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June 27, 2017

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US suit accuses CME Group of favoring high-speed traders, fraud

NEW YORK--A group of traders has sued exchange giant CME Group, alleging that its policies favored high-frequency traders and defrauded other investors.

Three traders filed the complaint Friday in federal court in Illinois, accusing CME and its subsidiary the Chicago Board of Trade of falsely labeling as "real-time" price data that was sold to "the entire financial world."

In reality, the complaint argues, CME charged high-frequency traders to see key data and trade upon that information before the rest of the market.

The exchanges "engaged in a fraud on the marketplace, deceptive practice and failed to maintain a marketplace that is free from market disruption and market manipulation," the complaint said.

The complaint covers the period of 2007 through April 10, 2014, and concerns a range of equity, debt, commodities contracts and derivatives.

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