Chicago Trader Oystacher Accused of Spoofing in Futures
- Oystacher, 3Red fined by CME, ICE for spoofing in past year
- Civil charges are latest effort to stamp out market spoofing
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Chicago-based trader Igor Oystacher and his firm 3Red Trading LLC were accused of cheating on some of the world’s biggest futures exchanges in the latest effort by regulators to snuff out a form of manipulation known as spoofing.
The U.S. Commodity Futures Trading Commission sued 3Red and Oystacher for allegedly creating “the appearance of false market depth" to benefit their own interests “while harming other market participants,” the agency said in a statement on its website. The spoofing allegedly occurred over 51 trading days between December 2011 and January 2014 on the Chicago Mercantile Exchange, the New York Mercantile Exchange, the Commodity Exchange and the Chicago Board Options Exchange, the CFTC said.