UNITED STATES DISTRICT COURT

FOR THE NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

COMMODITY FUTURES TRADING 

COMMISSION,

PLAINTIFF, 

v.

JIONGSHENG ZHAO,

DEFENDANT.

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CIVIL ACTION NO. 1:18-cv-00620

JURY DEMANDED

COMPLAINT FOR INJUNCTIVE RELIEF, 

CIVIL MONETARY PENALTIES, AND OTHER RELIEF 

Plaintiff Commodity Futures Trading Commission (“CFTC”) alleges as follows:

I. SUMMARY

1. From at least July 2012 through at least March 2017 (the “Relevant Period”), 

Defendant Jiongsheng Zhao (“Zhao”) engaged in a manipulative and deceptive scheme while 

placing orders for and trading futures contracts on a registered entity. In furtherance of this 

scheme, Zhao repeatedly engaged in manipulative or deceptive acts and practices by “spoofing” 

(bidding or offering with the intent to cancel the bid or offer before execution). On thousands of 

occasions, Zhao placed an order that he wanted to execute and thereafter entered a larger order 

on the opposite side of the market that he intended to cancel before execution. In placing these 

larger spoof orders, Zhao intentionally or recklessly sent false signals of increased supply or 

demand designed to trick market participants into executing against the orders he wanted filled. 

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2. By virtue of this conduct, as further described herein, Zhao has engaged in acts and 

practices that violate Sections 4c(a)(5)(C) and 6(c)(1) of the Commodity Exchange Act (“Act”), 

7 U.S.C. §§ 6c(a)(5)(C), 9(1) (2012), and Commission Regulation (“Regulation”) 180.1(a)(1)

and (3), 17 C.F.R. § 180.1(a)(1), (3) (2017).

3. The CFTC brings this action pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1 

(2012), to enjoin Zhao’s violative acts and practices and to compel Zhao’s compliance with the 

Act and Regulation. In addition, the CFTC seeks civil monetary penalties and such other relief, 

including but not limited to disgorgement and trading and registration prohibitions, as the Court 

deems necessary and appropriate.

II. JURISDICTION AND VENUE

4. This Court has jurisdiction over this action under 28 U.S.C. § 1331 (2012) (federal 

question jurisdiction) and 28 U.S.C. § 1345 (2012), which provides that district courts have 

original jurisdiction over civil actions commenced by the United States or by any agency 

expressly authorized to sue by Act of Congress. Section 6c(a) of the Act, 7 U.S.C. § 13a-1(a) 

(2012), authorizes the Commission to seek injunctive relief in any proper district court of the 

United States against any person whenever it shall appear to the Commission that such person 

has engaged, is engaging, or is about to engage in any act or practice constituting a violation of 

any provision of the Act or any rule, regulation or order thereunder.

5. Venue properly lies with this Court pursuant to Section 6c(e) of the Act, because 

Zhao transacts business in the Northern District of Illinois, and the acts and practices in violation 

of the Act and Regulation have occurred within this District.

III. THE PARTIES

6. Plaintiff Commodity Futures Trading Commission is the independent federal 

regulatory agency charged by Congress with the administration and enforcement of the Act and 

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rules, regulations, and orders thereunder. The CFTC is headquartered at 1155 21st Street, NW, 

Washington, DC 20581.

7. Defendant Jiongsheng Zhao is a resident of New South Wales, Australia. Zhao has 

been employed by a proprietary trading firm (the “Trading Firm”) as a trader for nearly nine 

years. Zhao has never been registered with the CFTC.

IV. OTHER RELEVANT ENTITIES

8. The Chicago Mercantile Exchange (“CME”) is a commodity exchange located at 

20 S. Wacker Street, Chicago, Illinois 60606. It is registered with the CFTC as a designated 

contract market and a swap execution facility. 

9. CME Group Inc. (“CME Group”) is a Delaware corporation with its principal place 

of business in Chicago, Illinois. CME Group is the holding company that owns CME.

V. FACTS

A. Futures Trading Background

10. A futures contract is an agreement to purchase or sell a commodity for delivery or 

cash settlement in the future at a specified price. A futures contract traded on an exchange has 

standard, non-negotiable contract specifications. 

11. The E-mini S&P 500 Index futures contract (the “ES contract”) is traded on CME, a 

registered entity. There are four ES contract delivery months: March, June, September, and 

December. The ES contract is cash settled so no delivery of the stocks that make up the 

underlying index takes place. 

12. The ES contract trades 24 hours per day from 5:00 PM Central Time on Sunday 

night to 4:00 PM Central Time on Friday afternoon, except for a 15-minute window each day 

when trading halts. The trading day for the ES contract is commonly regarded as consisting of 

two trading sessions: the daytime session and the overnight session. The daytime session 

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corresponds with open-outcry trading at the CME and runs from 8:30 AM to 3:15 PM Central 

Time. The overnight session begins after the 15-minute trading halt and runs from 3:30 PM to 

8:29:59 AM Central Time the next day. The daytime session corresponds with, but does not 

perfectly overlap, the trading day for the stocks that make up the underlying index, which runs 

from 8:30 AM to 3:00 PM Central Time on the NYSE and NASDAQ exchanges.

13. The value of the ES contract is the S&P 500 stock index multiplied by fifty dollars. 

The price of the ES contract is quoted in index points, and the minimum price change allowed 

during a trading session is one-quarter of an index point (0.25); thus, if a trader wished to place 

an order above the last traded ES contract price of 2648.25 points, that trader would have to 

place the order at 2648.50 points or higher. This minimum price change is commonly called a 

“tick.” 

14. An “order,” in the context of electronic exchange trading, is a request submitted to 

an exchange to buy (that is, “bid”) or sell (that is, “offer” or “ask”) a certain number of a

specified futures contract. An order is for one or more contracts. Contracts may also be called 

“lots,” among other things. Orders are entered into the exchange’s order book. When there 

exists both a willing buyer and seller for a contract at a given price, a transaction occurs and is 

referred to as a “fill” (or a “trade” or “execution”). At any time before the order is fully filled, 

the trader can “cancel” the order. When an order is canceled, the contracts that have not yet been 

bought or sold are pulled from the order book. 

15. Each trader can view the aggregate number of contracts and orders that all traders are 

actively bidding or offering at a given price level. Only the total numbers of orders and contracts 

at various price levels are visible, not the identities of the traders who placed the orders. The 

best-bid level, or first-bid level, is the highest price at which someone is willing to buy. The 

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best-ask level, or first-ask level, is the lowest price at which someone is willing to sell. The bidask spread is the difference between those two prices. 

16. Traders can view the aggregate resting contracts and orders up to the tenth-bid and 

tenth-ask levels. This combined bid and ask information is often referred to as the visible order 

book and represents the visible market depth. Traders often consider information in the order 

book when making trading decisions.

17. An “aggressive” order is an order that crosses the bid-ask spread. On the buy side of 

the market, an aggressive buy order is placed at the best-ask price or higher so, put simply, it is 

an offer to buy at a price that another trader is currently willing to sell. On the sell side of the 

market, an aggressive sell order is placed at the best-bid price or lower so, put simply, it is an 

offer to sell at a price that another trader is currently willing to buy. Accordingly, aggressive 

orders are guaranteed to execute, at least partially, immediately after being placed. 

18. A “passive” order, on the other hand, does not give up the spread in price. On the 

buy side of the market, a passive buy order is placed at the best-bid price or lower so, put simply, 

it is an offer to buy at a price that is lower than the price that other traders are currently willing to 

sell. On the sell side of the market, a passive sell order is placed at the best-ask price or higher, 

so, put simply, it is an offer to sell at a price that is higher than the price that other traders are 

currently willing to buy. Passive orders rest for at least some amount of time after being placed 

and are not guaranteed to execute.

19. The ES contract is traded electronically on the CME Globex trading system 

(“Globex”). Globex employs a matching algorithm to match bids and offers for execution. The 

matching algorithm for the ES market is known as “FIFO,” which denotes first-in, first-out. 

Under the FIFO method, orders on the same side of the market (i.e., the buy side or sell side) and 

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at the same price are filled based on time priority; thus, with a few exceptions not pertinent here, 

the order that was placed first trades first, irrespective of the order’s size.

B. Zhao’s Manipulative and Deceptive Scheme

20. Zhao has worked as a trader at the Trading Firm for nearly nine years. In this role, 

he trades futures contracts on U.S. and international exchanges. Zhao does not trade on behalf of 

any party other than the Trading Firm. He shares any profits generated from his trading with the 

Trading Firm. Zhao’s direct supervisor is the Trading Firm’s CEO. 

21. During the Relevant Period, Zhao engaged in a manipulative and deceptive scheme 

(the “Scheme”) that consisted of the following general pattern: (1) placing one or more passive 

small orders (that is, fewer than fifty contracts) on one side of the market, which he intended to 

execute (“Genuine Orders”); (2) placing one or more passive large orders (that is, fifty contracts

or more) on the opposite side of the market, within two minutes of placing the Genuine Order 

and while the Genuine Order is still pending, which he intended to cancel (“Spoof Orders”); 

(3) reaching at least a five-to-one total contract size imbalance between his Spoof Orders and 

Genuine Orders, respectively; and (4) canceling the Spoof Orders within two seconds after they 

were placed. Each instance of this pattern comprises a single “Event.” Collectively, “Genuine 

Orders” and “Spoof Orders” are referred to as “Event Orders.”

22. Zhao’s Scheme was designed to benefit financially from market participants’ 

reactions to his Spoof Orders. The following is a simplified explanation of how his Scheme was 

intended to work, using a hypothetical example of a Spoof Order on the buy side. A large Spoof 

Order to buy would result in an increase in demand in the order book (i.e., create or add to an 

order book imbalance in which orders to buy outweigh orders to sell). This increase would be 

visible to other market participants and may lead them to conclude that the price is likely to rise. 

This conclusion, in turn, would impact market participants’ decisions, including prompting some 

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to attempt to purchase contracts before the predicted rise in price happens. In such a case, these 

participants would place aggressive orders to buy (i.e., at a higher price than the currently resting 

bids in the market), making execution of orders resting on the opposite side of the Spoof Order 

more likely. Finally, these bids would enable orders on the opposite side of the Spoof Order—

including Zhao’s Genuine Orders—to sell sooner, at a better price, or in larger quantities than 

they otherwise would.

23. Zhao carried out his Scheme on the ES contract market traded on CME. For some or 

all of the Relevant Period, Zhao traded manually, by submitting orders, cancelations, and 

modifications using a computer mouse or keyboard. 

24. During the Relevant Period, as part of the ongoing Scheme, Zhao engaged in 

approximately 2,300 Events. As part of those Events, Zhao entered about 2,300 Genuine Orders 

and 3,100 Spoof Orders, with all of the Spoof Orders, according to the pattern described herein, 

quickly being canceled. 

25. Zhao intended to cancel the Spoof Orders before execution, and often did so after his 

Genuine Orders were filled. The predictable sequence inherent in Zhao’s spoofing pattern, 

which he engaged in thousands of times, demonstrates that Zhao was not reacting to market 

changes when he canceled the Spoof Orders; rather, he was carrying out a predetermined 

strategy that was not dependent on market conditions. 

26. By engaging in the Scheme as described herein, Zhao entered Spoof Orders either to 

intentionally send a false signal to the market that he actually wanted to buy or sell the number of 

contracts specified in the Spoof Orders, or while recklessly disregarding the fact that entering his 

spoof orders would send such a false signal—a signal that injected false information about 

supply and demand into the market that could affect market activity. Zhao engaged in this 

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Scheme to trick other market participants into executing against his Genuine Orders on the 

opposite side of the market—allowing them to fill sooner, at a better price, or in larger quantities 

than they otherwise would. Zhao knew or recklessly disregarded that the Spoof Orders would 

create the false appearance of market depth and result in misinformation, thereby luring market 

participants to trade based on Zhao’s spoofing. The risk that the Spoof Orders could mislead 

other market participants into believing there was genuine interest in purchasing or selling the 

specified number of contracts represented by Zhao’s Spoof Orders was so obvious that Zhao 

must have been aware of it. He knew that his Spoof Orders would appear in the order book and 

that traders often consider order-book information in making trading decisions; thus, Zhao was, 

at least, reckless with respect to the danger that his Spoof Orders would mislead other market 

participants.

27. Although Zhao’s Spoof Orders were visible to the rest of the market, his identity as 

the originator of those orders was not. Only the total numbers of orders and contracts at various 

price levels are visible, not the number of traders or identities of the traders who placed the 

orders. Accordingly, Zhao knew that other market participants could not see that the same trader 

had placed both the Spoof Orders and the Genuine Orders, which might have tipped off market 

participants that his Spoof Orders were not bona fide.

28. Trading overnight was a key component of Zhao’s Scheme and indicative of his 

wrongful intent. Zhao carried out his Scheme more than 99% of the time during overnight 

sessions, when trading volume and volatility were substantially decreased. As a result of the 

reduced volume and volatility depth during overnight sessions, Zhao was able to use smaller 

Spoof Orders (with concomitant lower financial risk) to provoke the market reactions he desired. 

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29. The near-perfect correlation between Zhao’s Scheme and his use of overnight 

sessions cannot be explained by his residing in Australia, where the overnight session largely 

occurs during daylight hours. Setting the Scheme aside, Zhao often traded during daytime 

sessions, which overlaps with nighttime in Australia. Indeed, nearly one-third of Zhao’s nonEvent orders (i.e., orders that were not part of the Scheme) were placed during daytime sessions; 

thus, Zhao’s focus on carrying out his Scheme almost exclusively during overnight sessions is 

indicative of his wrongful intent. 

30. Further, Zhao’s trading pattern shows he avoided placing large Spoof Orders when 

they were more likely to execute. Had Zhao actually wanted to trade the quantities in his Spoof 

Orders, he would have placed similar-size orders during daytime sessions, when trading volume 

was higher and the larger quantities were more likely to execute; however, he did not. As 

reflected in the table below, during the Relevant Period, Zhao placed only about 2% of his large 

orders (both Spoof and non-Spoof) during daytime sessions. By contrast, Zhao placed about 

29% of his small orders during daytime sessions; thus, Zhao avoided placing large orders when 

they had better chances of executing, but he did not similarly curtail his small orders. This 

further indicates that large order sizes were not an aspect of Zhao’s legitimate trading. Rather, 

they were part of a scheme to mislead market participants by falsely signaling increased supply 

or demand for the purpose of luring market participants to trade based on his spoofing. 

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Orders by Time of Day During the Relevant Period

Event and Non-Event Combined

(values are approximate)

Total Number of 

Orders

% Placed in 

Daytime Sessions

% Placed in 

Overnight Sessions

Large orders 

(≥ 50 contracts) 3,790 2% 98%

Small orders

(<50 contracts) 62,700 29% 71%

31. Zhao’s Scheme frequently worked as planned; that is, his Spoof Orders tricked other 

market participants into executing against his Genuine Orders. However, there were times that 

Zhao’s Genuine Orders continued to sit, unfilled, even after he placed and canceled his Spoof 

Orders; thus, not all of the Events resulted in executions of Zhao’s Genuine Orders. Still, Zhao’s 

Genuine Orders seldom terminated in cancelations, again demonstrating the differing intent 

behind his Spoof and Genuine Orders. Even though, by definition, 100% of Spoof Orders 

terminated with at least a partial cancelation, the same was true for only about 22% of the 

Genuine Orders. The difference is that Zhao wanted his Genuine Orders to execute.

32. Zhao also took steps to protect his Spoof Orders from execution. For example, he 

canceled the Spoof Orders almost immediately after placing them; their median cancelation time 

was 737 milliseconds, as illustrated in the table below. By contrast, on those rarer occasions 

when Zhao canceled his Genuine Orders, the median cancelation time was 106 seconds. This 

means that Zhao allowed his Genuine Orders to rest prior to cancelation for a much longer period 

than his Spoof Orders. The consistently fast cancelation times for Zhao’s Spoof Orders reflect 

his intent to cancel them from the outset.

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Cancelations of Event Orders

(values are approximate)

Median Time to Cancelation

Spoof Orders 0.737 seconds

Genuine Orders 106 seconds

33. Zhao’s efforts to avoid execution of his Spoof Order were successful. This is 

reflected in vastly diverging rates in which Zhao’s Genuine and Spoof Orders were partially or 

fully filled (the “hit rate”). As reflected in the table below, Zhao placed approximately 2,300 

Genuine Orders during the Relevant Period. Of these, about 79% were hit. By contrast, less 

than 1% of the approximately 3,100 Spoof Orders were hit. Thus, Zhao’s Genuine Orders were 

about 180 times more likely to be hit. As a general matter, whether an order is hit is not 

dependent on its size; rather, orders at the same price level execute according to time priority 

under the FIFO matching algorithm. Here, the stark contrast in hit rates results from differences 

in the orders’ relative competitiveness, over which Zhao had control, and illustrates his success 

in avoiding execution of his Spoof Orders.

Orders Hit in Events

(values are approximate)

Total Orders in 

Events

Number of Orders 

Hit

Percentage of 

Orders Hit

Genuine 

Orders 2,300 1,800 79%

Spoof Orders 3,100 10 <1%

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34. The use of large orders was a hallmark of Zhao’s Scheme; he rarely placed large 

orders otherwise. He placed about 3,800 large orders during the Relevant Period; 82% of those 

were placed pursuant to the Scheme as Spoof Orders. By contrast, Zhao placed about 62,700 

small orders during the Relevant Period. Only about 4% of these orders fell within the Scheme

as Genuine Orders. Zhao’s limited use of large order sizes, nearly always as part of the Scheme

and not as part of a legitimate trading strategy, is indicative of his illegal conduct. He primarily 

used large orders to send false signals of increased supply or demand to market participants.

C. Examples of Zhao’s Scheme

35. Zhao’s Scheme is illustrated in the three Events set forth below. Detailed trade data 

associated with these Events is provided in Exhibit A to this Complaint.

1. Event Example 1: April 15, 2013

36. Zhao’s trading in the early morning of April 15, 2013 constitutes an Event pursuant 

to his Scheme. See Ex. A at 1–8 (displaying detailed trade data). At 1:11:16.287 AM Central 

Time (denoted in hours, minutes, seconds, and milliseconds), Zhao placed an order to sell one 

contract (the Genuine Order) at the best-ask level. See id. at 1, row 2. About ten seconds later, 

at 1:11:25.537 AM, Zhao placed an order to buy 151 contracts at the best-bid level (the first

Spoof Order). See id. at 2, row 33. The first Spoof Order doubled the number of contracts then

resting at that level of the order book, but the order was not at risk of executing until the 151 

contracts resting ahead of it executed or were withdrawn. Zhao’s first Spoof Order did not 

immediately induce execution of his Genuine Order, and he canceled it at 1:11:26.240 AM (only 

703 milliseconds after placing it). See id. at 2, row 47. A short time later, Zhao tried again. At 

1:11:33.363 AM, he placed an order to buy 171 contracts at the best-bid level (the second Spoof 

Order), more than doubling the number of contracts resting at that level of the order book. See 

id. at 3, row 89. This time, Zhao’s Genuine Order executed at 1:11:33.366 AM, immediately

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after the second Spoof Order was placed. See id. at 4, row 103. He then canceled his second 

Spoof Order at 1:11:34.161 AM, within 798 milliseconds of placing it. See id. at 8, row 252. 

2. Event Example 2: March 5, 2014

37. Zhao’s trading in the final hours of March 5, 2014 shows an Event that did not result 

in execution of the Genuine Order, contrary to Zhao’s plan. See Ex. A at 9–12. At 22:44:12.924 

PM Central Time, Zhao placed an order to buy one contract (the Genuine Order) at the best-bid 

level. See id. at 9, row 2. Three seconds later, at 22:44:15.720 PM, Zhao placed an order to sell 

201 contracts (the Spoof Order) at the best-ask level. See id. at 9, row 15. Zhao’s Spoof Order

was nearly 2.5 times the size of the combined orders then resting at that price level of the order 

book, but it was not at risk of executing until the 82 contracts resting ahead of it executed or 

were withdrawn. Zhao’s Genuine Order did not immediately execute. Zhao canceled his Spoof 

Order at 22:44:16.394 PM, only 674 milliseconds after placing it. See id. at 10, row 40. He let 

his Genuine Order rest longer, but canceled it as well at 22:44:40.533 PM, about half a minute 

after placing it. See id. at 12, row 97.

3. Event Example 3: March 21, 2016

38. A third example occurred on March 21, 2016. See Ex. A at 13–18. At 7:31:28.726 

AM Central Time, Zhao placed an order to sell 11 contracts (the Genuine Order) at the best-ask 

level. See id. at 13, row 2. About five seconds later, at 7:31:33.645 AM, Zhao placed an order 

to buy 82 contracts (the Spoof Order) at the best-bid level. See id. at 13, row 441. The Spoof 

Order was over half the size of the combined orders then resting at that price level, but it was not 

at risk of executing until the 153 contracts resting ahead of it executed or were withdrawn. 

Almost immediately, at 7:31:33.980 AM and 7:31:33.981 AM, Zhao’s Genuine Order executed 

through one trade of one and one trade of ten contracts. See id. at 13, rows 456 & 458. Zhao 

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then canceled his Spoof Order at 7:31:34.389 AM, just 744 milliseconds after placing it. See id.

at 18, row 617.

VI. VIOLATIONS OF THE ACT

COUNT I

VIOLATIONS OF SECTION 4c(a)(5)(C) OF THE ACT, 7 U.S.C. § 6c(a)(5)(C) 

Spoofing 

39. Paragraphs 1 to 38 are re-alleged and incorporated herein by reference. 

40. By reason of the conduct described above, Zhao engaged in trading, practices, or 

conduct on or subject to the rules of a registered entity that is, is of the character of, or is 

commonly known to the trade as, “spoofing” (bidding or offering with the intent to cancel the 

bid or offer before execution).

41. In placing each Spoof Order, Zhao acted with the intent to cancel the bid or offer 

before execution. 

42. By reason of the foregoing, Zhao violated Section 4c(a)(5) of the Act, 7 U.S.C. §

6c(a)(5) (2012).

43. Each Spoof Order constitutes a separate and distinct violation of Section 4c(a)(5)(C) 

of the Act. 

COUNT II

VIOLATIONS OF SECTION 6(c)(1) OF THE ACT, 7 U.S.C. § 9(1), 

AND REGULATION 180.1(a)(1) AND (3), 17 C.F.R. § 180.1(a)(1), (3)

Use of a Manipulative and Deceptive Device, Scheme, or Artifice

44. Paragraphs 1 to 38 are re-alleged and incorporated herein by reference.

45. By reason of the conduct described above, Zhao, in connection with a contract for 

future delivery on a registered entity, intentionally or recklessly: (1) used or employed, or 

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attempted to use or employ, manipulative devices, schemes, or artifices to defraud; or (2) 

engaged, or attempted to engage, in acts, practices, or courses of business, which operated or 

would have operated as a fraud or deceit upon market participants. 

46. Zhao acted intentionally or recklessly.

47. By reason of the foregoing, Zhao violated Section 6(c)(1) of the Act, 7 U.S.C. § 9(1) 

(2012), and Regulation 180.1(a)(1) and (3), 17 C.F.R. § 180.1(a)(1), (3) (2017). 

48. Each Spoof Order, Event, and Scheme constitutes a separate and distinct violation of 

Section 6(c)(1) of the Act and Regulation 180.1(a)(1) and (3).

VII. RELIEF REQUESTED

WHEREFORE, the CFTC respectfully requests that the Court, as authorized by Section 

6c of the Act, 7 U.S.C. § 13a-1 (2012), and pursuant to its own equitable powers:

A. Find that Zhao violated Sections 4c(a)(5)(C) and 6(c)(1) of the Act, 7 U.S.C. 

§§ 6c(a)(5)(C), 9(1) (2012), and Regulation 180.1(a)(1) and (3), 17 C.F.R. § 180.1(a)(1), (3) 

(2017);

B. Enter an order of permanent injunction enjoining Zhao, and his affiliates, agents, 

servants, employees, successors, assigns, attorneys, and all persons in active concert with him

who receive actual notice of such order by personal service or otherwise, from violating Sections 

4c(a)(5)(C) and 6(c)(1) of the Act and Regulation 180.1(a)(1) and (3);

C. Enter an order of permanent injunction enjoining Zhao, and his affiliates, agents, 

servants, employees, successors, assigns, attorneys, and all persons in active concert with him, 

from directly or indirectly: 

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1. Trading on or subject to the rules of any registered entity (as that term is 

defined in Section 1a(40) of the Act, 7 U.S.C. § 1a(40) (2012));

2. Entering into any transactions involving “commodity interests” (as that term is 

defined in Regulation 1.3(yy), 17 C.F.R. § 1.3(yy) (2017)) for his own 

personal account or for any account in which he has a direct or indirect interest; 

3. Having any commodity interests traded on his behalf; 

4. Controlling or directing the trading for or on behalf of any other person or 

entity, whether by power of attorney or otherwise, in any account involving 

commodity interests; 

5. Soliciting, receiving or accepting any funds from any person for the purpose 

of purchasing or selling any commodity interests; 

6. Applying for registration or claiming exemption from registration with the 

CFTC in any capacity, and engaging in any activity requiring such registration 

or exemption from registration with the CFTC, except as provided for in 

Regulation 4.14(a)(9), 17 C.F.R. § 4.14(a)(9) (2017); and/or

7. Acting as a principal (as that term is defined in Regulation 3.1(a), 17 C.F.R. 

§ 3.1(a) (2017)), agent or any other officer or employee of any person (as that 

term is defined in Section 1a(38) of the Act, 7 U.S.C. § 1a(38) (2012)), 

registered, exempted from registration or required to be registered with the 

CFTC except as provided for in Regulation 4.14(a)(9), 17 C.F.R. § 4.14(a)(9) 

(2017). 

D. Enter an order directing Zhao to be assessed by the Court, in an amount not to 

exceed the penalty prescribed by Section 6c(d)(1) of the Act, 7 U.S.C. § 13a-1(d)(1) (2012), as 

adjusted for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act 

Improvements Act of 2015, Pub. L. 114-74, 129 Stat. 584 (2015), title VII, Section 701, see 

Regulation 143.8, 17 C.F.R. § 143.8 (2017), for each violation of the Act, as described herein;

E. Enter an order requiring Zhao to pay costs and fees, as permitted by 28 U.S.C. 

§§ 1920 and 2412(a)(2) (2012); and

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F. Enter an order providing for such other and further remedial and ancillary relief, 

including but not limited to disgorgement, as this Court may deem necessary and appropriate.

Dated: January 28, 2018 Respectfully submitted,

PLAINTIFF COMMODITY FUTURES 

TRADING COMMISSION

s/Christopher A. Reed

Deputy Regional Counsel

Christopher A. Reed (MO Bar # 59025)

Laura Brookover (DC Bar # 1007639)

Commodity Futures Trading Commission

4900 Main Street, Suite 500

Kansas City, Missouri 64112

Telephone: (816) 960-7700

Facsimile: (816) 960-7751

creed@cftc.gov

lbrookover@cftc.gov

Attorneys for Plaintiff

Case: 1:18-cv-00620 Document #: 1 Filed: 01/28/18 Page 17 of 17 PageID #:17
Exhibit A 

TO COMPLAINT FOR INJUNCTIVE 

RELIEF, CIVIL MONETARY PENALTIES, 

AND OTHER RELIEF

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 1 of 19 PageID #:18
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots

1 1:11:15.670 193 61 157500 149 39 157525 157550 14 60 157575 72 2612 1:11:16.287 Order S 1 157550 Genuine

3 1:11:16.287 193 61 157500 149 39 157525 157550 15 61 157575 72 2614 1:11:16.390 193 61 157500 149 39 157525 157550 13 58 157575 72 2615 1:11:16.390 193 61 157500 151 40 157525 157550 13 58 157575 72 2616 1:11:16.390 193 61 157500 149 39 157525 157550 14 60 157575 72 2617 1:11:16.390 193 61 157500 151 40 157525 157550 12 56 157575 72 2618 1:11:16.391 193 61 157500 151 40 157525 157550 11 54 157575 72 2619 1:11:16.392 193 61 157500 151 40 157525 157550 11 54 157575 72 261

10 1:11:17.289 193 61 157500 151 40 157525 157550 10 52 157575 72 26111 1:11:17.343 193 61 157500 151 40 157525 157550 10 52 157575 73 26212 1:11:17.343 193 61 157500 151 40 157525 157550 10 52 157575 73 26213 1:11:17.446 193 61 157500 151 40 157525 157550 10 52 157575 72 26114 1:11:17.446 193 61 157500 151 40 157525 157550 10 52 157575 72 26115 1:11:19.310 193 61 157500 151 40 157525 157550 11 54 157575 72 26116 1:11:20.443 193 61 157500 151 40 157525 157550 11 54 157575 73 26217 1:11:20.443 193 61 157500 151 40 157525 157550 11 54 157575 73 26218 1:11:20.734 193 61 157500 151 40 157525 157550 11 54 157575 72 26119 1:11:20.734 193 61 157500 151 40 157525 157550 11 54 157575 72 26120 1:11:21.264 193 61 157500 151 40 157525 157550 12 56 157575 72 26121 1:11:21.286 193 61 157500 151 40 157525 157550 12 56 157575 73 26222 1:11:21.286 193 61 157500 151 40 157525 157550 12 56 157575 73 26223 1:11:21.286 193 61 157500 151 40 157525 157550 13 58 157575 73 26224 1:11:21.532 193 61 157500 151 40 157525 157550 13 58 157575 73 26225 1:11:21.532 193 61 157500 151 40 157525 157550 13 58 157575 73 26226 1:11:21.532 193 61 157500 151 40 157525 157550 13 58 157575 73 26227 1:11:21.532 193 61 157500 151 40 157525 157550 13 58 157575 73 26228 1:11:21.532 193 61 157500 151 40 157525 157550 13 58 157575 73 262

Price Type

April 15, 2013

ES Contract June Delivery (ESM3)

EVENT EXAMPLE 1

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 2 of 19 PageID #:19
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

29 1:11:23.654 193 61 157500 151 40 157525 157550 13 58 157575 72 26130 1:11:23.654 193 61 157500 151 40 157525 157550 13 58 157575 72 26131 1:11:25.313 193 61 157500 151 40 157525 157550 14 59 157575 72 26132 1:11:25.313 193 61 157500 151 40 157525 157550 14 59 157575 71 26033 1:11:25.537 Order B 151 157525 Spoof34 1:11:25.537 193 61 157500 302 41 157525 157550 14 59 157575 71 26035 1:11:25.538 193 61 157500 302 41 157525 157550 13 56 157575 71 26036 1:11:25.538 193 61 157500 302 41 157525 157550 9 47 157575 71 26037 1:11:25.538 193 61 157500 302 41 157525 157550 9 47 157575 71 26038 1:11:25.538 193 61 157500 302 41 157525 157550 9 47 157575 71 26039 1:11:25.538 193 61 157500 302 41 157525 157550 10 49 157575 71 26040 1:11:25.538 193 61 157500 302 41 157525 157550 11 51 157575 71 26041 1:11:25.538 193 61 157500 302 41 157525 157550 12 54 157575 71 26042 1:11:25.541 193 61 157500 303 42 157525 157550 9 47 157575 71 26043 1:11:25.561 198 62 157500 303 42 157525 157550 9 47 157575 71 26044 1:11:25.561 198 62 157500 303 42 157525 157550 9 47 157575 71 26045 1:11:25.753 198 62 157500 303 42 157525 157550 8 44 157575 71 26046 1:11:26.053 198 62 157500 303 42 157525 157550 7 41 157575 71 26047 1:11:26.240 Cancel B 151 157525 Spoof48 1:11:26.240 198 62 157500 152 41 157525 157550 7 41 157575 71 26049 1:11:26.241 198 62 157500 152 41 157525 157550 15 61 157575 71 26050 1:11:26.241 198 62 157500 152 41 157525 157550 15 61 157575 71 26051 1:11:26.241 198 62 157500 152 41 157525 157550 15 61 157575 72 26652 1:11:26.241 198 62 157500 152 41 157525 157550 14 59 157575 71 26053 1:11:26.241 198 62 157500 152 41 157525 157550 8 44 157575 71 26054 1:11:26.241 198 62 157500 152 41 157525 157550 13 56 157575 71 26055 1:11:26.241 198 62 157500 152 41 157525 157550 11 51 157575 71 26056 1:11:26.241 198 62 157500 152 41 157525 157550 10 48 157575 71 26057 1:11:26.241 198 62 157500 152 41 157525 157550 9 46 157575 71 26058 1:11:26.241 198 62 157500 152 41 157525 157550 12 53 157575 71 26059 1:11:26.241 198 62 157500 152 41 157525 157550 15 61 157575 71 26060 1:11:26.242 198 62 157500 152 41 157525 157550 15 61 157575 72 26661 1:11:26.242 198 62 157500 152 41 157525 157550 15 61 157575 72 266

2 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 3 of 19 PageID #:20
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

62 1:11:26.242 198 62 157500 152 41 157525 157550 15 61 157575 72 26663 1:11:26.242 198 62 157500 152 41 157525 157550 15 61 157575 72 26664 1:11:26.242 198 62 157500 152 41 157525 157550 15 61 157575 72 26665 1:11:26.243 198 62 157500 151 40 157525 157550 15 61 157575 72 26666 1:11:26.248 193 61 157500 151 40 157525 157550 15 61 157575 72 26667 1:11:26.248 193 61 157500 151 40 157525 157550 15 61 157575 72 26668 1:11:26.334 193 61 157500 151 40 157525 157550 15 61 157575 72 26669 1:11:26.887 193 61 157500 151 40 157525 157550 15 61 157575 73 26770 1:11:27.045 193 61 157500 151 40 157525 157550 12 53 157575 73 26771 1:11:27.045 193 61 157500 151 40 157525 157550 13 55 157575 73 26772 1:11:27.045 193 61 157500 151 40 157525 157550 14 57 157575 73 26773 1:11:27.045 193 61 157500 151 40 157525 157550 15 59 157575 73 26774 1:11:27.047 193 61 157500 151 40 157525 157550 12 53 157575 73 26775 1:11:27.047 193 61 157500 151 40 157525 157550 12 53 157575 73 26776 1:11:27.047 193 61 157500 151 40 157525 157550 12 53 157575 73 26777 1:11:27.047 193 61 157500 151 40 157525 157550 12 53 157575 73 26778 1:11:27.047 193 61 157500 151 40 157525 157550 12 53 157575 73 26779 1:11:27.548 193 61 157500 151 40 157525 157550 12 53 157575 72 26180 1:11:27.712 193 61 157500 151 40 157525 157550 12 51 157575 72 26181 1:11:27.713 193 61 157500 151 40 157525 157550 11 49 157575 72 26182 1:11:27.716 193 61 157500 152 41 157525 157550 11 49 157575 72 26183 1:11:28.395 193 61 157500 152 41 157525 157550 11 49 157575 72 26184 1:11:31.777 193 61 157500 152 41 157525 157550 11 48 157575 72 26185 1:11:31.778 193 61 157500 152 41 157525 157550 10 45 157575 72 26186 1:11:32.151 193 61 157500 152 41 157525 157550 10 44 157575 72 26187 1:11:32.184 193 61 157500 152 41 157525 157550 10 43 157575 72 26188 1:11:32.836 193 61 157500 152 41 157525 157550 10 43 157575 72 26189 1:11:33.363 Order B 171 157525 Spoof90 1:11:33.364 193 61 157500 323 42 157525 157550 8 37 157575 72 26191 1:11:33.364 193 61 157500 323 42 157525 157550 9 40 157575 72 26192 1:11:33.364 193 61 157500 323 42 157525 157550 10 43 157575 72 26193 1:11:33.365 193 61 157500 323 42 157525 157550 6 28 157575 71 26094 1:11:33.365 193 61 157500 323 42 157525 157550 6 28 157575 71 260

3 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 4 of 19 PageID #:21
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

95 1:11:33.365 193 61 157500 323 42 157525 157550 6 28 157575 72 26196 1:11:33.365 193 61 157500 323 42 157525 157550 6 28 157575 72 26197 1:11:33.365 193 61 157500 323 42 157525 157550 6 31 157575 72 26198 1:11:33.365 193 61 157500 323 42 157525 157550 6 31 157575 72 26199 1:11:33.365 193 61 157500 323 42 157525 157550 6 31 157575 72 261

100 1:11:33.365 193 61 157500 323 42 157525 157550 7 34 157575 72 261101 1:11:33.365 193 61 157500 323 42 157525 157550 8 37 157575 72 261102 1:11:33.365 193 61 157500 323 42 157525 157550 8 37 157575 72 261103 1:11:33.366 Trade S 1 157550 Genuine104 1:11:33.366 193 61 157500 323 42 157525 157550 6 26 157575 71 260105 1:11:33.366 193 61 157500 323 42 157525 157550 6 24 157575 71 260106 1:11:33.367 193 61 157500 323 42 157525 157575 69 258 157600 63 212107 1:11:33.367 193 61 157500 323 42 157525 157575 70 259 157600 63 212108 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212109 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212110 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212111 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212112 1:11:33.367 193 61 157500 323 42 157525 157575 68 257 157600 63 212113 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212114 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212115 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212116 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212117 1:11:33.367 193 61 157500 323 42 157525 157575 71 260 157600 63 212118 1:11:33.368 323 42 157525 6 2 157550 157575 64 251 157600 58 198119 1:11:33.368 323 42 157525 6 2 157550 157575 64 251 157600 59 202120 1:11:33.368 323 42 157525 6 2 157550 157575 64 251 157600 59 202121 1:11:33.368 323 42 157525 6 2 157550 157575 65 252 157600 60 203122 1:11:33.368 323 42 157525 3 1 157550 157575 65 252 157600 60 203123 1:11:33.368 323 42 157525 3 1 157550 157575 65 252 157600 61 207124 1:11:33.368 323 42 157525 6 2 157550 157575 65 252 157600 59 202125 1:11:33.368 323 42 157525 3 1 157550 157575 65 252 157600 61 207126 1:11:33.368 323 42 157525 3 1 157550 157575 65 252 157600 62 208127 1:11:33.368 323 42 157525 6 2 157550 157575 64 251 157600 58 198

4 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 5 of 19 PageID #:22
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

128 1:11:33.368 323 42 157525 3 1 157550 157575 65 252 157600 63 212129 1:11:33.368 323 42 157525 3 1 157550 157575 65 254 157600 63 212130 1:11:33.368 323 42 157525 3 1 157550 157575 65 254 157600 63 212131 1:11:33.368 193 61 157500 323 42 157525 157575 65 254 157600 63 212132 1:11:33.368 193 61 157500 323 42 157525 157575 66 255 157600 63 212133 1:11:33.368 193 61 157500 323 42 157525 157575 67 256 157600 63 212134 1:11:33.369 323 42 157525 12 5 157550 157575 63 250 157600 58 198135 1:11:33.369 323 42 157525 12 5 157550 157575 63 250 157600 58 198136 1:11:33.369 323 42 157525 12 5 157550 157575 63 250 157600 58 198137 1:11:33.369 323 42 157525 12 5 157550 157575 63 250 157600 58 198138 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198139 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198140 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198141 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198142 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198143 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198144 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 59 199145 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 59 199146 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 59 199147 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 59 199148 1:11:33.369 323 42 157525 11 4 157550 157575 63 250 157600 58 198149 1:11:33.369 323 42 157525 11 4 157550 157575 64 251 157600 58 198150 1:11:33.369 323 42 157525 11 4 157550 157575 64 251 157600 58 198151 1:11:33.369 323 42 157525 11 4 157550 157575 64 251 157600 58 198152 1:11:33.369 323 42 157525 11 4 157550 157575 64 251 157600 58 198153 1:11:33.369 323 42 157525 8 3 157550 157575 64 251 157600 58 198154 1:11:33.369 323 42 157525 8 3 157550 157575 64 251 157600 58 198155 1:11:33.369 323 42 157525 6 2 157550 157575 64 251 157600 58 198156 1:11:33.370 333 50 157525 15 6 157550 157575 63 250 157600 58 198157 1:11:33.370 331 49 157525 15 6 157550 157575 63 250 157600 58 198158 1:11:33.370 331 49 157525 15 6 157550 157575 63 250 157600 58 198159 1:11:33.370 329 48 157525 15 6 157550 157575 63 250 157600 58 198160 1:11:33.370 329 48 157525 15 6 157550 157575 63 250 157600 58 198

5 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 6 of 19 PageID #:23
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

161 1:11:33.370 329 48 157525 15 6 157550 157575 63 250 157600 58 198162 1:11:33.370 329 48 157525 12 5 157550 157575 63 250 157600 58 198163 1:11:33.370 329 48 157525 12 5 157550 157575 63 250 157600 58 198164 1:11:33.370 328 47 157525 12 5 157550 157575 63 250 157600 58 198165 1:11:33.370 328 47 157525 12 5 157550 157575 63 250 157600 58 198166 1:11:33.370 329 48 157525 15 6 157550 157575 63 250 157600 58 198167 1:11:33.370 327 46 157525 12 5 157550 157575 63 250 157600 58 198168 1:11:33.370 327 46 157525 12 5 157550 157575 63 250 157600 58 198169 1:11:33.370 326 45 157525 12 5 157550 157575 63 250 157600 58 198170 1:11:33.370 325 44 157525 12 5 157550 157575 63 250 157600 58 198171 1:11:33.370 334 51 157525 15 6 157550 157575 63 250 157600 58 198172 1:11:33.370 324 43 157525 12 5 157550 157575 63 250 157600 58 198173 1:11:33.370 324 43 157525 12 5 157550 157575 63 250 157600 58 198174 1:11:33.370 323 42 157525 12 5 157550 157575 63 250 157600 58 198175 1:11:33.370 323 42 157525 12 5 157550 157575 63 250 157600 58 198176 1:11:33.370 323 42 157525 12 5 157550 157575 63 250 157600 58 198177 1:11:33.370 323 42 157525 12 5 157550 157575 63 250 157600 58 198178 1:11:33.371 389 63 157525 12 5 157550 157575 62 252 157600 59 201179 1:11:33.371 389 63 157525 12 5 157550 157575 62 252 157600 59 201180 1:11:33.371 389 63 157525 12 5 157550 157575 62 252 157600 58 198181 1:11:33.371 389 63 157525 12 5 157550 157575 63 255 157600 58 198182 1:11:33.371 389 63 157525 12 5 157550 157575 64 256 157600 58 198183 1:11:33.371 389 63 157525 12 5 157550 157575 64 256 157600 58 198184 1:11:33.371 389 63 157525 12 5 157550 157575 64 256 157600 58 198185 1:11:33.371 389 63 157525 15 6 157550 157575 64 256 157600 58 198186 1:11:33.371 389 63 157525 15 6 157550 157575 64 256 157600 58 198187 1:11:33.371 389 63 157525 15 6 157550 157575 63 250 157600 58 198188 1:11:33.371 387 62 157525 15 6 157550 157575 63 250 157600 58 198189 1:11:33.371 387 62 157525 15 6 157550 157575 63 250 157600 58 198190 1:11:33.371 389 63 157525 15 6 157550 157575 64 256 157600 58 198191 1:11:33.371 387 62 157525 15 6 157550 157575 63 250 157600 58 198192 1:11:33.371 382 61 157525 15 6 157550 157575 63 250 157600 58 198193 1:11:33.371 377 60 157525 15 6 157550 157575 63 250 157600 58 198

6 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 7 of 19 PageID #:24
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

194 1:11:33.371 372 59 157525 15 6 157550 157575 63 250 157600 58 198195 1:11:33.371 372 59 157525 15 6 157550 157575 63 250 157600 58 198196 1:11:33.371 372 59 157525 15 6 157550 157575 63 250 157600 58 198197 1:11:33.371 370 58 157525 15 6 157550 157575 63 250 157600 58 198198 1:11:33.371 369 57 157525 15 6 157550 157575 63 250 157600 58 198199 1:11:33.371 389 63 157525 12 5 157550 157575 62 252 157600 59 201200 1:11:33.371 364 56 157525 15 6 157550 157575 63 250 157600 58 198201 1:11:33.371 354 55 157525 15 6 157550 157575 63 250 157600 58 198202 1:11:33.371 354 55 157525 15 6 157550 157575 63 250 157600 58 198203 1:11:33.371 340 54 157525 15 6 157550 157575 63 250 157600 58 198204 1:11:33.371 338 53 157525 15 6 157550 157575 63 250 157600 58 198205 1:11:33.371 338 53 157525 15 6 157550 157575 63 250 157600 58 198206 1:11:33.371 338 53 157525 15 6 157550 157575 63 250 157600 58 198207 1:11:33.371 336 52 157525 15 6 157550 157575 63 250 157600 58 198208 1:11:33.372 390 64 157525 19 8 157550 157575 61 247 157600 60 206209 1:11:33.372 390 64 157525 19 8 157550 157575 61 247 157600 60 206210 1:11:33.372 390 64 157525 19 8 157550 157575 61 247 157600 60 206211 1:11:33.372 390 64 157525 19 8 157550 157575 61 247 157600 59 201212 1:11:33.372 390 64 157525 19 8 157550 157575 62 252 157600 59 201213 1:11:33.372 390 64 157525 16 7 157550 157575 62 252 157600 59 201214 1:11:33.372 390 64 157525 14 6 157550 157575 62 252 157600 59 201215 1:11:33.372 390 64 157525 14 6 157550 157575 62 252 157600 59 201216 1:11:33.372 390 64 157525 19 8 157550 157575 61 247 157600 60 206217 1:11:33.372 390 64 157525 14 6 157550 157575 62 252 157600 59 201218 1:11:33.372 390 64 157525 14 6 157550 157575 62 252 157600 59 201219 1:11:33.372 390 64 157525 12 5 157550 157575 62 252 157600 59 201220 1:11:33.372 390 64 157525 12 5 157550 157575 62 252 157600 59 201221 1:11:33.372 390 64 157525 12 5 157550 157575 62 252 157600 59 201222 1:11:33.372 390 64 157525 12 5 157550 157575 62 252 157600 59 201223 1:11:33.374 390 64 157525 19 8 157550 157575 61 247 157600 60 206224 1:11:33.375 390 64 157525 19 8 157550 157575 60 246 157600 60 206225 1:11:33.378 390 64 157525 19 8 157550 157575 60 246 157600 60 206226 1:11:33.385 394 65 157525 19 8 157550 157575 59 238 157600 60 206

7 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 8 of 19 PageID #:25
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Price Type

Second Bid Level First Bid Level First Ask Level Second Ask Level

Time Row Action Side Lots

227 1:11:33.385 394 65 157525 19 8 157550 157575 59 238 157600 60 206228 1:11:33.385 394 65 157525 19 8 157550 157575 59 238 157600 60 206229 1:11:33.385 394 65 157525 19 8 157550 157575 60 246 157600 60 206230 1:11:33.385 394 65 157525 19 8 157550 157575 60 246 157600 60 206231 1:11:33.385 394 65 157525 19 8 157550 157575 60 246 157600 60 206232 1:11:33.386 394 65 157525 19 8 157550 157575 59 238 157600 60 206233 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206234 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206235 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206236 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206237 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206238 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206239 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206240 1:11:33.386 393 64 157525 19 8 157550 157575 59 238 157600 60 206241 1:11:33.387 394 65 157525 19 8 157550 157575 59 238 157600 60 206242 1:11:33.387 394 65 157525 19 8 157550 157575 59 238 157600 60 206243 1:11:33.387 394 65 157525 19 8 157550 157575 59 238 157600 60 206244 1:11:33.387 394 65 157525 19 8 157550 157575 59 238 157600 60 206245 1:11:33.478 394 65 157525 20 9 157550 157575 59 238 157600 60 206246 1:11:33.479 394 65 157525 22 10 157550 157575 59 238 157600 60 206247 1:11:33.482 395 66 157525 22 10 157550 157575 59 238 157600 60 206248 1:11:33.613 395 66 157525 20 9 157550 157575 59 238 157600 60 206249 1:11:33.870 395 66 157525 20 9 157550 157575 58 232 157600 59 205250 1:11:33.870 395 66 157525 20 9 157550 157575 58 232 157600 60 206251 1:11:33.975 395 66 157525 39 10 157550 157575 58 232 157600 59 205252 1:11:34.161 Cancel B 171 157525 Spoof253 1:11:34.161 224 65 157525 39 10 157550 157575 58 232 157600 59 205

8 EVENT EXAMPLE 1

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 9 of 19 PageID #:26
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots

1 22:44:12.829 195 36 187525 30 11 187550 187575 24 82 187600 38 2282 22:44:12.924 Order B 1 187550 Genuine

3 22:44:12.924 195 36 187525 31 12 187550 187575 24 82 187600 38 2284 22:44:13.346 195 36 187525 31 12 187550 187575 24 82 187600 38 2285 22:44:13.346 195 36 187525 31 12 187550 187575 24 82 187600 38 2286 22:44:14.737 195 36 187525 34 13 187550 187575 24 82 187600 38 2287 22:44:14.807 195 36 187525 33 13 187550 187575 24 82 187600 38 2288 22:44:14.909 195 36 187525 33 13 187550 187575 24 82 187600 38 2289 22:44:14.909 195 36 187525 33 13 187550 187575 24 82 187600 38 228

10 22:44:14.971 195 36 187525 33 13 187550 187575 24 82 187600 38 22811 22:44:14.972 195 36 187525 33 13 187550 187575 24 82 187600 38 22812 22:44:15.441 195 36 187525 32 13 187550 187575 24 82 187600 38 22813 22:44:15.704 195 36 187525 31 13 187550 187575 24 82 187600 38 22814 22:44:15.705 195 36 187525 31 13 187550 187575 24 82 187600 39 23015 22:44:15.720 Order S 201 187575 Spoof16 22:44:15.720 195 36 187525 31 13 187550 187575 25 283 187600 39 23017 22:44:15.720 195 36 187525 29 12 187550 187575 25 283 187600 39 23018 22:44:15.720 195 36 187525 29 12 187550 187575 26 284 187600 39 23019 22:44:15.721 195 36 187525 24 11 187550 187575 26 284 187600 39 23020 22:44:15.721 195 36 187525 24 11 187550 187575 27 287 187600 39 23021 22:44:15.722 195 36 187525 23 10 187550 187575 27 287 187600 39 23022 22:44:15.722 195 36 187525 23 10 187550 187575 27 287 187600 39 23023 22:44:15.722 195 36 187525 23 10 187550 187575 27 287 187600 40 23224 22:44:15.722 195 36 187525 23 10 187550 187575 27 287 187600 40 23225 22:44:15.723 195 36 187525 13 4 187550 187575 27 287 187600 40 23226 22:44:15.723 195 36 187525 13 4 187550 187575 28 288 187600 40 23227 22:44:15.723 195 36 187525 13 4 187550 187575 29 289 187600 40 23228 22:44:15.723 195 36 187525 13 4 187550 187575 29 289 187600 41 234

EVENT EXAMPLE 2

March 5, 2014

ES Contract March Delivery (ESH4)

Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

9

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 10 of 19 PageID #:27
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

29 22:44:15.768 195 36 187525 13 4 187550 187575 29 289 187600 41 23430 22:44:15.825 195 36 187525 13 4 187550 187575 28 288 187600 41 23431 22:44:15.825 195 36 187525 13 4 187550 187575 27 287 187600 41 23432 22:44:15.825 195 36 187525 15 5 187550 187575 27 287 187600 41 23433 22:44:15.838 195 36 187525 16 6 187550 187575 27 287 187600 41 23434 22:44:15.857 200 37 187525 16 6 187550 187575 27 287 187600 41 23435 22:44:15.945 200 37 187525 15 6 187550 187575 27 287 187600 41 23436 22:44:16.145 200 37 187525 14 6 187550 187575 27 287 187600 41 23437 22:44:16.221 198 36 187525 14 6 187550 187575 27 287 187600 41 23438 22:44:16.353 198 36 187525 13 6 187550 187575 27 287 187600 41 23439 22:44:16.354 198 36 187525 13 6 187550 187575 28 289 187600 41 23440 22:44:16.394 Cancel S 201 187575 Spoof41 22:44:16.394 198 36 187525 13 6 187550 187575 27 88 187600 41 23442 22:44:16.394 198 36 187525 13 6 187550 187575 26 87 187600 41 23443 22:44:16.394 198 36 187525 18 7 187550 187575 26 87 187600 41 23444 22:44:16.394 198 36 187525 21 8 187550 187575 26 87 187600 41 23445 22:44:16.395 198 36 187525 23 9 187550 187575 26 87 187600 41 23446 22:44:16.395 198 36 187525 23 9 187550 187575 25 85 187600 41 23447 22:44:16.543 198 36 187525 22 9 187550 187575 25 85 187600 41 23448 22:44:16.544 200 37 187525 22 9 187550 187575 25 85 187600 41 23449 22:44:16.728 200 37 187525 21 9 187550 187575 25 85 187600 41 23450 22:44:16.762 200 37 187525 21 9 187550 187575 25 85 187600 41 23451 22:44:16.845 200 37 187525 21 9 187550 187575 25 85 187600 41 23452 22:44:16.895 200 37 187525 21 9 187550 187575 25 85 187600 40 23253 22:44:16.901 200 37 187525 21 9 187550 187575 25 85 187600 39 23054 22:44:16.901 200 37 187525 21 9 187550 187575 25 85 187600 39 23055 22:44:16.912 200 37 187525 20 9 187550 187575 25 85 187600 39 23056 22:44:18.111 200 37 187525 19 9 187550 187575 25 85 187600 39 23057 22:44:18.112 200 37 187525 19 9 187550 187575 25 85 187600 40 23258 22:44:18.997 197 36 187525 19 9 187550 187575 25 85 187600 40 23259 22:44:18.997 197 36 187525 19 9 187550 187575 25 85 187600 40 23260 22:44:18.997 195 35 187525 19 9 187550 187575 25 85 187600 40 23261 22:44:18.997 195 35 187525 19 9 187550 187575 25 85 187600 40 232

10 EVENT EXAMPLE 2

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 11 of 19 PageID #:28
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

62 22:44:18.997 195 35 187525 19 9 187550 187575 25 85 187600 40 23263 22:44:18.999 195 35 187525 19 9 187550 187575 25 85 187600 41 23464 22:44:18.999 195 35 187525 19 9 187550 187575 25 85 187600 41 23465 22:44:19.228 195 35 187525 24 10 187550 187575 25 85 187600 41 23466 22:44:19.385 195 35 187525 24 10 187550 187575 25 85 187600 42 23667 22:44:21.882 195 35 187525 24 10 187550 187575 25 85 187600 42 23668 22:44:21.882 195 35 187525 24 10 187550 187575 25 85 187600 42 23669 22:44:25.948 195 35 187525 24 10 187550 187575 25 84 187600 42 23670 22:44:26.047 198 36 187525 24 10 187550 187575 25 84 187600 42 23671 22:44:26.047 198 36 187525 24 10 187550 187575 25 84 187600 42 23672 22:44:26.047 200 37 187525 24 10 187550 187575 25 84 187600 42 23673 22:44:26.047 200 37 187525 24 10 187550 187575 25 84 187600 42 23674 22:44:26.047 200 37 187525 24 10 187550 187575 25 84 187600 42 23675 22:44:26.449 200 37 187525 24 10 187550 187575 25 84 187600 41 23476 22:44:26.853 197 36 187525 24 10 187550 187575 25 84 187600 41 23477 22:44:26.853 197 36 187525 24 10 187550 187575 25 84 187600 41 23478 22:44:28.875 197 36 187525 24 10 187550 187575 26 86 187600 41 23479 22:44:28.875 197 36 187525 24 10 187550 187575 26 86 187600 41 23480 22:44:28.875 197 36 187525 24 10 187550 187575 26 86 187600 41 23481 22:44:28.875 197 36 187525 24 10 187550 187575 26 86 187600 41 23482 22:44:28.875 197 36 187525 24 10 187550 187575 26 86 187600 41 23483 22:44:29.169 197 36 187525 24 10 187550 187575 25 84 187600 41 23484 22:44:29.171 197 36 187525 24 10 187550 187575 25 84 187600 42 23685 22:44:32.598 197 36 187525 19 9 187550 187575 25 84 187600 42 23686 22:44:32.925 197 36 187525 23 10 187550 187575 25 84 187600 42 23687 22:44:37.141 197 36 187525 23 10 187550 187575 25 84 187600 42 23688 22:44:37.141 197 36 187525 23 10 187550 187575 25 84 187600 42 23689 22:44:37.957 197 36 187525 23 10 187550 187575 25 84 187600 42 23690 22:44:37.957 197 36 187525 23 10 187550 187575 25 84 187600 42 23691 22:44:38.971 197 36 187525 23 10 187550 187575 25 84 187600 42 23692 22:44:38.971 197 36 187525 23 10 187550 187575 25 84 187600 42 23693 22:44:39.052 197 36 187525 23 10 187550 187575 26 85 187600 42 23694 22:44:39.092 201 37 187525 23 10 187550 187575 26 85 187600 42 236

11 EVENT EXAMPLE 2

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 12 of 19 PageID #:29
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

95 22:44:39.361 201 37 187525 23 10 187550 187575 26 85 187600 42 23696 22:44:39.361 201 37 187525 23 10 187550 187575 26 85 187600 42 23697 22:44:40.533 Cancel B 1 187550 Genuine98 22:44:40.533 201 37 187525 22 9 187550 187575 26 85 187600 42 236

12 EVENT EXAMPLE 2

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 13 of 19 PageID #:30
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots

1 7:31:28.503 309 78 203350 66 20 203375 203400 43 114 203425 57 2102 7:31:28.726 Order S 11 203400 Genuine

3 7:31:28.726 309 78 203350 66 20 203375 203400 44 125 203425 57 2104 7:31:28.727 309 78 203350 65 19 203375 203400 44 125 203425 57 210

439 7:31:33.494 301 81 203350 153 37 203375 203400 19 56 203425 55 207440 7:31:33.539 301 81 203350 153 37 203375 203400 19 56 203425 55 207441 7:31:33.645 Order B 82 203375 Spoof442 7:31:33.645 301 81 203350 235 38 203375 203400 19 56 203425 55 207443 7:31:33.645 301 81 203350 235 38 203375 203400 18 55 203425 55 207444 7:31:33.645 301 81 203350 236 39 203375 203400 18 55 203425 55 207445 7:31:33.645 301 81 203350 236 39 203375 203400 17 53 203425 55 207446 7:31:33.645 301 81 203350 236 39 203375 203400 16 51 203425 55 207447 7:31:33.646 301 81 203350 237 40 203375 203400 16 51 203425 55 207448 7:31:33.646 301 81 203350 238 41 203375 203400 16 51 203425 55 207449 7:31:33.658 301 81 203350 258 42 203375 203400 16 51 203425 55 207450 7:31:33.658 301 81 203350 258 42 203375 203400 15 48 203425 55 207451 7:31:33.658 301 81 203350 259 43 203375 203400 15 48 203425 55 207452 7:31:33.702 301 81 203350 260 44 203375 203400 15 48 203425 55 207453 7:31:33.839 301 81 203350 262 45 203375 203400 15 48 203425 55 207454 7:31:33.862 301 81 203350 262 45 203375 203400 14 46 203425 55 207455 7:31:33.873 301 81 203350 262 45 203375 203400 13 45 203425 55 207456 7:31:33.980 Trade S 1 203400 Genuine457 7:31:33.980 301 81 203350 262 45 203375 203400 12 43 203425 55 207458 7:31:33.981 Trade S 10 203400 Genuine459 7:31:33.981 301 81 203350 262 45 203375 203400 6 11 203425 55 207460 7:31:33.981 262 45 203375 14 1 203400 203400 6 11 203425 55 207

ROWS 5 THROUGH 438, 5()/(&7,1* OTHER PARTICIPANTS' MARKET $&7,216

NOT MATERIAL TO THIS EXAMPLE, HAVE BEEN OMITTED TO CONSERVE SPACE.

EVENT EXAMPLE 3

March 21, 2016

ES Contract June Delivery (ESM6)

Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

13

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 14 of 19 PageID #:31
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

461 7:31:33.981 262 45 203375 14 1 203400 203425 55 207 203450 66 283462 7:31:33.981 262 45 203375 14 1 203400 203425 55 207 203450 66 283463 7:31:33.981 262 45 203375 17 2 203400 203425 55 207 203450 66 283464 7:31:33.981 262 45 203375 18 3 203400 203425 55 207 203450 66 283465 7:31:33.981 262 45 203375 20 4 203400 203425 55 207 203450 66 283466 7:31:33.981 262 45 203375 22 5 203400 203425 55 207 203450 66 283467 7:31:33.982 262 45 203375 33 6 203400 203425 55 207 203450 66 283468 7:31:33.982 262 45 203375 33 6 203400 203425 55 207 203450 66 283469 7:31:33.982 264 46 203375 33 6 203400 203425 55 207 203450 66 283470 7:31:33.982 267 47 203375 33 6 203400 203425 55 207 203450 66 283471 7:31:33.982 244 46 203375 33 6 203400 203425 55 207 203450 66 283472 7:31:33.982 246 47 203375 33 6 203400 203425 55 207 203450 66 283473 7:31:33.982 246 47 203375 38 7 203400 203425 55 207 203450 66 283474 7:31:33.982 246 47 203375 40 8 203400 203425 55 207 203450 66 283475 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 66 283476 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 65 281477 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 65 281478 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 65 281479 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 65 281480 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 64 279481 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 64 279482 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 64 279483 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 64 279484 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 63 277485 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 63 277486 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 62 275487 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 62 275488 7:31:33.982 256 48 203375 40 8 203400 203425 55 207 203450 61 273489 7:31:33.982 256 48 203375 44 9 203400 203425 55 207 203450 61 273490 7:31:33.982 256 48 203375 44 9 203400 203425 56 212 203450 61 273491 7:31:33.982 256 48 203375 45 10 203400 203425 56 212 203450 61 273492 7:31:33.982 256 48 203375 25 6 203400 203425 56 212 203450 61 273493 7:31:33.983 256 48 203375 25 6 203400 203425 56 208 203450 61 273

14 EVENT EXAMPLE 3

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 15 of 19 PageID #:32
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

494 7:31:33.983 253 47 203375 25 6 203400 203425 56 208 203450 61 273495 7:31:33.983 253 47 203375 25 6 203400 203425 56 208 203450 61 273496 7:31:33.983 253 47 203375 26 7 203400 203425 56 208 203450 61 273497 7:31:33.983 253 47 203375 26 7 203400 203425 57 210 203450 61 273498 7:31:33.983 253 47 203375 26 7 203400 203425 56 193 203450 61 273499 7:31:33.983 253 47 203375 26 7 203400 203425 57 195 203450 61 273500 7:31:33.983 253 47 203375 26 7 203400 203425 57 195 203450 60 272501 7:31:33.983 255 48 203375 26 7 203400 203425 57 195 203450 60 272502 7:31:33.983 255 48 203375 26 7 203400 203425 57 195 203450 60 272503 7:31:33.983 255 48 203375 26 7 203400 203425 57 195 203450 60 272504 7:31:33.983 255 48 203375 26 7 203400 203425 58 197 203450 60 272505 7:31:33.983 277 49 203375 26 7 203400 203425 58 197 203450 60 272506 7:31:33.983 277 49 203375 15 6 203400 203425 58 197 203450 60 272507 7:31:33.983 277 49 203375 15 6 203400 203425 57 192 203450 60 272508 7:31:33.983 277 49 203375 10 5 203400 203425 57 192 203450 60 272509 7:31:33.983 277 49 203375 10 5 203400 203425 57 192 203450 60 272510 7:31:33.983 277 49 203375 10 5 203400 203425 58 194 203450 60 272511 7:31:33.983 277 49 203375 10 5 203400 203425 58 194 203450 60 272512 7:31:33.983 312 87 203350 277 49 203375 203425 58 194 203450 60 272513 7:31:33.983 312 87 203350 277 49 203375 203425 58 194 203450 60 272514 7:31:33.983 312 87 203350 277 49 203375 203425 57 193 203450 60 272515 7:31:33.983 312 87 203350 279 50 203375 203425 57 193 203450 60 272516 7:31:33.983 312 87 203350 279 50 203375 203425 57 193 203450 60 272517 7:31:33.984 312 87 203350 254 49 203375 203425 57 193 203450 60 272518 7:31:33.984 310 86 203350 254 49 203375 203425 57 193 203450 60 272519 7:31:33.984 308 85 203350 254 49 203375 203425 57 193 203450 60 272520 7:31:33.984 308 85 203350 254 49 203375 203425 57 193 203450 60 272521 7:31:33.984 306 84 203350 254 49 203375 203425 57 193 203450 60 272522 7:31:33.984 304 83 203350 254 49 203375 203425 57 193 203450 60 272523 7:31:33.984 302 82 203350 254 49 203375 203425 57 193 203450 60 272524 7:31:33.984 302 82 203350 254 49 203375 203400 1 2 203425 57 193525 7:31:33.984 302 82 203350 259 50 203375 203400 1 2 203425 57 193526 7:31:33.984 302 82 203350 259 50 203375 203400 1 2 203425 57 193

15 EVENT EXAMPLE 3

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 16 of 19 PageID #:33
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

527 7:31:33.984 302 82 203350 257 49 203375 203400 1 2 203425 57 193528 7:31:33.984 302 82 203350 257 49 203375 203400 1 2 203425 56 191529 7:31:33.984 302 82 203350 257 49 203375 203400 1 2 203425 56 191530 7:31:33.984 302 82 203350 256 48 203375 203400 1 2 203425 56 191531 7:31:33.984 302 82 203350 256 48 203375 203400 1 2 203425 56 191532 7:31:33.984 302 82 203350 256 48 203375 203400 2 4 203425 56 191533 7:31:33.984 302 82 203350 254 47 203375 203400 2 4 203425 56 191534 7:31:33.984 302 82 203350 254 47 203375 203400 3 6 203425 56 191535 7:31:33.984 302 82 203350 254 47 203375 203400 4 7 203425 56 191536 7:31:33.984 302 82 203350 254 47 203375 203400 4 7 203425 57 196537 7:31:33.984 302 82 203350 249 46 203375 203400 4 7 203425 57 196538 7:31:33.984 302 82 203350 227 45 203375 203400 4 7 203425 57 196539 7:31:33.984 302 82 203350 227 45 203375 203400 4 7 203425 56 194540 7:31:33.984 302 82 203350 227 45 203375 203400 4 7 203425 57 211541 7:31:33.985 302 82 203350 227 45 203375 203425 57 211 203450 60 272542 7:31:33.985 302 82 203350 227 45 203375 203425 57 211 203450 60 272543 7:31:33.985 302 82 203350 227 45 203375 203425 56 209 203450 60 272544 7:31:33.985 302 82 203350 227 45 203375 203425 56 209 203450 60 272545 7:31:33.985 302 82 203350 227 45 203375 203425 55 204 203450 60 272546 7:31:33.985 302 82 203350 227 45 203375 203425 54 202 203450 60 272547 7:31:33.985 302 82 203350 227 45 203375 203425 55 204 203450 60 272548 7:31:33.985 302 82 203350 227 45 203375 203425 56 206 203450 60 272549 7:31:33.985 302 82 203350 227 45 203375 203425 55 189 203450 60 272550 7:31:33.986 302 82 203350 227 45 203375 203425 55 189 203450 60 272551 7:31:33.986 302 82 203350 227 45 203375 203425 55 189 203450 60 272552 7:31:33.986 302 82 203350 227 45 203375 203425 55 189 203450 60 272553 7:31:33.986 302 82 203350 227 45 203375 203425 56 191 203450 60 272554 7:31:33.986 302 82 203350 227 45 203375 203425 55 189 203450 60 272555 7:31:33.987 302 82 203350 227 45 203375 203425 55 189 203450 60 272556 7:31:33.988 302 82 203350 227 45 203375 203425 56 191 203450 60 272557 7:31:33.988 302 82 203350 227 45 203375 203425 56 191 203450 60 272558 7:31:33.990 302 82 203350 227 45 203375 203425 55 188 203450 60 272559 7:31:33.991 302 82 203350 227 45 203375 203425 56 190 203450 60 272

16 EVENT EXAMPLE 3

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 17 of 19 PageID #:34
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

560 7:31:33.994 302 82 203350 227 45 203375 203425 56 190 203450 60 272561 7:31:33.994 302 82 203350 227 45 203375 203425 56 190 203450 60 272562 7:31:33.994 302 82 203350 227 45 203375 203425 56 190 203450 60 272563 7:31:33.994 302 82 203350 227 45 203375 203425 56 190 203450 60 272564 7:31:33.999 302 82 203350 227 45 203375 203425 56 190 203450 60 272565 7:31:33.999 302 82 203350 227 45 203375 203425 56 190 203450 60 272566 7:31:34.015 302 82 203350 227 45 203375 203400 1 4 203425 56 190567 7:31:34.015 302 82 203350 227 45 203375 203400 1 4 203425 56 190568 7:31:34.015 302 82 203350 227 45 203375 203400 1 4 203425 56 190569 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 56 190570 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 56 190571 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 56 190572 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 56 190573 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 56 190574 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 56 190575 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 55 188576 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 54 186577 7:31:34.015 302 82 203350 227 45 203375 203400 2 6 203425 53 184578 7:31:34.016 302 82 203350 227 45 203375 203400 2 6 203425 53 184579 7:31:34.017 302 82 203350 227 45 203375 203400 2 6 203425 53 184580 7:31:34.018 301 81 203350 227 45 203375 203400 2 6 203425 53 184581 7:31:34.037 301 81 203350 227 45 203375 203400 2 6 203425 53 184582 7:31:34.045 301 81 203350 227 45 203375 203400 2 6 203425 53 184583 7:31:34.045 301 81 203350 227 45 203375 203400 2 6 203425 53 184584 7:31:34.053 301 81 203350 227 45 203375 203400 1 2 203425 53 184585 7:31:34.106 301 81 203350 228 46 203375 203400 1 2 203425 53 184586 7:31:34.150 301 81 203350 228 46 203375 203400 1 2 203425 53 184587 7:31:34.159 301 81 203350 228 46 203375 203400 1 2 203425 53 184588 7:31:34.159 301 81 203350 228 46 203375 203400 1 2 203425 53 184589 7:31:34.159 301 81 203350 228 46 203375 203400 1 2 203425 53 184590 7:31:34.159 301 81 203350 228 46 203375 203400 1 2 203425 53 184591 7:31:34.330 301 81 203350 228 46 203375 203400 1 2 203425 53 184592 7:31:34.330 301 81 203350 228 46 203375 203400 1 2 203425 54 187

17 EVENT EXAMPLE 3

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 18 of 19 PageID #:35
Lots Orders Price Lots Orders Price Price Orders Lots Price Orders Lots Row Time

Second Bid Level First Bid Level

Action Side Lots Price Type

First Ask Level Second Ask Level

593 7:31:34.330 301 81 203350 228 46 203375 203400 2 4 203425 54 187594 7:31:34.352 301 81 203350 223 43 203375 203400 2 4 203425 54 187595 7:31:34.352 301 81 203350 223 43 203375 203400 3 5 203425 54 187596 7:31:34.352 301 81 203350 223 43 203375 203400 4 6 203425 54 187597 7:31:34.352 301 81 203350 223 43 203375 203400 5 22 203425 54 187598 7:31:34.352 301 81 203350 223 43 203375 203400 6 38 203425 54 187599 7:31:34.352 301 81 203350 223 43 203375 203400 7 40 203425 54 187600 7:31:34.352 301 81 203350 223 43 203375 203400 8 48 203425 54 187601 7:31:34.352 301 81 203350 223 43 203375 203400 9 50 203425 54 187602 7:31:34.352 301 81 203350 223 43 203375 203400 10 51 203425 54 187603 7:31:34.352 301 81 203350 223 43 203375 203400 11 52 203425 54 187604 7:31:34.353 301 81 203350 223 43 203375 203400 12 54 203425 54 187605 7:31:34.353 301 81 203350 223 43 203375 203400 13 57 203425 54 187606 7:31:34.353 301 81 203350 223 43 203375 203400 14 59 203425 54 187607 7:31:34.353 301 81 203350 223 43 203375 203400 15 60 203425 54 187608 7:31:34.353 301 81 203350 221 42 203375 203400 15 60 203425 54 187609 7:31:34.353 301 81 203350 221 42 203375 203400 16 61 203425 54 187610 7:31:34.353 301 81 203350 221 42 203375 203400 17 64 203425 54 187611 7:31:34.353 301 81 203350 221 42 203375 203400 18 66 203425 54 187612 7:31:34.353 301 81 203350 221 42 203375 203400 19 69 203425 54 187613 7:31:34.353 301 81 203350 221 42 203375 203400 19 69 203425 55 192614 7:31:34.353 301 81 203350 221 42 203375 203400 20 72 203425 55 192615 7:31:34.353 301 81 203350 221 42 203375 203400 21 73 203425 55 192616 7:31:34.353 301 81 203350 220 41 203375 203400 21 73 203425 55 192617 Cancel B 82 203375 Spoof618 7:31:34.389 301 81 203350 138 40 203375 203400 21 73 203425 55 192

18 EVENT EXAMPLE 3

Case: 1:18-cv-00620 Document #: 1-1 Filed: 01/28/18 Page 19 of 19 PageID #:36