A federal judge in Manhattan ruled Friday the CFTC needed to show that a trader intended to create an “artificial” price in order to prove attempted market manipulation. The CFTC had tried to lower the bar by saying it needed to show only that the trader had an intent to affect market prices.
The distinction is crucial in this case. Mr. Wilson’s firm, DRW Investments LLC, argues that its trading tactics were aimed at correcting market prices, not leading them astray.
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