Cash market
The cash market is the market in the underlying asset itself rather than in derivatives on it. Manipulating one to profit in the other is the defining structure of cross-market schemes.
Where does cash market 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 |
|---|---|---|---|---|---|
| CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014) | CFTC | 2014-07-28 | Benchmark Submission Rigging , Cash Vs Derivatives Schemes +1 | $105m | settled |
| FCA v. Coöperatieve Centrale Raiffeisen–Boerenleenbank B.A. (‘Rabobank’) (benchmark submission rigging, 2013) | FCA | 2013-10-29 | Benchmark Submission Rigging , Cash Vs Derivatives Schemes +1 | — | settled |
| FCA v. The Royal Bank of Scotland plc (benchmark submission rigging, 2013) | FCA | 2013-02-06 | Benchmark Submission Rigging , Cash Vs Derivatives Schemes +2 | — | settled |