New York Attorney General Eric Schneiderman's office is investigating the posting of false bids and offers in the foreign exchange options market for emerging market currencies, a person familiar with the matter said on Monday.
The person, who spoke on condition of anonymity, said subpoenas were issued last week to four brokerages: BGC Partners (BGCP.O), GFI Group, TFS-ICAP (IAP.L) and Tullett Prebon Financial Services (TLPR.L).
U.S. authorities have increased their scrutiny of so-called 'ghosting' or 'spoofing,' in which a trader tries to create a false appearance of market interest in a stock, commodity or other asset by placing orders and then immediately canceling them. Authorities say such orders can be manipulative.
New York Attorney General Eric Schneiderman's office is investigating the posting of false bids and offers in the foreign exchange options market for emerging market currencies, a person familiar with the matter said on Monday.The person, who spoke on condition of anonymity, said subpoenas were issued last week to four brokerages: BGC Partners (BGCP.O), GFI Group, TFS-ICAP (IAP.L) and Tullett Prebon Financial Services (TLPR.L).U.S. authorities have increased their scrutiny of so-called 'ghosting' or 'spoofing,' in which a trader tries to create a false appearance of market interest in a stock, commodity or other asset by placing orders and then immediately canceling them. Authorities say such orders can be manipulative.
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