Matched order
A matched order is a prearranged trade between two parties acting in concert, entered so that they execute against each other at a chosen price. Unlike a wash trade the owners differ, but the price is agreed rather than discovered.
Where does matched order come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEC v. Legal & General Investment Management America, Inc. (matched orders, 2022) | SEC | 2022-11-21 | Matched Orders | $500k | settled |
| SEC v. Ahmad Haris Tajyar and Eric Leo Marsoubian (marking the close, 2021) | SEC | 2021-08-13 | Marking The Close , Matched Orders +1 | $220k | settled |
| SEC v. Ron Phillips (matched orders, 2021) | SEC | 2021-06-30 | Matched Orders | $30k | judgment |
| CFTC v. Connecticut Firm (matched orders, 2021) | CFTC | 2021-05-18 | Matched Orders , Wash Trading | $500k | judgment |
| CFTC v. Coinbase Inc. (exchange wash trading, 2021) | CFTC | 2021-03-19 | Exchange Wash Trading , Matched Orders +1 | $6.5m | judgment |