Two traders from the United Arab Emirates have been fined (each) more than $1.3m to settle charges that they spoofed New York gold and and silver futures markets
- Announcement from the Commodity Futures Trading Commission
- Occurred between February and April 2015
- Alone and together, they placed large orders for gold and silver opposite smaller orders, then cancelled the larger orders once the smaller ones were executed
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Spoofing is placing and cancelling orders to mislead others into buying higher or selling lower than actual market prices
