Market Cops Dust for Fingerprints in Modern Spoofing Cases

Data analytics are now being used to track manipulative trading, increasingly in real time.

Surveillance officers believe individual market abusers have signatures, which can be tracked.

In the middle of 2011, Alan Jukes had a problem. As a market surveillance analyst at the Intercontinental Exchange’s (ICE) European trading venue, he was responsible for ensuring all market participants played by the rules. But Jukes, a former pit trader himself, had the feeling that someone was clearly trying to stack the market in their favor.

One trader in particular was generating hundreds of alerts per day in crude oil futures contracts, detected thanks to a tool Jukes had developed that

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