Spoofing in US futures markets: an interdisciplinary approach

Marjolein E Verhulst and Joost M E Pennings

Capital Markets Law Journal, 2025, vol. 20, issue 3, kmaf012.

Abstract: Spoofing is a manipulative practice that can severely harm the functioning of markets. Economically, the characteristics and impact of spoofing on markets are scarcely studied. Legally, the spoofing statute is broad and complex. This article delineates all aspects of spoofing from both an economic and legal perspective by providing a comprehensive overview of spoofing types, legislation, literature, rulings, and a conceptual framework of spoofing dimensions and attributes. This framework is used to analyse 204 US spoofing cases in futures markets and highlights the nuances of spoofing. Although the empirical focus of this article is on US futures markets, the conceptual framework is generic to other markets, trading mechanisms, and jurisdictions, and it can be adapted to include other market-manipulation types.

Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/cmlj/kmaf012 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:cmljnl:v:20:y:2025:i:3:p:kmaf012.

Access Statistics for this article

Capital Markets Law Journal is currently edited by Jeffrey Golden, Caroline Gentile and Amanda Thomas

More articles in Capital Markets Law Journal from Oxford University Press
Bibliographic data for series maintained by Oxford University Press ().