Spot market

A spot market trades an asset for immediate delivery, as opposed to a future date. The relationship between spot and derivatives prices is what makes cross-market manipulation possible.

instruments and markets · updated 2026-10-16

Where does spot market come up?

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

Cash versus derivatives schemes — A cash versus derivatives scheme establishes a large derivative position and then trades the smaller underlying market at a deliberate loss, in order to move the reference price the derivative settles against.

Enforcement actions involving these techniques

Action	Agency	Filed	Technique	Penalty	Status
CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014)	CFTC	2014-07-28	Benchmark Submission Rigging , Cash Vs Derivatives Schemes +1	$105m	settled
FCA v. Coöperatieve Centrale Raiffeisen–Boerenleenbank B.A. (‘Rabobank’) (benchmark submission rigging, 2013)	FCA	2013-10-29	Benchmark Submission Rigging , Cash Vs Derivatives Schemes +1	—	settled
FCA v. The Royal Bank of Scotland plc (benchmark submission rigging, 2013)	FCA	2013-02-06	Benchmark Submission Rigging , Cash Vs Derivatives Schemes +2	—	settled

Terms that refer here

Cash market

Back to the full glossary — 282 defined terms.

Spot market

Where does spot market come up?

Enforcement actions involving these techniques

See also

Terms that refer here