Projects per year
Abstract
Spoofing (canonically: ‘bidding or offering with the intent to cancel the bid or offer before execution’), once a valued skill in face-to-face trading, has become a crime punishable by jail. Echoing Riles’s call for greater attention to law in research on finance, this article analyzes the interwoven processes of this dramatic shift, including trading’s changing material form, contingencies such as the Congressional response to the global financial crisis, and, above all, the use of criminal (not just civil, administrative) law. Criminal law's particularly strong boundary work – specifically the first criminal indictment and jail sentence for spoofing – rendered earlier ambivalent attitudes and inconsistent enforcement untenable. Nevertheless, drawing a boundary between spoofing and legitimate trading remains work-in-progress, with simultaneously legal, material and moral dimensions.
Original language | English |
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Journal | Economy and Society |
Early online date | 30 Nov 2021 |
DOIs | |
Publication status | E-pub ahead of print - 30 Nov 2021 |
Keywords / Materials (for Non-textual outputs)
- spoofing
- social studies of finance
- law
- trading pits
- high-frequency trading
- market surveillance
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Dive into the research topics of 'Spoofing: Law, materiality and boundary work in futures trading'. Together they form a unique fingerprint.Projects
- 3 Finished
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A Material Sociology of High-Frequency Trading
MacKenzie, D. & Hardie, I.
1/01/18 → 31/12/22
Project: Research
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EVALUATION PRACTICES IN FINANCIAL MARKETS
MacKenzie, D. & Hardie, I.
1/09/12 → 31/08/18
Project: Research
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Understanding and Governing Complex Financial Instruments: A 'Social Studies of Finance' Investigation of Multi-Name Credit Derivatives
MacKenzie, D. & Hardie, I.
1/09/09 → 31/05/13
Project: Research