Market Manipulation

A long-standing priority of civil and criminal enforcement agencies, market manipulation enforcement has assumed even greater prominence and garnered broader public attention in recent years. Continually developing trading technologies, as well as exotic financial products available for trading, have created an industry perception that potential manipulative acts are more prevalent than ever in today’s markets. High-profile investigations and prosecutions of high-frequency trading firms, as well as large international banks’ activities in LIBOR and foreign exchange (FX) markets, have been making headlines in the United States and around the world. Global authorities have also been actively pursuing alleged market manipulators.

NERA economists work on behalf of counsel for both market participants and their regulators in market manipulation litigation and enforcement actions. We bring to bear our training and experience in areas including trading, valuation, and financial regulation. Our economists use quantitative and statistical tools in combination with real-world trading and regulatory experience to provide objective analyses to address the allegations that arise in regulatory investigations and related cases.