Contract for difference
A contract for difference, or CFD, is a derivative that pays the change in a security's price between the opening and closing of the contract, without the holder owning the security. It allows leveraged exposure to a price move, which is why it appears in cases where traders needed to act quickly on a known announcement.
Where does contract for difference 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 |
|---|---|---|---|---|---|
| SEC v. Robert B. Westbrook (hack to trade, 2024) | SEC | 2024-09-27 | Hack To Trade , Insider Trading | — | filed |
| SEC v. Vladislav Kliushin, Nikolai Rumiantcev, Mikhail Irzak, Igor Sladkov, and Ivan Yermakov (hack to trade, 2021) | SEC | 2021-12-22 | Hack To Trade | — | judgment |
| SEC v. Ieremenko et al.: settlements with Cho, Olefir and Capyield (hack to trade, 2020) | SEC | 2020-11-05 | Hack To Trade , Insider Trading | $425k | settled |
| SEC v. Dubovoy et al.: settlements with eight defendants (hack to trade, 2020) | SEC | 2020-06-10 | Hack To Trade | — | judgment |
| SEC v. Ieremenko et al.: settlements with Kwon and Sabodakha (hack to trade, 2020) | SEC | 2020-04-09 | Hack To Trade , Insider Trading | $149k | settled |