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Clifford Chance

Clifford Chance

Briefings

U.S. Court Determines That Circumstantial Evidence Can Prove Manual 'Spoofing' of Futures Market

7 September 2016

A trader who places U.S. futures market orders manually can be found to have engaged in prohibited "spoofing," without direct proof of intent, if his trading pattern, market conditions and examples of trading show that he likely intended to withdraw the orders rather than to trade, according to a recent federal court ruling.  This expands upon previous cases involving spoofing using automated trading systems to place orders.

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