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Gary DeWaal Comments on 'Spoofing' Regulations in Thomson Reuters Regulatory Intelligence

Firm News | December 1, 2016

Financial Services special counsel Gary DeWaal recently discussed "spoofing" in his weekly blog, Bridging the Week, and was cited several times by Thomson Reuters Regulatory Intelligence. The column discusses Michael Coscia, the first trader to be imprisoned for spoofing in the United States, and his current appeal case. Gary noted that Coscia's counsel is making the argument that the Commodity Futures Trading Commission (CFTC) had not provided clear guidance regarding what types of trading strategies constitute prohibited spoofing. Gary further suggested that the spoofing prohibition at section 4(c)(5(C) of the Commodity Exchange Act is too vague and refers to an industry slang term that was assumed to be commonly understood followed by a parenthetical that was too broad in scope. ("Further New Law and Guidance on the Regulation of 'Spoofing,'" November 30, 2016)

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