CFTC Proposes Guidance on ‘Spoofing’, ‘Banging the Close’
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The U.S. Commodity Futures Trading Commission proposed derivatives market guidelines designed to help define trading practices such as “spoofing” and “banging the close” that are prohibited under the Dodd-Frank Act.
CFTC commissioners voted 4-1 today to seek comment on measures they say would provide greater detail about practices that violate bids or offers, or show “intentional or reckless disregard” for orderly transactions during a closing period.