Deception

Deception is the creation of a false impression. Manipulation cases turn on it: an order communicates a message about willingness to trade, so a fake order deceives without anyone saying a word.

history and doctrine · updated 2026-09-08

Where does deception come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Spoofing — Spoofing is placing orders a trader intends to cancel before execution, to create a false impression of supply or demand and move the price toward a smaller genuine order on the other side.

Enforcement actions involving these techniques

See also

• Manipulative device — A manipulative device is the statutory phrase covering schemes that inject false information into price formation. Courts have rea…
• Bona fide order — A bona fide order is one placed with a genuine intention to trade if the market reaches it. The concept does most of the work in s…

Back to the full glossary — 261 defined terms.