The judge wrote: “It is not illegal to be smarter than your counterparties in a swap transaction, nor is it improper to understand a financial product better than the people who invented that product,” noting that other participants involved in the interest rate swap futures market at issue had essentially caved to DRW’s views. “It is only the CFTC's Enforcement Division that has persisted in its cry of market manipulation, based on little more than an 'earth is flat' style conviction that such manipulation must have happened because the market remained illiquid. Clearly, that is not enough to prove market manipulation or attempted market manipulation, and the CFTC has simply failed to meet its burden on any cause of action,” the judge added.
https://www.chicagobusiness.com/finance-banking/drws-wilson-scores-big-win-market-manipulation-case