Support of an agency investigation into the manipulation of precious metals markets

A US regulator requested that we perform an independent analysis concerning the suspected manipulation of precious metals spot, futures, and options contracts traded on Comex and Globex. Our analysis used data from the exchanges and the suspected firm to deconstruct the company’s trading book. Trading instruments were separated into potential manipulation triggers and targets, such that the cause and effect of the behavior of concern could be evaluated analytically. Where this economic analysis suggested behavior of concern, contemporaneous email and instant messages were evaluated to confirm or refute manipulative intent.