On May 24, 2021, Milbank’s White Collar Defense and Investigations Group announced the publication of “A Practice Guide on the Law of Spoofing in the Derivatives and Securities Markets,” a whitepaper published by Wolters Kluwer Legal and Regulatory US. This Guide provides a detailed analysis of the statutory frameworks used to combat spoofing—a form of price manipulation—in the US and a comprehensive treatment of key US case law developments, spoofing enforcement actions and private litigation.
In the UK, spoofing and related forms of market manipulation have been a focus for the regulatory authorities for some time. Most recently, on May 28, 2021, the Financial Conduct Authority (“FCA”) published a Market Watch newsletter which focuses on the FCA’s efforts to identify market manipulation (including spoofing) and recent enforcement activity in this regard.
In this article, we examine the prevailing regimes concerning spoofing in the US and UK, including the key similarities and differences between them.
