Action against Respondent, a commodities trading firm, for alleged noncompetitive wash sales.  According to the CFTC, Respondent circumvented the “lockdown” period before market open, during which pre-open orders cannot be modified or cancelled.  The CFTC alleges that Respondent improperly placed additional, offsetting orders to cancel its pre-open orders, which resulted in noncompetitive wash sales upon market open.  Respondent has agreed to pay a civil penalty of $350,000.

CFTC Order

CFTC Press Release