CFD rules require price "flipping",meaning a CFD customer always has to hit the bid or ask price (or scarifies the spread) and being last in the queue for a limit order. A real trade at the SGX exchange isn't required for a CFD order to be executed. As long as the bid-ask spread is wide enough, a low sell price and high buy price within the illiquid stock's bid-ask spread can trigger CFD buy and sell actions.
This practice is illegal, as it involves the trader effectively "self-dealing" or hitting his own orders without being seen on the exchange, but taking place on the OTC side. This lack of transparency is one reason that U.S. has banned CFDs, as brokers often end up betting against customers, similar to old time bucket shops. To prevent this, brokers like IG could simply remove illiquid stocks from their CFD offerings or set filters to ensure only small trades trigger automated orders, while manually checking or hedging out big quantity trades .
However, since the vast majority of retail CFD customers ( (more...)
首先，这人是金融+IT专家
From 2005 to 2009, Oh worked as a dealer at brokerages UOB Kay Hian, Credit Suisse Securities (Singapore) and Citigroup Global Markets Singapore Securities where he honed his stock market trading skills.
He was also a web developer and had been unemployed since 2018.
其次，告他的不是IG,而是SGX发现然后转给警察局和MAS
The police said on Oct 29 that Oh’s conviction was the result of a joint investigation carried out by the Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS), following a referral from the Singapore Exchange Regulation.
最后，其他几个类似的案例
In March 2017, former DBS Vickers trader Dennis Tey Thean Yang was sentenced to 16 weeks in prison for spoofing the securities market and making a profit of $30,239 from his illicit trades.
It was the “first conviction of market misconduct under the joint investigation arrangement with the CAD”, MAS said in a statement then after Tey’s sentencing.
The second case occurred in July 2021 when former account manager Ee Cho Lian was sentenced to six weeks’ jail and fined $30,000 for 107 false orders and 60 spoof trades where he made a profit of $24,196.
Oh’s conviction and sentencing is the third such reported case, and his illegal $255,385 profit is the largest amount so far.
He has since made full restitution to IG Asia.
He was also a web developer and had been unemployed since 2018.
其次，告他的不是IG,而是SGX发现然后转给警察局和MAS
The police said on Oct 29 that Oh’s conviction was the result of a joint investigation carried out by the Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS), following a referral from the Singapore Exchange Regulation.
最后，其他几个类似的案例
In March 2017, former DBS Vickers trader Dennis Tey Thean Yang was sentenced to 16 weeks in prison for spoofing the securities market and making a profit of $30,239 from his illicit trades.
It was the “first conviction of market misconduct under the joint investigation arrangement with the CAD”, MAS said in a statement then after Tey’s sentencing.
The second case occurred in July 2021 when former account manager Ee Cho Lian was sentenced to six weeks’ jail and fined $30,000 for 107 false orders and 60 spoof trades where he made a profit of $24,196.
Oh’s conviction and sentencing is the third such reported case, and his illegal $255,385 profit is the largest amount so far.
He has since made full restitution to IG Asia.
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