CHICAGO, IL / ACCESSWIRE / September 27, 2018 / North American Derivatives Exchange, Inc. (''Nadex'') announced today that it has fined Nadex member Davis Ramsey (''Ramsey''), a Florida-based trader, $140,000.00 and has assessed disgorgement in the amount of $250,636.25 for market manipulation in connection with the settlement of Nadex binary contracts (''Binary Contracts''). Nadex has permanently banned Ramsey from trading on Nadex markets, either directly for his own account, through any other account not held in his name, as an authorized trader on any account, or through an intermediary.
Nadex found that, from August 1, 2016 through May 10, 2017, Ramsey engaged in a scheme to successfully manipulate, or attempt to manipulate, the expiration value of Binary Contracts by trading the relevant underlying futures contracts (''Underlying Futures'') on CME Group Inc. (''CME'') markets near the time of the expiration of the Binary Contracts. To accomplish this manipulative scheme, Ramsey would establish positions on Nadex by effecting transactions in his Nadex account and in the Nadex account belonging to a family member. Ramsey would then execute non-bona fide trades in the Underlying Futures with the intent to influence the settlement of the respective Binary Contracts.
In settling this matter, Ramsey neither admitted nor denied the findings or conclusions, but consented to the entry of Nadex's findings. This settlement is part of a global settlement with the Commodity Futures Trading Commission (''CFTC'') and CME, both of whom brought parallel actions against Ramsey in connection with the manipulative conduct described above. Nadex thanks both the CFTC and CME for their assistance in this matter.
About Nadex (North American Derivatives Exchange™)
Nadex is the first and largest CFTC-regulated online exchange in the U.S offering binary options and spreads to individual traders seeking trusted, secure ways to participate in the markets. Member funds are segregated and held in top-tier US banks. Using Nadex's online and mobile platforms, traders can trade short-term price movements in the most heavily traded currency, commodity, stock index, and cryptocurrency markets, as well as economic events, with intraday, daily and weekly contracts. To learn more about Nadex, please visit https://nadex.com. For information on becoming a Nadex member, call 1-866-296-0167 or email [email protected].
Media Contact:
Name: Dan Cook
Title: Director, Business Development
Email: [email protected]
Phone: 312.884.0923
Disclaimer: Trading on Nadex involves risk and may not be appropriate for all investors.
SOURCE: North American Derivatives Exchange, Inc.