Two UAE traders sued for 'spoofing' gold, silver futures

New York

TWO traders from the United Arab Emirates were sued by US regulators over claims they were "spoofing" gold and futures markets by placing bids and offers they intended to cancel before execution.

Heet Khara and Nasim Salim, suspended for 60 days by CME Group Inc last week, should be permanently barred from trading and fined from their illegal profits, the US Commodity Futures Trading Commission (CFTC) said on Tuesday in a complaint in Manhattan federal court. The practices they are accused of are similar to those in the case against Navinder Singh Sarao, the British trader facing US charges for allegedly manipulating futures markets for five years and contributing to the 2010 flash crash.