The firm sued by the Commodity Futures Trading Commission for allegedly spoofing says it will fight the allegations and stands behind the trading. "The CFTC has over-simplified complex trading and is now trying to classify legitimate trading and risk management as a market infraction," said a statement from 3Red Trading, a Chicago-based firm that was sued along with Igor Oystacher, the company's co-founder. "We stand behind the trading at issue as it does not contradict available guidance nor violate the law. Our firm cooperated with the CFTC throughout its four-year review with the belief that a fair evaluation of the facts would convince the Commission that no charges should be filed. We now look forward to presenting our case before the Court." Spoof orders are those designed to induce others to act but are intentionally cancelled.
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