id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-9109	Merritt B. Fox; Lawrence R. Glosten; Sue S. Guan	Spoofing and its Regulation	2022	77	.pdf	application/pdf	28854	1173	55	As our discussion of the mechanisms of the market shows, in the absence of manipulation, market prices have the remarkable quality of reflecting a large amount of information relevant to predicting an issuer’s future cash flows. So, the fact that section10(b), under which Rule 10b-5 was promulgated, authorizes rules against “manipulative” as well “deceptive” “device[s]” argues in favor of a reading of Rule 10b-5(b) to include, as a misleading statement, a spoofer’s quotes intended to move market prices.	cache/cblr-9109.pdf	txt/cblr-9109.txt