Banging the close
Banging the close is trading heavily during the window used to calculate a settlement price, in order to move that settlement in favour of a position that references it. The term is used mainly in commodity and derivatives markets.
Where does banging the close come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| FCA v. Daniel James Plunkett (banging the close, 2014) | FCA | 2014-05-23 | Banging The Close | — | settled |
| CFTC v. Daniel Shak and SHK Management LLC (banging the close, 2013) | CFTC | 2013-11-25 | Banging The Close , Price Manipulation +1 | $400k | settled |
| CFTC v. Donald R. Wilson and DRW Investments, LLC (banging the close, 2013) | CFTC | 2013-11-06 | Banging The Close , Price Manipulation +1 | — | judgment |