The Evil Diaries: “Spoofing”
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This matter of Mr Sarao has unsurprisingly attracted a lot of comment in today’s press. What shines out is the inability of anybody to identify what has occurred and how it breaches any law remotely understood to anybody. One correspondent (I asked four expert traders yesterday what they thought had gone on) remarks that, seemingly, “spoofing” is a crime whereas there isn’t a single dealer in the whole of London who thinks it’s anything other than spoofing. He illustrates the silliness of the ignoramuses around the world by drawing my attention to an amazing story from yesterday’s BBC news service:
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