La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce qu'elle a condamné Donald R. Wilson et de sa compagnie, DRW Investments pour manipulation des prix.
Selon la plainte déposée par la Commodity Futures Trading Commission, Donald R. Wilson et sa compagnie, DRW Investments, LLC, auraient illégalement manipulé le prix d'un contrat à terme, à savoir l'IDEX USD Three-Month Interest Rate Swap Futures Contract du mois de janvier 2011 à août 2011. La plainte allègue qu'à la suite de cette fraude, les défendeurs ont bénéficié d'au moins 20 millions de dollars, tandis que leurs contreparties de négociation ont subi des pertes d'un montant égal.
Gretchen L. Lowe, la directrice de l'exécution par intérim de la CFTC a déclaré : "Les traders ne peuvent pas s'engager dans des actes de manipulation pour influer sur le prix des contrats à terme dans le but d'atteindre les bénéfices souhaités, quel que soit le soi-disant motif. L'action d'aujourd'hui démontre que la Commission est déterminée à engager des poursuites pour protéger l'intégrité des marchés financiers".
Les investigations sont toujours en cours.
The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Donald R. Wilson (Wilson) and his company, DRW Investments, LLC (DRW). The CFTC’s Complaint charges Wilson and DRW with unlawfully manipulating and attempting to manipulate the price of a futures contract, namely the IDEX USD Three-Month Interest Rate Swap Futures Contract (Three-Month Contract) from at least January 2011 through August 2011. The Complaint alleges that as a result of the manipulative scheme, the defendants profited by at least $20 million, while their trading counterparties suffered losses of an equal amount.
According to the Complaint, in 2010 the Three-Month Contract was listed by the International Derivatives Clearinghouse (IDCH) and traded on the NASDAQ OMX Futures Exchange, and was publicized as an alternative to over-the-counter, i.e., off-exchange, products. Wilson and DRW believed that they could trade the contract for a profit based on their analysis of the contract. At the end of 2010, Wilson caused DRW to acquire a large long (fixed rate) position in the Three-Month Contract with a net notional value in excess of $350 million. The daily value of DRW’s position was dependent upon the daily settlement price of the Three-Month Contract calculated according to IDCH’s methodology. As Wilson and DRW knew, the methodology relied on electronic bids placed on the exchange during a 15-minute period, the “settlement window,” prior to the close of each trading day. In the absence of such bids, the exchange used prices from over-the-counter markets to determine its settlement prices. Wilson and DRW anticipated that the value of their position would rise over time.
The market prices did not reach the level that Wilson and DRW had hoped for and expected, according to the Complaint. Rather than accept that reality, Wilson and DRW allegedly executed a manipulative strategy to move the Three-Month Contract market price in their favor by “banging the close,” which entailed placing numerous bids on many trading days almost entirely within the settlement window, none of which resulted in actual transactions as DRW regularly cancelled the bids. Under the exchange’s methodology, DRW’s bids became the settlement prices, and in this way DRW unlawfully increased the value of its position, according to the Complaint.
Consulter la plainte de la CFTC
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