Spoofing
Are orders being placed and pulled to move the price without any intention to trade?
In plain English
Orders appear to have been placed and removed in a pattern that can nudge the price without any intention to trade. Evidence at this level is screening only and names no individual account.
What the record supports
- On platforms that publish an order book, changes in resting orders against the price that followed.
Why this indicator is qualified
- Anything at all, on a platform whose order book is not public. Where matching and pricing run on exchange infrastructure and only matched fills reach the settlement record, orders that were placed and cancelled without trading are simply invisible to us.
- Order intent, even where a book is visible. Cancelling is normal and constant in any live market.
- Which account placed a given order, at this level of evidence.
Obligation
Why it matters.
We publish this indicator's limits as prominently as its output because the alternative is worse. An operator told their platform is clean of spoofing, by a system that could not have seen it, has been given false assurance against a duty they remain accountable for. Where the book is not public, this is screening, and we call it that.
We describe what was detected and which duty it engages. Whether any obligation has been breached is a judgement for the operator's compliance and legal function, not for an instrument.
See the rest of the set.
Twelve indicators across three obligation families, each with its coverage stated as plainly as its capability.