Away Account Spoofing

As part of its Cross-Market Report Cards program, FINRA has recently been inquiring about trading patterns where a broker’s client does not place a spoofing order, but appears to benefit from what may be a spoofing order entered through another broker. These patterns generally involve symbols with wide spreads, a temporary contraction of the NBBO spread, and an execution at the temporarily improved NBBO price.

Surveyor has developed a new filter to detect this pattern. Reach out to us at support@trilliumsurveyor.com to learn more.

Leading Layering and Spoofing Enforcement Actions

• SEC v Joseph Taub and Elazar Shmalo 
• US v Joseph Taub and Elazar Shmalo
• US v. Aleksandr Milrud 
• US v Nav Sarao (1)
• US v Nav Sarao (2)
• CFTC v Igor Oystacher (1)
• CFTC v Igor Oystacher (2)
• US v Michael Coscia
• FSA v Swift Trade
• SEC v Biremis
• FSA v Select Vantage