Two ex-Deutsche Bank traders convicted in U.S. over fake orders

what did these guys do? spoofing... the placing of orders to buy or sell futures contracts that they never intended to complete, according to their indictment. so, is it the intent to not complete or the actual not completing?

I think they change their clients orders

It's the non-execution of the orders with the intent to manipulate the futures price in whatever desk they were trading. They could've been capitalizing off the manipulated price before or after pulling the orders - long/short, probably both. Happens on a daily basis in a lot of products. The ruling just makes the occasional example in the institutional sector.

I don't agree these guys get raked but all the hedge funds can get away with it any and all the time. It's a line of defense that has a duplicity of keeping their opponents - other institutions as well - guessing so they don't get front-run all day since they have to execute.

If the justice department would go blanket as to whom they pursue and go after the hedge funds - the real crooks. The institutional guys are playing the game as much out of necessity.

The feds are just too stupid or want the low hanging fruit as always.

What's wrong with Deutsche Bank?

Everything.

Spoofing happens all the time in every futures markets. The algos are programmed to be sensitive the adding and pulling of liquidity on the limit order book and many will target these orders so its easy for someone to manipulate price.

Its very very difficult to prove though as all you need to do is say that you intended to get filled at the time of order placement but when price got there conditions changed and you no longer want the order.