Three European banks to pay $46m for ‘spoofing’ market

BBC business reports that the US Department of Justice (DOJ) says it has charged eight individuals over allegations they “spoofed” or manipulated the futures markets for precious metals and share indexes.

Separately UBS, HSBC and Deutsche Bank will pay a total of $46.6m (£33m) to settle spoofing charges against them.

Spoofing refers to submitting, then cancelling, orders on futures contracts to manipulate the quoted price.

The DOJ said spoofing harmed innocent investors and put the system at risk. Read more…