Page 704 - 《期货和衍生品行业监管动态》（2022年合集）
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期货和衍生品行业监管动态
amounts totaling $30 million to two commodity pools under the joint management of
Glen Point Capital.
On two occasions, in late December 2017, during a period of low market
liquidity (around Christmas time), Phillips engaged in a scheme to intentionally and
artificially drive down the USD/ZAR exchange rate to levels that would trigger
payouts on the option contracts. At that time, Phillips knew that only a few days
remained for the USD/ZAR exchange rate to hit the predetermined amounts or else
the contracts would expire, rendering them worthless. Rather than allowing free
market forces to determine whether the USD/ZAR exchange rate would breach the
predetermined amounts set by the contracts before they expired, Phillips orchestrated
the trading of massive amounts of the USD/ZAR currency pair in the foreign
exchange spot market for the express purpose of pushing the exchange rate down to
the exact levels he needed to trigger the contracts. Phillips’ scheme was successful
and directly resulted in $30 million in payouts for the pools under Glen Point
Capital’s management.
As further alleged, Phillips expressed his manipulative intent in messages he sent
to the bank that executed the spot trades. For example, during the first set of trades at
issue, Phillips explicitly told a salesperson at the bank his objective was to trade
through the rate of 12.50 rand per dollar — the barrier level that would trigger one of
the option contracts — and Phillips repeatedly asked the salesperson how much he
needed to sell in order to move the market below that level. As soon as Phillips
caused the USD/ZAR rate to move below that level, he immediately stopped trading
and asked the salesperson to send him a system printout of the final transaction as
proof that the USD/ZAR rate had breached the 12.50 rand per dollar barrier level.
The complaint also alleges that while Glen Point Capital purported to have a
compliance and supervision program in effect during the relevant period, and while
Phillips’ trading activity consisted of concentrated transactions that were executed in
short time spans and led to changes in the USD/ZAR currency pair spot price that
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