The CFTC on Monday, September 30, 2019 issued an order filing and settling charges against Mitsubishi International Corporation for engaging in multiple acts of spoofing on the Commodity Exchange, Inc. markets for silver and gold futures.
This conduct occurred between at least April 2016 and January 2018. The order finds that Mitsubishi engaged in this unlawful activity through one of its traders who accessed these markets via an affiliate’s London office. The order requires Mitsubishi to pay a $400,000 civil monetary penalty and to cease and desist from violating the CEA’s spoofing prohibition.
The order recognizes that Mitsubishi promptly self-reported the misconduct and proactively implemented remedial measures and process improvements to deter and detect similar misconduct. The timely self-report, cooperation, and remediation resulted in a significantly reduced civil monetary penalty.
The Division of Enforcement staff members responsible for this case are Philip Tumminio, Kara Mucha, and Rick Glaser.