In recent weeks, a number of developments related to trade “spoofing” should indicate to market participants, in no uncertain terms, that regulators remain vigilant about potentially improper trade practices.  “Spoofing” is generally defined as the entry of purchase or sale orders in the market without the intent that they be executed, but rather with the intent to affect the price of commodities to benefit the trader. The Dodd-Frank Act revised the Commodity Exchange Act to add a provision that specifically prohibits spoofing and, in September 2014, the Chicago Mercantile Exchange adopted a specific rule regarding such conduct.  In connection with its new Rule 575, CME has also outlined a number of circumstantial hallmarks of spoofing, and closely monitors activity in its trading platform to take action against spoofing when necessary.  Other exchanges have followed suit.
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