Jim Zhao, a 31-year-old man was arrested for a US operation that has spanned four continents, netted 11 individuals and implicated at least four of the world’s biggest banks in a seven-year conspiracy to manipulate commodities markets in Chicago. He is one of eight men, accused of spoofing – the practice of placing fake orders and quickly cancelling them, in order to artificially raise or lower prices, then capitalising on it by concurrently placing genuine orders to buy or sell.
