Page 16 - 期货和衍生品行业监管动态（2023年8月刊）
P. 16
期货和衍生品行业监管动态
量报单的数倍。Cobb-Webb 下达幌骗报单是以撤销交易为目的，并制造买入或卖
出合约的假象，从而诱导其他市场参与者超出买卖价差，使其隐藏报单成交。
Cobb-Webb 明知或放任这些幌骗报单会造成市场深度的假象，并导致可能影响
市场活动的供求关系的错误信息。
CFTC Orders UK Trader to Pay $150,000 and Imposes a One-Year Trading Ban
for Spoofing in WTI Futures (2023/8/1)
The Commodity Futures Trading Commission today issued an order
simultaneously filing and settling charges against UK-based trader Adam Cobb-Webb
for engaging in multiple instances of spoofing in West Texas Intermediate (WTI) light
sweet crude oil futures contracts traded on New York Mercantile Exchange, Inc.
(NYMEX) from approximately December 16, 2021 through at least January 14, 2022.
The order requires Cobb-Webb to pay a $150,000 civil monetary penalty and
imposes a one-year ban from trading on or subject to the rules of any CFTC-designated
exchange and all other CFTC-registered entities and in all commodity interests. Cobb-
Webb is also ordered to cease and desist from violating the spoofing prohibition in the
Commodity Exchange Act (CEA).
“This order is the latest in a long series of actions by the Commission to punish
spoofing in the markets the Commission oversees,” said Director of Enforcement Ian
McGinley. “Spoofing is easier than ever for the Commission to identify and pursue.
Our message to would-be spoofers is this: Don’t.”
Case Background
The order finds during an approximately one-month period, Cobb-Webb placed
bids and offers for WTI futures with the intent to cancel his bids or offers before
execution—i.e., spoofing. Cobb-Webb’s spoofing was characterized by a pattern of
trading in which he placed an iceberg order on one side of the order book (whose order
quantity was only partially visible in the order book) that he intended to execute and a
2
