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Spoofing (market manipulaton practice)
European Union Electricity Market Glossary




The term spoofing (or layering) refers to the act of a market participant bidding or offering with the intent to cancel before execution.


Spoofers seek to profit by unlawfully injecting false information into the market to distort prices and to trick others into trading at manipulated prices (see: Statement of CFTC Director of Enforcement James McDonald).


Annex II to Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 describes the following indicators of spoofing as manipulative behaviour: submitting multiple or large orders to trade often away from the touch on one side of the order book in order to execute a trade on the other side of the order book, once the trade has taken place, the orders with no intention to be executed shall be removed.






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Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions


CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals


Statement of CFTC Director of Enforcement James McDonald


U.S. appeals court upholds trader's spoofing conviction 












Market manipulation prohibition under REMIT


Wash trades as a REMIT market manipulation practice













Last Updated on Sunday, 25 February 2018 14:51


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