EuroDollar and other futures.

Now Scotia did the same too.

https://www.mining.com/scotiabank-pushed-to-reveal-internal-emails-in-gold-fixing-case/47/

These bank traders need to stay away from the chat rooms.

None of them (the traders) will go to prison and will just lose their job...hired later by another bank.

In contrast, individual puppies like Nav are extradited, made a public spectacle and threaten with 20 years imprisonment. Nav mistake was not working for a big Bank when he did his spoofing.

wrbtrader

 

I'm sure the BNS guys are celebrating that verdict for this peanuts penalty...

 

Now that's a helluva interesting theory regarding NAV.

 

I believe that's exactly the case. Those dummies at the CFTC couldn't figure this out on their own.

 

They would never have employed him. Didn’t go to the right school.

 

That never stopped Barings from employing Nick Leeson as trader

 

he was white