The U.S. Commodity Futures Trading Commission is trying to settle its market-manipulation case against Igor Oystacher and his Chicago firm 3Red Trading LLC.
Lawyers on Tuesday persuaded U.S. District Judge Amy St. Eve to allow two more weeks for those discussions, according to the people familiar with the matter who asked not to be named because they weren’t authorized to speak publicly. No agreement has been reached and the talks could still break down, one of the people said. A trial is scheduled to begin in January.
The CFTC sued Oystacher and 3Red Trading last year, alleging that he cheated the market on at least 51 trading days from 2011 to 2014. He is accused of creating the appearance of “false market depth” — manipulating the market to create the impression of increased interest and price movements favorable to him using an illegal strategy known as spoofing. Oystacher has said he did nothing wrong.