The CFTC published an appendix to a motion in their case against Navinder Sarao and Nav Sarao Futures Limited PLC ("Nav Sarao"). The appendix includes two declarations that support the CFTC's allegations against Nav Sarao for having engaged in improper trading activities (including spoofing and layering), as well as the CFTC's assertion that these activities contributed to the Flash Crash. The first "declaration" is the deposition of a CFTC "Futures Trading Investigator," who asserted that the accused engaged in improper spoofing activities, including on the day of the Flash Crash. The second

The CFTC Division of Market Oversight issued guidance for swap execution facilities ("SEFs") on the calculation of projected operating costs. The purpose of the guidance is to help SEFs bring these calculations into compliance with the financial resource requirements under SEF Core Principle 13 and CFTC Rule 37.1303. The guidance follows two recent no-action letters, 15-24 and 15-25, which provide relief involving erroneous swap trades and swap trade confirmations. The guidance notes that one of the costs incurred by voice-based SEFs - the variable commissions that such SEFs might pay their

CFTC Chair Timothy Massad spoke about clearing and swaps trading at the ISDA's 30th Annual General Meeting. According to Chair Massad, derivatives markets have become "integral" to the growth of the global economy because they allow companies to manage risk effectively. Chair Massad reiterated that the CFTC plans to "fine-tune" rules in the months ahead to address commercial end users' concerns. Chair Massad emphasized that clearinghouse oversight remains a top priority, and added that the CFTC plans to ensure that clearinghouses are able to rebound from cyber attacks. He also said that, in

The CFTC issued an order settling charges against a European bank for engaging in acts of false reporting, the manipulation of LIBOR and Euribor, and for aiding and abetting attempts by traders at other banks to manipulate LIBOR and Euribor. See: CFTC Order; Examples of Misconduct; CFTC Press Release.

Craig Pirrong shared his doubts about the CFTC's ability to demonstrate that accused spoofer Navinder Sarao caused or even contributed to the Flash Crash. In his popular "Streetwise Professor" series, he states that "it is difficult to see how his [Sarao's] activities would have caused prices to move systematically in one direction or the other as the government alleges. . . . Attributing the Flash Crash to his activity is also highly problematic. It smacks of post hoc, ergo propter hoc reasoning."