Unravelling the JPMorgan spoofing case using particle physics visualization methods

P. Debie, C. Gardebroek, S. Hageboeck, P. van Leeuwen, L. Moneta, A. Naumann, J.M.E. Pennings, A.A. Trujillo-Barrera, M.E. Verhulst*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review


On 29 September 2020, JPMorgan was ordered to pay a settlement of $920.2 million for spoofing the metals and Treasury futures markets from 2008 to 2016. We examine these cases using a visualization method developed in particle physics (CERN) and the messages that the exchange receives about market activity rather than time-based snapshots. This approach allows to examine multiple indicators related to market manipulation and complement existing research methods, thereby enhancing the identification and understanding of, as well as the motivation for, market manipulation. In the JPMorgan cases, we offer an alternative motivation for spoofing than moving the price.
Original languageEnglish
Pages (from-to)288-326
Number of pages39
JournalEuropean Financial Management
Issue number1
Early online date8 Feb 2022
Publication statusPublished - Jan 2023


  • high-frequency trading
  • limit order book
  • particle physics
  • spoofing
  • visualization

Cite this