Interactive explainers

These four tools demonstrate manipulation mechanics interactively: an order book you can spoof, a promotional campaign you can scrub through, a penalty distribution built from this site's own enforcement records, and a checklist scoring promotional material against Section 17(b). Each page also explains everything the tool shows in writing, so nothing here depends on running JavaScript.

These are teaching models, not trading tools. They demonstrate why a mechanic works and why it leaves a detectable trace. They deliberately omit the operational detail that would make them useful to anyone attempting to run one, and none of them reflects any actual venue's matching rules.

• Spoofing simulator

  A simplified order book. Place a large order you never intend to execute, watch the mid price drift toward it, sell your genuine order into the improvement, then cancel. Shows why the profit per cycle is tiny and why the strategy is therefore detectable.

• Pump-and-dump timeline

  Scrub day by day through a modelled promotional campaign, watching price, volume and the operator’s position move together. The point it makes: promotion and distribution look identical from outside.

• Penalty estimator

  Pick a technique and see the actual distribution of civil penalties imposed in that category, computed from this site’s own enforcement records. A description of what has happened, not a prediction.

• Is this stock promotion?

  A weighted checklist scoring promotional material against the disclosure requirements of Securities Act Section 17(b) and the observable markers of a paid campaign.

Working without JavaScript

Each tool page carries a full written explanation of what the tool demonstrates, and the two data-driven tools render their underlying figures as ordinary HTML tables. With scripting disabled you lose the interaction and none of the information.