Cash market
The cash market is the market in the underlying asset itself rather than in derivatives on it. Manipulating one to profit in the other is the defining structure of cross-market schemes.
Where does cash market come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEC v. TD Securities (USA) LLC (cash vs derivatives schemes, 2024) | SEC | 2024-09-30 | Cash Vs Derivatives Schemes , Spoofing | — | unknown |
| CFTC v. HSBC Bank USA (cash vs derivatives schemes, 2023) | CFTC | 2023-11-07 | Cash Vs Derivatives Schemes , Insider Trading +2 | $1.7bn | filed |
| CFTC v. unnamed respondents (cash vs derivatives schemes, 2023) | CFTC | 2023-06-12 | Cash Vs Derivatives Schemes | — | unknown |
| CFTC v. unnamed respondents (cash vs derivatives schemes, 2022) | CFTC | 2022-10-20 | Cash Vs Derivatives Schemes , Exchange Wash Trading +4 | $41m | judgment |
| CFTC v. Tennessee Trader and Two Entities (cash vs derivatives schemes, 2022) | CFTC | 2022-04-14 | Cash Vs Derivatives Schemes , Spoofing | — | unknown |