The Futures Futures (CFTC) Committee today issued a mandate and installation order against Shinhan Securities Co. Ltd., a Financial Services Company, for the participation of washing sales and non -competitive transactions in NYMEX.
Shinhan is obliged to pay $ 212,500 civil monetary penalty and ceases and abandons further violations of the Law on Exchange of Basic Products and CFTC Regulations as they are charged.
A Shinhan dealer introduced almost optimistic bids and bids for the same quantities of the same future contract for transactions that had the same beneficial owner to enhance the possibility that market and sale orders will be completed at the same or similar price.
In this way, Shinhan has ruled out the competition of danger or prices that hinders an open and competitive market.