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I think the only evidence for fraud here are the recordings of the people discussing their aims of manipulating the markets. If those didn't exist then it does

I think the only evidence for fraud here are the recordings of the people discussing their aims of manipulating the markets. If those didn't exist then it does sound like the trades alone could never be considered market manipulation. If that is the case, am I breaking the law if I just buy some shares and, during the phone call with my dealer, make a comment that I hope my share purchase drives the price up?

kasey_junk 12y ago
No. Hoping that your trade moves the market one way or the other is completely different than placing orders you hope never trade. Why is it different? Because the law says it is.
FireBeyond 12y ago
"If that is the case, am I breaking the law if I just buy some shares and, during the phone call with my dealer, make a comment that I hope my share purchase drives the price up?" And if it's not, why isn't it? Basically it's a double standard, because (most of) the markets are too cosy with HFT firms.
- kasey_junk 12y ago
  No. Spoofing harms HFT. They would prefer if it didn't happen (well most would prefer it). If this were the case of regulatory capture by HFT firms (which are not big enough or powerful enough to capture much) they would make spoofing harder to do.