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Spoofing in US futures markets: an interdisciplinary approach

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  • Marjolein E Verhulst
  • Joost M E Pennings

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.

Suggested Citation

  • Marjolein E Verhulst & Joost M E Pennings, 2025. "Spoofing in US futures markets: an interdisciplinary approach," Capital Markets Law Journal, Oxford University Press, vol. 20(3), pages 1-012..
    • Handle: RePEc:oup:cmljnl:v:20:y:2025:i:3:p:kmaf012.
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    File URL: http://hdl.handle.net/10.1093/cmlj/kmaf012
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