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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539

Legal Director Joshua Ray assesses the tough approach being taken by the Commodity Futures Trading Commission to allegations of spoofing for Traders Magazine

Author: Joshua L. Ray  13 October 2020

Posted in: Market Manipulation.

The Commodity Futures Trading Commission’s (CFTC) September announcement of a record $920 million settlement with JP Morgan for alleged spoofing in US precious metals and Treasury futures markets prompted Rahman Ravelli’s Joshua Ray to examine the CFTC’s stance.

In an article that was published by Trader Magazine, he assessed the CFTC’s approach and the issues that have arisen in such cases.

His article scrutinised the anti-spoofing provision (ASP) in the Commodity Exchange Act, which he believes is inherently flawed. With only one district judge having so far ruled that the ASP is constitutional (as applied to manual traders), Josh outlined why he believes that this provides strong grounds for anyone facing such allegations to challenge them in court.

Joshua's article can be read here.

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Joshua L. Ray


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Joshua Ray represents individuals and corporates in complex investigations, prosecutions and regulatory actions regarding market manipulation and multijurisdictional matters involving fraud, bribery and money laundering.

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