CFTC Fines Spoofing Bank Who Reported The Issue First

The Commodity Futures Trading Commission recently fined The Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU) $600,000 in a “spoofing” case that illustrates how internal bank risk controls are now rooting out bad apples. The market manipulation fine was a “substantially reduced penalty” due to the fact the bank identified and reported the  ” Market Manipulation ” , the CFTC said in a statement. [timeless] Market Manipulation – Most of the spoofing behavior took place in the wake of the 2010 “flash crash” The CFTC’s order settling charges against the bank alleges an unnamed derivatives trader at BTMU was engaging in market…