Banter and general comments, page-12593

This is from the US but it would be done worldwide.

JPMorgan gold desk ‘spoofing’ cheated market, ex-trader says

JPMorgan’s gold trading and sales team was so focused on making money that they scammed the market for years with so-called spoofing trades, according to a former colleague who testified at the trial of three former bank employees charged with fraud.

Edmonds described how he learned to spoof at JPMorgan. If he wanted to sell at a higher price, he’d put orders in above the current market price, and then place huge orders to buy at higher prices that he’d cancel before they could be executed. “I wanted to drive the price where I wanted it to go” by creating a false indication of demand, he said.


https://www.copyright link/markets/commodities/jpmorgan-gold-desk-spoofing-cheated-market-ex-trader-says-20220713-p5b173