“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 the product.”   So wrote Judge Sullivan nearly two years after the bench trial in CFTC v. DRW, in entering judgment in favor of the Defendants on all of the CFTC’s market manipulation claims.  The long-anticipated decision is a significant setback for the CFTC’s anti-manipulation campaign.