“Banging the close” is a practice in which traders place a large volume of orders just before the close of an exchange. The practice, often with the aid of high-speed computers and sophisticated algorithms, attempts to influence the settlement price of the day with the accumulated large positions. In a 50-page complaint filed in federal court in New York in 2008, the CFTC alleged that Optiver, a Dutch high frequency trading firm, engaged in “banging the close” on 19 different occasions in 2007 in connection with crude oil, heating oil, or gasoline contracts. According to the CFTC, the firm affected prices on at least five occasions, and reaped a profit of approximately $1 million. Optiver’s
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