U.S. Commodity Futures Trading Commission Enters Into Its First Public Non-Prosecution Agreements
17 July 2017
On June 29th, 2017, the U.S. Commodity Futures Trading Commission (CFTC) entered into the first public non-prosecution agreements in its history with three former Citigroup traders, pledging not to pursue civil disruptive-trading charges. The CFTC stated that the non-prosecution arrangements were offered in recognition of the traders’ "timely and substantial cooperation," "immediate willingness to accept responsibility," and "material assistance" in the CFTC’s broader investigation into spoofing (that is, entering bids or offers with the intent to cancel the order before execution) in the U.S. Treasury futures markets. The CFTC also cited the traders’ identification of misconduct by others and lack of any prior wrongdoing as factors in the decision to decline civil prosecution.