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                • November 22, 2019

                  NYMEX, CBOT and CME Sanction Firms and Individuals for Trading Violations

                  The business conduct committees of the New York Mercantile Exchange, the Chicago Board of Trade, and the Chicago Mercantile Exchange fined and suspended multiple traders and firms for trade practice violations.
                • May 15, 2019

                  CFTC Allows ICE Futures Proposed "Speed Bump" on Aggressive Trading

                  The CFTC approved a new functionality proposed by ICE Futures U.S., Inc. called "Passive Order Protection," which is designed to reduce the impact of latency advantages among higher-speed traders by implementing an asymmetric delay.
                  bzwirb's picture
                  Commentary by Bob Zwirb
                • February 14, 2019

                  CFTC Requests Comment on DCM's Proposal to Slow Down Trading in Metals Futures

                  The CFTC requested public comment on an exchange rule proposal by ICE Futures U.S., Inc.
                  bzwirb's picture
                  Commentary by Bob Zwirb
                • June 28, 2016

                  Energy Metro Desk Editor Argues the Necessity of Proposed Reg. AT Source Code Access

                  Energy Metro Desk Editor John Sodergreen described the emerging debate over the CFTC's proposed Regulation Automated Trading, particularly where it concerns proposed access to source code without a subpoena.
                • June 10, 2016

                  CFTC Roundtable Participants Debate Regulation AT Proposal (with Delta Strategy Group Summary)

                  Participants at a CFTC roundtable debated numerous elements of proposed Regulation Automated Trading. Commissioners clashed on the scope of government demands for information and the urgency to complete and implement the regulation.
                  Steven.Lofchie@cwt.com's picture
                  Commentary by Steven Lofchie
                • January 28, 2016

                  Academics Deconstruct the Flash Crash of 2010

                  Three professors analyzed granular data to explore the causes of the 2010 "Flash Crash." They concluded that the crash was caused by "prevailing market conditions combined with the introduction of a large equity sell order implemented in a particularly dislocating manner."
                  Steven.Lofchie@cwt.com's picture
                  Commentary by Steven Lofchie
                • January 20, 2016

                  National Cattlemen's Beef Association Calls on CME Group to Decrease Market Volatility Caused by HFT

                  The National Cattlemen's Beef Association urged the Chicago Mercantile Exchange Group to consider recommendations to reduce volatility in the market caused primarily by high frequency trading. The recommendations are intended to provide Association members with "the confidence to continue utilizing CME Group livestock futures contracts as a risk management tool."
                • December 31, 2015

                  Streetwise Professor Argues that Spoofing is ''Self-Correcting''

                  In a Streetwise Professor blog post titled "Spoof Me Once, Shame on You: Spoof Me Twice, Shame on Me," University of Houston finance professor Craig Pirrong asserted that "the very nature of spoofing - which involves doing things that are intended to be detected - makes it vulnerable to detection and countermeasures." In contending that high-frequency trading ("HFT") firms are able to detect spoofers, Professor Pirrong stated that spoofing "is a pathogen that found a niche, but the hosts' immune systems are adapting, and it will become less dangerous in short order."
                  bzwirb's picture
                  Commentary by Bob Zwirb
                • August 12, 2015

                  SEC Charges Tech Group with Operating Secret Trading Desk and Misusing Dark Pool Subscriber Trading Information

                  In a settlement with an alternative trading system, the SEC announced that a tech group and its affiliate agreed to pay $20.3 million to settle charges that it operated a secret trading desk and misused the confidential trading information of dark pool subscribers. An SEC investigation found that...
                • July 21, 2015

                  CME Group Issues Disciplinary Action against Spoofing

                  The CME Group exchanges announced a disciplinary action against an individual member for spoofing. Spoofing is a violation of CME Rule 432 ("General Offenses"). CME Group found that the individual member entered large orders in the Ultra T-Bond, 30-Year Bond, 10-Year Note and 5-Year Note futures...
                  bzwirb's picture
                  Commentary by Bob Zwirb
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