Abstract

Spoofing (canonically: ‘bidding or offering with the intent to cancel the bid or offer before execution’), once a valued skill in face-to-face trading, has become a crime punishable by jail. Echoing Riles’s call for greater attention to law in research on finance, this paper analyses the interwoven processes of this dramatic shift, including trading’s changing material form, contingencies such as the Congressional response to the global financial crisis, and, above all, the use of criminal (not just civil, administrative) law. Criminal law's particularly strong boundary work – specifically the first criminal indictment and jail sentence for spoofing – rendered earlier ambivalent attitudes and inconsistent enforcement untenable. Nevertheless, drawing a boundary between spoofing and legitimate trading remains work-in-progress, with simultaneously legal, material and moral dimensions.

摘要

欺骗（规范地：'投标或报价以在执行前取消报价或报价'）曾经是面对面交易中的一项重要技能，已成为可判处监禁的犯罪行为。响应 Riles 呼吁在金融研究中更多地关注法律，本文分析了这一巨大转变的相互交织的过程，包括交易的不断变化的物质形式、国会对全球金融危机的反应等突发事件，以及最重要的是使用刑法（不仅仅是民事、行政）法。刑法特别强大的边界工作——特别是对欺骗的第一次刑事起诉和监禁——使得早期的矛盾态度和不一致的执法变得站不住脚。尽管如此，在欺骗和合法交易之间划清界限仍在进行中，