CME Group Inc., the operator of the biggest U.S. futures market, has a spoofing problem.

Complaints about the practice—using fake orders to manipulate prices, then withdrawing them—are widespread. Enforcement is lax, and prosecutions are rare.

The arrest this week in London of trader Navinder Singh Sarao for allegedly spoofing the CME's stock futures market was only the second time such charges have been brought since 2010, when the Dodd-Frank act made such abuses illegal.

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