27/12/18
An Australian commodities trader has pleaded guilty to market manipulation in Chicago, after being caught out as part of what the US Justice Department says is the largest legal action of its kind in history.Jim Zhao, who was arrested in Australia in January and extradited to the US, on Wednesday admitted to manipulating futures contracts through "spoofing", according to reports.Spoofing is the act of placing and quickly cancelling orders to trigger a rise or fall in prices, and then capitalising on that price change by simulously placing genuine orders to buy or sell.
