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Allston Accused by HFT Rival of Manipulating CME Prices

High-frequency trading firm Allston Trading LLC was accused by a competitor of manipulating prices on CME Group Inc.’s exchange, three people with knowledge of the proceeding said.

HTG Capital Partners LLC filed an arbitration case against Allston with CME, saying it detected a pattern of canceled bids and offers meant to mislead other traders into moving prices favorably for Allston, according to the people, who asked not to be identified because the case is private. Exchanges prohibit creating the appearance of false demand and then canceling orders, a practice known as spoofing.