La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce la condamnation de Daniel Shak, ancien directeur de SHK Management pour tentative de manipulation des contrats à terme de pétrole brut sur le NYMEX.
Selon la plainte déposée par la CFTC, Daniel Shak, l'ancien dirigeant de SHK Management, aurait des contrats à terme Light Sweet Crude Oil sur le New York Mercantile Exchange et aurait également violé la règle sur les limites applicables aux opérations intraday sur les contrats à terme WTI en 2008.
M. Shak et SHK Management devront payer une amende civile dont le montant s'élève à 400 000 dollars. Une interdiction permanente d'inscription et de négociation a également été prononcée à l'encontre des deux défendeurs.
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges that Daniel Shak of Las Vegas, Nevada, and SHK Management, LLC (SHK) (the “Respondents”) attempted to manipulate the price of Light Sweet Crude Oil (WTI) futures contracts on the New York Mercantile Exchange (NYMEX) and violated intraday spot month speculative position limits applicable to WTI futures contracts on two days in 2008. The CFTC Order requires Shak and SHK to jointly pay a $400,000 civil monetary penalty, permanently bans Shak and SHK from trading in any Crude Oil markets, and imposes a two-year ban from trading outrights for any product or financial instrument regulated by the CFTC during the Close, among other sanctions. Shak was a former principal of SHK.
According to the CFTC Order, on each of the two trading days in 2008, Respondents established substantial net short positions in WTI futures contracts through Trading at Settlement (TAS). TAS is an exchange rule which permits the parties to a futures trade during a trading day to agree that the price of the trade will be that day’s settlement price − or the settlement price plus or minus a specified differential. The Order finds that Shak and SHK intentionally traded a significant volume of futures contracts in the opposite direction, building a long position, before and during the two-minute window of the closing or settlement period of trading on the contract (“the Close”) in an effort to improperly influence and affect the price of the WTI futures contracts, including the settlement price. The settlement price of WTI futures contracts, including the TAS WTI futures contracts, is determined by the volume-weighted average price of trades executed during the Close. This strategy of trading heavily on one side of the market during the Close is commonly known as “banging the close.”
Consulter la plainte de la CFTC
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