This guy was uber scummy...

Overnight

Overnight

My little jokey scumbag thing on some of these threads is part fun, mostly serious.

But Mr. Ghandi here was so egregious he got notices from all four of the CME subgroups. All case numbers 13-9693-BC-2. Never seen this before.

http://www.cmegroup.com/notices/dis...-9693-BC-2-KAMALDEEP-GANDHI.html#pageNumber=1

http://www.cmegroup.com/notices/disciplinary/2017/12/COMEX-13-9693-BC-2-KAMALDEEP-GANDHI.html

http://www.cmegroup.com/notices/disciplinary/2017/12/NYMEX-13-9693-BC-2-KAMALDEEP-GANDHI.html

http://www.cmegroup.com/notices/disciplinary/2017/12/CME-13-9693-BC-2-KAMALDEEP-GANDHI.html

Yeah, he is deep in something camel all right.

Scumbag!
 
The last link saying he's layered orders on both sides , one side was executed, the other was cancelled. And that is against exchange rules. I don' see anything wrong here. Why you are not allowed to have orders on buy and sell side at the same time?
 
eliteubertrader said:
The last link saying he's layered orders on both sides , one side was executed, the other was cancelled. And that is against exchange rules. I don' see anything wrong here. Why you are not allowed to have orders on buy and sell side at the same time?
More...

Gandhi typically layered orders on one side of the market and then cancelled them after resting orders on the opposite side of the book were executed.

That.
 
eliteubertrader said:
The last link saying he's layered orders on both sides , one side was executed, the other was cancelled. And that is against exchange rules. I don' see anything wrong here. Why you are not allowed to have orders on buy and sell side at the same time?
More...

If you place an order with the intention of cancelling it to make a profit it's against the law because that's manipulating the market price.
 
eliteubertrader said:
This is absurd, that you are not allowed to cancel order. What if I changed my mind?
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It's called spoofing

FYI - https://en.wikipedia.org/wiki/Spoofing_(finance)

Spoofing is a disruptive algorithmic trading entity employed by traders to outpace other market participants and to manipulate commodity markets. ... Under the 2010 Dodd-Frank Act spoofing is defined as "the illegal practice of bidding or offering with intent to cancel before execution."

how to spoof caller ID.jpg
 
algofy said:
It’s illegal if you’re an individual trader, ignored if you’re hft.
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Order spoofing is annoying as hell, and if you care about intraday prices you quickly notice when the market seems to repell every offer you make, only to take your worst offer (for you). Some of that could be noise or trend in your direction, but when it becomes the rule, someone is probably making a sport to profit on these cents. Just one more reason to automate execution at least. In a trending market you won't easily get much cheaper prices though and need to bite the bullet early instead.

On some instruments with little activity, like less than 10.000 orders per day, the same laws must regulate bots as well. Instead they try to procecute retailers for fooling the stupid bots! As in: "I'm just a huge corporation, I can't be accountable for my own trades! Bail me out!!" kind of shenanigans.
 
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So , I still don't understand how unexecuted order can manipulate the market.In my understanding, who cares how many orders are hanging there, as long as they are not executed they shouldn't have any influence on price at all. I only have experiene with retail forex and you can cancel those orders without issues there
 
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