The Correction That Isn't: How Cancel and Amend Get Used to Launder a Trade
Spoofing exploits the cancel side of a trade's lifecycle.
Spoofing exploits the cancel side of a trade's lifecycle. Cherry-picking exploits the allocation step. There's a third abuse living in the same neighborhood, and it targets the operation this site's cancel/amend/delete essay treats as routine: the post-execution correction. India's client-code-modification abuse and Deutsche Bank's Russian mirror trades show what happens when 'who does this trade actually belong to' gets decided after the outcome is already known — with the audit trail relabeled as a mistake instead of a value transfer.
Surya · 8 min read