On Sept. 30, the U.S. District Court in Manhattan issued an order rejecting the Commodity Futures Trading Commission's claim against DRW Investments that it engaged in market manipulation. The order stated that the "CFTC must prove that defendants had the specific intent to affect market prices that 'did not reflect the legitimate forces of supply and demand'."
The court ruling was consistent with the amicus brief filed on Jan. 12 by FIA, CME Group, the Commodity Markets Council, Intercontinental Exchange and the Managed Funds Association, which asserted that the CFTC must show a specific intent to create an artificial price.
