Page 17 - 期貨和衍生品行業監管動態（2024年9月刊）
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期貨和衍生品行業監管動態
In March 2018, TOTSA attempted to manipulate this market for EBOB-linked
futures by selling physical EBOB in the Argus brokered market at prices below what
buyers indicated they would pay. During this month, TOTSA sold more physical
EBOB than it had sold in any other previous month. TOTSA’s sales constituted
more than 60% of the volume transacted by all brokered market participants.
TOTSA’s transactions were reported to Argus, and incorporated into the Argus EBOB
Benchmark. In tandem with these sales of physical EBOB, TOTSA maintained a large
short position in March-settled EBOB-linked futures which, because it was a short
position, would increase in value if the reported price of EBOB declined.
In an attempt to benefit its EBOB-linked short futures position, TOTSA not only
blended and sold large quantities of physical EBOB, but also attempted to sell
physical EBOB at prices that were lower than what buyers indicated they were willing
to pay. On multiple occasions in March 2018, TOTSA traders maintained an offer to
sell EBOB for a price that was lower than another market participant’s indicative bid.
Essentially, TOTSA’s traders were willing to accept less revenue from the company’s
sales of physical EBOB, in an attempt to depress the reported price of EBOB, and
increase TOTSA’s overall trading profits (by boosting the value of the company’s
EBOB-linked short position). This conduct constituted attempted market
manipulation in violation of Section 6(c)(1) of the CEA and CFTC Regulation
180.1(a)(1).
In accepting TOTSA’s Offer of Settlement, the CFTC recognizes that TOTSA
provided some cooperation during the Division of Enforcement’s (DOE) investigation
of this matter. However, TOTSA did not timely produce certain WhatsApp
communications DOE requested or adequately preserve these communications
following DOE’s request, with the result that potentially relevant evidence was
unavailable to DOE.
https://www.cftc.gov/PressRoom/PressReleases/8953-24
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