On 13th June, King & Spalding published a briefing, being a practice note that summarises and compares US and UK law and enforcement on the topic of spoofing. Specifically, the note describes how each jurisdiction’s enforcement bodies prosecute spoofing under applicable law and provides examples of the types of trading practices that may constitute spoofing. It defines “spoofing” as being a form of market manipulation whereby a trader submits and then cancels offers or bids in a security or commodity on an exchange or other trading platform with no intent or willingness to execute those orders when placed – to put it another way, it says, spoofing occurs where a trader places an order with the co-existent intent to cancel the bid or offer before it can be executed.
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