The founder of DRW – the Chicago-based proprietary trading firm – is careful about what he says these days. It’s not an unreasonable stance for someone awaiting judgement accused of market manipulation.
The CFTC holds that Wilson and DRW posted artificially inflated bids for a three-month interest rate swap futures contract that no-one else would nibble close to at the end of trading sessions – a practice known as ‘banging the close’. According to the regulator, DRW systematically entered more
The week on Risk.net, 14-20 April, 2018Receive this by email