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Clifford Chance

Clifford Chance


Spoofing: The First Criminal Conviction Comes In The U.S. - Perspectives From The U.S. and U.K.

1 March 2016

U.S. authorities have secured their first criminal conviction for the spoofing offense added to the U.S. Commodity Exchange Act by the Dodd Frank Act. Following the conviction commentators have expressed concern that, as authorities on both sides of the Atlantic seek to increase the number of spoofing cases they pursue, they may find it difficult to distinguish between traders who are spoofing and those pursuing legitimate trading strategies. Against that Background, we recap the scope of the U.S. anti-spoofing offense and compare the position in the United States to the position in the United Kingdom.

©2016 Thomson Reuters. Reprinted with permission of Thomson Reuters. This article was first published in The Futures & Derivatives Law Report: The Journal on the Law of Investment & Risk Management Products, Vol. 36 No. 1 (January 2016).  For information on subscribing to this publication, please visit


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