CFTC Record Setter | 3 Hard Surveillance Lessons From Scotia Bank’s $125 Million Fine

No matter where you are in the world. No matter what markets you trade. The Scotia fine is a global bellwether. Here’s what you need to know. The CFTC fined Bank of Nova Scotia $127.4 million for “spoofing” and making false statements. What pushed this judgment to record-setting proportions is the fact that Scotia made statements to the CFTC that turned out to be false.  Get Your Order Data, and Get It Right Now See that bold last line? Get your order data? We will be coming back to that. Because we hear this line a bit too much, “Listen, we like your surveillance offering, but we just don’t do any speculative trading. Order feeds? We just don’t need any of that.” We hear you. But just know that CFTC does have your order data. In the event of any inquiry, how on earth are you going to generate any view of what happened? Maybe you really don’t need a complete surveillance system. But you must…you must go back to the header of this section! Watch your B’s and A’s ( Bids and the Asks) Traders working both sides of the market at or very near the same time is… continue reading

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Source: CTRM Center

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