Spoofing August 30

This ruling stems from a case involving three ex-JPMorgan traders who used spoofing in precious metals markets, with evidence of intentional cancellation intent and internal training on the practice, highlighting a rare legal crackdown on high-frequency trading tactics banned under the 2010 Dodd-Frank Act.

The decision challenges the financial industry’s reliance on high-frequency trading, which generates billions annually (e.g., HFT firms reportedly earned $21 billion in 2024 per a Journal of Financial Economics study), potentially shifting regulatory scrutiny toward self-regulatory bodies like the CME Group, previously criticized for profit conflicts.

KKep

⁦‪@kimkep4796‬⁩

$mmat The White Collar Appeal: Seventh Circuit Holds Spoofing is Fraud | Quinn Emanuel – JDSupra ⁦‪@palikaras‬⁩ jdsupra.com/legalnews/the-…

8/30/25, 4:20 AM

The X post by KKep links to a Quinn Emanuel article analyzing a Seventh Circuit ruling on August 20, 2025, in *United States v. Smith*, which classifies “spoofing”—placing fake trade orders to manipulate markets—as fraud, a decision reinforced by the Supreme Court’s 2025 *Kousisis v. United States* ruling that fraud doesn’t require economic loss, only a material misstatement.

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Spoofing August 30

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