Release Number 8045-19

October 1, 2019  

CFTC Orders Chicago Trading Firm Belvedere Trading LLC to Pay $1.1 Million for Spoofing in the Financial Futures Markets

The CFTC on Monday, September 30, 2019 issued an order filing and settling charges against Belvedere Trading LLC, a proprietary trading firm in Chicago, Illinois, for engaging in acts of spoofing on hundreds of occasions in the Chicago Mercantile Exchange (CME) E-mini S&P 500 futures market. The order finds that Belvedere engaged in this unlawful activity through two of its traders from between June 2014 and February 2015 and during October 2015 and November 2015.  The order requires Belvedere to pay a $1.1 million civil monetary penalty and to cease and desist from violating the spoofing prohibition of the CEA.

The order recognizes Belvedere’s early resolution of this matter in the form of a reduced civil monetary penalty.

The CFTC acknowledges and thanks the staff of the Market Regulation Department of the CME Group for their assistance in this matter.

The Division of Enforcement staff members responsible for this matter are Stephen Turley, Allison Sizemore, Rachel Hayes, Becky Jelinek, Chris Reed, and Charles Marvine, as well as former staff member Peter Riggs