The ICE getting more active in disruptive trading disciplinary notices - equities market latest area
. Today the Intercontinental Exchange issued a disciplinary notice in the equities markets (Russell 2000). They specifically noted the individual was a "manual trader" The issue was on "multiple instances", the trader acted in "a pattern of placing and layering multiple orders on one side of the orderbook while placing a single order on the opposite side".
Also in keeping with the increased use of disruptive trading - as opposed to "spoofing" - as the offense, the exchange noted multiple impacts from the actions were to "create false depth, put pressure on the market, and mislead market participants into trading against, or moving the market closer to, his opposing single order.".
DCM still sees firms believing spoofing or failure to enter orders with an intent to deliver is only of concern regarding automated trading - either true hugh frequency trading or even OMS based trading processes. The facts would indicate that the majority of case, though smaller fines, are for manual trading activity - and frequently in the pre-open.
The full order is here. The fine was $40K and there was a 1 month suspension from the all ICE US Futures markets.