AMF France v. 3Red Trading LLC and A (layering, 2016)

Judgment entered

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In December 2016 the AMF Commission des sanctions fined the US trading firm 3Red Trading 900,000 euros and its trader, published as A, 200,000 euros for layering-type orders in the CAC 40 index future in 2012 and 2013.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

€1.1m

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in EUR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The 2nd section of the Commission des sanctions decided this case on 28 December 2016. The AMF's inquiry, opened in February 2013, concerned the CAC 40 index future after Euronext asked the broker Advantage Futures in October 2012 why one of its clients placed and quickly cancelled orders. The client, an individual published as A, traded through the firm 3Red Trading LLC, and the AMF obtained help from the US CFTC.

The AMF alleged that between 14 September 2012 and 10 January 2013 the two respondents placed large orders at the best prices and cancelled many before execution, giving a false or misleading picture of supply, demand and price in the CAC 40 future and fixing its price at an abnormal or artificial level.

The Commission sanctioned both respondents. It noted that the conduct it described as quasi-layering produced a total gain of 301,375 euros. It imposed a financial penalty of 900,000 euros on 3Red Trading and 200,000 euros on A, a total of 1,100,000 euros.

The record does not show how the Commission split the sequences between the two, and it does not show whether the decision was appealed.

This library tags the matter as layering. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the decision.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Layering — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2016-12-28 Commission des sanctions decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• AMF decision page
• Decision (PDF, French)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 5, 2026. submit a correction.