NatWest's Trading Unit Pleads Guilty To Spoofing Markets

By Dean Seal (December 21, 2021, 1:49 PM EST) -- NatWest Markets PLC will pay $35 million after pleading guilty Tuesday to criminal charges that its traders manipulated U.S. Treasury markets with a practice known as spoofing, or placing orders with no intention of executing them.

Federal prosecutors say the NatWest investment banking arm pled guilty in Connecticut federal court to one count of wire fraud and one count of security fraud, admitting that traders in its Stamford and London offices spoofed the market for Treasury futures contracts between 2008 and May 2014.

Two traders at NatWest's Singapore branch then spoofed the secondary cash market for Treasury securities in 2018, according to...

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