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April 23, 2015

CME faces scrutiny over warning signs on ‘flash crash trader’

As far back as 2009, CME Group identified a high volume of cancelled orders by the UK trader charged this week with contributing to the 2010 “flash crash”. Now the operator of the largest US futures market is under scrutiny for allowing his conduct continue into 2014.
“It’s very, very difficult when you’re looking at that massive volume of data to catch someone where there is no indication of anything unusual or untoward. But that’s not the case with this guy. It’s flashing red lights around this guy,” said Dennis Kelleher, chief executive of Better Markets, a non-profit group that promotes the public interest in financial markets.
According to Better Markets’ Mr Kelleher, CME should have demanded a more satisfactory explanation. “It seems they think their duty begins and ends with sending a letter.”
Read the full Financial Times article by Kara Scannell, Nicole Bullock, and Gregory Meyer here.
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