Sydney futures trader Jiongsheng Zhao pleaded guilty to manipulating market prices. Photo: Facebook

Australian trader Jiongsheng Zhao pleads guilty to manipulating Chicago futures market, boosting prices with trades he cancelled milliseconds later

  • In one case, Jiongsheng Zhao placed an order for futures contracts valued at nearly US$19 million then cancelled it 0.059 seconds later
  • The ‘spoofing’ charge carries a maximum 10-year prison term
Topic |   Regulation

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Sydney futures trader Jiongsheng Zhao pleaded guilty to manipulating market prices. Photo: Facebook
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