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Yahoo! ArtsOct 21, 2019
Democrats Seek Insider Trading Probe After ‘Trump Chaos' Article
(Bloomberg) -- Democratic lawmakers are increasingly demanding that U.S. authorities investigate allegations raised in a recent magazine article that traders might be using non-public government information to reap huge illegal profits, even as the exchange where the transactions purportedly took place called the story "patently false."In a Monday letter, 14 Democratic senators urged the heads of the Justice Department, FBI, Commodity Futures Trading Commission and Securities and Exchange Commission to probe "disturbing reports of suspicious trading in our futures and equities markets" described in a Vanity Fair piece. The magazine referred to the transactions as "Trump Chaos Trades."Since the story's publication, the suggestion that White House leaks could be a factor in futures traders making billions of dollars from well-timed bets ahead of major geopolitical announcements has fueled endless chatter from Washington to Wall Street. Still, the article has been met with widespread skepticism from the financial industry.CME Group Inc., the world's biggest futures exchange, has dismissed the claims, arguing that the trades highlighted in the story couldn't have been based on inside information because too many market participants were involved. The article describes five big transactions in S&P 500 e-mini futures from June 28 to Sept. 13, ranging from 55,000 to 420,000 contracts."As it relates to the Vanity Fair article published on October 17, 2019, regarding activities in the E-mini S&P futures contract, the allegations about the trading activity are patently false," CME said in an Oct. 18 statement.In Monday's letter, Democrats said they wanted federal authorities "
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