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Away account spoofing: how to review

Steps to Review an Away Account Spoofing Event

FOUND IN: Order Based Manipulation

Away account spoofing seeks to detect potential spoofing events whose component parts have been split among multiple different brokers. The Surveyor user’s firm sees an improvement in the NBBO and an execution at a favorable price, but not the order(s) that caused the improvement of the NBBO.

1. Pre-Event Spread

Surveyor identifies the NBBO spread before the subject orders are entered. Only symbols with wide initial spreads qualify.

2. First Order

The initial spread contracts due to a new bid or offer entered by a broker other than the Surveyor user (an “away account”).

3. Second Order

An account at the Surveyor user enters an order on the opposite side of the market from the first order.

4. Favorable Print

The second order is filled at a price superior to what was available to take prior to the first order.

 Example of away account spoofing shown in Surveyor

Surveyor users may see more away account spoofing events than other types of events because there are fewer requirements to qualify this event type. Surveyor users should utilize the “highest counts” view for this event type to see if a particular account is responsible for a large number of these events, and review the personal account attestations of any account with high away account spoofing event counts.

More on Reviewing Events

Next, see how to review a spoofing event. For more information about what layering is and further reading and analysis, visit our in-depth article.

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