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Spoofing: how to review

Steps to Review a Spoofing Event

FOUND IN: Order Based Manipulation

To detect spoofing, Surveyor looks for five conditions to be met. Surveyor walks you through a spoofing event in 5 steps in the plain English story panel on the left hand side of the screen.

1. Pre-Event Spread

Surveyor identifies the NBBO spread before the subject orders are entered.

2. First Order

A trader enters a single visible order on one side of the market that improves the NBBO spread or substantially increases the liquidity at the existing NBBO spread.


3. Second Order

The trader enters a second order on the opposite side of the market.


4. Favorable Print

The second order is filled.

5. Cancelled Order

The first order is cancelled. This may also occur immediately before the favorable print.

Using the Results

After reviewing the event, you can add a note to the event, and export the event to the responsible parties.

More on Reviewing Events

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

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