Trading

Ex-Deutsche Bank traders to stand trial over price rigging precious metals

The case turns on whether trading tactic to manipulate prices is fraud

A government crackdown on traders accused of price manipulation faces one of its biggest tests next week, as a pair of former Deutsche Bank traders face trial on charges related to rigging precious-metals prices using a strategy known as spoofing.

Traders at Citadel Securities and Quantlab Financial, high-speed trading firms that use models to automate their buying and selling, are among the witnesses scheduled to testify against the ex-traders, James Vorley and Cedric Chanu. The criminal trial will take place in Chicago with protocols aimed at reducing the risk of coronavirus spread, including the use of masks and a requirement to maintain social distancing.

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