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CFTC, Bank of Tokyo-Mitsubishi reach spoofing settlement

The U.S. Commodity Futures Trading Commission on Aug. 7 filed and settled spoofing charges against Bank of Tokyo-Mitsubishi UFJ Ltd., ordering a $600,000 civil monetary penalty against the Japan-based company.

The regulator found that a trader at the Mitsubishi UFJ Financial Group Inc. subsidiary, since July 2009 at least and through December 2014, placed multiple orders for futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade. The orders were placed to move markets in directions favorable to the person's trades and with the intention to cancel them prior to execution.

Bank of Tokyo-Mitsubishi discovered the misconduct, suspended the trader and self-reported the matter to the CFTC. The regulator's director of enforcement, James McDonald, said the company was consequently given "a substantially reduced penalty."