id	sid	tid	token	lemma	pos
cblr-9109	1	1	spoofing	spoof	VERB
cblr-9109	1	2	and	and	CCONJ
cblr-9109	1	3	its	its	PRON
cblr-9109	1	4	regulation	regulation	NOUN
cblr-9109	1	5	merritt	merritt	PROPN
cblr-9109	1	6	b.	b.	PROPN
cblr-9109	2	1	fox,	fox,	PROPN
cblr-9109	2	2	lawrence	lawrence	PROPN
cblr-9109	2	3	r.	r.	PROPN
cblr-9109	2	4	glosten,	glosten,	PROPN
cblr-9109	2	5	and	and	CCONJ
cblr-9109	2	6	sue	sue	PROPN
cblr-9109	2	7	s.	s.	PROPN
cblr-9109	2	8	guan	guan	PROPN
cblr-9109	2	9	nearly	nearly	ADV
cblr-9109	2	10	a	a	PRON
cblr-9109	2	11	century	century	NOUN
cblr-9109	2	12	after	after	SCONJ
cblr-9109	2	13	the	the	DET
cblr-9109	2	14	united	united	PROPN
cblr-9109	2	15	states	states	PROPN
cblr-9109	2	16	enacted	enact	VERB
cblr-9109	2	17	its	its	PRON
cblr-9109	2	18	first	first	ADJ
cblr-9109	2	19	securities	security	NOUN
cblr-9109	2	20	laws	law	NOUN
cblr-9109	2	21	,	,	PUNCT
cblr-9109	2	22	urgent	urgent	ADJ
cblr-9109	2	23	questions	question	NOUN
cblr-9109	2	24	remain	remain	VERB
cblr-9109	2	25	as	as	ADP
cblr-9109	2	26	to	to	ADP
cblr-9109	2	27	the	the	DET
cblr-9109	2	28	scope	scope	NOUN
cblr-9109	2	29	of	of	ADP
cblr-9109	2	30	manipulation	manipulation	NOUN
cblr-9109	2	31	law	law	NOUN
cblr-9109	2	32	:	:	PUNCT
cblr-9109	2	33	whether	whether	SCONJ
cblr-9109	2	34	manipulation	manipulation	NOUN
cblr-9109	2	35	is	be	AUX
cblr-9109	2	36	possible	possible	ADJ
cblr-9109	2	37	in	in	ADP
cblr-9109	2	38	principle	principle	NOUN
cblr-9109	2	39	,	,	PUNCT
cblr-9109	2	40	and	and	CCONJ
cblr-9109	2	41	if	if	SCONJ
cblr-9109	2	42	so	so	ADV
cblr-9109	2	43	,	,	PUNCT
cblr-9109	2	44	how	how	SCONJ
cblr-9109	2	45	the	the	DET
cblr-9109	2	46	law	law	NOUN
cblr-9109	2	47	should	should	AUX
cblr-9109	2	48	respond	respond	VERB
cblr-9109	2	49	in	in	ADP
cblr-9109	2	50	practice	practice	NOUN
cblr-9109	2	51	.	.	PUNCT
cblr-9109	3	1	sharp	sharp	ADJ
cblr-9109	3	2	disagreement	disagreement	NOUN
cblr-9109	3	3	among	among	ADP
cblr-9109	3	4	courts	court	NOUN
cblr-9109	3	5	,	,	PUNCT
cblr-9109	3	6	economists	economist	NOUN
cblr-9109	3	7	,	,	PUNCT
cblr-9109	3	8	and	and	CCONJ
cblr-9109	3	9	legal	legal	ADJ
cblr-9109	3	10	scholars	scholar	NOUN
cblr-9109	3	11	as	as	ADP
cblr-9109	3	12	to	to	ADP
cblr-9109	3	13	whether	whether	SCONJ
cblr-9109	3	14	trading	trade	VERB
cblr-9109	3	15	or	or	CCONJ
cblr-9109	3	16	quoting	quote	VERB
cblr-9109	3	17	activity	activity	NOUN
cblr-9109	3	18	constitutes	constitute	VERB
cblr-9109	3	19	illegal	illegal	ADJ
cblr-9109	3	20	manipulation	manipulation	NOUN
cblr-9109	3	21	has	have	AUX
cblr-9109	3	22	led	lead	VERB
cblr-9109	3	23	to	to	ADP
cblr-9109	3	24	a	a	DET
cblr-9109	3	25	legal	legal	ADJ
cblr-9109	3	26	framework	framework	NOUN
cblr-9109	3	27	that	that	PRON
cblr-9109	3	28	lacks	lack	VERB
cblr-9109	3	29	precision	precision	NOUN
cblr-9109	3	30	and	and	CCONJ
cblr-9109	3	31	cogency	cogency	NOUN
cblr-9109	3	32	.	.	PUNCT
cblr-9109	4	1	moreover	moreover	ADV
cblr-9109	4	2	,	,	PUNCT
cblr-9109	4	3	the	the	DET
cblr-9109	4	4	poorly	poorly	ADV
cblr-9109	4	5	articulated	articulated	ADJ
cblr-9109	4	6	normative	normative	ADJ
cblr-9109	4	7	basis	basis	NOUN
cblr-9109	4	8	for	for	ADP
cblr-9109	4	9	court	court	NOUN
cblr-9109	4	10	rulings	ruling	NOUN
cblr-9109	4	11	has	have	AUX
cblr-9109	4	12	resulted	result	VERB
cblr-9109	4	13	in	in	ADP
cblr-9109	4	14	enforcement	enforcement	NOUN
cblr-9109	4	15	that	that	PRON
cblr-9109	4	16	is	be	AUX
cblr-9109	4	17	both	both	PRON
cblr-9109	4	18	under	under	ADP
cblr-9109	4	19	-	-	PUNCT
cblr-9109	4	20	inclusive	inclusive	ADJ
cblr-9109	4	21	and	and	CCONJ
cblr-9109	4	22	over	over	ADP
cblr-9109	4	23	-	-	PUNCT
cblr-9109	4	24	inclusive	inclusive	NOUN
cblr-9109	4	25	in	in	ADP
cblr-9109	4	26	ways	way	NOUN
cblr-9109	4	27	that	that	PRON
cblr-9109	4	28	do	do	VERB
cblr-9109	4	29	a	a	DET
cblr-9109	4	30	poor	poor	ADJ
cblr-9109	4	31	job	job	NOUN
cblr-9109	4	32	of	of	ADP
cblr-9109	4	33	discouraging	discourage	VERB
cblr-9109	4	34	socially	socially	ADV
cblr-9109	4	35	harmful	harmful	ADJ
cblr-9109	4	36	transactions	transaction	NOUN
cblr-9109	4	37	and	and	CCONJ
cblr-9109	4	38	enabling	enable	VERB
cblr-9109	4	39	socially	socially	ADV
cblr-9109	4	40	beneficial	beneficial	ADJ
cblr-9109	4	41	ones	one	NOUN
cblr-9109	4	42	.	.	PUNCT
cblr-9109	5	1	this	this	DET
cblr-9109	5	2	article	article	NOUN
cblr-9109	5	3	seeks	seek	VERB
cblr-9109	5	4	to	to	PART
cblr-9109	5	5	clarify	clarify	VERB
cblr-9109	5	6	this	this	DET
cblr-9109	5	7	confusion	confusion	NOUN
cblr-9109	5	8	.	.	PUNCT
cblr-9109	6	1	drawing	draw	VERB
cblr-9109	6	2	on	on	ADP
cblr-9109	6	3	microstructure	microstructure	ADJ
cblr-9109	6	4	and	and	CCONJ
cblr-9109	6	5	financial	financial	ADJ
cblr-9109	6	6	economics	economic	NOUN
cblr-9109	6	7	,	,	PUNCT
cblr-9109	6	8	this	this	DET
cblr-9109	6	9	article	article	NOUN
cblr-9109	6	10	offers	offer	VERB
cblr-9109	6	11	a	a	DET
cblr-9109	6	12	new	new	ADJ
cblr-9109	6	13	understanding	understanding	NOUN
cblr-9109	6	14	of	of	ADP
cblr-9109	6	15	a	a	DET
cblr-9109	6	16	common	common	ADJ
cblr-9109	6	17	kind	kind	NOUN
cblr-9109	6	18	of	of	ADP
cblr-9109	6	19	quote	quote	NOUN
cblr-9109	6	20	-	-	PUNCT
cblr-9109	6	21	driven	drive	VERB
cblr-9109	6	22	manipulation	manipulation	NOUN
cblr-9109	6	23	,	,	PUNCT
cblr-9109	6	24	often	often	ADV
cblr-9109	6	25	referred	refer	VERB
cblr-9109	6	26	to	to	ADP
cblr-9109	6	27	as	as	ADP
cblr-9109	6	28	“	"	PUNCT
cblr-9109	6	29	spoofing	spoof	VERB
cblr-9109	6	30	.	.	PUNCT
cblr-9109	6	31	”	"	PUNCT
cblr-9109	7	1	by	by	ADP
cblr-9109	7	2	employing	employ	VERB
cblr-9109	7	3	an	an	DET
cblr-9109	7	4	analytical	analytical	ADJ
cblr-9109	7	5	and	and	CCONJ
cblr-9109	7	6	normative	normative	ADJ
cblr-9109	7	7	framework	framework	NOUN
cblr-9109	7	8	developed	develop	VERB
cblr-9109	7	9	previously	previously	ADV
cblr-9109	7	10	by	by	ADP
cblr-9109	7	11	two	two	NUM
cblr-9109	7	12	of	of	ADP
cblr-9109	7	13	the	the	DET
cblr-9109	7	14	authors	author	NOUN
cblr-9109	7	15	in	in	ADP
cblr-9109	7	16	assessing	assess	VERB
cblr-9109	7	17	another	another	DET
cblr-9109	7	18	major	major	ADJ
cblr-9109	7	19	form	form	NOUN
cblr-9109	7	20	of	of	ADP
cblr-9109	7	21	manipulation	manipulation	NOUN
cblr-9109	7	22	,	,	PUNCT
cblr-9109	7	23	trade	trade	NOUN
cblr-9109	7	24	-	-	PUNCT
cblr-9109	7	25	driven	drive	VERB
cblr-9109	7	26	manipulation	manipulation	NOUN
cblr-9109	7	27	,	,	PUNCT
cblr-9109	7	28	this	this	DET
cblr-9109	7	29	article	article	NOUN
cblr-9109	7	30	assesses	assess	VERB
cblr-9109	7	31	the	the	DET
cblr-9109	7	32	impact	impact	NOUN
cblr-9109	7	33	of	of	ADP
cblr-9109	7	34	spoofing	spoof	VERB
cblr-9109	7	35	on	on	ADP
cblr-9109	7	36	what	what	PRON
cblr-9109	7	37	occurs	occur	VERB
cblr-9109	7	38	in	in	ADP
cblr-9109	7	39	the	the	DET
cblr-9109	7	40	securities	security	NOUN
cblr-9109	7	41	markets	market	NOUN
cblr-9109	7	42	and	and	CCONJ
cblr-9109	7	43	carefully	carefully	ADV
cblr-9109	7	44	evaluates	evaluate	VERB
cblr-9109	7	45	its	its	PRON
cblr-9109	7	46	effects	effect	NOUN
cblr-9109	7	47	on	on	ADP
cblr-9109	7	48	social	social	ADJ
cblr-9109	7	49	welfare	welfare	NOUN
cblr-9109	7	50	and	and	CCONJ
cblr-9109	7	51	economic	economic	ADJ
cblr-9109	7	52	efficiency	efficiency	NOUN
cblr-9109	7	53	.	.	PUNCT
cblr-9109	8	1	the	the	DET
cblr-9109	8	2	result	result	NOUN
cblr-9109	8	3	is	be	AUX
cblr-9109	8	4	a	a	DET
cblr-9109	8	5	new	new	ADJ
cblr-9109	8	6	understanding	understanding	NOUN
cblr-9109	8	7	of	of	ADP
cblr-9109	8	8	quote	quote	NOUN
cblr-9109	8	9	-	-	PUNCT
cblr-9109	8	10	based	base	VERB
cblr-9109	8	11	manipulation	manipulation	NOUN
cblr-9109	8	12	that	that	PRON
cblr-9109	8	13	helps	help	VERB
cblr-9109	8	14	resolve	resolve	VERB
cblr-9109	8	15	essential	essential	ADJ
cblr-9109	8	16	questions	question	NOUN
cblr-9109	8	17	in	in	ADP
cblr-9109	8	18	manipulation	manipulation	NOUN
cblr-9109	8	19	law	law	NOUN
cblr-9109	8	20	and	and	CCONJ
cblr-9109	8	21	provides	provide	VERB
cblr-9109	8	22	guidance	guidance	NOUN
cblr-9109	8	23	for	for	ADP
cblr-9109	8	24	future	future	ADJ
cblr-9109	8	25	regulation	regulation	NOUN
cblr-9109	8	26	and	and	CCONJ
cblr-9109	8	27	enforcement	enforcement	NOUN
cblr-9109	8	28	.	.	PUNCT
cblr-9109	9	1	i.	i.	PROPN
cblr-9109	9	2	introduction	introduction	NOUN
cblr-9109	9	3	......................................................................	......................................................................	PROPN
cblr-9109	10	1	1246	1246	NUM
cblr-9109	10	2	ii	ii	NOUN
cblr-9109	10	3	.	.	PUNCT
cblr-9109	11	1	overview	overview	NOUN
cblr-9109	11	2	.........................................................................	.........................................................................	PUNCT
cblr-9109	11	3	1257	1257	NUM
cblr-9109	11	4			PROPN
cblr-9109	11	5	arthur	arthur	PROPN
cblr-9109	11	6	levitt	levitt	PROPN
cblr-9109	11	7	professor	professor	PROPN
cblr-9109	11	8	of	of	ADP
cblr-9109	11	9	law	law	PROPN
cblr-9109	11	10	,	,	PUNCT
cblr-9109	11	11	columbia	columbia	PROPN
cblr-9109	11	12	law	law	PROPN
cblr-9109	11	13	school	school	NOUN
cblr-9109	11	14	.	.	PUNCT
cblr-9109	12	1			NOUN
cblr-9109	12	2	s.	s.	PROPN
cblr-9109	12	3	sloan	sloan	PROPN
cblr-9109	12	4	colt	colt	PROPN
cblr-9109	12	5	professor	professor	NOUN
cblr-9109	12	6	of	of	ADP
cblr-9109	12	7	banking	banking	NOUN
cblr-9109	12	8	and	and	CCONJ
cblr-9109	12	9	international	international	ADJ
cblr-9109	12	10	finance	finance	NOUN
cblr-9109	12	11	,	,	PUNCT
cblr-9109	12	12	columbia	columbia	PROPN
cblr-9109	12	13	business	business	PROPN
cblr-9109	12	14	school	school	PROPN
cblr-9109	12	15	.	.	PUNCT
cblr-9109	13	1			NOUN
cblr-9109	13	2	assistant	assistant	NOUN
cblr-9109	13	3	professor	professor	NOUN
cblr-9109	13	4	of	of	ADP
cblr-9109	13	5	law	law	NOUN
cblr-9109	13	6	,	,	PUNCT
cblr-9109	13	7	santa	santa	PROPN
cblr-9109	13	8	clara	clara	PROPN
cblr-9109	13	9	university	university	PROPN
cblr-9109	13	10	school	school	NOUN
cblr-9109	13	11	of	of	ADP
cblr-9109	13	12	law	law	NOUN
cblr-9109	13	13	.	.	PUNCT
cblr-9109	14	1	no	no	INTJ
cblr-9109	14	2	.	.	PUNCT
cblr-9109	15	1	3:1244	3:1244	NUM
cblr-9109	15	2	]	]	X
cblr-9109	15	3	spoofing	spoofing	NOUN
cblr-9109	15	4	and	and	CCONJ
cblr-9109	15	5	its	its	PRON
cblr-9109	15	6	regulation	regulation	NOUN
cblr-9109	15	7	1245	1245	NUM
cblr-9109	15	8	a.	a.	NOUN
cblr-9109	15	9	understanding	understanding	NOUN
cblr-9109	15	10	spoofing	spoof	VERB
cblr-9109	15	11	........................................	........................................	PUNCT
cblr-9109	16	1	1257	1257	NUM
cblr-9109	16	2	b.	b.	X
cblr-9109	16	3	the	the	DET
cblr-9109	16	4	role	role	NOUN
cblr-9109	16	5	of	of	ADP
cblr-9109	16	6	purpose	purpose	NOUN
cblr-9109	16	7	................................................	................................................	PUNCT
cblr-9109	16	8	1259	1259	NUM
cblr-9109	16	9	iii	iii	NOUN
cblr-9109	16	10	.	.	PUNCT
cblr-9109	17	1	the	the	DET
cblr-9109	17	2	normative	normative	ADJ
cblr-9109	17	3	framework	framework	NOUN
cblr-9109	17	4	..........................................	..........................................	PUNCT
cblr-9109	17	5	1262	1262	NUM
cblr-9109	17	6	a.	a.	NOUN
cblr-9109	17	7	social	social	ADJ
cblr-9109	17	8	goals	goal	NOUN
cblr-9109	17	9	.............................................................	.............................................................	PUNCT
cblr-9109	17	10	1262	1262	NUM
cblr-9109	17	11	b.	b.	X
cblr-9109	17	12	the	the	DET
cblr-9109	17	13	use	use	NOUN
cblr-9109	17	14	of	of	ADP
cblr-9109	17	15	ex	ex	ADJ
cblr-9109	17	16	post	post	NOUN
cblr-9109	17	17	and	and	CCONJ
cblr-9109	17	18	ex	ex	PRON
cblr-9109	17	19	ante	ante	NOUN
cblr-9109	17	20	analysis	analysis	NOUN
cblr-9109	17	21	............	............	SYM
cblr-9109	17	22	1263	1263	NUM
cblr-9109	17	23	c.	c.	NOUN
cblr-9109	17	24	market	market	NOUN
cblr-9109	17	25	characteristics	characteristic	NOUN
cblr-9109	17	26	that	that	PRON
cblr-9109	17	27	impact	impact	VERB
cblr-9109	17	28	these	these	DET
cblr-9109	17	29	goals	goal	NOUN
cblr-9109	17	30	1264	1264	NUM
cblr-9109	17	31	1	1	NUM
cblr-9109	17	32	.	.	PUNCT
cblr-9109	17	33	price	price	NOUN
cblr-9109	17	34	accuracy	accuracy	NOUN
cblr-9109	17	35	..................................................	..................................................	PUNCT
cblr-9109	17	36	1264	1264	NUM
cblr-9109	17	37	2	2	NUM
cblr-9109	17	38	.	.	PUNCT
cblr-9109	17	39	liquidity	liquidity	NOUN
cblr-9109	17	40	............................................................	............................................................	PUNCT
cblr-9109	17	41	1265	1265	NUM
cblr-9109	17	42	iv	iv	NOUN
cblr-9109	17	43	.	.	PUNCT
cblr-9109	18	1	the	the	DET
cblr-9109	18	2	workings	working	NOUN
cblr-9109	18	3	of	of	ADP
cblr-9109	18	4	the	the	DET
cblr-9109	18	5	equity	equity	NOUN
cblr-9109	18	6	market	market	NOUN
cblr-9109	18	7	............................	............................	PUNCT
cblr-9109	18	8	1266	1266	NUM
cblr-9109	18	9	a.	a.	NOUN
cblr-9109	18	10	market	market	NOUN
cblr-9109	18	11	participants	participant	NOUN
cblr-9109	18	12	and	and	CCONJ
cblr-9109	18	13	their	their	PRON
cblr-9109	18	14	reasons	reason	NOUN
cblr-9109	18	15	for	for	ADP
cblr-9109	18	16	trading	trading	NOUN
cblr-9109	18	17	................................................................................	................................................................................	PUNCT
cblr-9109	18	18	1266	1266	NUM
cblr-9109	18	19	1	1	NUM
cblr-9109	18	20	.	.	PUNCT
cblr-9109	18	21	informed	inform	VERB
cblr-9109	18	22	traders	trader	NOUN
cblr-9109	18	23	.............................................	.............................................	PUNCT
cblr-9109	18	24	1267	1267	NUM
cblr-9109	18	25	2	2	NUM
cblr-9109	18	26	.	.	PUNCT
cblr-9109	18	27	uninformed	uninformed	ADJ
cblr-9109	18	28	traders	trader	NOUN
cblr-9109	18	29	.........................................	.........................................	PUNCT
cblr-9109	18	30	1268	1268	NUM
cblr-9109	18	31	3	3	NUM
cblr-9109	18	32	.	.	PUNCT
cblr-9109	18	33	price	price	NOUN
cblr-9109	18	34	sensitive	sensitive	ADJ
cblr-9109	18	35	fundamental	fundamental	ADJ
cblr-9109	18	36	value	value	NOUN
cblr-9109	18	37	traders	trader	NOUN
cblr-9109	18	38	.	.	PUNCT
cblr-9109	19	1	1268	1268	NUM
cblr-9109	19	2	4	4	NUM
cblr-9109	19	3	.	.	PUNCT
cblr-9109	19	4	professional	professional	ADJ
cblr-9109	19	5	liquidity	liquidity	NOUN
cblr-9109	19	6	suppliers	supplier	NOUN
cblr-9109	19	7	.....................	.....................	PUNCT
cblr-9109	19	8	1269	1269	NUM
cblr-9109	19	9	b.	b.	NOUN
cblr-9109	19	10	trading	trading	NOUN
cblr-9109	19	11	venues	venue	NOUN
cblr-9109	19	12	and	and	CCONJ
cblr-9109	19	13	orders	order	NOUN
cblr-9109	19	14	..................................	..................................	PUNCT
cblr-9109	19	15	1269	1269	NUM
cblr-9109	19	16	c.	c.	NOUN
cblr-9109	19	17	the	the	DET
cblr-9109	19	18	economics	economic	NOUN
cblr-9109	19	19	of	of	ADP
cblr-9109	19	20	liquidity	liquidity	NOUN
cblr-9109	19	21	provision	provision	NOUN
cblr-9109	19	22	..................	..................	PUNCT
cblr-9109	19	23	1271	1271	NUM
cblr-9109	20	1	v.	v.	ADP
cblr-9109	20	2	spoofing	spoof	VERB
cblr-9109	20	3	...........................................................................	...........................................................................	PUNCT
cblr-9109	20	4	1273	1273	NUM
cblr-9109	20	5	a.	a.	NOUN
cblr-9109	20	6	why	why	SCONJ
cblr-9109	20	7	does	do	AUX
cblr-9109	20	8	spoofing	spoof	VERB
cblr-9109	20	9	work	work	NOUN
cblr-9109	20	10	?	?	PUNCT
cblr-9109	20	11	.....................................	.....................................	PUNCT
cblr-9109	21	1	1274	1274	NUM
cblr-9109	21	2	b.	b.	PROPN
cblr-9109	21	3	wealth	wealth	NOUN
cblr-9109	21	4	transfers	transfer	NOUN
cblr-9109	21	5	:	:	PUNCT
cblr-9109	21	6	fairness	fairness	NOUN
cblr-9109	21	7	and	and	CCONJ
cblr-9109	21	8	efficiency	efficiency	NOUN
cblr-9109	21	9	..........	..........	PUNCT
cblr-9109	22	1	1280	1280	NUM
cblr-9109	22	2	1	1	X
cblr-9109	22	3	.	.	PUNCT
cblr-9109	23	1	assessing	assess	VERB
cblr-9109	23	2	the	the	DET
cblr-9109	23	3	impact	impact	NOUN
cblr-9109	23	4	of	of	ADP
cblr-9109	23	5	the	the	DET
cblr-9109	23	6	practice	practice	NOUN
cblr-9109	23	7	from	from	ADP
cblr-9109	23	8	an	an	DET
cblr-9109	23	9	ex	ex	ADJ
cblr-9109	23	10	post	post	NOUN
cblr-9109	23	11	perspective	perspective	NOUN
cblr-9109	23	12	.........................................	.........................................	PUNCT
cblr-9109	24	1	1280	1280	NUM
cblr-9109	24	2	2	2	X
cblr-9109	24	3	.	.	PUNCT
cblr-9109	24	4	ex	ex	PRON
cblr-9109	24	5	ante	ante	PROPN
cblr-9109	24	6	perspective	perspective	NOUN
cblr-9109	24	7	.........................................	.........................................	PUNCT
cblr-9109	24	8	1281	1281	NUM
cblr-9109	24	9	a.	a.	NOUN
cblr-9109	24	10	spoofers	spoofer	NOUN
cblr-9109	24	11	......................................................	......................................................	PUNCT
cblr-9109	24	12	1281	1281	NUM
cblr-9109	24	13	b.	b.	PROPN
cblr-9109	24	14	liquidity	liquidity	NOUN
cblr-9109	24	15	suppliers	supplier	NOUN
cblr-9109	24	16	....................................	....................................	PUNCT
cblr-9109	24	17	1282	1282	NUM
cblr-9109	24	18	i.	i.	NOUN
cblr-9109	24	19	trading	trading	NOUN
cblr-9109	24	20	losses	loss	NOUN
cblr-9109	24	21	......................................	......................................	PUNCT
cblr-9109	24	22	1282	1282	NUM
cblr-9109	24	23	ii	ii	NOUN
cblr-9109	24	24	.	.	PUNCT
cblr-9109	25	1	detecting	detect	VERB
cblr-9109	25	2	informed	informed	ADJ
cblr-9109	25	3	trading	trading	NOUN
cblr-9109	25	4	...............	...............	PUNCT
cblr-9109	25	5	1284	1284	NUM
cblr-9109	25	6	iii	iii	NOUN
cblr-9109	25	7	.	.	PUNCT
cblr-9109	26	1	ultimate	ultimate	ADJ
cblr-9109	26	2	incidence	incidence	NOUN
cblr-9109	26	3	of	of	ADP
cblr-9109	26	4	the	the	DET
cblr-9109	26	5	negative	negative	ADJ
cblr-9109	26	6	effects	effect	NOUN
cblr-9109	26	7	on	on	ADP
cblr-9109	26	8	liquidity	liquidity	NOUN
cblr-9109	26	9	suppliers	supplier	NOUN
cblr-9109	26	10	..........	..........	PUNCT
cblr-9109	27	1	1284	1284	NUM
cblr-9109	27	2	c.	c.	NOUN
cblr-9109	27	3	uninformed	uninformed	ADJ
cblr-9109	27	4	traders	trader	NOUN
cblr-9109	27	5	..................................	..................................	PUNCT
cblr-9109	27	6	1285	1285	NUM
cblr-9109	27	7	d.	d.	PROPN
cblr-9109	27	8	informed	inform	VERB
cblr-9109	27	9	traders	trader	NOUN
cblr-9109	27	10	......................................	......................................	PUNCT
cblr-9109	27	11	1287	1287	NUM
cblr-9109	27	12	3	3	X
cblr-9109	27	13	.	.	PUNCT
cblr-9109	27	14	fairness	fairness	NOUN
cblr-9109	27	15	considerations	consideration	NOUN
cblr-9109	27	16	..................................	..................................	PUNCT
cblr-9109	27	17	1287	1287	NUM
cblr-9109	27	18	4	4	NUM
cblr-9109	27	19	.	.	PUNCT
cblr-9109	27	20	efficiency	efficiency	NOUN
cblr-9109	27	21	considerations	consideration	NOUN
cblr-9109	27	22	................................	................................	PUNCT
cblr-9109	27	23	1288	1288	NUM
cblr-9109	27	24	a.	a.	NOUN
cblr-9109	27	25	price	price	NOUN
cblr-9109	27	26	accuracy	accuracy	NOUN
cblr-9109	27	27	...........................................	...........................................	PUNCT
cblr-9109	27	28	1288	1288	NUM
cblr-9109	27	29	b.	b.	PROPN
cblr-9109	27	30	liquidity	liquidity	PROPN
cblr-9109	27	31	.....................................................	.....................................................	PUNCT
cblr-9109	27	32	1289	1289	NUM
cblr-9109	27	33	c.	c.	NOUN
cblr-9109	27	34	resource	resource	NOUN
cblr-9109	27	35	misallocation	misallocation	NOUN
cblr-9109	27	36	..............................	..............................	PUNCT
cblr-9109	27	37	1290	1290	NUM
cblr-9109	27	38	d.	d.	NOUN
cblr-9109	27	39	market	market	NOUN
cblr-9109	27	40	confidence	confidence	NOUN
cblr-9109	27	41	....................................	....................................	PUNCT
cblr-9109	27	42	1290	1290	NUM
cblr-9109	27	43	c.	c.	NOUN
cblr-9109	27	44	the	the	DET
cblr-9109	27	45	appropriateness	appropriateness	NOUN
cblr-9109	27	46	of	of	ADP
cblr-9109	27	47	legal	legal	ADJ
cblr-9109	27	48	sanctions	sanction	NOUN
cblr-9109	27	49	............	............	PUNCT
cblr-9109	27	50	1291	1291	NUM
cblr-9109	27	51	vi	vi	NOUN
cblr-9109	27	52	.	.	PUNCT
cblr-9109	28	1	the	the	DET
cblr-9109	28	2	law	law	NOUN
cblr-9109	28	3	of	of	ADP
cblr-9109	28	4	spoofing	spoof	VERB
cblr-9109	28	5	......................................................	......................................................	PUNCT
cblr-9109	28	6	1292	1292	NUM
cblr-9109	28	7	1246	1246	NUM
cblr-9109	28	8	columbia	columbia	PROPN
cblr-9109	28	9	business	business	PROPN
cblr-9109	28	10	law	law	PROPN
cblr-9109	28	11	review	review	NOUN
cblr-9109	29	1	[	[	X
cblr-9109	29	2	vol	vol	NOUN
cblr-9109	29	3	.	.	NOUN
cblr-9109	29	4	2021	2021	NUM
cblr-9109	29	5	a.	a.	NOUN
cblr-9109	29	6	section	section	NOUN
cblr-9109	29	7	9(a)(2	9(a)(2	NUM
cblr-9109	29	8	)	)	PUNCT
cblr-9109	29	9	.........................................................	.........................................................	PUNCT
cblr-9109	30	1	1293	1293	NUM
cblr-9109	30	2	1	1	X
cblr-9109	30	3	.	.	PUNCT
cblr-9109	30	4	does	do	AUX
cblr-9109	30	5	section	section	VERB
cblr-9109	30	6	9(a)(2	9(a)(2	NUM
cblr-9109	30	7	)	)	PUNCT
cblr-9109	30	8	cover	cover	NOUN
cblr-9109	30	9	bids	bid	NOUN
cblr-9109	30	10	and	and	CCONJ
cblr-9109	30	11	offers	offer	NOUN
cblr-9109	30	12	?	?	PUNCT
cblr-9109	31	1	..	..	PUNCT
cblr-9109	31	2	1294	1294	NUM
cblr-9109	31	3	2	2	NUM
cblr-9109	31	4	.	.	PUNCT
cblr-9109	31	5	transaction	transaction	NOUN
cblr-9109	31	6	-	-	PUNCT
cblr-9109	31	7	based	base	VERB
cblr-9109	31	8	section	section	NOUN
cblr-9109	31	9	9(a)(2	9(a)(2	NUM
cblr-9109	31	10	)	)	PUNCT
cblr-9109	31	11	case	case	NOUN
cblr-9109	31	12	law	law	NOUN
cblr-9109	31	13	as	as	ADP
cblr-9109	31	14	a	a	DET
cblr-9109	31	15	guide	guide	NOUN
cblr-9109	31	16	to	to	ADP
cblr-9109	31	17	what	what	PRON
cblr-9109	31	18	quoting	quote	VERB
cblr-9109	31	19	behavior	behavior	NOUN
cblr-9109	31	20	it	it	PRON
cblr-9109	31	21	prohibits	prohibit	VERB
cblr-9109	31	22	...........................................................	...........................................................	PUNCT
cblr-9109	31	23	1299	1299	NUM
cblr-9109	31	24	3	3	NUM
cblr-9109	31	25	.	.	PUNCT
cblr-9109	32	1	quote	quote	NOUN
cblr-9109	32	2	-	-	PUNCT
cblr-9109	32	3	based	base	VERB
cblr-9109	32	4	section	section	NOUN
cblr-9109	32	5	9(a)(2	9(a)(2	NUM
cblr-9109	32	6	)	)	PUNCT
cblr-9109	32	7	cases	case	NOUN
cblr-9109	32	8	..................	..................	PUNCT
cblr-9109	32	9	1301	1301	NUM
cblr-9109	32	10	b.	b.	PROPN
cblr-9109	32	11	section	section	PROPN
cblr-9109	32	12	10(b	10(b	NUM
cblr-9109	32	13	)	)	PUNCT
cblr-9109	32	14	............................................................	............................................................	PUNCT
cblr-9109	33	1	1303	1303	NUM
cblr-9109	33	2	1	1	NUM
cblr-9109	33	3	.	.	PUNCT
cblr-9109	33	4	confusion	confusion	NOUN
cblr-9109	33	5	concerning	concern	VERB
cblr-9109	33	6	the	the	DET
cblr-9109	33	7	application	application	NOUN
cblr-9109	33	8	of	of	ADP
cblr-9109	33	9	rule	rule	NOUN
cblr-9109	33	10	10b-5	10b-5	NUM
cblr-9109	33	11	to	to	ADP
cblr-9109	33	12	trade	trade	NOUN
cblr-9109	33	13	-	-	PUNCT
cblr-9109	33	14	based	base	VERB
cblr-9109	33	15	manipulation	manipulation	NOUN
cblr-9109	33	16	...............	...............	PUNCT
cblr-9109	33	17	1304	1304	NUM
cblr-9109	33	18	2	2	NUM
cblr-9109	33	19	.	.	PUNCT
cblr-9109	34	1	rule	rule	VERB
cblr-9109	34	2	10b-5	10b-5	NUM
cblr-9109	34	3	spoofing	spoof	VERB
cblr-9109	34	4	cases	case	NOUN
cblr-9109	34	5	...............................	...............................	PUNCT
cblr-9109	34	6	1307	1307	NUM
cblr-9109	34	7	vii	vii	PROPN
cblr-9109	34	8	.	.	PUNCT
cblr-9109	35	1	assessing	assess	VERB
cblr-9109	35	2	the	the	DET
cblr-9109	35	3	law	law	NOUN
cblr-9109	35	4	of	of	ADP
cblr-9109	35	5	spoofing	spoof	VERB
cblr-9109	35	6	....................................	....................................	PUNCT
cblr-9109	36	1	1310	1310	NUM
cblr-9109	36	2	a.	a.	NOUN
cblr-9109	36	3	optimal	optimal	ADJ
cblr-9109	36	4	regulation	regulation	NOUN
cblr-9109	36	5	................................................	................................................	PUNCT
cblr-9109	36	6	1311	1311	NUM
cblr-9109	36	7	b.	b.	VERB
cblr-9109	36	8	comparing	compare	VERB
cblr-9109	36	9	existing	exist	VERB
cblr-9109	36	10	case	case	NOUN
cblr-9109	36	11	law	law	NOUN
cblr-9109	36	12	to	to	ADP
cblr-9109	36	13	optimal	optimal	ADJ
cblr-9109	36	14	regulation	regulation	NOUN
cblr-9109	36	15	................................................................................	................................................................................	PUNCT
cblr-9109	36	16	1315	1315	NUM
cblr-9109	36	17	viii	viii	NOUN
cblr-9109	36	18	.	.	PUNCT
cblr-9109	37	1	conclusion	conclusion	NOUN
cblr-9109	37	2	...................................................................	...................................................................	PUNCT
cblr-9109	37	3	1319	1319	NUM
cblr-9109	37	4	i.	i.	NOUN
cblr-9109	37	5	introduction	introduction	NOUN
cblr-9109	37	6	nearly	nearly	ADV
cblr-9109	37	7	a	a	PRON
cblr-9109	37	8	century	century	NOUN
cblr-9109	37	9	has	have	AUX
cblr-9109	37	10	passed	pass	VERB
cblr-9109	37	11	since	since	SCONJ
cblr-9109	37	12	the	the	DET
cblr-9109	37	13	united	united	PROPN
cblr-9109	37	14	states	states	PROPN
cblr-9109	37	15	enacted	enact	VERB
cblr-9109	37	16	its	its	PRON
cblr-9109	37	17	first	first	ADJ
cblr-9109	37	18	securities	security	NOUN
cblr-9109	37	19	laws	law	NOUN
cblr-9109	37	20	.	.	PUNCT
cblr-9109	38	1	principally	principally	ADV
cblr-9109	38	2	animated	animate	VERB
cblr-9109	38	3	by	by	ADP
cblr-9109	38	4	the	the	DET
cblr-9109	38	5	desire	desire	NOUN
cblr-9109	38	6	to	to	PART
cblr-9109	38	7	prevent	prevent	VERB
cblr-9109	38	8	manipulation	manipulation	NOUN
cblr-9109	38	9	that	that	PRON
cblr-9109	38	10	was	be	AUX
cblr-9109	38	11	deemed	deem	VERB
cblr-9109	38	12	a	a	DET
cblr-9109	38	13	central	central	ADJ
cblr-9109	38	14	cause	cause	NOUN
cblr-9109	38	15	of	of	ADP
cblr-9109	38	16	the	the	DET
cblr-9109	38	17	1929	1929	NUM
cblr-9109	38	18	stock	stock	NOUN
cblr-9109	38	19	market	market	NOUN
cblr-9109	38	20	crash,1	crash,1	NOUN
cblr-9109	38	21	the	the	DET
cblr-9109	38	22	securities	securities	PROPN
cblr-9109	38	23	exchange	exchange	PROPN
cblr-9109	38	24	act	act	NOUN
cblr-9109	38	25	of	of	ADP
cblr-9109	38	26	1934	1934	NUM
cblr-9109	38	27	(	(	PUNCT
cblr-9109	38	28	“	"	PUNCT
cblr-9109	38	29	exchange	exchange	NOUN
cblr-9109	38	30	act	act	NOUN
cblr-9109	38	31	”	"	PUNCT
cblr-9109	38	32	)	)	PUNCT
cblr-9109	38	33	expressly	expressly	ADV
cblr-9109	38	34	prohibits	prohibit	VERB
cblr-9109	38	35	manipulation	manipulation	NOUN
cblr-9109	38	36	pursuant	pursuant	ADJ
cblr-9109	38	37	to	to	ADP
cblr-9109	38	38	sections	section	NOUN
cblr-9109	38	39	9	9	NUM
cblr-9109	38	40	and	and	CCONJ
cblr-9109	38	41	10(b).2	10(b).2	NUM
cblr-9109	38	42	despite	despite	SCONJ
cblr-9109	38	43	this	this	DET
cblr-9109	38	44	initial	initial	ADJ
cblr-9109	38	45	intensity	intensity	NOUN
cblr-9109	38	46	of	of	ADP
cblr-9109	38	47	concern	concern	NOUN
cblr-9109	38	48	,	,	PUNCT
cblr-9109	38	49	the	the	DET
cblr-9109	38	50	regulation	regulation	NOUN
cblr-9109	38	51	of	of	ADP
cblr-9109	38	52	manipulation	manipulation	NOUN
cblr-9109	38	53	has	have	AUX
cblr-9109	38	54	,	,	PUNCT
cblr-9109	38	55	for	for	ADP
cblr-9109	38	56	most	most	ADJ
cblr-9109	38	57	of	of	ADP
cblr-9109	38	58	the	the	DET
cblr-9109	38	59	following	follow	VERB
cblr-9109	38	60	eighty	eighty	NUM
cblr-9109	38	61	-	-	PUNCT
cblr-9109	38	62	seven	seven	NUM
cblr-9109	38	63	years	year	NOUN
cblr-9109	38	64	,	,	PUNCT
cblr-9109	38	65	largely	largely	ADV
cblr-9109	38	66	failed	fail	VERB
cblr-9109	38	67	to	to	PART
cblr-9109	38	68	attract	attract	VERB
cblr-9109	38	69	much	much	ADJ
cblr-9109	38	70	serious	serious	ADJ
cblr-9109	38	71	scholarship	scholarship	NOUN
cblr-9109	38	72	by	by	ADP
cblr-9109	38	73	either	either	CCONJ
cblr-9109	38	74	legal	legal	ADJ
cblr-9109	38	75	jurists	jurist	NOUN
cblr-9109	38	76	or	or	CCONJ
cblr-9109	38	77	1	1	NUM
cblr-9109	38	78	see	see	VERB
cblr-9109	38	79	,	,	PUNCT
cblr-9109	38	80	e.g.	e.g.	ADV
cblr-9109	38	81	,	,	PUNCT
cblr-9109	38	82	daniel	daniel	PROPN
cblr-9109	38	83	r.	r.	PROPN
cblr-9109	38	84	fischel	fischel	PROPN
cblr-9109	38	85	&	&	CCONJ
cblr-9109	38	86	david	david	PROPN
cblr-9109	38	87	j.	j.	PROPN
cblr-9109	38	88	ross	ross	PROPN
cblr-9109	38	89	,	,	PUNCT
cblr-9109	38	90	should	should	AUX
cblr-9109	38	91	the	the	DET
cblr-9109	38	92	law	law	NOUN
cblr-9109	38	93	prohibit	prohibit	VERB
cblr-9109	38	94	“	"	PUNCT
cblr-9109	38	95	manipulation	manipulation	NOUN
cblr-9109	38	96	”	"	PUNCT
cblr-9109	38	97	in	in	ADP
cblr-9109	38	98	financial	financial	ADJ
cblr-9109	38	99	markets	market	NOUN
cblr-9109	38	100	?	?	PUNCT
cblr-9109	38	101	,	,	PUNCT
cblr-9109	38	102	105	105	NUM
cblr-9109	38	103	harv	harv	NOUN
cblr-9109	38	104	.	.	PUNCT
cblr-9109	39	1	l.	l.	PROPN
cblr-9109	39	2	rev	rev	PROPN
cblr-9109	39	3	.	.	PROPN
cblr-9109	40	1	503	503	NUM
cblr-9109	40	2	(	(	PUNCT
cblr-9109	40	3	1991	1991	NUM
cblr-9109	40	4	(	(	PUNCT
cblr-9109	40	5	“	"	PUNCT
cblr-9109	40	6	the	the	DET
cblr-9109	40	7	drafters	drafter	NOUN
cblr-9109	40	8	of	of	ADP
cblr-9109	40	9	the	the	DET
cblr-9109	40	10	securities	security	NOUN
cblr-9109	40	11	act	act	NOUN
cblr-9109	40	12	of	of	ADP
cblr-9109	40	13	1933	1933	NUM
cblr-9109	40	14	and	and	CCONJ
cblr-9109	40	15	the	the	DET
cblr-9109	40	16	securities	securities	PROPN
cblr-9109	40	17	exchange	exchange	PROPN
cblr-9109	40	18	act	act	NOUN
cblr-9109	40	19	of	of	ADP
cblr-9109	40	20	1934	1934	NUM
cblr-9109	40	21	.	.	PUNCT
cblr-9109	40	22	.	.	PUNCT
cblr-9109	41	1	.	.	PUNCT
cblr-9109	42	1	were	be	AUX
cblr-9109	42	2	convinced	convince	VERB
cblr-9109	42	3	that	that	SCONJ
cblr-9109	42	4	there	there	PRON
cblr-9109	42	5	was	be	VERB
cblr-9109	42	6	a	a	DET
cblr-9109	42	7	direct	direct	ADJ
cblr-9109	42	8	link	link	NOUN
cblr-9109	42	9	between	between	ADP
cblr-9109	42	10	excessive	excessive	ADJ
cblr-9109	42	11	speculation	speculation	NOUN
cblr-9109	42	12	,	,	PUNCT
cblr-9109	42	13	the	the	DET
cblr-9109	42	14	stock	stock	NOUN
cblr-9109	42	15	market	market	NOUN
cblr-9109	42	16	crash	crash	NOUN
cblr-9109	42	17	of	of	ADP
cblr-9109	42	18	1929	1929	NUM
cblr-9109	42	19	,	,	PUNCT
cblr-9109	42	20	and	and	CCONJ
cblr-9109	42	21	the	the	DET
cblr-9109	42	22	great	great	ADJ
cblr-9109	42	23	depression	depression	NOUN
cblr-9109	42	24	of	of	ADP
cblr-9109	42	25	the	the	DET
cblr-9109	42	26	1930s	1930	NOUN
cblr-9109	42	27	.	.	PUNCT
cblr-9109	42	28	”	"	PUNCT
cblr-9109	43	1	(	(	PUNCT
cblr-9109	43	2	footnotes	footnote	NOUN
cblr-9109	43	3	omitted	omit	VERB
cblr-9109	43	4	)	)	PUNCT
cblr-9109	43	5	)	)	PUNCT
cblr-9109	43	6	;	;	PUNCT
cblr-9109	43	7	charles	charles	PROPN
cblr-9109	43	8	r.	r.	PROPN
cblr-9109	43	9	korsmo	korsmo	PROPN
cblr-9109	43	10	,	,	PUNCT
cblr-9109	43	11	high	high	ADJ
cblr-9109	43	12	-	-	PUNCT
cblr-9109	43	13	frequency	frequency	NOUN
cblr-9109	43	14	trading	trading	NOUN
cblr-9109	43	15	:	:	PUNCT
cblr-9109	43	16	a	a	DET
cblr-9109	43	17	regulatory	regulatory	ADJ
cblr-9109	43	18	strategy	strategy	NOUN
cblr-9109	43	19	,	,	PUNCT
cblr-9109	44	1	48	48	NUM
cblr-9109	44	2	u.	u.	NOUN
cblr-9109	44	3	rich	rich	PROPN
cblr-9109	44	4	.	.	PUNCT
cblr-9109	45	1	l.	l.	PROPN
cblr-9109	45	2	rev	rev	PROPN
cblr-9109	45	3	.	.	PROPN
cblr-9109	45	4	523	523	NUM
cblr-9109	45	5	,	,	PUNCT
cblr-9109	45	6	551	551	NUM
cblr-9109	45	7	(	(	PUNCT
cblr-9109	45	8	2014	2014	NUM
cblr-9109	45	9	)	)	PUNCT
cblr-9109	45	10	(	(	PUNCT
cblr-9109	45	11	“	"	PUNCT
cblr-9109	45	12	[	[	X
cblr-9109	45	13	p]revention	p]revention	NOUN
cblr-9109	45	14	of	of	ADP
cblr-9109	45	15	manipulation	manipulation	NOUN
cblr-9109	45	16	has	have	AUX
cblr-9109	45	17	been	be	AUX
cblr-9109	45	18	said	say	VERB
cblr-9109	45	19	to	to	PART
cblr-9109	45	20	be	be	AUX
cblr-9109	45	21	at	at	ADP
cblr-9109	45	22	‘	'	PUNCT
cblr-9109	45	23	the	the	DET
cblr-9109	45	24	very	very	ADJ
cblr-9109	45	25	heart	heart	NOUN
cblr-9109	45	26	’	'	PUNCT
cblr-9109	45	27	of	of	ADP
cblr-9109	45	28	the	the	DET
cblr-9109	45	29	securities	security	NOUN
cblr-9109	45	30	acts	act	VERB
cblr-9109	45	31	.	.	PUNCT
cblr-9109	45	32	”	"	PUNCT
cblr-9109	46	1	(	(	PUNCT
cblr-9109	46	2	quoting	quote	VERB
cblr-9109	46	3	louis	louis	NOUN
cblr-9109	46	4	loss	loss	NOUN
cblr-9109	46	5	,	,	PUNCT
cblr-9109	46	6	fundamentals	fundamental	NOUN
cblr-9109	46	7	of	of	ADP
cblr-9109	46	8	securities	security	NOUN
cblr-9109	46	9	regulation	regulation	NOUN
cblr-9109	46	10	853	853	NUM
cblr-9109	46	11	(	(	PUNCT
cblr-9109	46	12	2d	2d	NUM
cblr-9109	46	13	ed	ed	NOUN
cblr-9109	46	14	.	.	PROPN
cblr-9109	46	15	1988	1988	NUM
cblr-9109	46	16	)	)	PUNCT
cblr-9109	46	17	)	)	PUNCT
cblr-9109	46	18	)	)	PUNCT
cblr-9109	46	19	.	.	PUNCT
cblr-9109	47	1	2	2	NUM
cblr-9109	47	2	see	see	VERB
cblr-9109	47	3	securities	security	NOUN
cblr-9109	47	4	exchange	exchange	PROPN
cblr-9109	47	5	act	act	NOUN
cblr-9109	47	6	of	of	ADP
cblr-9109	47	7	1934	1934	NUM
cblr-9109	47	8	,	,	PUNCT
cblr-9109	47	9	15	15	NUM
cblr-9109	47	10	u.s.c	u.s.c	NOUN
cblr-9109	47	11	.	.	PUNCT
cblr-9109	48	1	§	§	PROPN
cblr-9109	48	2	§	§	NOUN
cblr-9109	48	3	78i(a)(2	78i(a)(2	NOUN
cblr-9109	48	4	)	)	PUNCT
cblr-9109	48	5	,	,	PUNCT
cblr-9109	48	6	78j(b	78j(b	X
cblr-9109	48	7	)	)	PUNCT
cblr-9109	48	8	(	(	PUNCT
cblr-9109	48	9	2018	2018	NUM
cblr-9109	48	10	)	)	PUNCT
cblr-9109	48	11	.	.	PUNCT
cblr-9109	49	1	no	no	INTJ
cblr-9109	49	2	.	.	PUNCT
cblr-9109	50	1	3:1244	3:1244	NUM
cblr-9109	50	2	]	]	X
cblr-9109	50	3	spoofing	spoofing	NOUN
cblr-9109	50	4	and	and	CCONJ
cblr-9109	50	5	its	its	PRON
cblr-9109	50	6	regulation	regulation	NOUN
cblr-9109	50	7	1247	1247	NUM
cblr-9109	50	8	economists	economist	NOUN
cblr-9109	50	9	.	.	PUNCT
cblr-9109	51	1	and	and	CCONJ
cblr-9109	51	2	the	the	DET
cblr-9109	51	3	minimal	minimal	ADJ
cblr-9109	51	4	case	case	NOUN
cblr-9109	51	5	law	law	NOUN
cblr-9109	51	6	interpreting	interpret	VERB
cblr-9109	51	7	these	these	DET
cblr-9109	51	8	statutory	statutory	ADJ
cblr-9109	51	9	provisions	provision	NOUN
cblr-9109	51	10	has	have	AUX
cblr-9109	51	11	been	be	AUX
cblr-9109	51	12	fraught	fraught	ADJ
cblr-9109	51	13	with	with	ADP
cblr-9109	51	14	confusion	confusion	NOUN
cblr-9109	51	15	.	.	PUNCT
cblr-9109	52	1	in	in	ADP
cblr-9109	52	2	the	the	DET
cblr-9109	52	3	last	last	ADJ
cblr-9109	52	4	few	few	ADJ
cblr-9109	52	5	decades	decade	NOUN
cblr-9109	52	6	,	,	PUNCT
cblr-9109	52	7	some	some	DET
cblr-9109	52	8	academics	academic	NOUN
cblr-9109	52	9	have	have	AUX
cblr-9109	52	10	begun	begin	VERB
cblr-9109	52	11	to	to	PART
cblr-9109	52	12	consider	consider	VERB
cblr-9109	52	13	one	one	NUM
cblr-9109	52	14	major	major	ADJ
cblr-9109	52	15	type	type	NOUN
cblr-9109	52	16	of	of	ADP
cblr-9109	52	17	manipulation	manipulation	NOUN
cblr-9109	52	18	:	:	PUNCT
cblr-9109	52	19	trade	trade	NOUN
cblr-9109	52	20	-	-	PUNCT
cblr-9109	52	21	driven	drive	VERB
cblr-9109	52	22	manipulation.3	manipulation.3	NOUN
cblr-9109	52	23	this	this	PRON
cblr-9109	52	24	is	be	AUX
cblr-9109	52	25	where	where	SCONJ
cblr-9109	52	26	the	the	DET
cblr-9109	52	27	manipulator	manipulator	NOUN
cblr-9109	52	28	uses	use	VERB
cblr-9109	52	29	purchases	purchase	NOUN
cblr-9109	52	30	and/or	and/or	CCONJ
cblr-9109	52	31	sales	sale	NOUN
cblr-9109	52	32	to	to	PART
cblr-9109	52	33	effect	effect	VERB
cblr-9109	52	34	changes	change	NOUN
cblr-9109	52	35	in	in	ADP
cblr-9109	52	36	the	the	DET
cblr-9109	52	37	price	price	NOUN
cblr-9109	52	38	of	of	ADP
cblr-9109	52	39	a	a	DET
cblr-9109	52	40	security	security	NOUN
cblr-9109	52	41	that	that	PRON
cblr-9109	52	42	allow	allow	VERB
cblr-9109	52	43	the	the	DET
cblr-9109	52	44	manipulator	manipulator	NOUN
cblr-9109	52	45	to	to	PART
cblr-9109	52	46	profit	profit	VERB
cblr-9109	52	47	.	.	PUNCT
cblr-9109	53	1	in	in	ADP
cblr-9109	53	2	contrast	contrast	NOUN
cblr-9109	53	3	,	,	PUNCT
cblr-9109	53	4	there	there	PRON
cblr-9109	53	5	continues	continue	VERB
cblr-9109	53	6	to	to	PART
cblr-9109	53	7	be	be	AUX
cblr-9109	53	8	almost	almost	ADV
cblr-9109	53	9	no	no	PRON
cblr-9109	53	10	scholarly	scholarly	ADJ
cblr-9109	53	11	attention	attention	NOUN
cblr-9109	53	12	paid	pay	VERB
cblr-9109	53	13	to	to	ADP
cblr-9109	53	14	another	another	DET
cblr-9109	53	15	major	major	ADJ
cblr-9109	53	16	type	type	NOUN
cblr-9109	53	17	of	of	ADP
cblr-9109	53	18	manipulation	manipulation	NOUN
cblr-9109	53	19	:	:	PUNCT
cblr-9109	53	20	quote	quote	NOUN
cblr-9109	53	21	-	-	PUNCT
cblr-9109	53	22	driven	drive	VERB
cblr-9109	53	23	manipulation.4	manipulation.4	NOUN
cblr-9109	53	24	this	this	PRON
cblr-9109	53	25	is	be	AUX
cblr-9109	53	26	where	where	SCONJ
cblr-9109	53	27	the	the	DET
cblr-9109	53	28	manipulator	manipulator	NOUN
cblr-9109	53	29	uses	use	VERB
cblr-9109	53	30	quotes	quote	NOUN
cblr-9109	53	31	—	—	PUNCT
cblr-9109	53	32	binding	bind	VERB
cblr-9109	53	33	commitments	commitment	NOUN
cblr-9109	53	34	posted	post	VERB
cblr-9109	53	35	on	on	ADP
cblr-9109	53	36	an	an	DET
cblr-9109	53	37	exchange	exchange	NOUN
cblr-9109	53	38	indicating	indicate	VERB
cblr-9109	53	39	a	a	DET
cblr-9109	53	40	willingness	willingness	NOUN
cblr-9109	53	41	,	,	PUNCT
cblr-9109	53	42	until	until	SCONJ
cblr-9109	53	43	canceled	cancel	VERB
cblr-9109	53	44	,	,	PUNCT
cblr-9109	53	45	to	to	PART
cblr-9109	53	46	buy	buy	VERB
cblr-9109	53	47	or	or	CCONJ
cblr-9109	53	48	sell	sell	VERB
cblr-9109	53	49	a	a	DET
cblr-9109	53	50	given	give	VERB
cblr-9109	53	51	number	number	NOUN
cblr-9109	53	52	of	of	ADP
cblr-9109	53	53	shares	share	NOUN
cblr-9109	53	54	at	at	ADP
cblr-9109	53	55	a	a	DET
cblr-9109	53	56	stated	state	VERB
cblr-9109	53	57	price	price	NOUN
cblr-9109	53	58	—	—	PUNCT
cblr-9109	53	59	in	in	ADP
cblr-9109	53	60	order	order	NOUN
cblr-9109	53	61	to	to	PART
cblr-9109	53	62	buy	buy	VERB
cblr-9109	53	63	or	or	CCONJ
cblr-9109	53	64	sell	sell	VERB
cblr-9109	53	65	shares	share	NOUN
cblr-9109	53	66	at	at	ADP
cblr-9109	53	67	a	a	DET
cblr-9109	53	68	more	more	ADV
cblr-9109	53	69	favorable	favorable	ADJ
cblr-9109	53	70	price	price	NOUN
cblr-9109	53	71	in	in	ADP
cblr-9109	53	72	a	a	DET
cblr-9109	53	73	separate	separate	ADJ
cblr-9109	53	74	transaction	transaction	NOUN
cblr-9109	53	75	.	.	PUNCT
cblr-9109	54	1	once	once	SCONJ
cblr-9109	54	2	the	the	DET
cblr-9109	54	3	price	price	NOUN
cblr-9109	54	4	for	for	ADP
cblr-9109	54	5	the	the	DET
cblr-9109	54	6	separate	separate	ADJ
cblr-9109	54	7	transaction	transaction	NOUN
cblr-9109	54	8	has	have	VERB
cblr-9109	54	9	3	3	NUM
cblr-9109	54	10	until	until	ADP
cblr-9109	54	11	very	very	ADV
cblr-9109	54	12	recently	recently	ADV
cblr-9109	54	13	,	,	PUNCT
cblr-9109	54	14	even	even	ADV
cblr-9109	54	15	such	such	ADJ
cblr-9109	54	16	literature	literature	NOUN
cblr-9109	54	17	as	as	SCONJ
cblr-9109	54	18	has	have	AUX
cblr-9109	54	19	existed	exist	VERB
cblr-9109	54	20	consisted	consist	VERB
cblr-9109	54	21	of	of	ADP
cblr-9109	54	22	legal	legal	ADJ
cblr-9109	54	23	and	and	CCONJ
cblr-9109	54	24	economics	economic	NOUN
cblr-9109	54	25	academics	academic	NOUN
cblr-9109	54	26	largely	largely	ADV
cblr-9109	54	27	talking	talk	VERB
cblr-9109	54	28	past	past	ADP
cblr-9109	54	29	each	each	DET
cblr-9109	54	30	other	other	ADJ
cblr-9109	54	31	.	.	PUNCT
cblr-9109	55	1	perhaps	perhaps	ADV
cblr-9109	55	2	the	the	DET
cblr-9109	55	3	most	most	ADV
cblr-9109	55	4	well	well	ADV
cblr-9109	55	5	-	-	PUNCT
cblr-9109	55	6	known	know	VERB
cblr-9109	55	7	piece	piece	NOUN
cblr-9109	55	8	in	in	ADP
cblr-9109	55	9	the	the	DET
cblr-9109	55	10	legal	legal	ADJ
cblr-9109	55	11	literature	literature	NOUN
cblr-9109	55	12	,	,	PUNCT
cblr-9109	55	13	by	by	ADP
cblr-9109	55	14	daniel	daniel	PROPN
cblr-9109	55	15	fischel	fischel	PROPN
cblr-9109	55	16	and	and	CCONJ
cblr-9109	55	17	david	david	PROPN
cblr-9109	55	18	ross	ross	PROPN
cblr-9109	55	19	,	,	PUNCT
cblr-9109	55	20	argues	argue	VERB
cblr-9109	55	21	that	that	SCONJ
cblr-9109	55	22	trade	trade	NOUN
cblr-9109	55	23	-	-	PUNCT
cblr-9109	55	24	driven	drive	VERB
cblr-9109	55	25	manipulation	manipulation	NOUN
cblr-9109	55	26	is	be	AUX
cblr-9109	55	27	so	so	ADV
cblr-9109	55	28	difficult	difficult	ADJ
cblr-9109	55	29	to	to	PART
cblr-9109	55	30	identify	identify	VERB
cblr-9109	55	31	that	that	SCONJ
cblr-9109	55	32	it	it	PRON
cblr-9109	55	33	is	be	AUX
cblr-9109	55	34	not	not	PART
cblr-9109	55	35	worth	worth	ADJ
cblr-9109	55	36	regulating	regulate	VERB
cblr-9109	55	37	.	.	PUNCT
cblr-9109	56	1	fischel	fischel	PROPN
cblr-9109	56	2	&	&	CCONJ
cblr-9109	56	3	ross	ross	PROPN
cblr-9109	56	4	,	,	PUNCT
cblr-9109	56	5	supra	supra	PROPN
cblr-9109	56	6	note	note	NOUN
cblr-9109	56	7	1	1	X
cblr-9109	56	8	.	.	PUNCT
cblr-9109	57	1	this	this	DET
cblr-9109	57	2	piece	piece	NOUN
cblr-9109	57	3	ignored	ignore	VERB
cblr-9109	57	4	the	the	DET
cblr-9109	57	5	then	then	ADV
cblr-9109	57	6	-	-	PUNCT
cblr-9109	57	7	developing	develop	VERB
cblr-9109	57	8	market	market	NOUN
cblr-9109	57	9	microstructure	microstructure	NOUN
cblr-9109	57	10	literature	literature	NOUN
cblr-9109	57	11	that	that	PRON
cblr-9109	57	12	shows	show	VERB
cblr-9109	57	13	that	that	SCONJ
cblr-9109	57	14	it	it	PRON
cblr-9109	57	15	may	may	AUX
cblr-9109	57	16	not	not	PART
cblr-9109	57	17	be	be	AUX
cblr-9109	57	18	so	so	ADV
cblr-9109	57	19	difficult	difficult	ADJ
cblr-9109	57	20	,	,	PUNCT
cblr-9109	57	21	a	a	DET
cblr-9109	57	22	point	point	NOUN
cblr-9109	57	23	also	also	ADV
cblr-9109	57	24	missed	miss	VERB
cblr-9109	57	25	by	by	ADP
cblr-9109	57	26	steve	steve	PROPN
cblr-9109	57	27	thel	thel	PROPN
cblr-9109	57	28	,	,	PUNCT
cblr-9109	57	29	the	the	DET
cblr-9109	57	30	strongest	strong	ADJ
cblr-9109	57	31	critic	critic	NOUN
cblr-9109	57	32	of	of	ADP
cblr-9109	57	33	the	the	DET
cblr-9109	57	34	fischel	fischel	PROPN
cblr-9109	57	35	and	and	CCONJ
cblr-9109	57	36	ross	ross	PROPN
cblr-9109	57	37	piece	piece	PROPN
cblr-9109	57	38	.	.	PUNCT
cblr-9109	58	1	steve	steve	PROPN
cblr-9109	58	2	thel	thel	PROPN
cblr-9109	58	3	,	,	PUNCT
cblr-9109	58	4	$	$	SYM
cblr-9109	58	5	850,000	850,000	NUM
cblr-9109	58	6	in	in	ADP
cblr-9109	58	7	six	six	NUM
cblr-9109	58	8	minutes	minute	NOUN
cblr-9109	58	9	—	—	PUNCT
cblr-9109	58	10	the	the	DET
cblr-9109	58	11	mechanics	mechanic	NOUN
cblr-9109	58	12	of	of	ADP
cblr-9109	58	13	securities	security	NOUN
cblr-9109	58	14	manipulation	manipulation	NOUN
cblr-9109	58	15	,	,	PUNCT
cblr-9109	58	16	79	79	NUM
cblr-9109	58	17	cornell	cornell	PROPN
cblr-9109	58	18	l.	l.	PROPN
cblr-9109	58	19	rev	rev	PROPN
cblr-9109	58	20	.	.	PROPN
cblr-9109	58	21	219	219	NUM
cblr-9109	58	22	(	(	PUNCT
cblr-9109	58	23	1994	1994	NUM
cblr-9109	58	24	)	)	PUNCT
cblr-9109	58	25	similarly	similarly	ADV
cblr-9109	58	26	,	,	PUNCT
cblr-9109	58	27	much	much	ADJ
cblr-9109	58	28	of	of	ADP
cblr-9109	58	29	the	the	DET
cblr-9109	58	30	literature	literature	NOUN
cblr-9109	58	31	on	on	ADP
cblr-9109	58	32	the	the	DET
cblr-9109	58	33	subject	subject	NOUN
cblr-9109	58	34	by	by	ADP
cblr-9109	58	35	economists	economist	NOUN
cblr-9109	58	36	that	that	PRON
cblr-9109	58	37	does	do	AUX
cblr-9109	58	38	employ	employ	VERB
cblr-9109	58	39	learning	learn	VERB
cblr-9109	58	40	from	from	ADP
cblr-9109	58	41	microstructure	microstructure	ADJ
cblr-9109	58	42	economics	economic	NOUN
cblr-9109	58	43	has	have	AUX
cblr-9109	58	44	been	be	AUX
cblr-9109	58	45	written	write	VERB
cblr-9109	58	46	without	without	ADP
cblr-9109	58	47	a	a	DET
cblr-9109	58	48	clear	clear	ADJ
cblr-9109	58	49	notion	notion	NOUN
cblr-9109	58	50	of	of	ADP
cblr-9109	58	51	what	what	PRON
cblr-9109	58	52	the	the	DET
cblr-9109	58	53	legal	legal	ADJ
cblr-9109	58	54	requirements	requirement	NOUN
cblr-9109	58	55	are	be	AUX
cblr-9109	58	56	for	for	SCONJ
cblr-9109	58	57	a	a	DET
cblr-9109	58	58	trade	trade	NOUN
cblr-9109	58	59	to	to	PART
cblr-9109	58	60	be	be	AUX
cblr-9109	58	61	manipulative	manipulative	ADJ
cblr-9109	58	62	.	.	PUNCT
cblr-9109	59	1	in	in	ADP
cblr-9109	59	2	the	the	DET
cblr-9109	59	3	last	last	ADJ
cblr-9109	59	4	few	few	ADJ
cblr-9109	59	5	years	year	NOUN
cblr-9109	59	6	,	,	PUNCT
cblr-9109	59	7	some	some	DET
cblr-9109	59	8	scholarship	scholarship	NOUN
cblr-9109	59	9	has	have	AUX
cblr-9109	59	10	taken	take	VERB
cblr-9109	59	11	a	a	DET
cblr-9109	59	12	more	more	ADV
cblr-9109	59	13	nuanced	nuanced	ADJ
cblr-9109	59	14	view	view	NOUN
cblr-9109	59	15	of	of	ADP
cblr-9109	59	16	trade	trade	NOUN
cblr-9109	59	17	-	-	PUNCT
cblr-9109	59	18	driven	drive	VERB
cblr-9109	59	19	manipulation	manipulation	NOUN
cblr-9109	59	20	by	by	ADP
cblr-9109	59	21	incorporating	incorporate	VERB
cblr-9109	59	22	both	both	CCONJ
cblr-9109	59	23	legal	legal	ADJ
cblr-9109	59	24	and	and	CCONJ
cblr-9109	59	25	economic	economic	ADJ
cblr-9109	59	26	arguments	argument	NOUN
cblr-9109	59	27	.	.	PUNCT
cblr-9109	60	1	see	see	VERB
cblr-9109	60	2	,	,	PUNCT
cblr-9109	60	3	e.g.	e.g.	ADV
cblr-9109	60	4	,	,	PUNCT
cblr-9109	60	5	albert	albert	PROPN
cblr-9109	60	6	s.	s.	PROPN
cblr-9109	60	7	kyle	kyle	PROPN
cblr-9109	60	8	&	&	CCONJ
cblr-9109	60	9	s.	s.	PROPN
cblr-9109	60	10	viswanathan	viswanathan	PROPN
cblr-9109	60	11	,	,	PUNCT
cblr-9109	60	12	how	how	SCONJ
cblr-9109	60	13	to	to	PART
cblr-9109	60	14	define	define	VERB
cblr-9109	60	15	illegal	illegal	ADJ
cblr-9109	60	16	price	price	NOUN
cblr-9109	60	17	manipulation	manipulation	NOUN
cblr-9109	60	18	,	,	PUNCT
cblr-9109	60	19	98	98	NUM
cblr-9109	60	20	am	am	NOUN
cblr-9109	60	21	.	.	PUNCT
cblr-9109	61	1	econ	econ	AUX
cblr-9109	61	2	.	.	PUNCT
cblr-9109	61	3	rev	rev	PROPN
cblr-9109	61	4	.	.	PUNCT
cblr-9109	62	1	papers	paper	NOUN
cblr-9109	62	2	&	&	CCONJ
cblr-9109	62	3	proc	proc	PROPN
cblr-9109	62	4	.	.	PUNCT
cblr-9109	62	5	)	)	PUNCT
cblr-9109	62	6	274	274	NUM
cblr-9109	62	7	(	(	PUNCT
cblr-9109	62	8	2008	2008	NUM
cblr-9109	62	9	)	)	PUNCT
cblr-9109	62	10	;	;	PUNCT
cblr-9109	62	11	merritt	merritt	PROPN
cblr-9109	62	12	b.	b.	PROPN
cblr-9109	62	13	fox	fox	PROPN
cblr-9109	62	14	,	,	PUNCT
cblr-9109	62	15	lawrence	lawrence	PROPN
cblr-9109	62	16	r.	r.	PROPN
cblr-9109	62	17	glosten	glosten	PROPN
cblr-9109	62	18	&	&	CCONJ
cblr-9109	62	19	gabriel	gabriel	PROPN
cblr-9109	62	20	v.	v.	PROPN
cblr-9109	62	21	rauterberg	rauterberg	PROPN
cblr-9109	62	22	,	,	PUNCT
cblr-9109	62	23	stock	stock	NOUN
cblr-9109	62	24	market	market	NOUN
cblr-9109	62	25	manipulation	manipulation	NOUN
cblr-9109	62	26	and	and	CCONJ
cblr-9109	62	27	its	its	PRON
cblr-9109	62	28	regulation	regulation	NOUN
cblr-9109	62	29	,	,	PUNCT
cblr-9109	62	30	35	35	NUM
cblr-9109	62	31	yale	yale	NOUN
cblr-9109	62	32	j.	j.	PROPN
cblr-9109	62	33	on	on	ADP
cblr-9109	62	34	reg	reg	PROPN
cblr-9109	62	35	.	.	PROPN
cblr-9109	63	1	67	67	NUM
cblr-9109	63	2	(	(	PUNCT
cblr-9109	63	3	2018	2018	NUM
cblr-9109	63	4	)	)	PUNCT
cblr-9109	64	1	[	[	X
cblr-9109	64	2	hereinafter	hereinafter	NOUN
cblr-9109	64	3	fox	fox	PROPN
cblr-9109	64	4	et	et	PROPN
cblr-9109	64	5	al	al	PROPN
cblr-9109	64	6	.	.	PROPN
cblr-9109	64	7	,	,	PUNCT
cblr-9109	64	8	manipulation	manipulation	NOUN
cblr-9109	64	9	]	]	PUNCT
cblr-9109	64	10	;	;	PUNCT
cblr-9109	64	11	merritt	merritt	PROPN
cblr-9109	64	12	b.	b.	PROPN
cblr-9109	64	13	fox	fox	PROPN
cblr-9109	64	14	,	,	PUNCT
cblr-9109	64	15	lawrence	lawrence	PROPN
cblr-9109	64	16	r.	r.	PROPN
cblr-9109	64	17	glosten	glosten	PROPN
cblr-9109	64	18	&	&	CCONJ
cblr-9109	64	19	gabriel	gabriel	PROPN
cblr-9109	64	20	v.	v.	PROPN
cblr-9109	64	21	rauterberg	rauterberg	PROPN
cblr-9109	64	22	,	,	PUNCT
cblr-9109	64	23	the	the	DET
cblr-9109	64	24	new	new	ADJ
cblr-9109	64	25	stock	stock	NOUN
cblr-9109	64	26	market	market	NOUN
cblr-9109	64	27	:	:	PUNCT
cblr-9109	64	28	law	law	NOUN
cblr-9109	64	29	,	,	PUNCT
cblr-9109	64	30	economics	economic	NOUN
cblr-9109	64	31	,	,	PUNCT
cblr-9109	64	32	and	and	CCONJ
cblr-9109	64	33	policy	policy	NOUN
cblr-9109	64	34	200–40	200–40	NUM
cblr-9109	64	35	(	(	PUNCT
cblr-9109	64	36	2019	2019	NUM
cblr-9109	64	37	)	)	PUNCT
cblr-9109	65	1	[	[	X
cblr-9109	65	2	hereinafter	hereinafter	NOUN
cblr-9109	65	3	fox	fox	PROPN
cblr-9109	65	4	et	et	PROPN
cblr-9109	65	5	al	al	PROPN
cblr-9109	65	6	.	.	PROPN
cblr-9109	65	7	,	,	PUNCT
cblr-9109	65	8	the	the	DET
cblr-9109	65	9	new	new	ADJ
cblr-9109	65	10	stock	stock	NOUN
cblr-9109	65	11	market	market	NOUN
cblr-9109	65	12	]	]	X
cblr-9109	65	13	;	;	PUNCT
cblr-9109	65	14	gina	gina	PROPN
cblr-9109	65	15	-	-	PUNCT
cblr-9109	65	16	gail	gail	PROPN
cblr-9109	65	17	s.	s.	PROPN
cblr-9109	65	18	fletcher	fletcher	PROPN
cblr-9109	65	19	,	,	PUNCT
cblr-9109	65	20	legitimate	legitimate	ADJ
cblr-9109	65	21	yet	yet	ADV
cblr-9109	65	22	manipulative	manipulative	ADJ
cblr-9109	65	23	:	:	PUNCT
cblr-9109	65	24	the	the	DET
cblr-9109	65	25	conundrum	conundrum	NOUN
cblr-9109	65	26	of	of	ADP
cblr-9109	65	27	open	open	ADJ
cblr-9109	65	28	-	-	PUNCT
cblr-9109	65	29	market	market	NOUN
cblr-9109	65	30	manipulation	manipulation	NOUN
cblr-9109	65	31	,	,	PUNCT
cblr-9109	65	32	68	68	NUM
cblr-9109	65	33	duke	duke	PROPN
cblr-9109	65	34	l.j	l.j	PROPN
cblr-9109	65	35	.	.	PROPN
cblr-9109	65	36	479	479	NUM
cblr-9109	65	37	(	(	PUNCT
cblr-9109	65	38	2018	2018	NUM
cblr-9109	65	39	)	)	PUNCT
cblr-9109	65	40	.	.	PUNCT
cblr-9109	66	1	4	4	NUM
cblr-9109	66	2	but	but	CCONJ
cblr-9109	66	3	see	see	VERB
cblr-9109	66	4	,	,	PUNCT
cblr-9109	66	5	e.g.	e.g.	ADV
cblr-9109	66	6	,	,	PUNCT
cblr-9109	66	7	ilya	ilya	PROPN
cblr-9109	66	8	beylin	beylin	PROPN
cblr-9109	66	9	,	,	PUNCT
cblr-9109	66	10	taxing	tax	VERB
cblr-9109	66	11	fictive	fictive	ADJ
cblr-9109	66	12	orders	order	NOUN
cblr-9109	66	13	:	:	PUNCT
cblr-9109	66	14	how	how	SCONJ
cblr-9109	66	15	an	an	DET
cblr-9109	66	16	informationforcing	informationforce	VERB
cblr-9109	66	17	tax	tax	NOUN
cblr-9109	66	18	can	can	AUX
cblr-9109	66	19	reduce	reduce	VERB
cblr-9109	66	20	manipulation	manipulation	NOUN
cblr-9109	66	21	and	and	CCONJ
cblr-9109	66	22	distortion	distortion	NOUN
cblr-9109	66	23	in	in	ADP
cblr-9109	66	24	financial	financial	ADJ
cblr-9109	66	25	product	product	NOUN
cblr-9109	66	26	markets	market	NOUN
cblr-9109	66	27	,	,	PUNCT
cblr-9109	66	28	85	85	NUM
cblr-9109	66	29	u.	u.	NOUN
cblr-9109	66	30	cin	cin	PROPN
cblr-9109	66	31	.	.	PUNCT
cblr-9109	67	1	l.	l.	PROPN
cblr-9109	67	2	rev	rev	PROPN
cblr-9109	67	3	.	.	PROPN
cblr-9109	67	4	91	91	NUM
cblr-9109	67	5	(	(	PUNCT
cblr-9109	67	6	2018	2018	NUM
cblr-9109	67	7	)	)	PUNCT
cblr-9109	67	8	(	(	PUNCT
cblr-9109	67	9	arguing	argue	VERB
cblr-9109	67	10	the	the	DET
cblr-9109	67	11	informational	informational	ADJ
cblr-9109	67	12	undesirability	undesirability	NOUN
cblr-9109	67	13	of	of	ADP
cblr-9109	67	14	spoofing	spoof	VERB
cblr-9109	67	15	and	and	CCONJ
cblr-9109	67	16	recommending	recommend	VERB
cblr-9109	67	17	a	a	DET
cblr-9109	67	18	tax	tax	NOUN
cblr-9109	67	19	on	on	ADP
cblr-9109	67	20	certain	certain	ADJ
cblr-9109	67	21	order	order	NOUN
cblr-9109	67	22	cancellations	cancellation	NOUN
cblr-9109	67	23	)	)	PUNCT
cblr-9109	67	24	.	.	PUNCT
cblr-9109	68	1	1248	1248	NUM
cblr-9109	68	2	columbia	columbia	PROPN
cblr-9109	68	3	business	business	NOUN
cblr-9109	68	4	law	law	PROPN
cblr-9109	68	5	review	review	NOUN
cblr-9109	68	6	[	[	X
cblr-9109	68	7	vol	vol	NOUN
cblr-9109	68	8	.	.	PUNCT
cblr-9109	68	9	2021	2021	NUM
cblr-9109	68	10	been	be	AUX
cblr-9109	68	11	favorably	favorably	ADV
cblr-9109	68	12	changed	change	VERB
cblr-9109	68	13	,	,	PUNCT
cblr-9109	68	14	the	the	DET
cblr-9109	68	15	manipulator	manipulator	NOUN
cblr-9109	68	16	is	be	AUX
cblr-9109	68	17	usually	usually	ADV
cblr-9109	68	18	able	able	ADJ
cblr-9109	68	19	to	to	PART
cblr-9109	68	20	cancel	cancel	VERB
cblr-9109	68	21	her	her	PRON
cblr-9109	68	22	quotes	quote	NOUN
cblr-9109	68	23	before	before	SCONJ
cblr-9109	68	24	they	they	PRON
cblr-9109	68	25	are	be	AUX
cblr-9109	68	26	accepted	accept	VERB
cblr-9109	68	27	and	and	CCONJ
cblr-9109	68	28	become	become	VERB
cblr-9109	68	29	executed	execute	VERB
cblr-9109	68	30	transactions	transaction	NOUN
cblr-9109	68	31	.	.	PUNCT
cblr-9109	69	1	these	these	DET
cblr-9109	69	2	shortfalls	shortfall	NOUN
cblr-9109	69	3	in	in	ADP
cblr-9109	69	4	the	the	DET
cblr-9109	69	5	scholarly	scholarly	ADJ
cblr-9109	69	6	literature	literature	NOUN
cblr-9109	69	7	and	and	CCONJ
cblr-9109	69	8	in	in	ADP
cblr-9109	69	9	the	the	DET
cblr-9109	69	10	law	law	NOUN
cblr-9109	69	11	are	be	AUX
cblr-9109	69	12	ironic	ironic	ADJ
cblr-9109	69	13	given	give	VERB
cblr-9109	69	14	that	that	SCONJ
cblr-9109	69	15	some	some	PRON
cblr-9109	69	16	of	of	ADP
cblr-9109	69	17	the	the	DET
cblr-9109	69	18	most	most	ADV
cblr-9109	69	19	noteworthy	noteworthy	ADJ
cblr-9109	69	20	manipulation	manipulation	NOUN
cblr-9109	69	21	cases	case	NOUN
cblr-9109	69	22	brought	bring	VERB
cblr-9109	69	23	by	by	ADP
cblr-9109	69	24	the	the	DET
cblr-9109	69	25	government	government	NOUN
cblr-9109	69	26	in	in	ADP
cblr-9109	69	27	recent	recent	ADJ
cblr-9109	69	28	years	year	NOUN
cblr-9109	69	29	—	—	PUNCT
cblr-9109	69	30	united	united	PROPN
cblr-9109	69	31	states	states	PROPN
cblr-9109	69	32	v.	v.	ADP
cblr-9109	69	33	coscia5	coscia5	PROPN
cblr-9109	69	34	and	and	CCONJ
cblr-9109	69	35	cftc	cftc	PROPN
cblr-9109	69	36	v.	v.	PROPN
cblr-9109	69	37	nav	nav	PROPN
cblr-9109	69	38	sarao	sarao	PROPN
cblr-9109	69	39	futures	futures	PROPN
cblr-9109	69	40	ltd	ltd	PROPN
cblr-9109	69	41	.	.	PROPN
cblr-9109	69	42	plc6	plc6	NOUN
cblr-9109	69	43	(	(	PUNCT
cblr-9109	69	44	“	"	PUNCT
cblr-9109	69	45	sarao	sarao	NOUN
cblr-9109	69	46	”	"	PUNCT
cblr-9109	69	47	)	)	PUNCT
cblr-9109	69	48	(	(	PUNCT
cblr-9109	69	49	involving	involve	VERB
cblr-9109	69	50	futures	future	NOUN
cblr-9109	69	51	market	market	NOUN
cblr-9109	69	52	activity	activity	NOUN
cblr-9109	69	53	)	)	PUNCT
cblr-9109	69	54	,	,	PUNCT
cblr-9109	69	55	and	and	CCONJ
cblr-9109	69	56	sec	sec	PROPN
cblr-9109	69	57	v.	v.	CCONJ
cblr-9109	69	58	taub7	taub7	PROPN
cblr-9109	69	59	and	and	CCONJ
cblr-9109	69	60	sec	sec	PROPN
cblr-9109	69	61	v.	v.	PROPN
cblr-9109	69	62	lek	lek	PROPN
cblr-9109	69	63	securities	securities	PROPN
cblr-9109	69	64	corporation	corporation	NOUN
cblr-9109	69	65	(	(	PUNCT
cblr-9109	69	66	“	"	PUNCT
cblr-9109	69	67	lek”)8	lek”)8	PROPN
cblr-9109	69	68	(	(	PUNCT
cblr-9109	69	69	involving	involve	VERB
cblr-9109	69	70	equity	equity	NOUN
cblr-9109	69	71	market	market	NOUN
cblr-9109	69	72	activity)—are	activity)—are	ADP
cblr-9109	69	73	based	base	VERB
cblr-9109	69	74	on	on	ADP
cblr-9109	69	75	allegations	allegation	NOUN
cblr-9109	69	76	of	of	ADP
cblr-9109	69	77	quote	quote	ADV
cblr-9109	69	78	-	-	PUNCT
cblr-9109	69	79	driven	drive	VERB
cblr-9109	69	80	,	,	PUNCT
cblr-9109	69	81	not	not	PART
cblr-9109	69	82	trade	trade	NOUN
cblr-9109	69	83	-	-	PUNCT
cblr-9109	69	84	driven	drive	VERB
cblr-9109	69	85	behavior	behavior	NOUN
cblr-9109	69	86	.	.	PUNCT
cblr-9109	70	1	in	in	ADP
cblr-9109	70	2	the	the	DET
cblr-9109	70	3	sarao	sarao	NOUN
cblr-9109	70	4	case	case	NOUN
cblr-9109	70	5	,	,	PUNCT
cblr-9109	70	6	the	the	DET
cblr-9109	70	7	department	department	PROPN
cblr-9109	70	8	of	of	ADP
cblr-9109	70	9	justice	justice	PROPN
cblr-9109	70	10	charged	charge	VERB
cblr-9109	70	11	a	a	DET
cblr-9109	70	12	single	single	ADJ
cblr-9109	70	13	individual	individual	NOUN
cblr-9109	70	14	with	with	ADP
cblr-9109	70	15	a	a	DET
cblr-9109	70	16	quote	quote	NOUN
cblr-9109	70	17	-	-	PUNCT
cblr-9109	70	18	driven	drive	VERB
cblr-9109	70	19	manipulation	manipulation	NOUN
cblr-9109	70	20	that	that	PRON
cblr-9109	70	21	was	be	AUX
cblr-9109	70	22	alleged	allege	VERB
cblr-9109	70	23	to	to	PART
cblr-9109	70	24	have	have	AUX
cblr-9109	70	25	“	"	PUNCT
cblr-9109	70	26	significantly	significantly	ADV
cblr-9109	70	27	”	"	PUNCT
cblr-9109	70	28	contributed	contribute	VERB
cblr-9109	70	29	to	to	ADP
cblr-9109	70	30	2010	2010	NUM
cblr-9109	70	31	’s	’s	PART
cblr-9109	70	32	“	"	PUNCT
cblr-9109	70	33	flash	flash	NOUN
cblr-9109	70	34	crash	crash	NOUN
cblr-9109	70	35	,	,	PUNCT
cblr-9109	70	36	”	"	PUNCT
cblr-9109	70	37	during	during	ADP
cblr-9109	70	38	which	which	PRON
cblr-9109	70	39	u.s	u.s	PROPN
cblr-9109	70	40	.	.	PROPN
cblr-9109	70	41	equity	equity	NOUN
cblr-9109	70	42	market	market	NOUN
cblr-9109	70	43	prices	price	NOUN
cblr-9109	70	44	temporarily	temporarily	ADV
cblr-9109	70	45	declined	decline	VERB
cblr-9109	70	46	by	by	ADP
cblr-9109	70	47	more	more	ADJ
cblr-9109	70	48	than	than	ADP
cblr-9109	70	49	nine	nine	NUM
cblr-9109	70	50	percent.9	percent.9	PROPN
cblr-9109	70	51	individual	individual	ADJ
cblr-9109	70	52	defendants	defendant	NOUN
cblr-9109	70	53	in	in	ADP
cblr-9109	70	54	these	these	DET
cblr-9109	70	55	cases	case	NOUN
cblr-9109	70	56	have	have	AUX
cblr-9109	70	57	sometimes	sometimes	ADV
cblr-9109	70	58	made	make	VERB
cblr-9109	70	59	tens	ten	NOUN
cblr-9109	70	60	of	of	ADP
cblr-9109	70	61	millions	million	NOUN
cblr-9109	70	62	of	of	ADP
cblr-9109	70	63	dollars	dollar	NOUN
cblr-9109	70	64	using	use	VERB
cblr-9109	70	65	quote	quote	NOUN
cblr-9109	70	66	-	-	PUNCT
cblr-9109	70	67	based	base	VERB
cblr-9109	70	68	strategies.10	strategies.10	NOUN
cblr-9109	70	69	the	the	DET
cblr-9109	70	70	obstacles	obstacle	NOUN
cblr-9109	70	71	to	to	ADP
cblr-9109	70	72	assessing	assess	VERB
cblr-9109	70	73	the	the	DET
cblr-9109	70	74	appropriate	appropriate	ADJ
cblr-9109	70	75	reach	reach	NOUN
cblr-9109	70	76	of	of	ADP
cblr-9109	70	77	manipulation	manipulation	NOUN
cblr-9109	70	78	law	law	NOUN
cblr-9109	70	79	originate	originate	VERB
cblr-9109	70	80	with	with	ADP
cblr-9109	70	81	the	the	DET
cblr-9109	70	82	statutory	statutory	ADJ
cblr-9109	70	83	provisions	provision	NOUN
cblr-9109	70	84	themselves	themselves	PRON
cblr-9109	70	85	.	.	PUNCT
cblr-9109	71	1	the	the	DET
cblr-9109	71	2	exchange	exchange	NOUN
cblr-9109	71	3	act	act	NOUN
cblr-9109	71	4	provides	provide	VERB
cblr-9109	71	5	remarkably	remarkably	ADV
cblr-9109	71	6	little	little	ADJ
cblr-9109	71	7	guidance	guidance	NOUN
cblr-9109	71	8	as	as	ADP
cblr-9109	71	9	to	to	ADP
cblr-9109	71	10	the	the	DET
cblr-9109	71	11	conduct	conduct	NOUN
cblr-9109	71	12	covered	cover	VERB
cblr-9109	71	13	by	by	ADP
cblr-9109	71	14	the	the	DET
cblr-9109	71	15	statutory	statutory	ADJ
cblr-9109	71	16	5	5	NUM
cblr-9109	71	17	866	866	NUM
cblr-9109	71	18	f.3d	f.3d	NUM
cblr-9109	71	19	782	782	NUM
cblr-9109	71	20	,	,	PUNCT
cblr-9109	71	21	788–89	788–89	NUM
cblr-9109	71	22	(	(	PUNCT
cblr-9109	71	23	7th	7th	ADJ
cblr-9109	71	24	cir	cir	NOUN
cblr-9109	71	25	.	.	PROPN
cblr-9109	71	26	2017	2017	NUM
cblr-9109	71	27	)	)	PUNCT
cblr-9109	71	28	.	.	PUNCT
cblr-9109	72	1	6	6	NUM
cblr-9109	72	2	no	no	NOUN
cblr-9109	72	3	.	.	NOUN
cblr-9109	73	1	15	15	NUM
cblr-9109	73	2	-	-	PUNCT
cblr-9109	73	3	cv-3398	cv-3398	NOUN
cblr-9109	73	4	,	,	PUNCT
cblr-9109	73	5	2016	2016	NUM
cblr-9109	73	6	wl	wl	NOUN
cblr-9109	73	7	8257513	8257513	NUM
cblr-9109	73	8	,	,	PUNCT
cblr-9109	73	9	at	at	ADP
cblr-9109	73	10	*	*	NUM
cblr-9109	73	11	4	4	NUM
cblr-9109	73	12	(	(	PUNCT
cblr-9109	73	13	n.d	n.d	PROPN
cblr-9109	73	14	.	.	PROPN
cblr-9109	73	15	ill	ill	PROPN
cblr-9109	73	16	.	.	PUNCT
cblr-9109	74	1	nov	nov	PROPN
cblr-9109	74	2	.	.	PROPN
cblr-9109	74	3	14	14	NUM
cblr-9109	74	4	,	,	PUNCT
cblr-9109	74	5	2016	2016	NUM
cblr-9109	74	6	)	)	PUNCT
cblr-9109	74	7	.	.	PUNCT
cblr-9109	75	1	7	7	NUM
cblr-9109	75	2	amended	amend	VERB
cblr-9109	75	3	complaint	complaint	NOUN
cblr-9109	75	4	at	at	ADP
cblr-9109	75	5	7–8	7–8	NOUN
cblr-9109	75	6	,	,	PUNCT
cblr-9109	75	7	sec	sec	PROPN
cblr-9109	75	8	v.	v.	PROPN
cblr-9109	75	9	taub	taub	PROPN
cblr-9109	75	10	,	,	PUNCT
cblr-9109	75	11	no	no	INTJ
cblr-9109	75	12	.	.	PUNCT
cblr-9109	76	1	2:16	2:16	NUM
cblr-9109	76	2	-	-	PUNCT
cblr-9109	76	3	cv-09130	cv-09130	NOUN
cblr-9109	76	4	(	(	PUNCT
cblr-9109	76	5	d.n.j	d.n.j	PROPN
cblr-9109	76	6	.	.	PUNCT
cblr-9109	76	7	apr	apr	PROPN
cblr-9109	76	8	.	.	PROPN
cblr-9109	76	9	26	26	NUM
cblr-9109	76	10	,	,	PUNCT
cblr-9109	76	11	2018	2018	NUM
cblr-9109	76	12	)	)	PUNCT
cblr-9109	76	13	,	,	PUNCT
cblr-9109	76	14	ecf	ecf	PROPN
cblr-9109	76	15	no	no	INTJ
cblr-9109	76	16	.	.	PROPN
cblr-9109	77	1	37	37	NUM
cblr-9109	77	2	.	.	NOUN
cblr-9109	77	3	8	8	NUM
cblr-9109	77	4	276	276	NUM
cblr-9109	77	5	f.	f.	PROPN
cblr-9109	77	6	supp	supp	PROPN
cblr-9109	77	7	.	.	PUNCT
cblr-9109	78	1	3d	3d	NUM
cblr-9109	78	2	49	49	NUM
cblr-9109	78	3	,	,	PUNCT
cblr-9109	78	4	54–55	54–55	NUM
cblr-9109	78	5	(	(	PUNCT
cblr-9109	78	6	s.d.n.y	s.d.n.y	PROPN
cblr-9109	78	7	.	.	PROPN
cblr-9109	78	8	2017	2017	NUM
cblr-9109	78	9	)	)	PUNCT
cblr-9109	78	10	.	.	PUNCT
cblr-9109	79	1	9	9	NUM
cblr-9109	79	2	nathaniel	nathaniel	PROPN
cblr-9109	79	3	popper	popper	PROPN
cblr-9109	79	4	&	&	CCONJ
cblr-9109	79	5	jenny	jenny	PROPN
cblr-9109	79	6	anderson	anderson	PROPN
cblr-9109	79	7	,	,	PUNCT
cblr-9109	79	8	trader	trader	NOUN
cblr-9109	79	9	arrested	arrest	VERB
cblr-9109	79	10	in	in	ADP
cblr-9109	79	11	manipulation	manipulation	NOUN
cblr-9109	79	12	that	that	PRON
cblr-9109	79	13	contributed	contribute	VERB
cblr-9109	79	14	to	to	ADP
cblr-9109	79	15	2010	2010	NUM
cblr-9109	79	16	‘	'	PUNCT
cblr-9109	79	17	flash	flash	NOUN
cblr-9109	79	18	crash	crash	NOUN
cblr-9109	79	19	’	'	PUNCT
cblr-9109	79	20	,	,	PUNCT
cblr-9109	79	21	n.y	n.y	PROPN
cblr-9109	79	22	.	.	PROPN
cblr-9109	79	23	times	times	PROPN
cblr-9109	79	24	(	(	PUNCT
cblr-9109	79	25	apr	apr	PROPN
cblr-9109	79	26	.	.	PROPN
cblr-9109	79	27	21	21	NUM
cblr-9109	79	28	,	,	PUNCT
cblr-9109	79	29	2015	2015	NUM
cblr-9109	79	30	)	)	PUNCT
cblr-9109	79	31	,	,	PUNCT
cblr-9109	79	32	http://www.nytimes.com/2015/04/22/business/dealbook/trader-inbritain-arrested-on-charges-of-manipulation-that-led-to-2010-flashcrash.html	http://www.nytimes.com/2015/04/22/business/dealbook/trader-inbritain-arrested-on-charges-of-manipulation-that-led-to-2010-flashcrash.html	PROPN
cblr-9109	80	1	[	[	X
cblr-9109	80	2	http://perma.cc/r73p-l7al	http://perma.cc/r73p-l7al	PROPN
cblr-9109	80	3	]	]	X
cblr-9109	80	4	;	;	PUNCT
cblr-9109	80	5	suzi	suzi	PROPN
cblr-9109	80	6	ring	ring	PROPN
cblr-9109	80	7	,	,	PUNCT
cblr-9109	80	8	flash	flash	ADJ
cblr-9109	80	9	-	-	PUNCT
cblr-9109	80	10	crash	crash	NOUN
cblr-9109	80	11	trader	trader	NOUN
cblr-9109	80	12	sarao	sarao	NOUN
cblr-9109	80	13	gets	get	VERB
cblr-9109	80	14	bail	bail	NOUN
cblr-9109	80	15	in	in	ADP
cblr-9109	80	16	u.s	u.s	PROPN
cblr-9109	80	17	.	.	PROPN
cblr-9109	80	18	extradition	extradition	NOUN
cblr-9109	80	19	fight	fight	NOUN
cblr-9109	80	20	,	,	PUNCT
cblr-9109	80	21	bloomberg	bloomberg	PROPN
cblr-9109	80	22	bus	bus	NOUN
cblr-9109	80	23	.	.	PUNCT
cblr-9109	81	1	(	(	PUNCT
cblr-9109	81	2	apr	apr	PROPN
cblr-9109	81	3	.	.	PROPN
cblr-9109	81	4	22	22	NUM
cblr-9109	81	5	,	,	PUNCT
cblr-9109	81	6	2015	2015	NUM
cblr-9109	81	7	,	,	PUNCT
cblr-9109	81	8	11:36	11:36	NUM
cblr-9109	81	9	am	am	NOUN
cblr-9109	81	10	)	)	PUNCT
cblr-9109	81	11	,	,	PUNCT
cblr-9109	81	12	http://www.bloomberg.com/news/articles/2015-04-22/flashcrash-trader-sarao-gets-bail-in-u-s-extradition-fight	http://www.bloomberg.com/news/articles/2015-04-22/flashcrash-trader-sarao-gets-bail-in-u-s-extradition-fight	PROPN
cblr-9109	81	13	(	(	PUNCT
cblr-9109	81	14	on	on	ADP
cblr-9109	81	15	file	file	NOUN
cblr-9109	81	16	with	with	ADP
cblr-9109	81	17	the	the	DET
cblr-9109	81	18	columbia	columbia	PROPN
cblr-9109	81	19	business	business	PROPN
cblr-9109	81	20	law	law	PROPN
cblr-9109	81	21	review	review	PROPN
cblr-9109	81	22	)	)	PUNCT
cblr-9109	81	23	(	(	PUNCT
cblr-9109	81	24	reporting	report	VERB
cblr-9109	81	25	that	that	SCONJ
cblr-9109	81	26	cftc	cftc	PROPN
cblr-9109	81	27	enforcement	enforcement	PROPN
cblr-9109	81	28	director	director	PROPN
cblr-9109	81	29	aitan	aitan	PROPN
cblr-9109	81	30	goelman	goelman	NOUN
cblr-9109	81	31	said	say	VERB
cblr-9109	81	32	that	that	SCONJ
cblr-9109	81	33	sarao	sarao	NOUN
cblr-9109	81	34	was	be	AUX
cblr-9109	81	35	“	"	PUNCT
cblr-9109	81	36	a	a	DET
cblr-9109	81	37	significant	significant	ADJ
cblr-9109	81	38	factor	factor	NOUN
cblr-9109	81	39	in	in	ADP
cblr-9109	81	40	market	market	NOUN
cblr-9109	81	41	imbalance	imbalance	NOUN
cblr-9109	81	42	.	.	PUNCT
cblr-9109	81	43	.	.	PUNCT
cblr-9109	82	1	.	.	PUNCT
cblr-9109	83	1	[	[	X
cblr-9109	83	2	which	which	PRON
cblr-9109	83	3	]	]	PUNCT
cblr-9109	83	4	was	be	AUX
cblr-9109	83	5	one	one	NUM
cblr-9109	83	6	of	of	ADP
cblr-9109	83	7	the	the	DET
cblr-9109	83	8	chief	chief	ADJ
cblr-9109	83	9	conditions	condition	NOUN
cblr-9109	83	10	that	that	PRON
cblr-9109	83	11	allowed	allow	VERB
cblr-9109	83	12	the	the	DET
cblr-9109	83	13	flash	flash	NOUN
cblr-9109	83	14	crash	crash	NOUN
cblr-9109	83	15	to	to	PART
cblr-9109	83	16	occur	occur	VERB
cblr-9109	83	17	”	"	PUNCT
cblr-9109	83	18	)	)	PUNCT
cblr-9109	83	19	.	.	PUNCT
cblr-9109	84	1	10	10	NUM
cblr-9109	84	2	e.g.	e.g.	ADV
cblr-9109	84	3	,	,	PUNCT
cblr-9109	84	4	lek	lek	PROPN
cblr-9109	84	5	sec	sec	PROPN
cblr-9109	84	6	.	.	PROPN
cblr-9109	84	7	corp	corp	PROPN
cblr-9109	84	8	.	.	PROPN
cblr-9109	84	9	,	,	PUNCT
cblr-9109	84	10	276	276	NUM
cblr-9109	84	11	f.	f.	PROPN
cblr-9109	84	12	supp.3d	supp.3d	PROPN
cblr-9109	84	13	at	at	ADP
cblr-9109	84	14	54	54	NUM
cblr-9109	84	15	(	(	PUNCT
cblr-9109	84	16	“	"	PUNCT
cblr-9109	84	17	layering	layer	VERB
cblr-9109	84	18	and	and	CCONJ
cblr-9109	84	19	crossmarket	crossmarket	NOUN
cblr-9109	84	20	manipulation	manipulation	NOUN
cblr-9109	84	21	activity	activity	NOUN
cblr-9109	84	22	generated	generate	VERB
cblr-9109	84	23	profits	profit	NOUN
cblr-9109	84	24	of	of	ADP
cblr-9109	84	25	more	more	ADJ
cblr-9109	84	26	than	than	ADP
cblr-9109	84	27	$	$	SYM
cblr-9109	84	28	28	28	NUM
cblr-9109	84	29	million	million	NUM
cblr-9109	84	30	.	.	PUNCT
cblr-9109	84	31	”	"	PUNCT
cblr-9109	84	32	)	)	PUNCT
cblr-9109	84	33	.	.	PUNCT
cblr-9109	85	1	no	no	INTJ
cblr-9109	85	2	.	.	PUNCT
cblr-9109	86	1	3:1244	3:1244	NUM
cblr-9109	86	2	]	]	X
cblr-9109	86	3	spoofing	spoofing	NOUN
cblr-9109	86	4	and	and	CCONJ
cblr-9109	86	5	its	its	PRON
cblr-9109	86	6	regulation	regulation	NOUN
cblr-9109	86	7	1249	1249	NUM
cblr-9109	86	8	provisions	provision	NOUN
cblr-9109	86	9	.	.	PUNCT
cblr-9109	87	1	section	section	NOUN
cblr-9109	87	2	9(a)(2	9(a)(2	NUM
cblr-9109	87	3	)	)	PUNCT
cblr-9109	87	4	prohibits	prohibit	NOUN
cblr-9109	87	5	effecting	effect	VERB
cblr-9109	87	6	“	"	PUNCT
cblr-9109	87	7	a	a	DET
cblr-9109	87	8	series	series	NOUN
cblr-9109	87	9	of	of	ADP
cblr-9109	87	10	transactions	transaction	NOUN
cblr-9109	87	11	”	"	PUNCT
cblr-9109	87	12	in	in	ADP
cblr-9109	87	13	a	a	DET
cblr-9109	87	14	security	security	NOUN
cblr-9109	87	15	(	(	PUNCT
cblr-9109	87	16	1	1	NUM
cblr-9109	87	17	)	)	PUNCT
cblr-9109	87	18	that	that	SCONJ
cblr-9109	87	19	“	"	PUNCT
cblr-9109	87	20	creat[e	creat[e	PROPN
cblr-9109	87	21	]	]	PUNCT
cblr-9109	87	22	actual	actual	ADJ
cblr-9109	87	23	or	or	CCONJ
cblr-9109	87	24	apparent	apparent	ADJ
cblr-9109	87	25	active	active	ADJ
cblr-9109	87	26	trading	trading	NOUN
cblr-9109	87	27	”	"	PUNCT
cblr-9109	87	28	or	or	CCONJ
cblr-9109	87	29	affect	affect	VERB
cblr-9109	87	30	its	its	PRON
cblr-9109	87	31	price	price	NOUN
cblr-9109	87	32	,	,	PUNCT
cblr-9109	87	33	(	(	PUNCT
cblr-9109	87	34	2	2	NUM
cblr-9109	87	35	)	)	PUNCT
cblr-9109	87	36	“	"	PUNCT
cblr-9109	87	37	for	for	ADP
cblr-9109	87	38	the	the	DET
cblr-9109	87	39	purpose	purpose	NOUN
cblr-9109	87	40	of	of	ADP
cblr-9109	87	41	inducing	induce	VERB
cblr-9109	87	42	the	the	DET
cblr-9109	87	43	purchase	purchase	NOUN
cblr-9109	87	44	or	or	CCONJ
cblr-9109	87	45	sale	sale	NOUN
cblr-9109	87	46	of	of	ADP
cblr-9109	87	47	such	such	ADJ
cblr-9109	87	48	security	security	NOUN
cblr-9109	87	49	by	by	ADP
cblr-9109	87	50	others	other	NOUN
cblr-9109	87	51	.	.	PUNCT
cblr-9109	88	1	”11	”11	PROPN
cblr-9109	89	1	with	with	ADP
cblr-9109	89	2	regard	regard	NOUN
cblr-9109	89	3	to	to	ADP
cblr-9109	89	4	its	its	PRON
cblr-9109	89	5	possible	possible	ADJ
cblr-9109	89	6	application	application	NOUN
cblr-9109	89	7	to	to	ADP
cblr-9109	89	8	trade	trade	NOUN
cblr-9109	89	9	-	-	PUNCT
cblr-9109	89	10	driven	drive	VERB
cblr-9109	89	11	manipulation	manipulation	NOUN
cblr-9109	89	12	,	,	PUNCT
cblr-9109	89	13	the	the	DET
cblr-9109	89	14	first	first	ADJ
cblr-9109	89	15	half	half	NOUN
cblr-9109	89	16	of	of	ADP
cblr-9109	89	17	the	the	DET
cblr-9109	89	18	proscription	proscription	NOUN
cblr-9109	89	19	captures	capture	NOUN
cblr-9109	89	20	conduct	conduct	NOUN
cblr-9109	89	21	that	that	PRON
cblr-9109	89	22	will	will	AUX
cblr-9109	89	23	be	be	AUX
cblr-9109	89	24	part	part	NOUN
cblr-9109	89	25	of	of	ADP
cblr-9109	89	26	nearly	nearly	ADV
cblr-9109	89	27	every	every	PRON
cblr-9109	89	28	trading	trading	NOUN
cblr-9109	89	29	strategy	strategy	NOUN
cblr-9109	89	30	,	,	PUNCT
cblr-9109	89	31	no	no	ADV
cblr-9109	89	32	matter	matter	ADV
cblr-9109	89	33	how	how	SCONJ
cblr-9109	89	34	innocuous	innocuous	ADJ
cblr-9109	89	35	:	:	PUNCT
cblr-9109	89	36	buying	buy	VERB
cblr-9109	89	37	or	or	CCONJ
cblr-9109	89	38	selling	sell	VERB
cblr-9109	89	39	a	a	DET
cblr-9109	89	40	security	security	NOUN
cblr-9109	89	41	inherently	inherently	ADV
cblr-9109	89	42	entails	entail	VERB
cblr-9109	89	43	the	the	DET
cblr-9109	89	44	creation	creation	NOUN
cblr-9109	89	45	of	of	ADP
cblr-9109	89	46	an	an	DET
cblr-9109	89	47	actual	actual	ADJ
cblr-9109	89	48	trade	trade	NOUN
cblr-9109	89	49	and	and	CCONJ
cblr-9109	89	50	often	often	ADV
cblr-9109	89	51	affects	affect	VERB
cblr-9109	89	52	its	its	PRON
cblr-9109	89	53	price	price	NOUN
cblr-9109	89	54	.	.	PUNCT
cblr-9109	90	1	the	the	DET
cblr-9109	90	2	force	force	NOUN
cblr-9109	90	3	of	of	ADP
cblr-9109	90	4	the	the	DET
cblr-9109	90	5	prohibition	prohibition	NOUN
cblr-9109	90	6	is	be	AUX
cblr-9109	90	7	thus	thus	ADV
cblr-9109	90	8	found	find	VERB
cblr-9109	90	9	in	in	ADP
cblr-9109	90	10	the	the	DET
cblr-9109	90	11	second	second	ADJ
cblr-9109	90	12	half	half	NOUN
cblr-9109	90	13	of	of	ADP
cblr-9109	90	14	the	the	DET
cblr-9109	90	15	proscription	proscription	NOUN
cblr-9109	90	16	,	,	PUNCT
cblr-9109	90	17	the	the	DET
cblr-9109	90	18	vague	vague	ADJ
cblr-9109	90	19	clause	clause	NOUN
cblr-9109	90	20	relating	relate	VERB
cblr-9109	90	21	to	to	ADP
cblr-9109	90	22	purpose	purpose	NOUN
cblr-9109	90	23	.	.	PUNCT
cblr-9109	91	1	with	with	ADP
cblr-9109	91	2	regard	regard	NOUN
cblr-9109	91	3	to	to	ADP
cblr-9109	91	4	section	section	NOUN
cblr-9109	91	5	9(a)(2	9(a)(2	NUM
cblr-9109	91	6	)	)	PUNCT
cblr-9109	91	7	’s	’s	PART
cblr-9109	91	8	possible	possible	ADJ
cblr-9109	91	9	application	application	NOUN
cblr-9109	91	10	to	to	ADP
cblr-9109	91	11	quotedriven	quotedriven	ADJ
cblr-9109	91	12	manipulation	manipulation	NOUN
cblr-9109	91	13	,	,	PUNCT
cblr-9109	91	14	the	the	DET
cblr-9109	91	15	first	first	ADJ
cblr-9109	91	16	half	half	NOUN
cblr-9109	91	17	of	of	ADP
cblr-9109	91	18	the	the	DET
cblr-9109	91	19	proscription	proscription	NOUN
cblr-9109	91	20	presents	present	VERB
cblr-9109	91	21	the	the	DET
cblr-9109	91	22	opposite	opposite	ADJ
cblr-9109	91	23	problem	problem	NOUN
cblr-9109	91	24	:	:	PUNCT
cblr-9109	91	25	it	it	PRON
cblr-9109	91	26	is	be	AUX
cblr-9109	91	27	unclear	unclear	ADJ
cblr-9109	91	28	that	that	SCONJ
cblr-9109	91	29	the	the	DET
cblr-9109	91	30	first	first	ADJ
cblr-9109	91	31	half	half	NOUN
cblr-9109	91	32	applies	apply	VERB
cblr-9109	91	33	to	to	ADP
cblr-9109	91	34	any	any	DET
cblr-9109	91	35	use	use	NOUN
cblr-9109	91	36	of	of	ADP
cblr-9109	91	37	quotes	quote	NOUN
cblr-9109	91	38	.	.	PUNCT
cblr-9109	92	1	placing	place	VERB
cblr-9109	92	2	into	into	ADP
cblr-9109	92	3	the	the	DET
cblr-9109	92	4	market	market	NOUN
cblr-9109	92	5	an	an	DET
cblr-9109	92	6	offer	offer	NOUN
cblr-9109	92	7	to	to	PART
cblr-9109	92	8	sell	sell	VERB
cblr-9109	92	9	,	,	PUNCT
cblr-9109	92	10	or	or	CCONJ
cblr-9109	92	11	an	an	DET
cblr-9109	92	12	offer	offer	NOUN
cblr-9109	92	13	to	to	PART
cblr-9109	92	14	buy	buy	VERB
cblr-9109	92	15	,	,	PUNCT
cblr-9109	92	16	at	at	ADP
cblr-9109	92	17	a	a	DET
cblr-9109	92	18	given	give	VERB
cblr-9109	92	19	price	price	NOUN
cblr-9109	92	20	,	,	PUNCT
cblr-9109	92	21	is	be	AUX
cblr-9109	92	22	clearly	clearly	ADV
cblr-9109	92	23	an	an	DET
cblr-9109	92	24	“	"	PUNCT
cblr-9109	92	25	action	action	NOUN
cblr-9109	92	26	,	,	PUNCT
cblr-9109	92	27	”	"	PUNCT
cblr-9109	92	28	but	but	CCONJ
cblr-9109	92	29	with	with	ADP
cblr-9109	92	30	no	no	DET
cblr-9109	92	31	counterparty	counterparty	NOUN
cblr-9109	92	32	involved	involve	VERB
cblr-9109	92	33	,	,	PUNCT
cblr-9109	92	34	it	it	PRON
cblr-9109	92	35	is	be	AUX
cblr-9109	92	36	hard	hard	ADJ
cblr-9109	92	37	to	to	PART
cblr-9109	92	38	call	call	VERB
cblr-9109	92	39	it	it	PRON
cblr-9109	92	40	a	a	DET
cblr-9109	92	41	“	"	PUNCT
cblr-9109	92	42	transaction	transaction	NOUN
cblr-9109	92	43	.	.	PUNCT
cblr-9109	92	44	”	"	PUNCT
cblr-9109	93	1	and	and	CCONJ
cblr-9109	93	2	even	even	ADV
cblr-9109	93	3	if	if	SCONJ
cblr-9109	93	4	that	that	DET
cblr-9109	93	5	problem	problem	NOUN
cblr-9109	93	6	is	be	AUX
cblr-9109	93	7	surmounted	surmount	VERB
cblr-9109	93	8	,	,	PUNCT
cblr-9109	93	9	there	there	PRON
cblr-9109	93	10	is	be	VERB
cblr-9109	93	11	still	still	ADV
cblr-9109	93	12	the	the	DET
cblr-9109	93	13	problem	problem	NOUN
cblr-9109	93	14	,	,	PUNCT
cblr-9109	93	15	shared	share	VERB
cblr-9109	93	16	with	with	ADP
cblr-9109	93	17	applying	apply	VERB
cblr-9109	93	18	section	section	NOUN
cblr-9109	93	19	9(a)(2	9(a)(2	NUM
cblr-9109	93	20	)	)	PUNCT
cblr-9109	93	21	to	to	ADP
cblr-9109	93	22	trade	trade	NOUN
cblr-9109	93	23	-	-	PUNCT
cblr-9109	93	24	driven	drive	VERB
cblr-9109	93	25	manipulation	manipulation	NOUN
cblr-9109	93	26	,	,	PUNCT
cblr-9109	93	27	of	of	ADP
cblr-9109	93	28	the	the	DET
cblr-9109	93	29	vague	vague	ADJ
cblr-9109	93	30	clause	clause	NOUN
cblr-9109	93	31	relating	relate	VERB
cblr-9109	93	32	to	to	ADP
cblr-9109	93	33	purpose	purpose	NOUN
cblr-9109	93	34	that	that	PRON
cblr-9109	93	35	constitutes	constitute	VERB
cblr-9109	93	36	the	the	DET
cblr-9109	93	37	second	second	ADJ
cblr-9109	93	38	half	half	NOUN
cblr-9109	93	39	of	of	ADP
cblr-9109	93	40	the	the	DET
cblr-9109	93	41	proscription	proscription	NOUN
cblr-9109	93	42	.	.	PUNCT
cblr-9109	94	1	section	section	NOUN
cblr-9109	94	2	10(b	10(b	NUM
cblr-9109	94	3	)	)	PUNCT
cblr-9109	94	4	starkly	starkly	ADV
cblr-9109	94	5	prohibits	prohibit	VERB
cblr-9109	94	6	the	the	DET
cblr-9109	94	7	use	use	NOUN
cblr-9109	94	8	,	,	PUNCT
cblr-9109	94	9	in	in	ADP
cblr-9109	94	10	violation	violation	NOUN
cblr-9109	94	11	of	of	ADP
cblr-9109	94	12	a	a	DET
cblr-9109	94	13	securities	security	NOUN
cblr-9109	94	14	and	and	CCONJ
cblr-9109	94	15	exchange	exchange	PROPN
cblr-9109	94	16	commission	commission	PROPN
cblr-9109	94	17	(	(	PUNCT
cblr-9109	94	18	sec	sec	PROPN
cblr-9109	94	19	)	)	PUNCT
cblr-9109	94	20	rule	rule	NOUN
cblr-9109	94	21	,	,	PUNCT
cblr-9109	94	22	of	of	ADP
cblr-9109	94	23	“	"	PUNCT
cblr-9109	94	24	any	any	DET
cblr-9109	94	25	manipulative	manipulative	ADJ
cblr-9109	94	26	or	or	CCONJ
cblr-9109	94	27	deceptive	deceptive	ADJ
cblr-9109	94	28	device	device	NOUN
cblr-9109	94	29	”	"	PUNCT
cblr-9109	94	30	in	in	ADP
cblr-9109	94	31	connection	connection	NOUN
cblr-9109	94	32	with	with	ADP
cblr-9109	94	33	trading	trade	VERB
cblr-9109	94	34	a	a	DET
cblr-9109	94	35	security.12	security.12	NOUN
cblr-9109	94	36	the	the	DET
cblr-9109	94	37	term	term	NOUN
cblr-9109	94	38	“	"	PUNCT
cblr-9109	94	39	manipulative	manipulative	ADJ
cblr-9109	94	40	”	"	PUNCT
cblr-9109	94	41	on	on	ADP
cblr-9109	94	42	its	its	PRON
cblr-9109	94	43	face	face	NOUN
cblr-9109	94	44	is	be	AUX
cblr-9109	94	45	capacious	capacious	ADJ
cblr-9109	94	46	enough	enough	ADV
cblr-9109	94	47	to	to	PART
cblr-9109	94	48	potentially	potentially	ADV
cblr-9109	94	49	capture	capture	VERB
cblr-9109	94	50	behavior	behavior	NOUN
cblr-9109	94	51	involving	involve	VERB
cblr-9109	94	52	quotes	quote	NOUN
cblr-9109	94	53	,	,	PUNCT
cblr-9109	94	54	but	but	CCONJ
cblr-9109	94	55	the	the	DET
cblr-9109	94	56	statute	statute	NOUN
cblr-9109	94	57	fails	fail	VERB
cblr-9109	94	58	to	to	PART
cblr-9109	94	59	define	define	VERB
cblr-9109	94	60	what	what	PRON
cblr-9109	94	61	the	the	DET
cblr-9109	94	62	reach	reach	NOUN
cblr-9109	94	63	of	of	ADP
cblr-9109	94	64	the	the	DET
cblr-9109	94	65	term	term	NOUN
cblr-9109	94	66	in	in	ADP
cblr-9109	94	67	fact	fact	NOUN
cblr-9109	94	68	is	be	AUX
cblr-9109	94	69	,	,	PUNCT
cblr-9109	94	70	and	and	CCONJ
cblr-9109	94	71	the	the	DET
cblr-9109	94	72	only	only	ADJ
cblr-9109	94	73	sec	sec	PROPN
cblr-9109	94	74	attempt	attempt	NOUN
cblr-9109	94	75	to	to	PART
cblr-9109	94	76	do	do	AUX
cblr-9109	94	77	so	so	ADV
cblr-9109	94	78	through	through	ADP
cblr-9109	94	79	rulemaking	rulemake	VERB
cblr-9109	94	80	merely	merely	ADV
cblr-9109	94	81	refers	refer	VERB
cblr-9109	94	82	back	back	ADV
cblr-9109	94	83	to	to	ADP
cblr-9109	94	84	section	section	NOUN
cblr-9109	94	85	9.13	9.13	NUM
cblr-9109	94	86	moreover	moreover	ADV
cblr-9109	94	87	,	,	PUNCT
cblr-9109	94	88	the	the	DET
cblr-9109	94	89	rule	rule	NOUN
cblr-9109	94	90	promulgated	promulgate	VERB
cblr-9109	94	91	under	under	ADP
cblr-9109	94	92	section	section	NOUN
cblr-9109	94	93	10(b	10(b	NUM
cblr-9109	94	94	)	)	PUNCT
cblr-9109	94	95	that	that	PRON
cblr-9109	94	96	has	have	AUX
cblr-9109	94	97	been	be	AUX
cblr-9109	94	98	used	use	VERB
cblr-9109	94	99	to	to	PART
cblr-9109	94	100	impose	impose	VERB
cblr-9109	94	101	liability	liability	NOUN
cblr-9109	94	102	for	for	ADP
cblr-9109	94	103	11	11	NUM
cblr-9109	94	104	15	15	NUM
cblr-9109	94	105	u.s.c	u.s.c	NOUN
cblr-9109	94	106	.	.	PUNCT
cblr-9109	95	1	§	§	PROPN
cblr-9109	95	2	78i(a)(2	78i(a)(2	NOUN
cblr-9109	95	3	)	)	PUNCT
cblr-9109	95	4	(	(	PUNCT
cblr-9109	95	5	2018	2018	NUM
cblr-9109	95	6	)	)	PUNCT
cblr-9109	95	7	.	.	PUNCT
cblr-9109	96	1	12	12	NUM
cblr-9109	97	1	i	i	PRON
cblr-9109	97	2	d.	d.	PROPN
cblr-9109	97	3	§	§	PROPN
cblr-9109	97	4	78j(b	78j(b	PROPN
cblr-9109	97	5	)	)	PUNCT
cblr-9109	97	6	.	.	PUNCT
cblr-9109	98	1	13	13	NUM
cblr-9109	98	2	see	see	VERB
cblr-9109	98	3	17	17	NUM
cblr-9109	98	4	c.f.r	c.f.r	NOUN
cblr-9109	98	5	.	.	PUNCT
cblr-9109	99	1	§	§	PROPN
cblr-9109	99	2	240.10b-1	240.10b-1	NUM
cblr-9109	99	3	(	(	PUNCT
cblr-9109	99	4	2021	2021	NUM
cblr-9109	99	5	)	)	PUNCT
cblr-9109	99	6	(	(	PUNCT
cblr-9109	99	7	“	"	PUNCT
cblr-9109	99	8	the	the	DET
cblr-9109	99	9	term	term	NOUN
cblr-9109	99	10	manipulative	manipulative	ADJ
cblr-9109	99	11	.	.	PUNCT
cblr-9109	99	12	.	.	PUNCT
cblr-9109	99	13	.	.	PUNCT
cblr-9109	100	1	is	be	AUX
cblr-9109	100	2	hereby	hereby	ADV
cblr-9109	100	3	defined	define	VERB
cblr-9109	100	4	to	to	PART
cblr-9109	100	5	include	include	VERB
cblr-9109	100	6	any	any	DET
cblr-9109	100	7	act	act	NOUN
cblr-9109	100	8	or	or	CCONJ
cblr-9109	100	9	omission	omission	NOUN
cblr-9109	100	10	to	to	PART
cblr-9109	100	11	act	act	VERB
cblr-9109	100	12	with	with	ADP
cblr-9109	100	13	respect	respect	NOUN
cblr-9109	100	14	to	to	ADP
cblr-9109	100	15	any	any	DET
cblr-9109	100	16	security	security	NOUN
cblr-9109	100	17	exempted	exempt	VERB
cblr-9109	100	18	from	from	ADP
cblr-9109	100	19	the	the	DET
cblr-9109	100	20	operation	operation	NOUN
cblr-9109	100	21	of	of	ADP
cblr-9109	100	22	section	section	NOUN
cblr-9109	100	23	12(a	12(a	NUM
cblr-9109	100	24	)	)	PUNCT
cblr-9109	100	25	.	.	PUNCT
cblr-9109	100	26	.	.	PUNCT
cblr-9109	101	1	.	.	PUNCT
cblr-9109	102	1	pursuant	pursuant	ADJ
cblr-9109	102	2	to	to	ADP
cblr-9109	102	3	any	any	DET
cblr-9109	102	4	section	section	NOUN
cblr-9109	102	5	in	in	ADP
cblr-9109	102	6	this	this	DET
cblr-9109	102	7	part	part	NOUN
cblr-9109	102	8	which	which	PRON
cblr-9109	102	9	specifically	specifically	ADV
cblr-9109	102	10	provides	provide	VERB
cblr-9109	102	11	that	that	SCONJ
cblr-9109	102	12	this	this	DET
cblr-9109	102	13	section	section	NOUN
cblr-9109	102	14	shall	shall	AUX
cblr-9109	102	15	be	be	AUX
cblr-9109	102	16	applicable	applicable	ADJ
cblr-9109	102	17	to	to	ADP
cblr-9109	102	18	such	such	ADJ
cblr-9109	102	19	security	security	NOUN
cblr-9109	102	20	if	if	SCONJ
cblr-9109	102	21	such	such	ADJ
cblr-9109	102	22	act	act	NOUN
cblr-9109	102	23	or	or	CCONJ
cblr-9109	102	24	omission	omission	NOUN
cblr-9109	102	25	to	to	PART
cblr-9109	102	26	act	act	VERB
cblr-9109	102	27	would	would	AUX
cblr-9109	102	28	have	have	AUX
cblr-9109	102	29	been	be	AUX
cblr-9109	102	30	unlawful	unlawful	ADJ
cblr-9109	102	31	under	under	ADP
cblr-9109	102	32	section	section	NOUN
cblr-9109	102	33	9(a	9(a	NUM
cblr-9109	102	34	)	)	PUNCT
cblr-9109	103	1	[	[	X
cblr-9109	103	2	.	.	X
cblr-9109	103	3	]	]	X
cblr-9109	103	4	”	"	PUNCT
cblr-9109	103	5	)	)	PUNCT
cblr-9109	103	6	.	.	PUNCT
cblr-9109	104	1	1250	1250	NUM
cblr-9109	104	2	columbia	columbia	PROPN
cblr-9109	104	3	business	business	NOUN
cblr-9109	104	4	law	law	PROPN
cblr-9109	104	5	review	review	NOUN
cblr-9109	104	6	[	[	X
cblr-9109	104	7	vol	vol	NOUN
cblr-9109	104	8	.	.	PUNCT
cblr-9109	104	9	2021	2021	NUM
cblr-9109	104	10	certain	certain	ADJ
cblr-9109	104	11	kinds	kind	NOUN
cblr-9109	104	12	of	of	ADP
cblr-9109	104	13	allegedly	allegedly	ADV
cblr-9109	104	14	manipulative	manipulative	ADJ
cblr-9109	104	15	behavior	behavior	NOUN
cblr-9109	104	16	,	,	PUNCT
cblr-9109	104	17	rule	rule	NOUN
cblr-9109	104	18	10b-5	10b-5	NUM
cblr-9109	104	19	,	,	PUNCT
cblr-9109	104	20	does	do	AUX
cblr-9109	104	21	not	not	PART
cblr-9109	104	22	even	even	ADV
cblr-9109	104	23	contain	contain	VERB
cblr-9109	104	24	the	the	DET
cblr-9109	104	25	word	word	NOUN
cblr-9109	104	26	“	"	PUNCT
cblr-9109	104	27	manipulation	manipulation	NOUN
cblr-9109	104	28	.	.	PUNCT
cblr-9109	105	1	”14	”14	VERB
cblr-9109	105	2	two	two	NUM
cblr-9109	105	3	of	of	ADP
cblr-9109	105	4	us	we	PRON
cblr-9109	105	5	have	have	AUX
cblr-9109	105	6	written	write	VERB
cblr-9109	105	7	earlier	early	ADV
cblr-9109	105	8	on	on	ADP
cblr-9109	105	9	the	the	DET
cblr-9109	105	10	appropriate	appropriate	ADJ
cblr-9109	105	11	application	application	NOUN
cblr-9109	105	12	of	of	ADP
cblr-9109	105	13	these	these	DET
cblr-9109	105	14	statutory	statutory	ADJ
cblr-9109	105	15	provisions	provision	NOUN
cblr-9109	105	16	to	to	ADP
cblr-9109	105	17	trade	trade	NOUN
cblr-9109	105	18	-	-	PUNCT
cblr-9109	105	19	driven	drive	VERB
cblr-9109	105	20	manipulation.15	manipulation.15	NOUN
cblr-9109	105	21	as	as	SCONJ
cblr-9109	105	22	we	we	PRON
cblr-9109	105	23	noted	note	VERB
cblr-9109	105	24	there	there	ADV
cblr-9109	105	25	,	,	PUNCT
cblr-9109	105	26	strikingly	strikingly	ADV
cblr-9109	105	27	little	little	ADJ
cblr-9109	105	28	progress	progress	NOUN
cblr-9109	105	29	has	have	AUX
cblr-9109	105	30	been	be	AUX
cblr-9109	105	31	made	make	VERB
cblr-9109	105	32	in	in	ADP
cblr-9109	105	33	defining	define	VERB
cblr-9109	105	34	these	these	DET
cblr-9109	105	35	statutory	statutory	ADJ
cblr-9109	105	36	terms	term	NOUN
cblr-9109	105	37	in	in	ADP
cblr-9109	105	38	the	the	DET
cblr-9109	105	39	nearly	nearly	ADV
cblr-9109	105	40	nine	nine	NUM
cblr-9109	105	41	decades	decade	NOUN
cblr-9109	105	42	since	since	SCONJ
cblr-9109	105	43	the	the	DET
cblr-9109	105	44	exchange	exchange	PROPN
cblr-9109	105	45	act	act	PROPN
cblr-9109	105	46	’s	’s	PART
cblr-9109	105	47	passage.16	passage.16	PROPN
cblr-9109	105	48	many	many	ADJ
cblr-9109	105	49	commentators	commentator	NOUN
cblr-9109	105	50	do	do	AUX
cblr-9109	105	51	not	not	PART
cblr-9109	105	52	consider	consider	VERB
cblr-9109	105	53	manipulation	manipulation	NOUN
cblr-9109	105	54	to	to	PART
cblr-9109	105	55	be	be	AUX
cblr-9109	105	56	a	a	DET
cblr-9109	105	57	sufficiently	sufficiently	ADV
cblr-9109	105	58	meaningful	meaningful	ADJ
cblr-9109	105	59	concept	concept	NOUN
cblr-9109	105	60	as	as	SCONJ
cblr-9109	105	61	to	to	PART
cblr-9109	105	62	justify	justify	VERB
cblr-9109	105	63	a	a	DET
cblr-9109	105	64	prohibition	prohibition	NOUN
cblr-9109	105	65	on	on	ADP
cblr-9109	105	66	any	any	DET
cblr-9109	105	67	sort	sort	NOUN
cblr-9109	105	68	of	of	ADP
cblr-9109	105	69	behavior.17	behavior.17	ADJ
cblr-9109	105	70	other	other	ADJ
cblr-9109	105	71	jurists	jurist	NOUN
cblr-9109	105	72	,	,	PUNCT
cblr-9109	105	73	legal	legal	ADJ
cblr-9109	105	74	scholars	scholar	NOUN
cblr-9109	105	75	,	,	PUNCT
cblr-9109	105	76	and	and	CCONJ
cblr-9109	105	77	economists	economist	NOUN
cblr-9109	105	78	consider	consider	VERB
cblr-9109	105	79	manipulation	manipulation	NOUN
cblr-9109	105	80	to	to	PART
cblr-9109	105	81	be	be	AUX
cblr-9109	105	82	a	a	DET
cblr-9109	105	83	useful	useful	ADJ
cblr-9109	105	84	concept	concept	NOUN
cblr-9109	105	85	but	but	CCONJ
cblr-9109	105	86	have	have	AUX
cblr-9109	105	87	struggled	struggle	VERB
cblr-9109	105	88	to	to	PART
cblr-9109	105	89	define	define	VERB
cblr-9109	105	90	the	the	DET
cblr-9109	105	91	term	term	NOUN
cblr-9109	105	92	and	and	CCONJ
cblr-9109	105	93	determine	determine	VERB
cblr-9109	105	94	its	its	PRON
cblr-9109	105	95	harms	harm	NOUN
cblr-9109	105	96	.	.	PUNCT
cblr-9109	106	1	overly	overly	ADV
cblr-9109	106	2	broad	broad	ADJ
cblr-9109	106	3	or	or	CCONJ
cblr-9109	106	4	circular	circular	ADJ
cblr-9109	106	5	definitions	definition	NOUN
cblr-9109	106	6	are	be	AUX
cblr-9109	106	7	often	often	ADV
cblr-9109	106	8	invoked	invoke	VERB
cblr-9109	106	9	,	,	PUNCT
cblr-9109	106	10	occasionally	occasionally	ADV
cblr-9109	106	11	caveated	caveate	VERB
cblr-9109	106	12	by	by	ADP
cblr-9109	106	13	“	"	PUNCT
cblr-9109	106	14	i	i	PRON
cblr-9109	106	15	know	know	VERB
cblr-9109	106	16	it	it	PRON
cblr-9109	106	17	when	when	SCONJ
cblr-9109	106	18	i	i	PRON
cblr-9109	106	19	see	see	VERB
cblr-9109	106	20	it	it	PRON
cblr-9109	106	21	”	"	PUNCT
cblr-9109	106	22	platitudes.18	platitudes.18	PROPN
cblr-9109	106	23	14	14	NUM
cblr-9109	106	24	see	see	VERB
cblr-9109	106	25	i	i	PROPN
cblr-9109	106	26	d.	d.	PROPN
cblr-9109	106	27	§	§	PROPN
cblr-9109	106	28	240.10b-5	240.10b-5	NUM
cblr-9109	106	29	.	.	PUNCT
cblr-9109	107	1	15	15	NUM
cblr-9109	107	2	see	see	VERB
cblr-9109	107	3	fox	fox	PROPN
cblr-9109	107	4	et	et	PROPN
cblr-9109	107	5	al	al	PROPN
cblr-9109	107	6	.	.	PROPN
cblr-9109	107	7	,	,	PUNCT
cblr-9109	107	8	manipulation	manipulation	NOUN
cblr-9109	107	9	,	,	PUNCT
cblr-9109	107	10	supra	supra	NOUN
cblr-9109	107	11	note	note	NOUN
cblr-9109	107	12	2	2	NUM
cblr-9109	107	13	.	.	NUM
cblr-9109	107	14	16	16	NUM
cblr-9109	108	1	i	i	PRON
cblr-9109	108	2	d.	d.	PROPN
cblr-9109	108	3	at	at	ADP
cblr-9109	108	4	70	70	NUM
cblr-9109	108	5	.	.	PUNCT
cblr-9109	109	1	17	17	NUM
cblr-9109	109	2	see	see	VERB
cblr-9109	109	3	,	,	PUNCT
cblr-9109	109	4	e.g.	e.g.	ADV
cblr-9109	109	5	,	,	PUNCT
cblr-9109	109	6	fischel	fischel	PROPN
cblr-9109	109	7	&	&	CCONJ
cblr-9109	109	8	ross	ross	PROPN
cblr-9109	109	9	,	,	PUNCT
cblr-9109	109	10	supra	supra	PROPN
cblr-9109	109	11	note	note	PROPN
cblr-9109	109	12	1	1	NUM
cblr-9109	109	13	,	,	PUNCT
cblr-9109	109	14	at	at	ADP
cblr-9109	109	15	506–07	506–07	NUM
cblr-9109	109	16	(	(	PUNCT
cblr-9109	109	17	“	"	PUNCT
cblr-9109	109	18	[	[	X
cblr-9109	109	19	n]o	n]o	X
cblr-9109	109	20	satisfactory	satisfactory	ADJ
cblr-9109	109	21	definition	definition	NOUN
cblr-9109	109	22	of	of	ADP
cblr-9109	109	23	[	[	X
cblr-9109	109	24	manipulation	manipulation	NOUN
cblr-9109	109	25	]	]	PUNCT
cblr-9109	109	26	exists	exist	VERB
cblr-9109	109	27	.	.	PUNCT
cblr-9109	109	28	.	.	PUNCT
cblr-9109	109	29	.	.	PUNCT
cblr-9109	110	1	.	.	PUNCT
cblr-9109	111	1	the	the	DET
cblr-9109	111	2	concept	concept	NOUN
cblr-9109	111	3	of	of	ADP
cblr-9109	111	4	manipulation	manipulation	NOUN
cblr-9109	111	5	should	should	AUX
cblr-9109	111	6	be	be	AUX
cblr-9109	111	7	abandoned	abandon	VERB
cblr-9109	111	8	[	[	X
cblr-9109	111	9	.	.	X
cblr-9109	111	10	]	]	X
cblr-9109	111	11	”	"	PUNCT
cblr-9109	111	12	)	)	PUNCT
cblr-9109	111	13	;	;	PUNCT
cblr-9109	111	14	robert	robert	PROPN
cblr-9109	111	15	c.	c.	PROPN
cblr-9109	111	16	lower	lower	ADV
cblr-9109	111	17	,	,	PUNCT
cblr-9109	111	18	disruptions	disruption	NOUN
cblr-9109	111	19	of	of	ADP
cblr-9109	111	20	the	the	DET
cblr-9109	111	21	futures	future	NOUN
cblr-9109	111	22	market	market	NOUN
cblr-9109	111	23	:	:	PUNCT
cblr-9109	111	24	a	a	DET
cblr-9109	111	25	comment	comment	NOUN
cblr-9109	111	26	on	on	ADP
cblr-9109	111	27	dealing	deal	VERB
cblr-9109	111	28	with	with	ADP
cblr-9109	111	29	market	market	NOUN
cblr-9109	111	30	manipulation	manipulation	NOUN
cblr-9109	111	31	,	,	PUNCT
cblr-9109	111	32	8	8	NUM
cblr-9109	111	33	yale	yale	NOUN
cblr-9109	111	34	j.	j.	PROPN
cblr-9109	111	35	on	on	ADP
cblr-9109	111	36	reg	reg	PROPN
cblr-9109	111	37	.	.	PROPN
cblr-9109	112	1	391	391	NUM
cblr-9109	112	2	,	,	PUNCT
cblr-9109	112	3	392	392	NUM
cblr-9109	112	4	(	(	PUNCT
cblr-9109	112	5	1991	1991	NUM
cblr-9109	112	6	)	)	PUNCT
cblr-9109	112	7	(	(	PUNCT
cblr-9109	112	8	“	"	PUNCT
cblr-9109	112	9	manipulation	manipulation	NOUN
cblr-9109	112	10	is	be	AUX
cblr-9109	112	11	difficult	difficult	ADJ
cblr-9109	112	12	to	to	PART
cblr-9109	112	13	define	define	VERB
cblr-9109	112	14	.	.	PUNCT
cblr-9109	112	15	.	.	PUNCT
cblr-9109	112	16	.	.	PUNCT
cblr-9109	112	17	.	.	PUNCT
cblr-9109	113	1	[	[	X
cblr-9109	113	2	d]rawing	d]rawe	VERB
cblr-9109	113	3	a	a	DET
cblr-9109	113	4	line	line	NOUN
cblr-9109	113	5	between	between	ADP
cblr-9109	113	6	healthy	healthy	ADJ
cblr-9109	113	7	economic	economic	ADJ
cblr-9109	113	8	behavior	behavior	NOUN
cblr-9109	113	9	and	and	CCONJ
cblr-9109	113	10	that	that	SCONJ
cblr-9109	113	11	which	which	PRON
cblr-9109	113	12	is	be	AUX
cblr-9109	113	13	offensive	offensive	ADJ
cblr-9109	113	14	has	have	AUX
cblr-9109	113	15	proved	prove	VERB
cblr-9109	113	16	to	to	PART
cblr-9109	113	17	be	be	AUX
cblr-9109	113	18	too	too	ADV
cblr-9109	113	19	subjective	subjective	ADJ
cblr-9109	113	20	and	and	CCONJ
cblr-9109	113	21	imprecise	imprecise	ADV
cblr-9109	113	22	to	to	PART
cblr-9109	113	23	produce	produce	VERB
cblr-9109	113	24	an	an	DET
cblr-9109	113	25	effective	effective	ADJ
cblr-9109	113	26	regulatory	regulatory	ADJ
cblr-9109	113	27	tool	tool	NOUN
cblr-9109	113	28	.	.	PUNCT
cblr-9109	113	29	”	"	PUNCT
cblr-9109	113	30	)	)	PUNCT
cblr-9109	113	31	.	.	PUNCT
cblr-9109	114	1	the	the	DET
cblr-9109	114	2	supreme	supreme	PROPN
cblr-9109	114	3	court	court	PROPN
cblr-9109	114	4	has	have	AUX
cblr-9109	114	5	even	even	ADV
cblr-9109	114	6	on	on	ADP
cblr-9109	114	7	occasion	occasion	NOUN
cblr-9109	114	8	apparently	apparently	ADV
cblr-9109	114	9	done	do	VERB
cblr-9109	114	10	away	away	ADV
cblr-9109	114	11	with	with	ADP
cblr-9109	114	12	any	any	DET
cblr-9109	114	13	distinction	distinction	NOUN
cblr-9109	114	14	between	between	ADP
cblr-9109	114	15	a	a	DET
cblr-9109	114	16	“	"	PUNCT
cblr-9109	114	17	manipulative	manipulative	ADJ
cblr-9109	114	18	”	"	PUNCT
cblr-9109	114	19	device	device	NOUN
cblr-9109	114	20	and	and	CCONJ
cblr-9109	114	21	a	a	DET
cblr-9109	114	22	“	"	PUNCT
cblr-9109	114	23	deceptive	deceptive	ADJ
cblr-9109	114	24	”	"	PUNCT
cblr-9109	114	25	one	one	NUM
cblr-9109	114	26	by	by	ADP
cblr-9109	114	27	determining	determine	VERB
cblr-9109	114	28	that	that	SCONJ
cblr-9109	114	29	any	any	DET
cblr-9109	114	30	violation	violation	NOUN
cblr-9109	114	31	of	of	ADP
cblr-9109	114	32	section	section	NOUN
cblr-9109	114	33	10(b	10(b	NUM
cblr-9109	114	34	)	)	PUNCT
cblr-9109	114	35	must	must	AUX
cblr-9109	114	36	involve	involve	VERB
cblr-9109	114	37	a	a	DET
cblr-9109	114	38	misrepresentation	misrepresentation	NOUN
cblr-9109	114	39	.	.	PUNCT
cblr-9109	115	1	see	see	VERB
cblr-9109	115	2	schreiber	schreiber	PROPN
cblr-9109	115	3	v.	v.	PROPN
cblr-9109	115	4	burlington	burlington	PROPN
cblr-9109	115	5	n.	n.	PROPN
cblr-9109	115	6	,	,	PUNCT
cblr-9109	115	7	inc	inc	PROPN
cblr-9109	115	8	.	.	PROPN
cblr-9109	115	9	,	,	PUNCT
cblr-9109	115	10	472	472	NUM
cblr-9109	115	11	u.s	u.s	PROPN
cblr-9109	115	12	.	.	PROPN
cblr-9109	115	13	1,7–8	1,7–8	NUM
cblr-9109	115	14	(	(	PUNCT
cblr-9109	115	15	1985	1985	NUM
cblr-9109	115	16	)	)	PUNCT
cblr-9109	115	17	(	(	PUNCT
cblr-9109	115	18	“	"	PUNCT
cblr-9109	115	19	congress	congress	PROPN
cblr-9109	115	20	used	use	VERB
cblr-9109	115	21	the	the	DET
cblr-9109	115	22	phrase	phrase	NOUN
cblr-9109	115	23	‘	'	PUNCT
cblr-9109	115	24	manipulative	manipulative	ADJ
cblr-9109	115	25	or	or	CCONJ
cblr-9109	115	26	deceptive	deceptive	ADJ
cblr-9109	115	27	’	'	PUNCT
cblr-9109	115	28	in	in	ADP
cblr-9109	115	29	§	§	PROPN
cblr-9109	115	30	10(b	10(b	NUM
cblr-9109	115	31	)	)	PUNCT
cblr-9109	115	32	as	as	ADV
cblr-9109	115	33	well	well	ADV
cblr-9109	115	34	,	,	PUNCT
cblr-9109	115	35	and	and	CCONJ
cblr-9109	115	36	we	we	PRON
cblr-9109	115	37	have	have	AUX
cblr-9109	115	38	interpreted	interpret	VERB
cblr-9109	115	39	‘	'	PUNCT
cblr-9109	115	40	manipulative	manipulative	ADJ
cblr-9109	115	41	’	'	PUNCT
cblr-9109	115	42	in	in	ADP
cblr-9109	115	43	that	that	DET
cblr-9109	115	44	context	context	NOUN
cblr-9109	115	45	to	to	PART
cblr-9109	115	46	require	require	VERB
cblr-9109	115	47	misrepresentation	misrepresentation	NOUN
cblr-9109	115	48	.	.	PUNCT
cblr-9109	115	49	”	"	PUNCT
cblr-9109	116	1	(	(	PUNCT
cblr-9109	116	2	citing	cite	VERB
cblr-9109	116	3	santa	santa	PROPN
cblr-9109	116	4	fe	fe	PROPN
cblr-9109	116	5	indus	indus	PROPN
cblr-9109	116	6	.	.	PROPN
cblr-9109	116	7	,	,	PUNCT
cblr-9109	116	8	inc	inc	PROPN
cblr-9109	116	9	.	.	PROPN
cblr-9109	117	1	v.	v.	PROPN
cblr-9109	117	2	green	green	PROPN
cblr-9109	117	3	,	,	PUNCT
cblr-9109	118	1	430	430	NUM
cblr-9109	118	2	u.s	u.s	PROPN
cblr-9109	118	3	.	.	PROPN
cblr-9109	118	4	462	462	NUM
cblr-9109	118	5	,	,	PUNCT
cblr-9109	118	6	476–77	476–77	PROPN
cblr-9109	118	7	(	(	PUNCT
cblr-9109	118	8	1977	1977	NUM
cblr-9109	118	9	)	)	PUNCT
cblr-9109	118	10	;	;	PUNCT
cblr-9109	118	11	piper	piper	NOUN
cblr-9109	118	12	v.	v.	PROPN
cblr-9109	118	13	chris	chris	PROPN
cblr-9109	118	14	-	-	PUNCT
cblr-9109	118	15	craft	craft	PROPN
cblr-9109	118	16	indus	indus	NOUN
cblr-9109	118	17	.	.	PUNCT
cblr-9109	118	18	,	,	PUNCT
cblr-9109	118	19	inc	inc	PROPN
cblr-9109	118	20	.	.	PROPN
cblr-9109	118	21	,	,	PUNCT
cblr-9109	118	22	430	430	NUM
cblr-9109	118	23	u.s	u.s	PROPN
cblr-9109	118	24	.	.	PROPN
cblr-9109	118	25	1	1	NUM
cblr-9109	118	26	,	,	PUNCT
cblr-9109	118	27	43	43	NUM
cblr-9109	118	28	(	(	PUNCT
cblr-9109	118	29	1977	1977	NUM
cblr-9109	118	30	)	)	PUNCT
cblr-9109	118	31	;	;	PUNCT
cblr-9109	118	32	ernst	ernst	PROPN
cblr-9109	118	33	&	&	CCONJ
cblr-9109	118	34	ernst	ernst	PROPN
cblr-9109	118	35	hochfelder	hochfelder	PROPN
cblr-9109	118	36	,	,	PUNCT
cblr-9109	118	37	425	425	NUM
cblr-9109	118	38	u.s	u.s	PROPN
cblr-9109	118	39	.	.	PROPN
cblr-9109	118	40	185	185	NUM
cblr-9109	118	41	,	,	PUNCT
cblr-9109	118	42	199	199	NUM
cblr-9109	118	43	(	(	PUNCT
cblr-9109	118	44	1976	1976	NUM
cblr-9109	118	45	)	)	PUNCT
cblr-9109	118	46	)	)	PUNCT
cblr-9109	118	47	)	)	PUNCT
cblr-9109	118	48	;	;	PUNCT
cblr-9109	118	49	see	see	VERB
cblr-9109	118	50	also	also	ADV
cblr-9109	118	51	steve	steve	PROPN
cblr-9109	118	52	thel	thel	PROPN
cblr-9109	118	53	,	,	PUNCT
cblr-9109	118	54	regulation	regulation	NOUN
cblr-9109	118	55	of	of	ADP
cblr-9109	118	56	manipulation	manipulation	NOUN
cblr-9109	118	57	under	under	ADP
cblr-9109	118	58	section	section	NOUN
cblr-9109	118	59	10(b	10(b	NUM
cblr-9109	118	60	):	):	PUNCT
cblr-9109	118	61	security	security	NOUN
cblr-9109	118	62	prices	price	NOUN
cblr-9109	118	63	and	and	CCONJ
cblr-9109	118	64	the	the	DET
cblr-9109	118	65	text	text	NOUN
cblr-9109	118	66	of	of	ADP
cblr-9109	118	67	the	the	DET
cblr-9109	118	68	securities	securities	PROPN
cblr-9109	118	69	exchange	exchange	PROPN
cblr-9109	118	70	act	act	NOUN
cblr-9109	118	71	of	of	ADP
cblr-9109	118	72	1934	1934	NUM
cblr-9109	118	73	,	,	PUNCT
cblr-9109	118	74	1988	1988	NUM
cblr-9109	118	75	colum	colum	NOUN
cblr-9109	118	76	.	.	PUNCT
cblr-9109	119	1	bus	bus	NOUN
cblr-9109	119	2	.	.	PUNCT
cblr-9109	120	1	l.	l.	PROPN
cblr-9109	120	2	rev	rev	PROPN
cblr-9109	120	3	.	.	PROPN
cblr-9109	120	4	359	359	NUM
cblr-9109	120	5	,	,	PUNCT
cblr-9109	120	6	378–79	378–79	PROPN
cblr-9109	120	7	(	(	PUNCT
cblr-9109	120	8	1988	1988	NUM
cblr-9109	120	9	)	)	PUNCT
cblr-9109	120	10	(	(	PUNCT
cblr-9109	120	11	describing	describe	VERB
cblr-9109	120	12	the	the	DET
cblr-9109	120	13	difficulties	difficulty	NOUN
cblr-9109	120	14	of	of	ADP
cblr-9109	120	15	defining	define	VERB
cblr-9109	120	16	manipulation	manipulation	NOUN
cblr-9109	120	17	under	under	ADP
cblr-9109	120	18	federal	federal	ADJ
cblr-9109	120	19	securities	security	NOUN
cblr-9109	120	20	law	law	NOUN
cblr-9109	120	21	)	)	PUNCT
cblr-9109	120	22	.	.	PUNCT
cblr-9109	121	1	18	18	NUM
cblr-9109	121	2	see	see	VERB
cblr-9109	121	3	,	,	PUNCT
cblr-9109	121	4	e.g.	e.g.	ADV
cblr-9109	121	5	,	,	PUNCT
cblr-9109	121	6	thomas	thomas	PROPN
cblr-9109	121	7	lee	lee	PROPN
cblr-9109	121	8	hazen	hazen	PROPN
cblr-9109	121	9	,	,	PUNCT
cblr-9109	121	10	the	the	DET
cblr-9109	121	11	law	law	NOUN
cblr-9109	121	12	of	of	ADP
cblr-9109	121	13	securities	security	NOUN
cblr-9109	121	14	regulation	regulation	NOUN
cblr-9109	121	15	471	471	NUM
cblr-9109	121	16	(	(	PUNCT
cblr-9109	121	17	6th	6th	ADJ
cblr-9109	121	18	ed	ed	NOUN
cblr-9109	121	19	.	.	PROPN
cblr-9109	121	20	2009	2009	NUM
cblr-9109	121	21	)	)	PUNCT
cblr-9109	121	22	(	(	PUNCT
cblr-9109	121	23	“	"	PUNCT
cblr-9109	121	24	the	the	DET
cblr-9109	121	25	purpose	purpose	NOUN
cblr-9109	121	26	of	of	ADP
cblr-9109	121	27	the	the	DET
cblr-9109	121	28	various	various	ADJ
cblr-9109	121	29	statutes	statute	NOUN
cblr-9109	121	30	and	and	CCONJ
cblr-9109	121	31	rules	rule	NOUN
cblr-9109	121	32	prohibiting	prohibit	VERB
cblr-9109	121	33	market	market	NOUN
cblr-9109	121	34	manipulation	manipulation	NOUN
cblr-9109	121	35	is	be	AUX
cblr-9109	121	36	to	to	PART
cblr-9109	121	37	prevent	prevent	VERB
cblr-9109	121	38	activities	activity	NOUN
cblr-9109	121	39	that	that	PRON
cblr-9109	121	40	rig	rig	VERB
cblr-9109	121	41	the	the	DET
cblr-9109	121	42	market	market	NOUN
cblr-9109	121	43	and	and	CCONJ
cblr-9109	121	44	to	to	PART
cblr-9109	121	45	thereby	thereby	ADV
cblr-9109	121	46	facilitate	facilitate	VERB
cblr-9109	121	47	operation	operation	NOUN
cblr-9109	121	48	of	of	ADP
cblr-9109	121	49	the	the	DET
cblr-9109	121	50	‘	'	PUNCT
cblr-9109	121	51	natural	natural	ADJ
cblr-9109	121	52	law	law	NOUN
cblr-9109	121	53	’	'	PUNCT
cblr-9109	121	54	of	of	ADP
cblr-9109	121	55	supply	supply	NOUN
cblr-9109	121	56	and	and	CCONJ
cblr-9109	121	57	demand	demand	NOUN
cblr-9109	121	58	.	.	PUNCT
cblr-9109	121	59	.	.	PUNCT
cblr-9109	121	60	.	.	PUNCT
cblr-9109	121	61	.	.	PUNCT
cblr-9109	122	1	[	[	X
cblr-9109	122	2	m]anipulation	m]anipulation	NOUN
cblr-9109	122	3	consists	consist	VERB
cblr-9109	122	4	of	of	ADP
cblr-9109	122	5	any	any	DET
cblr-9109	122	6	intentional	intentional	ADJ
cblr-9109	122	7	interference	interference	NOUN
cblr-9109	122	8	with	with	ADP
cblr-9109	122	9	no	no	NOUN
cblr-9109	122	10	.	.	PUNCT
cblr-9109	123	1	3:1244	3:1244	NUM
cblr-9109	123	2	]	]	X
cblr-9109	123	3	spoofing	spoofing	NOUN
cblr-9109	123	4	and	and	CCONJ
cblr-9109	123	5	its	its	PRON
cblr-9109	123	6	regulation	regulation	NOUN
cblr-9109	123	7	1251	1251	NUM
cblr-9109	123	8	we	we	PRON
cblr-9109	123	9	noted	note	VERB
cblr-9109	123	10	that	that	SCONJ
cblr-9109	123	11	for	for	ADP
cblr-9109	123	12	trade	trade	NOUN
cblr-9109	123	13	-	-	PUNCT
cblr-9109	123	14	driven	drive	VERB
cblr-9109	123	15	manipulation	manipulation	NOUN
cblr-9109	123	16	,	,	PUNCT
cblr-9109	123	17	the	the	DET
cblr-9109	123	18	result	result	NOUN
cblr-9109	123	19	has	have	AUX
cblr-9109	123	20	been	be	AUX
cblr-9109	123	21	a	a	DET
cblr-9109	123	22	legal	legal	ADJ
cblr-9109	123	23	framework	framework	NOUN
cblr-9109	123	24	that	that	PRON
cblr-9109	123	25	lacks	lack	VERB
cblr-9109	123	26	precision	precision	NOUN
cblr-9109	123	27	,	,	PUNCT
cblr-9109	123	28	cogency	cogency	NOUN
cblr-9109	123	29	,	,	PUNCT
cblr-9109	123	30	and	and	CCONJ
cblr-9109	123	31	consistent	consistent	ADJ
cblr-9109	123	32	application	application	NOUN
cblr-9109	123	33	.	.	PUNCT
cblr-9109	124	1	this	this	PRON
cblr-9109	124	2	has	have	AUX
cblr-9109	124	3	resulted	result	VERB
cblr-9109	124	4	in	in	ADP
cblr-9109	124	5	unpredictable	unpredictable	ADJ
cblr-9109	124	6	and	and	CCONJ
cblr-9109	124	7	varying	vary	VERB
cblr-9109	124	8	outcomes	outcome	NOUN
cblr-9109	124	9	for	for	ADP
cblr-9109	124	10	cases	case	NOUN
cblr-9109	124	11	with	with	ADP
cblr-9109	124	12	comparable	comparable	ADJ
cblr-9109	124	13	facts	fact	NOUN
cblr-9109	124	14	,	,	PUNCT
cblr-9109	124	15	raising	raise	VERB
cblr-9109	124	16	basic	basic	ADJ
cblr-9109	124	17	questions	question	NOUN
cblr-9109	124	18	of	of	ADP
cblr-9109	124	19	fairness.19	fairness.19	PROPN
cblr-9109	124	20	moreover	moreover	ADV
cblr-9109	124	21	,	,	PUNCT
cblr-9109	124	22	the	the	DET
cblr-9109	124	23	poorly	poorly	ADV
cblr-9109	124	24	articulated	articulated	ADJ
cblr-9109	124	25	normative	normative	ADJ
cblr-9109	124	26	basis	basis	NOUN
cblr-9109	124	27	for	for	ADP
cblr-9109	124	28	these	these	DET
cblr-9109	124	29	rulings	ruling	NOUN
cblr-9109	124	30	results	result	VERB
cblr-9109	124	31	in	in	ADP
cblr-9109	124	32	enforcement	enforcement	NOUN
cblr-9109	124	33	that	that	PRON
cblr-9109	124	34	is	be	AUX
cblr-9109	124	35	both	both	PRON
cblr-9109	124	36	under	under	ADP
cblr-9109	124	37	-	-	PUNCT
cblr-9109	124	38	inclusive	inclusive	ADJ
cblr-9109	124	39	and	and	CCONJ
cblr-9109	124	40	over	over	ADP
cblr-9109	124	41	-	-	PUNCT
cblr-9109	124	42	inclusive	inclusive	NOUN
cblr-9109	124	43	in	in	ADP
cblr-9109	124	44	ways	way	NOUN
cblr-9109	124	45	that	that	PRON
cblr-9109	124	46	do	do	VERB
cblr-9109	124	47	a	a	DET
cblr-9109	124	48	poor	poor	ADJ
cblr-9109	124	49	job	job	NOUN
cblr-9109	124	50	of	of	ADP
cblr-9109	124	51	discouraging	discourage	VERB
cblr-9109	124	52	socially	socially	ADV
cblr-9109	124	53	harmful	harmful	ADJ
cblr-9109	124	54	transactions	transaction	NOUN
cblr-9109	124	55	and	and	CCONJ
cblr-9109	124	56	enabling	enable	VERB
cblr-9109	124	57	socially	socially	ADV
cblr-9109	124	58	beneficial	beneficial	ADJ
cblr-9109	124	59	ones.20	ones.20	CCONJ
cblr-9109	124	60	the	the	DET
cblr-9109	124	61	law	law	NOUN
cblr-9109	124	62	and	and	CCONJ
cblr-9109	124	63	commentary	commentary	NOUN
cblr-9109	124	64	supply	supply	NOUN
cblr-9109	124	65	and	and	CCONJ
cblr-9109	124	66	demand	demand	NOUN
cblr-9109	124	67	.	.	PUNCT
cblr-9109	124	68	”	"	PUNCT
cblr-9109	124	69	)	)	PUNCT
cblr-9109	124	70	.	.	PUNCT
cblr-9109	125	1	another	another	DET
cblr-9109	125	2	articulation	articulation	NOUN
cblr-9109	125	3	characterizes	characterize	VERB
cblr-9109	125	4	the	the	DET
cblr-9109	125	5	core	core	NOUN
cblr-9109	125	6	of	of	ADP
cblr-9109	125	7	manipulation	manipulation	NOUN
cblr-9109	125	8	“	"	PUNCT
cblr-9109	125	9	as	as	ADP
cblr-9109	125	10	exercising	exercise	VERB
cblr-9109	125	11	unsupported	unsupported	ADJ
cblr-9109	125	12	price	price	NOUN
cblr-9109	125	13	pressure	pressure	NOUN
cblr-9109	125	14	because	because	SCONJ
cblr-9109	125	15	this	this	PRON
cblr-9109	125	16	creates	create	VERB
cblr-9109	125	17	societal	societal	ADJ
cblr-9109	125	18	costs	cost	NOUN
cblr-9109	125	19	.	.	PUNCT
cblr-9109	125	20	”	"	PUNCT
cblr-9109	126	1	matthijs	matthijs	PROPN
cblr-9109	126	2	nelemans	nelemans	PROPN
cblr-9109	126	3	,	,	PUNCT
cblr-9109	126	4	redefining	redefine	VERB
cblr-9109	126	5	trade	trade	NOUN
cblr-9109	126	6	-	-	PUNCT
cblr-9109	126	7	based	base	VERB
cblr-9109	126	8	market	market	NOUN
cblr-9109	126	9	manipulation	manipulation	NOUN
cblr-9109	126	10	,	,	PUNCT
cblr-9109	126	11	42	42	NUM
cblr-9109	126	12	val	val	NOUN
cblr-9109	126	13	.	.	PUNCT
cblr-9109	127	1	u.	u.	PROPN
cblr-9109	127	2	l.	l.	PROPN
cblr-9109	127	3	rev	rev	PROPN
cblr-9109	127	4	.	.	PROPN
cblr-9109	127	5	1169	1169	NUM
cblr-9109	127	6	,	,	PUNCT
cblr-9109	127	7	1176	1176	NUM
cblr-9109	127	8	(	(	PUNCT
cblr-9109	127	9	2008	2008	NUM
cblr-9109	127	10	)	)	PUNCT
cblr-9109	127	11	.	.	PUNCT
cblr-9109	128	1	in	in	ADP
cblr-9109	128	2	these	these	DET
cblr-9109	128	3	formulations	formulation	NOUN
cblr-9109	128	4	,	,	PUNCT
cblr-9109	128	5	the	the	DET
cblr-9109	128	6	normative	normative	ADJ
cblr-9109	128	7	criticism	criticism	NOUN
cblr-9109	128	8	of	of	ADP
cblr-9109	128	9	the	the	DET
cblr-9109	128	10	relevant	relevant	ADJ
cblr-9109	128	11	conduct	conduct	NOUN
cblr-9109	128	12	is	be	AUX
cblr-9109	128	13	doing	do	VERB
cblr-9109	128	14	all	all	DET
cblr-9109	128	15	the	the	DET
cblr-9109	128	16	work	work	NOUN
cblr-9109	128	17	in	in	ADP
cblr-9109	128	18	determining	determine	VERB
cblr-9109	128	19	the	the	DET
cblr-9109	128	20	precise	precise	ADJ
cblr-9109	128	21	sort	sort	NOUN
cblr-9109	128	22	of	of	ADP
cblr-9109	128	23	behavior	behavior	NOUN
cblr-9109	128	24	to	to	PART
cblr-9109	128	25	be	be	AUX
cblr-9109	128	26	prohibited	prohibit	VERB
cblr-9109	128	27	,	,	PUNCT
cblr-9109	128	28	yet	yet	CCONJ
cblr-9109	128	29	no	no	DET
cblr-9109	128	30	guidance	guidance	NOUN
cblr-9109	128	31	is	be	AUX
cblr-9109	128	32	supplied	supply	VERB
cblr-9109	128	33	as	as	ADP
cblr-9109	128	34	to	to	ADP
cblr-9109	128	35	what	what	PRON
cblr-9109	128	36	actually	actually	ADV
cblr-9109	128	37	violates	violate	VERB
cblr-9109	128	38	the	the	DET
cblr-9109	128	39	norm	norm	NOUN
cblr-9109	128	40	.	.	PUNCT
cblr-9109	129	1	alternatively	alternatively	ADV
cblr-9109	129	2	,	,	PUNCT
cblr-9109	129	3	the	the	DET
cblr-9109	129	4	formulation	formulation	NOUN
cblr-9109	129	5	can	can	AUX
cblr-9109	129	6	be	be	AUX
cblr-9109	129	7	too	too	ADV
cblr-9109	129	8	narrow	narrow	ADJ
cblr-9109	129	9	.	.	PUNCT
cblr-9109	130	1	for	for	ADP
cblr-9109	130	2	example	example	NOUN
cblr-9109	130	3	,	,	PUNCT
cblr-9109	130	4	two	two	NUM
cblr-9109	130	5	well	well	ADV
cblr-9109	130	6	-	-	PUNCT
cblr-9109	130	7	known	know	VERB
cblr-9109	130	8	microstructure	microstructure	NOUN
cblr-9109	130	9	economists	economist	NOUN
cblr-9109	130	10	propose	propose	VERB
cblr-9109	130	11	that	that	SCONJ
cblr-9109	130	12	a	a	DET
cblr-9109	130	13	practice	practice	NOUN
cblr-9109	130	14	is	be	AUX
cblr-9109	130	15	manipulative	manipulative	ADJ
cblr-9109	130	16	only	only	ADV
cblr-9109	130	17	if	if	SCONJ
cblr-9109	130	18	it	it	PRON
cblr-9109	130	19	lowers	lower	VERB
cblr-9109	130	20	both	both	DET
cblr-9109	130	21	price	price	NOUN
cblr-9109	130	22	accuracy	accuracy	NOUN
cblr-9109	130	23	and	and	CCONJ
cblr-9109	130	24	liquidity	liquidity	NOUN
cblr-9109	130	25	.	.	PUNCT
cblr-9109	131	1	kyle	kyle	PROPN
cblr-9109	131	2	&	&	CCONJ
cblr-9109	131	3	viswanathan	viswanathan	PROPN
cblr-9109	131	4	,	,	PUNCT
cblr-9109	131	5	supra	supra	PROPN
cblr-9109	131	6	note	note	NOUN
cblr-9109	131	7	2	2	NUM
cblr-9109	131	8	,	,	PUNCT
cblr-9109	131	9	at	at	ADP
cblr-9109	131	10	274	274	NUM
cblr-9109	131	11	.	.	PUNCT
cblr-9109	132	1	this	this	DET
cblr-9109	132	2	prohibition	prohibition	NOUN
cblr-9109	132	3	neglects	neglect	VERB
cblr-9109	132	4	strategies	strategy	NOUN
cblr-9109	132	5	that	that	PRON
cblr-9109	132	6	increase	increase	VERB
cblr-9109	132	7	one	one	NUM
cblr-9109	132	8	and	and	CCONJ
cblr-9109	132	9	reduce	reduce	VERB
cblr-9109	132	10	the	the	DET
cblr-9109	132	11	other	other	ADJ
cblr-9109	132	12	,	,	PUNCT
cblr-9109	132	13	and	and	CCONJ
cblr-9109	132	14	the	the	DET
cblr-9109	132	15	negative	negative	ADJ
cblr-9109	132	16	social	social	ADJ
cblr-9109	132	17	impact	impact	NOUN
cblr-9109	132	18	of	of	ADP
cblr-9109	132	19	the	the	DET
cblr-9109	132	20	market	market	NOUN
cblr-9109	132	21	characteristic	characteristic	NOUN
cblr-9109	132	22	that	that	PRON
cblr-9109	132	23	is	be	AUX
cblr-9109	132	24	lowered	lower	VERB
cblr-9109	132	25	outweighs	outweigh	VERB
cblr-9109	132	26	the	the	DET
cblr-9109	132	27	positive	positive	ADJ
cblr-9109	132	28	impact	impact	NOUN
cblr-9109	132	29	from	from	ADP
cblr-9109	132	30	the	the	DET
cblr-9109	132	31	one	one	NOUN
cblr-9109	132	32	that	that	PRON
cblr-9109	132	33	is	be	AUX
cblr-9109	132	34	increased	increase	VERB
cblr-9109	132	35	.	.	PUNCT
cblr-9109	133	1	attempts	attempt	VERB
cblr-9109	133	2	to	to	PART
cblr-9109	133	3	define	define	VERB
cblr-9109	133	4	manipulation	manipulation	NOUN
cblr-9109	133	5	in	in	ADP
cblr-9109	133	6	related	related	ADJ
cblr-9109	133	7	areas	area	NOUN
cblr-9109	133	8	,	,	PUNCT
cblr-9109	133	9	such	such	ADJ
cblr-9109	133	10	as	as	ADP
cblr-9109	133	11	commodities	commodity	NOUN
cblr-9109	133	12	regulation	regulation	NOUN
cblr-9109	133	13	,	,	PUNCT
cblr-9109	133	14	reveal	reveal	VERB
cblr-9109	133	15	some	some	PRON
cblr-9109	133	16	of	of	ADP
cblr-9109	133	17	the	the	DET
cblr-9109	133	18	same	same	ADJ
cblr-9109	133	19	struggles	struggle	NOUN
cblr-9109	133	20	.	.	PUNCT
cblr-9109	134	1	see	see	VERB
cblr-9109	134	2	,	,	PUNCT
cblr-9109	134	3	e.g.	e.g.	ADV
cblr-9109	134	4	,	,	PUNCT
cblr-9109	134	5	in	in	ADP
cblr-9109	134	6	re	re	ADP
cblr-9109	134	7	henner	henner	PROPN
cblr-9109	134	8	,	,	PUNCT
cblr-9109	134	9	30	30	NUM
cblr-9109	134	10	agric	agric	NOUN
cblr-9109	134	11	.	.	PUNCT
cblr-9109	135	1	dec	dec	PROPN
cblr-9109	135	2	.	.	PROPN
cblr-9109	136	1	1151	1151	NUM
cblr-9109	136	2	(	(	PUNCT
cblr-9109	136	3	u.s.d.a	u.s.d.a	PROPN
cblr-9109	136	4	.	.	NOUN
cblr-9109	136	5	1971	1971	NUM
cblr-9109	136	6	)	)	PUNCT
cblr-9109	136	7	(	(	PUNCT
cblr-9109	136	8	“	"	PUNCT
cblr-9109	136	9	‘	'	PUNCT
cblr-9109	136	10	manipulation	manipulation	NOUN
cblr-9109	136	11	’	'	PUNCT
cblr-9109	136	12	is	be	AUX
cblr-9109	136	13	a	a	DET
cblr-9109	136	14	vague	vague	ADJ
cblr-9109	136	15	term	term	NOUN
cblr-9109	136	16	used	use	VERB
cblr-9109	136	17	in	in	ADP
cblr-9109	136	18	a	a	DET
cblr-9109	136	19	wide	wide	ADJ
cblr-9109	136	20	and	and	CCONJ
cblr-9109	136	21	inclusive	inclusive	ADJ
cblr-9109	136	22	manner	manner	NOUN
cblr-9109	136	23	,	,	PUNCT
cblr-9109	136	24	possessing	possess	VERB
cblr-9109	136	25	varying	vary	VERB
cblr-9109	136	26	shades	shade	NOUN
cblr-9109	136	27	of	of	ADP
cblr-9109	136	28	meaning	meaning	NOUN
cblr-9109	136	29	,	,	PUNCT
cblr-9109	136	30	and	and	CCONJ
cblr-9109	136	31	almost	almost	ADV
cblr-9109	136	32	always	always	ADV
cblr-9109	136	33	conveying	convey	VERB
cblr-9109	136	34	the	the	DET
cblr-9109	136	35	idea	idea	NOUN
cblr-9109	136	36	of	of	ADP
cblr-9109	136	37	blame	blame	NOUN
cblr-9109	136	38	-	-	PUNCT
cblr-9109	136	39	worthiness	worthiness	NOUN
cblr-9109	136	40	deserving	deserving	ADJ
cblr-9109	136	41	of	of	ADP
cblr-9109	136	42	censure	censure	NOUN
cblr-9109	136	43	.	.	PUNCT
cblr-9109	136	44	”	"	PUNCT
cblr-9109	137	1	(	(	PUNCT
cblr-9109	137	2	quoting	quote	VERB
cblr-9109	137	3	j.	j.	PROPN
cblr-9109	137	4	g.	g.	PROPN
cblr-9109	137	5	smith	smith	PROPN
cblr-9109	137	6	,	,	PUNCT
cblr-9109	137	7	organized	organize	VERB
cblr-9109	137	8	produce	produce	VERB
cblr-9109	137	9	markets	market	NOUN
cblr-9109	137	10	109	109	NUM
cblr-9109	137	11	(	(	PUNCT
cblr-9109	137	12	1922	1922	NUM
cblr-9109	137	13	)	)	PUNCT
cblr-9109	137	14	)	)	PUNCT
cblr-9109	137	15	)	)	PUNCT
cblr-9109	137	16	;	;	PUNCT
cblr-9109	137	17	2	2	NUM
cblr-9109	137	18	timothy	timothy	PROPN
cblr-9109	137	19	j.	j.	PROPN
cblr-9109	137	20	snider	snider	PROPN
cblr-9109	137	21	,	,	PUNCT
cblr-9109	137	22	regulation	regulation	NOUN
cblr-9109	137	23	of	of	ADP
cblr-9109	137	24	the	the	DET
cblr-9109	137	25	commodities	commodity	NOUN
cblr-9109	137	26	futures	future	NOUN
cblr-9109	137	27	and	and	CCONJ
cblr-9109	137	28	options	option	NOUN
cblr-9109	137	29	markets	market	NOUN
cblr-9109	137	30	§	§	PROPN
cblr-9109	137	31	12.01	12.01	NUM
cblr-9109	137	32	,	,	PUNCT
cblr-9109	137	33	at	at	ADP
cblr-9109	137	34	12	12	NUM
cblr-9109	137	35	-	-	SYM
cblr-9109	137	36	5	5	NUM
cblr-9109	137	37	(	(	PUNCT
cblr-9109	137	38	2d	2d	NUM
cblr-9109	137	39	ed	ed	NOUN
cblr-9109	137	40	.	.	PROPN
cblr-9109	137	41	1995	1995	NUM
cblr-9109	137	42	)	)	PUNCT
cblr-9109	137	43	(	(	PUNCT
cblr-9109	137	44	referring	refer	VERB
cblr-9109	137	45	to	to	ADP
cblr-9109	137	46	the	the	DET
cblr-9109	137	47	law	law	NOUN
cblr-9109	137	48	of	of	ADP
cblr-9109	137	49	manipulation	manipulation	NOUN
cblr-9109	137	50	as	as	ADP
cblr-9109	137	51	“	"	PUNCT
cblr-9109	137	52	a	a	DET
cblr-9109	137	53	murky	murky	ADJ
cblr-9109	137	54	miasma	miasma	NOUN
cblr-9109	137	55	of	of	ADP
cblr-9109	137	56	questionable	questionable	ADJ
cblr-9109	137	57	analysis	analysis	NOUN
cblr-9109	137	58	and	and	CCONJ
cblr-9109	137	59	unclear	unclear	ADJ
cblr-9109	137	60	effect	effect	NOUN
cblr-9109	137	61	”	"	PUNCT
cblr-9109	137	62	)	)	PUNCT
cblr-9109	137	63	;	;	PUNCT
cblr-9109	137	64	see	see	VERB
cblr-9109	137	65	also	also	ADV
cblr-9109	137	66	jonathan	jonathan	PROPN
cblr-9109	137	67	r.	r.	PROPN
cblr-9109	137	68	macey	macey	PROPN
cblr-9109	137	69	&	&	CCONJ
cblr-9109	137	70	maureen	maureen	PROPN
cblr-9109	137	71	o’hara	o’hara	PROPN
cblr-9109	137	72	,	,	PUNCT
cblr-9109	137	73	from	from	ADP
cblr-9109	137	74	markets	market	NOUN
cblr-9109	137	75	to	to	ADP
cblr-9109	137	76	venues	venue	NOUN
cblr-9109	137	77	:	:	PUNCT
cblr-9109	137	78	securities	security	NOUN
cblr-9109	137	79	regulation	regulation	NOUN
cblr-9109	137	80	in	in	ADP
cblr-9109	137	81	an	an	DET
cblr-9109	137	82	evolving	evolve	VERB
cblr-9109	137	83	world	world	NOUN
cblr-9109	137	84	,	,	PUNCT
cblr-9109	137	85	58	58	NUM
cblr-9109	137	86	stan	stan	NOUN
cblr-9109	137	87	.	.	PUNCT
cblr-9109	138	1	l.	l.	PROPN
cblr-9109	138	2	rev	rev	PROPN
cblr-9109	138	3	.	.	PROPN
cblr-9109	138	4	563	563	NUM
cblr-9109	138	5	,	,	PUNCT
cblr-9109	138	6	588–90	588–90	NUM
cblr-9109	138	7	(	(	PUNCT
cblr-9109	138	8	2005	2005	NUM
cblr-9109	138	9	)	)	PUNCT
cblr-9109	138	10	(	(	PUNCT
cblr-9109	138	11	noting	note	VERB
cblr-9109	138	12	the	the	DET
cblr-9109	138	13	negative	negative	ADJ
cblr-9109	138	14	effects	effect	NOUN
cblr-9109	138	15	of	of	ADP
cblr-9109	138	16	manipulation	manipulation	NOUN
cblr-9109	138	17	on	on	ADP
cblr-9109	138	18	liquidity	liquidity	NOUN
cblr-9109	138	19	)	)	PUNCT
cblr-9109	138	20	;	;	PUNCT
cblr-9109	138	21	edward	edward	PROPN
cblr-9109	138	22	t.	t.	PROPN
cblr-9109	138	23	mcdermott	mcdermott	PROPN
cblr-9109	138	24	,	,	PUNCT
cblr-9109	138	25	defining	define	VERB
cblr-9109	138	26	manipulation	manipulation	NOUN
cblr-9109	138	27	in	in	ADP
cblr-9109	138	28	commodity	commodity	NOUN
cblr-9109	138	29	futures	future	NOUN
cblr-9109	138	30	trading	trading	NOUN
cblr-9109	138	31	:	:	PUNCT
cblr-9109	138	32	the	the	DET
cblr-9109	138	33	futures	future	NOUN
cblr-9109	138	34	“	"	PUNCT
cblr-9109	138	35	squeeze	squeeze	NOUN
cblr-9109	138	36	,	,	PUNCT
cblr-9109	138	37	”	"	PUNCT
cblr-9109	138	38	74	74	NUM
cblr-9109	138	39	nw	nw	NOUN
cblr-9109	138	40	.	.	PUNCT
cblr-9109	138	41	u.	u.	PROPN
cblr-9109	138	42	l.	l.	PROPN
cblr-9109	138	43	rev	rev	AUX
cblr-9109	138	44	.	.	PROPN
cblr-9109	138	45	202	202	NUM
cblr-9109	138	46	,	,	PUNCT
cblr-9109	138	47	205	205	NUM
cblr-9109	138	48	(	(	PUNCT
cblr-9109	138	49	1979	1979	NUM
cblr-9109	138	50	)	)	PUNCT
cblr-9109	138	51	(	(	PUNCT
cblr-9109	138	52	referring	refer	VERB
cblr-9109	138	53	to	to	ADP
cblr-9109	138	54	manipulation	manipulation	NOUN
cblr-9109	138	55	law	law	NOUN
cblr-9109	138	56	as	as	ADP
cblr-9109	138	57	“	"	PUNCT
cblr-9109	138	58	an	an	DET
cblr-9109	138	59	embarrassment	embarrassment	NOUN
cblr-9109	138	60	—	—	PUNCT
cblr-9109	138	61	confusing	confusing	ADJ
cblr-9109	138	62	,	,	PUNCT
cblr-9109	138	63	contradictory	contradictory	ADJ
cblr-9109	138	64	,	,	PUNCT
cblr-9109	138	65	complex	complex	ADJ
cblr-9109	138	66	,	,	PUNCT
cblr-9109	138	67	and	and	CCONJ
cblr-9109	138	68	unsophisticated	unsophisticated	ADJ
cblr-9109	138	69	”	"	PUNCT
cblr-9109	138	70	)	)	PUNCT
cblr-9109	138	71	;	;	PUNCT
cblr-9109	138	72	yesha	yesha	PROPN
cblr-9109	138	73	yadav	yadav	PROPN
cblr-9109	138	74	,	,	PUNCT
cblr-9109	138	75	the	the	DET
cblr-9109	138	76	failure	failure	NOUN
cblr-9109	138	77	of	of	ADP
cblr-9109	138	78	liability	liability	NOUN
cblr-9109	138	79	in	in	ADP
cblr-9109	138	80	modern	modern	ADJ
cblr-9109	138	81	markets	market	NOUN
cblr-9109	138	82	,	,	PUNCT
cblr-9109	138	83	102	102	NUM
cblr-9109	138	84	va	va	NOUN
cblr-9109	138	85	.	.	PUNCT
cblr-9109	138	86	l.	l.	PROPN
cblr-9109	138	87	rev	rev	PROPN
cblr-9109	138	88	.	.	PROPN
cblr-9109	138	89	1031	1031	NUM
cblr-9109	138	90	,	,	PUNCT
cblr-9109	138	91	1053–55	1053–55	PRON
cblr-9109	138	92	,	,	PUNCT
cblr-9109	138	93	1089	1089	NUM
cblr-9109	138	94	(	(	PUNCT
cblr-9109	138	95	2016	2016	NUM
cblr-9109	138	96	)	)	PUNCT
cblr-9109	138	97	.	.	PUNCT
cblr-9109	139	1	19	19	NUM
cblr-9109	139	2	fox	fox	NOUN
cblr-9109	139	3	et	et	PROPN
cblr-9109	139	4	al	al	PROPN
cblr-9109	139	5	.	.	PROPN
cblr-9109	139	6	,	,	PUNCT
cblr-9109	139	7	manipulation	manipulation	NOUN
cblr-9109	139	8	,	,	PUNCT
cblr-9109	139	9	supra	supra	NOUN
cblr-9109	139	10	note	note	NOUN
cblr-9109	139	11	2	2	NUM
cblr-9109	139	12	.	.	PUNCT
cblr-9109	140	1	fox	fox	PROPN
cblr-9109	140	2	et	et	PROPN
cblr-9109	140	3	al	al	PROPN
cblr-9109	140	4	.	.	PROPN
cblr-9109	140	5	,	,	PUNCT
cblr-9109	140	6	the	the	DET
cblr-9109	140	7	new	new	ADJ
cblr-9109	140	8	stock	stock	NOUN
cblr-9109	140	9	market	market	NOUN
cblr-9109	140	10	,	,	PUNCT
cblr-9109	140	11	supra	supra	PROPN
cblr-9109	140	12	note	note	NOUN
cblr-9109	140	13	2	2	NUM
cblr-9109	140	14	,	,	PUNCT
cblr-9109	140	15	at	at	ADP
cblr-9109	140	16	201	201	NUM
cblr-9109	140	17	.	.	PUNCT
cblr-9109	140	18	20	20	NUM
cblr-9109	140	19	fox	fox	NOUN
cblr-9109	140	20	et	et	PROPN
cblr-9109	140	21	al	al	PROPN
cblr-9109	140	22	.	.	PROPN
cblr-9109	140	23	,	,	PUNCT
cblr-9109	140	24	manipulation	manipulation	NOUN
cblr-9109	140	25	,	,	PUNCT
cblr-9109	140	26	supra	supra	NOUN
cblr-9109	140	27	note	note	NOUN
cblr-9109	140	28	2	2	NUM
cblr-9109	140	29	.	.	PUNCT
cblr-9109	141	1	fox	fox	PROPN
cblr-9109	141	2	et	et	PROPN
cblr-9109	141	3	al	al	PROPN
cblr-9109	141	4	.	.	PROPN
cblr-9109	141	5	,	,	PUNCT
cblr-9109	141	6	the	the	DET
cblr-9109	141	7	new	new	ADJ
cblr-9109	141	8	stock	stock	NOUN
cblr-9109	141	9	market	market	NOUN
cblr-9109	141	10	,	,	PUNCT
cblr-9109	141	11	supra	supra	PROPN
cblr-9109	141	12	note	note	NOUN
cblr-9109	141	13	2	2	NUM
cblr-9109	141	14	,	,	PUNCT
cblr-9109	141	15	at	at	ADP
cblr-9109	141	16	201	201	NUM
cblr-9109	141	17	.	.	PUNCT
cblr-9109	141	18	1252	1252	NUM
cblr-9109	141	19	columbia	columbia	PROPN
cblr-9109	141	20	business	business	NOUN
cblr-9109	141	21	law	law	PROPN
cblr-9109	141	22	review	review	NOUN
cblr-9109	142	1	[	[	X
cblr-9109	142	2	vol	vol	NOUN
cblr-9109	142	3	.	.	NOUN
cblr-9109	142	4	2021	2021	NUM
cblr-9109	142	5	on	on	ADP
cblr-9109	142	6	quote	quote	ADV
cblr-9109	142	7	-	-	PUNCT
cblr-9109	142	8	driven	drive	VERB
cblr-9109	142	9	manipulation	manipulation	NOUN
cblr-9109	142	10	have	have	VERB
cblr-9109	142	11	these	these	DET
cblr-9109	142	12	same	same	ADJ
cblr-9109	142	13	problems	problem	NOUN
cblr-9109	142	14	in	in	ADP
cblr-9109	142	15	spades	spade	NOUN
cblr-9109	142	16	.	.	PUNCT
cblr-9109	143	1	in	in	ADP
cblr-9109	143	2	seeking	seek	VERB
cblr-9109	143	3	to	to	PART
cblr-9109	143	4	find	find	VERB
cblr-9109	143	5	a	a	DET
cblr-9109	143	6	way	way	NOUN
cblr-9109	143	7	out	out	ADP
cblr-9109	143	8	of	of	ADP
cblr-9109	143	9	this	this	DET
cblr-9109	143	10	quagmire	quagmire	NOUN
cblr-9109	143	11	,	,	PUNCT
cblr-9109	143	12	this	this	DET
cblr-9109	143	13	article	article	NOUN
cblr-9109	143	14	employs	employ	VERB
cblr-9109	143	15	a	a	DET
cblr-9109	143	16	similar	similar	ADJ
cblr-9109	143	17	approach	approach	NOUN
cblr-9109	143	18	to	to	ADP
cblr-9109	143	19	that	that	PRON
cblr-9109	143	20	in	in	ADP
cblr-9109	143	21	our	our	PRON
cblr-9109	143	22	earlier	early	ADJ
cblr-9109	143	23	work	work	NOUN
cblr-9109	143	24	.	.	PUNCT
cblr-9109	144	1	we	we	PRON
cblr-9109	144	2	start	start	VERB
cblr-9109	144	3	with	with	ADP
cblr-9109	144	4	some	some	DET
cblr-9109	144	5	basic	basic	ADJ
cblr-9109	144	6	constraints	constraint	NOUN
cblr-9109	144	7	on	on	ADP
cblr-9109	144	8	a	a	DET
cblr-9109	144	9	theory	theory	NOUN
cblr-9109	144	10	of	of	ADP
cblr-9109	144	11	quote	quote	INTJ
cblr-9109	144	12	manipulation	manipulation	NOUN
cblr-9109	144	13	and	and	CCONJ
cblr-9109	144	14	suggest	suggest	VERB
cblr-9109	144	15	that	that	SCONJ
cblr-9109	144	16	for	for	SCONJ
cblr-9109	144	17	a	a	DET
cblr-9109	144	18	quote	quote	NOUN
cblr-9109	144	19	driven	drive	VERB
cblr-9109	144	20	strategy	strategy	NOUN
cblr-9109	144	21	to	to	PART
cblr-9109	144	22	be	be	AUX
cblr-9109	144	23	considered	consider	VERB
cblr-9109	144	24	manipulation	manipulation	NOUN
cblr-9109	144	25	prohibited	prohibit	VERB
cblr-9109	144	26	by	by	ADP
cblr-9109	144	27	the	the	DET
cblr-9109	144	28	exchange	exchange	PROPN
cblr-9109	144	29	act	act	PROPN
cblr-9109	144	30	,	,	PUNCT
cblr-9109	144	31	four	four	NUM
cblr-9109	144	32	essential	essential	ADJ
cblr-9109	144	33	queries	query	NOUN
cblr-9109	144	34	must	must	AUX
cblr-9109	144	35	be	be	AUX
cblr-9109	144	36	answered	answer	VERB
cblr-9109	144	37	in	in	ADP
cblr-9109	144	38	the	the	DET
cblr-9109	144	39	affirmative	affirmative	NOUN
cblr-9109	144	40	.	.	PUNCT
cblr-9109	145	1	first	first	ADV
cblr-9109	145	2	,	,	PUNCT
cblr-9109	145	3	is	be	AUX
cblr-9109	145	4	the	the	DET
cblr-9109	145	5	strategy	strategy	NOUN
cblr-9109	145	6	,	,	PUNCT
cblr-9109	145	7	exclusively	exclusively	ADV
cblr-9109	145	8	as	as	ADP
cblr-9109	145	9	a	a	DET
cblr-9109	145	10	conceptual	conceptual	ADJ
cblr-9109	145	11	matter	matter	NOUN
cblr-9109	145	12	,	,	PUNCT
cblr-9109	145	13	distinguishable	distinguishable	ADJ
cblr-9109	145	14	from	from	ADP
cblr-9109	145	15	other	other	ADJ
cblr-9109	145	16	,	,	PUNCT
cblr-9109	145	17	plainly	plainly	ADV
cblr-9109	145	18	acceptable	acceptable	ADJ
cblr-9109	145	19	quote	quote	INTJ
cblr-9109	145	20	-	-	PUNCT
cblr-9109	145	21	driven	drive	VERB
cblr-9109	145	22	strategies	strategy	NOUN
cblr-9109	145	23	,	,	PUNCT
cblr-9109	145	24	and	and	CCONJ
cblr-9109	145	25	does	do	AUX
cblr-9109	145	26	the	the	DET
cblr-9109	145	27	strategy	strategy	NOUN
cblr-9109	145	28	cause	cause	VERB
cblr-9109	145	29	social	social	ADJ
cblr-9109	145	30	harm	harm	NOUN
cblr-9109	145	31	?	?	PUNCT
cblr-9109	146	1	second	second	ADV
cblr-9109	146	2	,	,	PUNCT
cblr-9109	146	3	does	do	AUX
cblr-9109	146	4	the	the	DET
cblr-9109	146	5	strategy	strategy	NOUN
cblr-9109	146	6	plausibly	plausibly	ADV
cblr-9109	146	7	fit	fit	ADJ
cblr-9109	146	8	under	under	ADP
cblr-9109	146	9	the	the	DET
cblr-9109	146	10	general	general	ADJ
cblr-9109	146	11	dictionary	dictionary	ADJ
cblr-9109	146	12	meaning	meaning	NOUN
cblr-9109	146	13	of	of	ADP
cblr-9109	146	14	the	the	DET
cblr-9109	146	15	term	term	NOUN
cblr-9109	146	16	“	"	PUNCT
cblr-9109	146	17	manipulation	manipulation	NOUN
cblr-9109	146	18	”	"	PUNCT
cblr-9109	146	19	?	?	PUNCT
cblr-9109	147	1	third	third	ADV
cblr-9109	147	2	,	,	PUNCT
cblr-9109	147	3	are	be	AUX
cblr-9109	147	4	there	there	PRON
cblr-9109	147	5	circumstances	circumstance	NOUN
cblr-9109	147	6	under	under	ADP
cblr-9109	147	7	which	which	PRON
cblr-9109	147	8	the	the	DET
cblr-9109	147	9	strategy	strategy	NOUN
cblr-9109	147	10	can	can	AUX
cblr-9109	147	11	yield	yield	VERB
cblr-9109	147	12	positive	positive	ADJ
cblr-9109	147	13	expected	expect	VERB
cblr-9109	147	14	profits	profit	NOUN
cblr-9109	147	15	,	,	PUNCT
cblr-9109	147	16	and	and	CCONJ
cblr-9109	147	17	do	do	AUX
cblr-9109	147	18	they	they	PRON
cblr-9109	147	19	occur	occur	VERB
cblr-9109	147	20	often	often	ADV
cblr-9109	147	21	enough	enough	ADV
cblr-9109	147	22	to	to	PART
cblr-9109	147	23	raise	raise	VERB
cblr-9109	147	24	concern	concern	NOUN
cblr-9109	147	25	?	?	PUNCT
cblr-9109	148	1	fourth	fourth	ADJ
cblr-9109	148	2	,	,	PUNCT
cblr-9109	148	3	are	be	AUX
cblr-9109	148	4	there	there	PRON
cblr-9109	148	5	practical	practical	ADJ
cblr-9109	148	6	methods	method	NOUN
cblr-9109	148	7	for	for	ADP
cblr-9109	148	8	prohibiting	prohibit	VERB
cblr-9109	148	9	the	the	DET
cblr-9109	148	10	strategy	strategy	NOUN
cblr-9109	148	11	whereby	whereby	SCONJ
cblr-9109	148	12	the	the	DET
cblr-9109	148	13	social	social	ADJ
cblr-9109	148	14	gains	gain	NOUN
cblr-9109	148	15	from	from	ADP
cblr-9109	148	16	its	its	PRON
cblr-9109	148	17	reduction	reduction	NOUN
cblr-9109	148	18	or	or	CCONJ
cblr-9109	148	19	elimination	elimination	NOUN
cblr-9109	148	20	exceed	exceed	VERB
cblr-9109	148	21	the	the	DET
cblr-9109	148	22	social	social	ADJ
cblr-9109	148	23	costs	cost	NOUN
cblr-9109	148	24	of	of	ADP
cblr-9109	148	25	doing	do	VERB
cblr-9109	148	26	so	so	ADV
cblr-9109	148	27	,	,	PUNCT
cblr-9109	148	28	including	include	VERB
cblr-9109	148	29	deterring	deter	VERB
cblr-9109	148	30	socially	socially	ADV
cblr-9109	148	31	beneficial	beneficial	ADJ
cblr-9109	148	32	activity	activity	NOUN
cblr-9109	148	33	that	that	PRON
cblr-9109	148	34	might	might	AUX
cblr-9109	148	35	be	be	AUX
cblr-9109	148	36	erroneously	erroneously	ADV
cblr-9109	148	37	classified	classify	VERB
cblr-9109	148	38	as	as	ADP
cblr-9109	148	39	instances	instance	NOUN
cblr-9109	148	40	of	of	ADP
cblr-9109	148	41	the	the	DET
cblr-9109	148	42	practice?21	practice?21	PROPN
cblr-9109	148	43	this	this	DET
cblr-9109	148	44	four	four	NUM
cblr-9109	148	45	-	-	PUNCT
cblr-9109	148	46	question	question	NOUN
cblr-9109	148	47	approach	approach	NOUN
cblr-9109	148	48	starts	start	VERB
cblr-9109	148	49	with	with	ADP
cblr-9109	148	50	some	some	DET
cblr-9109	148	51	basic	basic	ADJ
cblr-9109	148	52	rules	rule	NOUN
cblr-9109	148	53	of	of	ADP
cblr-9109	148	54	statutory	statutory	ADJ
cblr-9109	148	55	interpretation	interpretation	NOUN
cblr-9109	148	56	to	to	PART
cblr-9109	148	57	identify	identify	VERB
cblr-9109	148	58	the	the	DET
cblr-9109	148	59	outer	outer	ADJ
cblr-9109	148	60	borders	border	NOUN
cblr-9109	148	61	of	of	ADP
cblr-9109	148	62	the	the	DET
cblr-9109	148	63	plausible	plausible	ADJ
cblr-9109	148	64	reach	reach	NOUN
cblr-9109	148	65	of	of	ADP
cblr-9109	148	66	the	the	DET
cblr-9109	148	67	prohibitions	prohibition	NOUN
cblr-9109	148	68	of	of	ADP
cblr-9109	148	69	quote	quote	ADV
cblr-9109	148	70	-	-	PUNCT
cblr-9109	148	71	driven	drive	VERB
cblr-9109	148	72	manipulation	manipulation	NOUN
cblr-9109	148	73	under	under	ADP
cblr-9109	148	74	sections	section	NOUN
cblr-9109	148	75	9	9	NUM
cblr-9109	148	76	and	and	CCONJ
cblr-9109	148	77	10(b	10(b	NUM
cblr-9109	148	78	)	)	PUNCT
cblr-9109	148	79	,	,	PUNCT
cblr-9109	148	80	and	and	CCONJ
cblr-9109	148	81	then	then	ADV
cblr-9109	148	82	seeks	seek	VERB
cblr-9109	148	83	to	to	PART
cblr-9109	148	84	determine	determine	VERB
cblr-9109	148	85	,	,	PUNCT
cblr-9109	148	86	on	on	ADP
cblr-9109	148	87	policy	policy	NOUN
cblr-9109	148	88	grounds	ground	NOUN
cblr-9109	148	89	,	,	PUNCT
cblr-9109	148	90	what	what	DET
cblr-9109	148	91	activities	activity	NOUN
cblr-9109	148	92	within	within	ADP
cblr-9109	148	93	these	these	DET
cblr-9109	148	94	outer	outer	ADJ
cblr-9109	148	95	borders	border	NOUN
cblr-9109	148	96	ought	ought	AUX
cblr-9109	148	97	actually	actually	ADV
cblr-9109	148	98	to	to	PART
cblr-9109	148	99	be	be	AUX
cblr-9109	148	100	prohibited	prohibit	VERB
cblr-9109	148	101	.	.	PUNCT
cblr-9109	149	1	in	in	ADP
cblr-9109	149	2	this	this	DET
cblr-9109	149	3	article	article	NOUN
cblr-9109	149	4	,	,	PUNCT
cblr-9109	149	5	we	we	PRON
cblr-9109	149	6	utilize	utilize	VERB
cblr-9109	149	7	this	this	DET
cblr-9109	149	8	approach	approach	NOUN
cblr-9109	149	9	to	to	PART
cblr-9109	149	10	analyze	analyze	VERB
cblr-9109	149	11	the	the	DET
cblr-9109	149	12	most	most	ADV
cblr-9109	149	13	common	common	ADJ
cblr-9109	149	14	quote	quote	NOUN
cblr-9109	149	15	-	-	PUNCT
cblr-9109	149	16	driven	drive	VERB
cblr-9109	149	17	strategy	strategy	NOUN
cblr-9109	149	18	that	that	PRON
cblr-9109	149	19	has	have	AUX
cblr-9109	149	20	been	be	AUX
cblr-9109	149	21	labeled	label	VERB
cblr-9109	149	22	as	as	ADP
cblr-9109	149	23	“	"	PUNCT
cblr-9109	149	24	manipulative	manipulative	ADJ
cblr-9109	149	25	”	"	PUNCT
cblr-9109	149	26	in	in	ADP
cblr-9109	149	27	at	at	ADP
cblr-9109	149	28	least	least	ADJ
cblr-9109	149	29	some	some	PRON
cblr-9109	149	30	commentary	commentary	NOUN
cblr-9109	149	31	and	and	CCONJ
cblr-9109	149	32	found	find	VERB
cblr-9109	149	33	to	to	PART
cblr-9109	149	34	be	be	AUX
cblr-9109	149	35	illegal	illegal	ADJ
cblr-9109	149	36	in	in	ADP
cblr-9109	149	37	at	at	ADP
cblr-9109	149	38	least	least	ADJ
cblr-9109	149	39	some	some	PRON
cblr-9109	149	40	actions	action	NOUN
cblr-9109	149	41	against	against	ADP
cblr-9109	149	42	persons	person	NOUN
cblr-9109	149	43	undertaking	undertake	VERB
cblr-9109	149	44	it	it	PRON
cblr-9109	149	45	.	.	PUNCT
cblr-9109	150	1	we	we	PRON
cblr-9109	150	2	will	will	AUX
cblr-9109	150	3	refer	refer	VERB
cblr-9109	150	4	to	to	ADP
cblr-9109	150	5	this	this	DET
cblr-9109	150	6	strategy	strategy	NOUN
cblr-9109	150	7	as	as	ADP
cblr-9109	150	8	“	"	PUNCT
cblr-9109	150	9	at	at	ADP
cblr-9109	150	10	or	or	CCONJ
cblr-9109	150	11	away	away	ADV
cblr-9109	150	12	quote	quote	INTJ
cblr-9109	150	13	21	21	NUM
cblr-9109	150	14	a	a	DET
cblr-9109	150	15	practice	practice	NOUN
cblr-9109	150	16	or	or	CCONJ
cblr-9109	150	17	regulation	regulation	NOUN
cblr-9109	150	18	can	can	AUX
cblr-9109	150	19	generate	generate	VERB
cblr-9109	150	20	social	social	ADJ
cblr-9109	150	21	harm	harm	NOUN
cblr-9109	150	22	if	if	SCONJ
cblr-9109	150	23	it	it	PRON
cblr-9109	150	24	lowers	lower	VERB
cblr-9109	150	25	economic	economic	ADJ
cblr-9109	150	26	efficiency	efficiency	NOUN
cblr-9109	150	27	in	in	ADP
cblr-9109	150	28	a	a	DET
cblr-9109	150	29	specific	specific	ADJ
cblr-9109	150	30	way	way	NOUN
cblr-9109	150	31	or	or	CCONJ
cblr-9109	150	32	systematically	systematically	ADV
cblr-9109	150	33	leads	lead	VERB
cblr-9109	150	34	to	to	ADP
cblr-9109	150	35	unfair	unfair	ADJ
cblr-9109	150	36	outcomes	outcome	NOUN
cblr-9109	150	37	.	.	PUNCT
cblr-9109	151	1	it	it	PRON
cblr-9109	151	2	can	can	AUX
cblr-9109	151	3	generate	generate	VERB
cblr-9109	151	4	a	a	DET
cblr-9109	151	5	social	social	ADJ
cblr-9109	151	6	gain	gain	NOUN
cblr-9109	151	7	if	if	SCONJ
cblr-9109	151	8	it	it	PRON
cblr-9109	151	9	improves	improve	VERB
cblr-9109	151	10	economic	economic	ADJ
cblr-9109	151	11	efficiency	efficiency	NOUN
cblr-9109	151	12	or	or	CCONJ
cblr-9109	151	13	reduces	reduce	VERB
cblr-9109	151	14	unfairness	unfairness	NOUN
cblr-9109	151	15	.	.	PUNCT
cblr-9109	152	1	see	see	VERB
cblr-9109	152	2	infra	infra	NOUN
cblr-9109	152	3	part	part	NOUN
cblr-9109	152	4	iii	iii	NOUN
cblr-9109	152	5	.	.	PUNCT
cblr-9109	153	1	thus	thus	ADV
cblr-9109	153	2	,	,	PUNCT
cblr-9109	153	3	the	the	DET
cblr-9109	153	4	desirability	desirability	NOUN
cblr-9109	153	5	of	of	ADP
cblr-9109	153	6	a	a	DET
cblr-9109	153	7	regulation	regulation	NOUN
cblr-9109	153	8	that	that	PRON
cblr-9109	153	9	prohibits	prohibit	VERB
cblr-9109	153	10	a	a	DET
cblr-9109	153	11	specific	specific	ADJ
cblr-9109	153	12	practice	practice	NOUN
cblr-9109	153	13	turns	turn	VERB
cblr-9109	153	14	on	on	ADP
cblr-9109	153	15	whether	whether	SCONJ
cblr-9109	153	16	the	the	DET
cblr-9109	153	17	world	world	NOUN
cblr-9109	153	18	with	with	ADP
cblr-9109	153	19	the	the	DET
cblr-9109	153	20	regulation	regulation	NOUN
cblr-9109	153	21	is	be	AUX
cblr-9109	153	22	superior	superior	ADJ
cblr-9109	153	23	to	to	ADP
cblr-9109	153	24	the	the	DET
cblr-9109	153	25	world	world	NOUN
cblr-9109	153	26	without	without	ADP
cblr-9109	153	27	it	it	PRON
cblr-9109	153	28	,	,	PUNCT
cblr-9109	153	29	when	when	SCONJ
cblr-9109	153	30	evaluating	evaluate	VERB
cblr-9109	153	31	on	on	ADP
cblr-9109	153	32	a	a	DET
cblr-9109	153	33	net	net	ADJ
cblr-9109	153	34	basis	basis	NOUN
cblr-9109	153	35	all	all	DET
cblr-9109	153	36	the	the	DET
cblr-9109	153	37	social	social	ADJ
cblr-9109	153	38	harms	harm	NOUN
cblr-9109	153	39	and	and	CCONJ
cblr-9109	153	40	benefits	benefit	NOUN
cblr-9109	153	41	arising	arise	VERB
cblr-9109	153	42	in	in	ADP
cblr-9109	153	43	a	a	DET
cblr-9109	153	44	comparison	comparison	NOUN
cblr-9109	153	45	between	between	ADP
cblr-9109	153	46	a	a	DET
cblr-9109	153	47	world	world	NOUN
cblr-9109	153	48	with	with	ADP
cblr-9109	153	49	and	and	CCONJ
cblr-9109	153	50	without	without	ADP
cblr-9109	153	51	the	the	DET
cblr-9109	153	52	regulation	regulation	NOUN
cblr-9109	153	53	.	.	PUNCT
cblr-9109	154	1	no	no	INTJ
cblr-9109	154	2	.	.	PUNCT
cblr-9109	155	1	3:1244	3:1244	NUM
cblr-9109	155	2	]	]	X
cblr-9109	155	3	spoofing	spoofing	NOUN
cblr-9109	155	4	and	and	CCONJ
cblr-9109	155	5	its	its	PRON
cblr-9109	155	6	regulation	regulation	NOUN
cblr-9109	155	7	1253	1253	NUM
cblr-9109	155	8	manipulation	manipulation	NOUN
cblr-9109	155	9	”	"	PUNCT
cblr-9109	155	10	or	or	CCONJ
cblr-9109	155	11	its	its	PRON
cblr-9109	155	12	more	more	ADV
cblr-9109	155	13	common	common	ADJ
cblr-9109	155	14	,	,	PUNCT
cblr-9109	155	15	though	though	SCONJ
cblr-9109	155	16	sometimes	sometimes	ADV
cblr-9109	155	17	less	less	ADV
cblr-9109	155	18	precisely	precisely	ADV
cblr-9109	155	19	defined	define	VERB
cblr-9109	155	20	label	label	NOUN
cblr-9109	155	21	,	,	PUNCT
cblr-9109	155	22	“	"	PUNCT
cblr-9109	155	23	spoofing	spoof	VERB
cblr-9109	155	24	.	.	PUNCT
cblr-9109	155	25	”	"	PUNCT
cblr-9109	156	1	in	in	ADP
cblr-9109	156	2	advance	advance	NOUN
cblr-9109	156	3	of	of	ADP
cblr-9109	156	4	describing	describe	VERB
cblr-9109	156	5	this	this	DET
cblr-9109	156	6	strategy	strategy	NOUN
cblr-9109	156	7	,	,	PUNCT
cblr-9109	156	8	a	a	DET
cblr-9109	156	9	two	two	NUM
cblr-9109	156	10	-	-	PUNCT
cblr-9109	156	11	paragraph	paragraph	NOUN
cblr-9109	156	12	introduction	introduction	NOUN
cblr-9109	156	13	to	to	ADP
cblr-9109	156	14	the	the	DET
cblr-9109	156	15	way	way	NOUN
cblr-9109	156	16	modern	modern	ADJ
cblr-9109	156	17	equity	equity	NOUN
cblr-9109	156	18	markets	market	NOUN
cblr-9109	156	19	work	work	VERB
cblr-9109	156	20	and	and	CCONJ
cblr-9109	156	21	associated	associated	ADJ
cblr-9109	156	22	vocabulary	vocabulary	NOUN
cblr-9109	156	23	is	be	AUX
cblr-9109	156	24	in	in	ADP
cblr-9109	156	25	order	order	NOUN
cblr-9109	156	26	.	.	PUNCT
cblr-9109	157	1	equities	equity	NOUN
cblr-9109	157	2	trade	trade	VERB
cblr-9109	157	3	on	on	ADP
cblr-9109	157	4	a	a	DET
cblr-9109	157	5	variety	variety	NOUN
cblr-9109	157	6	of	of	ADP
cblr-9109	157	7	trading	trading	NOUN
cblr-9109	157	8	venues	venue	NOUN
cblr-9109	157	9	,	,	PUNCT
cblr-9109	157	10	nearly	nearly	ADV
cblr-9109	157	11	all	all	PRON
cblr-9109	157	12	of	of	ADP
cblr-9109	157	13	which	which	PRON
cblr-9109	157	14	are	be	AUX
cblr-9109	157	15	electronic	electronic	ADJ
cblr-9109	157	16	limit	limit	NOUN
cblr-9109	157	17	order	order	NOUN
cblr-9109	157	18	books	book	NOUN
cblr-9109	157	19	,	,	PUNCT
cblr-9109	157	20	where	where	SCONJ
cblr-9109	157	21	a	a	DET
cblr-9109	157	22	trader	trader	NOUN
cblr-9109	157	23	can	can	AUX
cblr-9109	157	24	post	post	VERB
cblr-9109	157	25	a	a	DET
cblr-9109	157	26	limit	limit	NOUN
cblr-9109	157	27	order	order	NOUN
cblr-9109	157	28	,	,	PUNCT
cblr-9109	157	29	which	which	PRON
cblr-9109	157	30	is	be	AUX
cblr-9109	157	31	a	a	DET
cblr-9109	157	32	firm	firm	ADJ
cblr-9109	157	33	commitment	commitment	NOUN
cblr-9109	157	34	(	(	PUNCT
cblr-9109	157	35	until	until	SCONJ
cblr-9109	157	36	cancelled	cancel	VERB
cblr-9109	157	37	)	)	PUNCT
cblr-9109	157	38	to	to	PART
cblr-9109	157	39	buy	buy	VERB
cblr-9109	157	40	or	or	CCONJ
cblr-9109	157	41	sell	sell	VERB
cblr-9109	157	42	up	up	ADP
cblr-9109	157	43	to	to	ADP
cblr-9109	157	44	a	a	DET
cblr-9109	157	45	specified	specified	ADJ
cblr-9109	157	46	number	number	NOUN
cblr-9109	157	47	of	of	ADP
cblr-9109	157	48	shares	share	NOUN
cblr-9109	157	49	at	at	ADP
cblr-9109	157	50	a	a	DET
cblr-9109	157	51	quoted	quote	VERB
cblr-9109	157	52	price.22	price.22	NOUN
cblr-9109	157	53	for	for	ADP
cblr-9109	157	54	a	a	DET
cblr-9109	157	55	posted	post	VERB
cblr-9109	157	56	sell	sell	NOUN
cblr-9109	157	57	limit	limit	NOUN
cblr-9109	157	58	order	order	NOUN
cblr-9109	157	59	,	,	PUNCT
cblr-9109	157	60	this	this	DET
cblr-9109	157	61	stated	state	VERB
cblr-9109	157	62	limit	limit	NOUN
cblr-9109	157	63	price	price	NOUN
cblr-9109	157	64	is	be	AUX
cblr-9109	157	65	an	an	DET
cblr-9109	157	66	offer	offer	NOUN
cblr-9109	157	67	.	.	PUNCT
cblr-9109	158	1	for	for	ADP
cblr-9109	158	2	a	a	DET
cblr-9109	158	3	posted	post	VERB
cblr-9109	158	4	buy	buy	NOUN
cblr-9109	158	5	limit	limit	NOUN
cblr-9109	158	6	order	order	NOUN
cblr-9109	158	7	,	,	PUNCT
cblr-9109	158	8	this	this	DET
cblr-9109	158	9	stated	state	VERB
cblr-9109	158	10	limit	limit	NOUN
cblr-9109	158	11	price	price	NOUN
cblr-9109	158	12	is	be	AUX
cblr-9109	158	13	a	a	DET
cblr-9109	158	14	bid.23	bid.23	ADJ
cblr-9109	158	15	bids	bid	NOUN
cblr-9109	158	16	and	and	CCONJ
cblr-9109	158	17	offers	offer	NOUN
cblr-9109	158	18	are	be	AUX
cblr-9109	158	19	often	often	ADV
cblr-9109	158	20	referred	refer	VERB
cblr-9109	158	21	to	to	ADP
cblr-9109	158	22	as	as	ADP
cblr-9109	158	23	quotes.24	quotes.24	NOUN
cblr-9109	158	24	a	a	DET
cblr-9109	158	25	computer	computer	NOUN
cblr-9109	158	26	(	(	PUNCT
cblr-9109	158	27	the	the	DET
cblr-9109	158	28	venue	venue	NOUN
cblr-9109	158	29	’s	’s	PART
cblr-9109	158	30	matching	matching	NOUN
cblr-9109	158	31	engine	engine	NOUN
cblr-9109	158	32	)	)	PUNCT
cblr-9109	158	33	matches	match	VERB
cblr-9109	158	34	these	these	DET
cblr-9109	158	35	posted	post	VERB
cblr-9109	158	36	limit	limit	NOUN
cblr-9109	158	37	orders	order	NOUN
cblr-9109	158	38	,	,	PUNCT
cblr-9109	158	39	referred	refer	VERB
cblr-9109	158	40	to	to	ADP
cblr-9109	158	41	as	as	ADP
cblr-9109	158	42	non	non	ADJ
cblr-9109	158	43	-	-	ADJ
cblr-9109	158	44	marketable	marketable	ADJ
cblr-9109	158	45	limit	limit	NOUN
cblr-9109	158	46	orders	order	NOUN
cblr-9109	158	47	,	,	PUNCT
cblr-9109	158	48	with	with	ADP
cblr-9109	158	49	incoming	incoming	ADJ
cblr-9109	158	50	buy	buy	NOUN
cblr-9109	158	51	and	and	CCONJ
cblr-9109	158	52	sell	sell	VERB
cblr-9109	158	53	marketable	marketable	ADJ
cblr-9109	158	54	orders	order	NOUN
cblr-9109	158	55	,	,	PUNCT
cblr-9109	158	56	which	which	PRON
cblr-9109	158	57	are	be	AUX
cblr-9109	158	58	orders	order	NOUN
cblr-9109	158	59	that	that	PRON
cblr-9109	158	60	have	have	VERB
cblr-9109	158	61	terms	term	NOUN
cblr-9109	158	62	allowing	allow	VERB
cblr-9109	158	63	them	they	PRON
cblr-9109	158	64	to	to	PART
cblr-9109	158	65	execute	execute	VERB
cblr-9109	158	66	at	at	ADP
cblr-9109	158	67	what	what	PRON
cblr-9109	158	68	is	be	AUX
cblr-9109	158	69	then	then	ADV
cblr-9109	158	70	the	the	DET
cblr-9109	158	71	nationally	nationally	ADV
cblr-9109	158	72	best	well	ADV
cblr-9109	158	73	available	available	ADJ
cblr-9109	158	74	price	price	NOUN
cblr-9109	158	75	in	in	ADP
cblr-9109	158	76	the	the	DET
cblr-9109	158	77	market.25	market.25	NOUN
cblr-9109	158	78	the	the	DET
cblr-9109	158	79	best	good	ADJ
cblr-9109	158	80	offer	offer	NOUN
cblr-9109	158	81	is	be	AUX
cblr-9109	158	82	referred	refer	VERB
cblr-9109	158	83	to	to	ADP
cblr-9109	158	84	as	as	ADP
cblr-9109	158	85	the	the	DET
cblr-9109	158	86	nbo	nbo	NOUN
cblr-9109	158	87	;	;	PUNCT
cblr-9109	158	88	the	the	DET
cblr-9109	158	89	best	good	ADJ
cblr-9109	158	90	bid	bid	NOUN
cblr-9109	158	91	is	be	AUX
cblr-9109	158	92	referred	refer	VERB
cblr-9109	158	93	to	to	ADP
cblr-9109	158	94	as	as	ADP
cblr-9109	158	95	the	the	DET
cblr-9109	158	96	nbb	nbb	NOUN
cblr-9109	158	97	;	;	PUNCT
cblr-9109	158	98	and	and	CCONJ
cblr-9109	158	99	the	the	DET
cblr-9109	158	100	two	two	NUM
cblr-9109	158	101	together	together	ADV
cblr-9109	158	102	are	be	AUX
cblr-9109	158	103	referred	refer	VERB
cblr-9109	158	104	to	to	ADP
cblr-9109	158	105	as	as	SCONJ
cblr-9109	158	106	the	the	DET
cblr-9109	158	107	nbbo.26	nbbo.26	ADJ
cblr-9109	158	108	today	today	NOUN
cblr-9109	158	109	,	,	PUNCT
cblr-9109	158	110	high	high	ADJ
cblr-9109	158	111	-	-	PUNCT
cblr-9109	158	112	frequency	frequency	NOUN
cblr-9109	158	113	traders	trader	NOUN
cblr-9109	158	114	(	(	PUNCT
cblr-9109	158	115	hfts	hft	NOUN
cblr-9109	158	116	)	)	PUNCT
cblr-9109	158	117	post	post	VERB
cblr-9109	158	118	a	a	DET
cblr-9109	158	119	significant	significant	ADJ
cblr-9109	158	120	portion	portion	NOUN
cblr-9109	158	121	of	of	ADP
cblr-9109	158	122	the	the	DET
cblr-9109	158	123	quotes	quote	NOUN
cblr-9109	158	124	that	that	PRON
cblr-9109	158	125	are	be	AUX
cblr-9109	158	126	matched	match	VERB
cblr-9109	158	127	in	in	ADP
cblr-9109	158	128	this	this	DET
cblr-9109	158	129	fashion	fashion	NOUN
cblr-9109	158	130	with	with	ADP
cblr-9109	158	131	marketable	marketable	ADJ
cblr-9109	158	132	orders	order	NOUN
cblr-9109	158	133	and	and	CCONJ
cblr-9109	158	134	result	result	VERB
cblr-9109	158	135	in	in	ADP
cblr-9109	158	136	executed	execute	VERB
cblr-9109	158	137	trades.27	trades.27	PROPN
cblr-9109	158	138	an	an	DET
cblr-9109	158	139	hft	hft	NOUN
cblr-9109	158	140	22	22	NUM
cblr-9109	158	141	fox	fox	NOUN
cblr-9109	158	142	et	et	PROPN
cblr-9109	158	143	al	al	PROPN
cblr-9109	158	144	.	.	PROPN
cblr-9109	158	145	,	,	PUNCT
cblr-9109	158	146	the	the	DET
cblr-9109	158	147	new	new	ADJ
cblr-9109	158	148	stock	stock	NOUN
cblr-9109	158	149	market	market	NOUN
cblr-9109	158	150	,	,	PUNCT
cblr-9109	158	151	supra	supra	PROPN
cblr-9109	158	152	note	note	NOUN
cblr-9109	158	153	2	2	NUM
cblr-9109	158	154	,	,	PUNCT
cblr-9109	158	155	at	at	ADP
cblr-9109	158	156	13	13	NUM
cblr-9109	158	157	(	(	PUNCT
cblr-9109	158	158	footnote	footnote	NOUN
cblr-9109	158	159	omitted	omit	VERB
cblr-9109	158	160	)	)	PUNCT
cblr-9109	158	161	.	.	PUNCT
cblr-9109	159	1	23	23	NUM
cblr-9109	160	1	i	i	PRON
cblr-9109	160	2	d.	d.	PROPN
cblr-9109	160	3	at	at	ADP
cblr-9109	160	4	300	300	NUM
cblr-9109	160	5	n.4	n.4	NOUN
cblr-9109	160	6	.	.	PUNCT
cblr-9109	161	1	24	24	NUM
cblr-9109	161	2	see	see	VERB
cblr-9109	161	3	i	i	PRON
cblr-9109	161	4	d.	d.	PROPN
cblr-9109	161	5	at	at	ADP
cblr-9109	161	6	13	13	NUM
cblr-9109	161	7	.	.	PUNCT
cblr-9109	162	1	25	25	NUM
cblr-9109	163	1	i	i	PROPN
cblr-9109	163	2	d.	d.	NOUN
cblr-9109	163	3	26	26	NUM
cblr-9109	163	4	marketable	marketable	ADJ
cblr-9109	163	5	orders	order	NOUN
cblr-9109	163	6	include	include	VERB
cblr-9109	163	7	both	both	DET
cblr-9109	163	8	“	"	PUNCT
cblr-9109	163	9	market	market	NOUN
cblr-9109	163	10	orders	order	NOUN
cblr-9109	163	11	”	"	PUNCT
cblr-9109	163	12	and	and	CCONJ
cblr-9109	163	13	“	"	PUNCT
cblr-9109	163	14	marketable	marketable	ADJ
cblr-9109	163	15	limit	limit	NOUN
cblr-9109	163	16	orders	order	NOUN
cblr-9109	163	17	.	.	PUNCT
cblr-9109	163	18	”	"	PUNCT
cblr-9109	164	1	a	a	DET
cblr-9109	164	2	“	"	PUNCT
cblr-9109	164	3	market	market	NOUN
cblr-9109	164	4	order	order	NOUN
cblr-9109	164	5	”	"	PUNCT
cblr-9109	164	6	is	be	AUX
cblr-9109	164	7	where	where	SCONJ
cblr-9109	164	8	the	the	DET
cblr-9109	164	9	person	person	NOUN
cblr-9109	164	10	submitting	submit	VERB
cblr-9109	164	11	the	the	DET
cblr-9109	164	12	order	order	NOUN
cblr-9109	164	13	commits	commit	VERB
cblr-9109	164	14	to	to	ADP
cblr-9109	164	15	trading	trading	NOUN
cblr-9109	164	16	at	at	ADP
cblr-9109	164	17	whatever	whatever	PRON
cblr-9109	164	18	is	be	AUX
cblr-9109	164	19	the	the	DET
cblr-9109	164	20	best	well	ADV
cblr-9109	164	21	available	available	ADJ
cblr-9109	164	22	price	price	NOUN
cblr-9109	164	23	in	in	ADP
cblr-9109	164	24	the	the	DET
cblr-9109	164	25	market	market	NOUN
cblr-9109	164	26	.	.	PUNCT
cblr-9109	165	1	the	the	DET
cblr-9109	165	2	computer	computer	NOUN
cblr-9109	165	3	will	will	AUX
cblr-9109	165	4	also	also	ADV
cblr-9109	165	5	match	match	VERB
cblr-9109	165	6	the	the	DET
cblr-9109	165	7	limit	limit	NOUN
cblr-9109	165	8	orders	order	NOUN
cblr-9109	165	9	posted	post	VERB
cblr-9109	165	10	on	on	ADP
cblr-9109	165	11	the	the	DET
cblr-9109	165	12	venue	venue	NOUN
cblr-9109	165	13	with	with	ADP
cblr-9109	165	14	“	"	PUNCT
cblr-9109	165	15	marketable	marketable	ADJ
cblr-9109	165	16	limit	limit	NOUN
cblr-9109	165	17	orders	order	NOUN
cblr-9109	165	18	.	.	PUNCT
cblr-9109	165	19	”	"	PUNCT
cblr-9109	166	1	a	a	DET
cblr-9109	166	2	buy	buy	NOUN
cblr-9109	166	3	limit	limit	NOUN
cblr-9109	166	4	order	order	NOUN
cblr-9109	166	5	is	be	AUX
cblr-9109	166	6	“	"	PUNCT
cblr-9109	166	7	marketable	marketable	ADJ
cblr-9109	166	8	”	"	PUNCT
cblr-9109	166	9	when	when	SCONJ
cblr-9109	166	10	it	it	PRON
cblr-9109	166	11	has	have	VERB
cblr-9109	166	12	a	a	DET
cblr-9109	166	13	limit	limit	NOUN
cblr-9109	166	14	price	price	NOUN
cblr-9109	166	15	greater	great	ADJ
cblr-9109	166	16	than	than	ADP
cblr-9109	166	17	or	or	CCONJ
cblr-9109	166	18	equal	equal	ADJ
cblr-9109	166	19	to	to	ADP
cblr-9109	166	20	the	the	DET
cblr-9109	166	21	lowest	low	ADJ
cblr-9109	166	22	offer	offer	NOUN
cblr-9109	166	23	in	in	ADP
cblr-9109	166	24	the	the	DET
cblr-9109	166	25	market	market	NOUN
cblr-9109	166	26	,	,	PUNCT
cblr-9109	166	27	and	and	CCONJ
cblr-9109	166	28	a	a	DET
cblr-9109	166	29	sell	sell	NOUN
cblr-9109	166	30	limit	limit	NOUN
cblr-9109	166	31	order	order	NOUN
cblr-9109	166	32	is	be	AUX
cblr-9109	166	33	“	"	PUNCT
cblr-9109	166	34	marketable	marketable	ADJ
cblr-9109	166	35	”	"	PUNCT
cblr-9109	166	36	when	when	SCONJ
cblr-9109	166	37	it	it	PRON
cblr-9109	166	38	has	have	VERB
cblr-9109	166	39	a	a	DET
cblr-9109	166	40	limit	limit	NOUN
cblr-9109	166	41	price	price	NOUN
cblr-9109	166	42	less	less	ADJ
cblr-9109	166	43	than	than	ADP
cblr-9109	166	44	or	or	CCONJ
cblr-9109	166	45	equal	equal	ADJ
cblr-9109	166	46	to	to	ADP
cblr-9109	166	47	the	the	DET
cblr-9109	166	48	highest	high	ADJ
cblr-9109	166	49	bid	bid	NOUN
cblr-9109	166	50	.	.	PUNCT
cblr-9109	167	1	it	it	PRON
cblr-9109	167	2	is	be	AUX
cblr-9109	167	3	“	"	PUNCT
cblr-9109	167	4	non	non	ADJ
cblr-9109	167	5	-	-	ADJ
cblr-9109	167	6	marketable	marketable	ADJ
cblr-9109	167	7	”	"	PUNCT
cblr-9109	167	8	if	if	SCONJ
cblr-9109	167	9	it	it	PRON
cblr-9109	167	10	is	be	AUX
cblr-9109	167	11	at	at	ADP
cblr-9109	167	12	a	a	DET
cblr-9109	167	13	price	price	NOUN
cblr-9109	167	14	equal	equal	ADJ
cblr-9109	167	15	to	to	ADP
cblr-9109	167	16	or	or	CCONJ
cblr-9109	167	17	inferior	inferior	ADJ
cblr-9109	167	18	to	to	ADP
cblr-9109	167	19	the	the	DET
cblr-9109	167	20	best	good	ADJ
cblr-9109	167	21	offer	offer	NOUN
cblr-9109	167	22	or	or	CCONJ
cblr-9109	167	23	bid	bid	NOUN
cblr-9109	167	24	in	in	ADP
cblr-9109	167	25	the	the	DET
cblr-9109	167	26	market	market	NOUN
cblr-9109	167	27	.	.	PUNCT
cblr-9109	168	1	see	see	VERB
cblr-9109	168	2	i	i	PRON
cblr-9109	168	3	d.	d.	PROPN
cblr-9109	168	4	;	;	PUNCT
cblr-9109	168	5	fox	fox	PROPN
cblr-9109	168	6	et	et	PROPN
cblr-9109	168	7	al	al	PROPN
cblr-9109	168	8	.	.	PROPN
cblr-9109	168	9	,	,	PUNCT
cblr-9109	168	10	manipulation	manipulation	NOUN
cblr-9109	168	11	,	,	PUNCT
cblr-9109	168	12	supra	supra	ADJ
cblr-9109	168	13	note	note	NOUN
cblr-9109	168	14	2	2	NUM
cblr-9109	168	15	,	,	PUNCT
cblr-9109	168	16	at	at	ADP
cblr-9109	168	17	90	90	NUM
cblr-9109	168	18	.	.	PUNCT
cblr-9109	168	19	27	27	NUM
cblr-9109	168	20	see	see	VERB
cblr-9109	168	21	jonathan	jonathan	PROPN
cblr-9109	168	22	brogaard	brogaard	PROPN
cblr-9109	168	23	,	,	PUNCT
cblr-9109	168	24	terrence	terrence	PROPN
cblr-9109	168	25	hendershott	hendershott	PROPN
cblr-9109	168	26	&	&	CCONJ
cblr-9109	168	27	ryan	ryan	PROPN
cblr-9109	168	28	riordan	riordan	PROPN
cblr-9109	168	29	,	,	PUNCT
cblr-9109	168	30	high	high	ADJ
cblr-9109	168	31	-	-	PUNCT
cblr-9109	168	32	frequency	frequency	NOUN
cblr-9109	168	33	trading	trading	NOUN
cblr-9109	168	34	and	and	CCONJ
cblr-9109	168	35	price	price	NOUN
cblr-9109	168	36	discovery	discovery	NOUN
cblr-9109	168	37	,	,	PUNCT
cblr-9109	168	38	27	27	NUM
cblr-9109	168	39	rev	rev	X
cblr-9109	168	40	.	.	PROPN
cblr-9109	169	1	fin	fin	NOUN
cblr-9109	169	2	.	.	PUNCT
cblr-9109	169	3	stud	stud	PROPN
cblr-9109	169	4	.	.	PUNCT
cblr-9109	170	1	2267	2267	NUM
cblr-9109	170	2	(	(	PUNCT
cblr-9109	170	3	2014	2014	NUM
cblr-9109	170	4	)	)	PUNCT
cblr-9109	170	5	(	(	PUNCT
cblr-9109	170	6	from	from	ADP
cblr-9109	170	7	nasdaq	nasdaq	PROPN
cblr-9109	170	8	data	datum	NOUN
cblr-9109	170	9	set	set	VERB
cblr-9109	170	10	,	,	PUNCT
cblr-9109	170	11	finding	find	VERB
cblr-9109	170	12	that	that	SCONJ
cblr-9109	170	13	hfts	hft	NOUN
cblr-9109	170	14	supply	supply	NOUN
cblr-9109	170	15	liquidity	liquidity	NOUN
cblr-9109	170	16	for	for	ADP
cblr-9109	170	17	fortytwo	fortytwo	NUM
cblr-9109	170	18	percent	percent	NOUN
cblr-9109	170	19	of	of	ADP
cblr-9109	170	20	all	all	DET
cblr-9109	170	21	trades	trade	NOUN
cblr-9109	170	22	and	and	CCONJ
cblr-9109	170	23	provide	provide	VERB
cblr-9109	170	24	the	the	DET
cblr-9109	170	25	market	market	NOUN
cblr-9109	170	26	quotes	quote	VERB
cblr-9109	170	27	forty	forty	NUM
cblr-9109	170	28	-	-	PUNCT
cblr-9109	170	29	two	two	NUM
cblr-9109	170	30	percent	percent	NOUN
cblr-9109	170	31	of	of	ADP
cblr-9109	170	32	1254	1254	NUM
cblr-9109	170	33	columbia	columbia	PROPN
cblr-9109	170	34	business	business	PROPN
cblr-9109	170	35	law	law	PROPN
cblr-9109	170	36	review	review	NOUN
cblr-9109	170	37	[	[	X
cblr-9109	170	38	vol	vol	NOUN
cblr-9109	170	39	.	.	PUNCT
cblr-9109	170	40	2021	2021	NUM
cblr-9109	170	41	utilizes	utilize	VERB
cblr-9109	170	42	high	high	ADJ
cblr-9109	170	43	-	-	PUNCT
cblr-9109	170	44	speed	speed	NOUN
cblr-9109	170	45	communications	communication	NOUN
cblr-9109	170	46	to	to	PART
cblr-9109	170	47	continuously	continuously	ADV
cblr-9109	170	48	update	update	VERB
cblr-9109	170	49	its	its	PRON
cblr-9109	170	50	information	information	NOUN
cblr-9109	170	51	concerning	concern	VERB
cblr-9109	170	52	transactions	transaction	NOUN
cblr-9109	170	53	occurring	occur	VERB
cblr-9109	170	54	in	in	ADP
cblr-9109	170	55	each	each	DET
cblr-9109	170	56	stock	stock	NOUN
cblr-9109	170	57	that	that	PRON
cblr-9109	170	58	it	it	PRON
cblr-9109	170	59	commonly	commonly	ADV
cblr-9109	170	60	trades	trade	VERB
cblr-9109	170	61	,	,	PUNCT
cblr-9109	170	62	as	as	ADV
cblr-9109	170	63	well	well	ADV
cblr-9109	170	64	as	as	ADP
cblr-9109	170	65	changes	change	NOUN
cblr-9109	170	66	in	in	ADP
cblr-9109	170	67	the	the	DET
cblr-9109	170	68	quotes	quote	NOUN
cblr-9109	170	69	posted	post	VERB
cblr-9109	170	70	by	by	ADP
cblr-9109	170	71	others	other	NOUN
cblr-9109	170	72	on	on	ADP
cblr-9109	170	73	every	every	DET
cblr-9109	170	74	major	major	ADJ
cblr-9109	170	75	trading	trading	NOUN
cblr-9109	170	76	venue.28	venue.28	NOUN
cblr-9109	170	77	the	the	DET
cblr-9109	170	78	hft	hft	PROPN
cblr-9109	170	79	automatically	automatically	ADV
cblr-9109	170	80	feeds	feed	VERB
cblr-9109	170	81	this	this	DET
cblr-9109	170	82	information	information	NOUN
cblr-9109	170	83	into	into	ADP
cblr-9109	170	84	a	a	DET
cblr-9109	170	85	computer	computer	NOUN
cblr-9109	170	86	that	that	PRON
cblr-9109	170	87	uses	use	VERB
cblr-9109	170	88	algorithms	algorithm	NOUN
cblr-9109	170	89	to	to	PART
cblr-9109	170	90	change	change	VERB
cblr-9109	170	91	the	the	DET
cblr-9109	170	92	prices	price	NOUN
cblr-9109	170	93	and	and	CCONJ
cblr-9109	170	94	quantities	quantity	NOUN
cblr-9109	170	95	of	of	ADP
cblr-9109	170	96	its	its	PRON
cblr-9109	170	97	own	own	ADJ
cblr-9109	170	98	quotes	quote	NOUN
cblr-9109	170	99	posted	post	VERB
cblr-9109	170	100	on	on	ADP
cblr-9109	170	101	each	each	PRON
cblr-9109	170	102	of	of	ADP
cblr-9109	170	103	the	the	DET
cblr-9109	170	104	various	various	ADJ
cblr-9109	170	105	trading	trading	NOUN
cblr-9109	170	106	venues.29	venues.29	NOUN
cblr-9109	170	107	against	against	ADP
cblr-9109	170	108	this	this	DET
cblr-9109	170	109	background	background	NOUN
cblr-9109	170	110	,	,	PUNCT
cblr-9109	170	111	we	we	PRON
cblr-9109	170	112	can	can	AUX
cblr-9109	170	113	define	define	VERB
cblr-9109	170	114	“	"	PUNCT
cblr-9109	170	115	at	at	ADP
cblr-9109	170	116	-	-	PUNCT
cblr-9109	170	117	or	or	CCONJ
cblr-9109	170	118	-	-	PUNCT
cblr-9109	170	119	away	away	ADV
cblr-9109	170	120	quote	quote	NOUN
cblr-9109	170	121	manipulation	manipulation	NOUN
cblr-9109	170	122	”	"	PUNCT
cblr-9109	170	123	or	or	CCONJ
cblr-9109	170	124	what	what	PRON
cblr-9109	170	125	,	,	PUNCT
cblr-9109	170	126	for	for	ADP
cblr-9109	170	127	our	our	PRON
cblr-9109	170	128	purposes	purpose	NOUN
cblr-9109	170	129	,	,	PUNCT
cblr-9109	170	130	we	we	PRON
cblr-9109	170	131	will	will	AUX
cblr-9109	170	132	call	call	VERB
cblr-9109	170	133	“	"	PUNCT
cblr-9109	170	134	spoofing	spoof	VERB
cblr-9109	170	135	.	.	PUNCT
cblr-9109	170	136	”	"	PUNCT
cblr-9109	171	1	this	this	DET
cblr-9109	171	2	manipulative	manipulative	ADJ
cblr-9109	171	3	strategy	strategy	NOUN
cblr-9109	171	4	involves	involve	VERB
cblr-9109	171	5	three	three	NUM
cblr-9109	171	6	steps	step	NOUN
cblr-9109	171	7	.	.	PUNCT
cblr-9109	172	1	first	first	ADV
cblr-9109	172	2	,	,	PUNCT
cblr-9109	172	3	the	the	DET
cblr-9109	172	4	manipulator	manipulator	NOUN
cblr-9109	172	5	engages	engage	VERB
cblr-9109	172	6	in	in	ADP
cblr-9109	172	7	an	an	DET
cblr-9109	172	8	activity	activity	NOUN
cblr-9109	172	9	intended	intend	VERB
cblr-9109	172	10	to	to	PART
cblr-9109	172	11	result	result	VERB
cblr-9109	172	12	in	in	ADP
cblr-9109	172	13	an	an	DET
cblr-9109	172	14	actual	actual	ADJ
cblr-9109	172	15	transaction	transaction	NOUN
cblr-9109	172	16	by	by	ADP
cblr-9109	172	17	submitting	submit	VERB
cblr-9109	172	18	either	either	CCONJ
cblr-9109	172	19	a	a	DET
cblr-9109	172	20	bid	bid	NOUN
cblr-9109	172	21	at	at	ADP
cblr-9109	172	22	the	the	DET
cblr-9109	172	23	current	current	ADJ
cblr-9109	172	24	nbb	nbb	NOUN
cblr-9109	172	25	or	or	CCONJ
cblr-9109	172	26	an	an	DET
cblr-9109	172	27	offer	offer	NOUN
cblr-9109	172	28	at	at	ADP
cblr-9109	172	29	the	the	DET
cblr-9109	172	30	current	current	PROPN
cblr-9109	172	31	nbo	nbo	PROPN
cblr-9109	172	32	.	.	PUNCT
cblr-9109	173	1	second	second	ADJ
cblr-9109	173	2	,	,	PUNCT
cblr-9109	173	3	as	as	ADP
cblr-9109	173	4	the	the	DET
cblr-9109	173	5	actual	actual	ADJ
cblr-9109	173	6	manipulative	manipulative	ADJ
cblr-9109	173	7	step	step	NOUN
cblr-9109	173	8	,	,	PUNCT
cblr-9109	173	9	the	the	DET
cblr-9109	173	10	manipulator	manipulator	NOUN
cblr-9109	173	11	submits	submit	VERB
cblr-9109	173	12	to	to	ADP
cblr-9109	173	13	an	an	DET
cblr-9109	173	14	exchange	exchange	NOUN
cblr-9109	173	15	one	one	NUM
cblr-9109	173	16	or	or	CCONJ
cblr-9109	173	17	more	more	ADJ
cblr-9109	173	18	quotes	quote	NOUN
cblr-9109	173	19	going	go	VERB
cblr-9109	173	20	in	in	ADP
cblr-9109	173	21	the	the	DET
cblr-9109	173	22	opposite	opposite	ADJ
cblr-9109	173	23	direction	direction	NOUN
cblr-9109	173	24	,	,	PUNCT
cblr-9109	173	25	each	each	PRON
cblr-9109	173	26	for	for	ADP
cblr-9109	173	27	a	a	DET
cblr-9109	173	28	large	large	ADJ
cblr-9109	173	29	number	number	NOUN
cblr-9109	173	30	of	of	ADP
cblr-9109	173	31	shares	share	NOUN
cblr-9109	173	32	at	at	ADP
cblr-9109	173	33	a	a	DET
cblr-9109	173	34	price	price	NOUN
cblr-9109	173	35	equal	equal	ADJ
cblr-9109	173	36	to	to	ADP
cblr-9109	173	37	,	,	PUNCT
cblr-9109	173	38	or	or	CCONJ
cblr-9109	173	39	less	less	ADV
cblr-9109	173	40	favorable	favorable	ADJ
cblr-9109	173	41	than	than	ADP
cblr-9109	173	42	the	the	DET
cblr-9109	173	43	preexisting	preexist	VERB
cblr-9109	173	44	best	good	ADJ
cblr-9109	173	45	quote	quote	NOUN
cblr-9109	173	46	in	in	ADP
cblr-9109	173	47	the	the	DET
cblr-9109	173	48	market	market	NOUN
cblr-9109	173	49	.	.	PUNCT
cblr-9109	174	1	so	so	ADV
cblr-9109	174	2	,	,	PUNCT
cblr-9109	174	3	if	if	SCONJ
cblr-9109	174	4	these	these	DET
cblr-9109	174	5	quotes	quote	NOUN
cblr-9109	174	6	are	be	AUX
cblr-9109	174	7	offers	offer	NOUN
cblr-9109	174	8	,	,	PUNCT
cblr-9109	174	9	the	the	DET
cblr-9109	174	10	price	price	NOUN
cblr-9109	174	11	of	of	ADP
cblr-9109	174	12	each	each	PRON
cblr-9109	174	13	is	be	AUX
cblr-9109	174	14	equal	equal	ADJ
cblr-9109	174	15	to	to	ADP
cblr-9109	174	16	or	or	CCONJ
cblr-9109	174	17	above	above	ADP
cblr-9109	174	18	the	the	DET
cblr-9109	174	19	preexisting	preexist	VERB
cblr-9109	174	20	nbo	nbo	NOUN
cblr-9109	174	21	,	,	PUNCT
cblr-9109	174	22	and	and	CCONJ
cblr-9109	174	23	if	if	SCONJ
cblr-9109	174	24	these	these	DET
cblr-9109	174	25	quotes	quote	NOUN
cblr-9109	174	26	are	be	AUX
cblr-9109	174	27	bids	bid	NOUN
cblr-9109	174	28	,	,	PUNCT
cblr-9109	174	29	the	the	DET
cblr-9109	174	30	price	price	NOUN
cblr-9109	174	31	of	of	ADP
cblr-9109	174	32	each	each	PRON
cblr-9109	174	33	is	be	AUX
cblr-9109	174	34	at	at	ADP
cblr-9109	174	35	or	or	CCONJ
cblr-9109	174	36	below	below	ADP
cblr-9109	174	37	the	the	DET
cblr-9109	174	38	preexisting	preexist	VERB
cblr-9109	174	39	nbb	nbb	PROPN
cblr-9109	174	40	.	.	PUNCT
cblr-9109	175	1	the	the	DET
cblr-9109	175	2	motivation	motivation	NOUN
cblr-9109	175	3	for	for	ADP
cblr-9109	175	4	this	this	DET
cblr-9109	175	5	second	second	ADJ
cblr-9109	175	6	step	step	NOUN
cblr-9109	175	7	is	be	AUX
cblr-9109	175	8	to	to	PART
cblr-9109	175	9	influence	influence	VERB
cblr-9109	175	10	the	the	DET
cblr-9109	175	11	quoting	quoting	NOUN
cblr-9109	175	12	and	and	CCONJ
cblr-9109	175	13	transacting	transact	VERB
cblr-9109	175	14	behavior	behavior	NOUN
cblr-9109	175	15	of	of	ADP
cblr-9109	175	16	other	other	ADJ
cblr-9109	175	17	market	market	NOUN
cblr-9109	175	18	participants	participant	NOUN
cblr-9109	175	19	in	in	ADP
cblr-9109	175	20	order	order	NOUN
cblr-9109	175	21	to	to	PART
cblr-9109	175	22	allow	allow	VERB
cblr-9109	175	23	the	the	DET
cblr-9109	175	24	manipulator	manipulator	NOUN
cblr-9109	175	25	’s	’s	PART
cblr-9109	175	26	first	first	ADJ
cblr-9109	175	27	step	step	NOUN
cblr-9109	175	28	to	to	PART
cblr-9109	175	29	result	result	VERB
cblr-9109	175	30	in	in	ADP
cblr-9109	175	31	an	an	DET
cblr-9109	175	32	actual	actual	ADJ
cblr-9109	175	33	purchase	purchase	NOUN
cblr-9109	175	34	or	or	CCONJ
cblr-9109	175	35	sale	sale	NOUN
cblr-9109	175	36	at	at	ADP
cblr-9109	175	37	a	a	DET
cblr-9109	175	38	more	more	ADV
cblr-9109	175	39	favorable	favorable	ADJ
cblr-9109	175	40	price	price	NOUN
cblr-9109	175	41	than	than	SCONJ
cblr-9109	175	42	was	be	AUX
cblr-9109	175	43	otherwise	otherwise	ADV
cblr-9109	175	44	likely	likely	ADJ
cblr-9109	175	45	to	to	PART
cblr-9109	175	46	occur	occur	VERB
cblr-9109	175	47	.	.	PUNCT
cblr-9109	176	1	third	third	ADV
cblr-9109	176	2	,	,	PUNCT
cblr-9109	176	3	the	the	DET
cblr-9109	176	4	manipulator	manipulator	NOUN
cblr-9109	176	5	cancels	cancel	VERB
cblr-9109	176	6	their	their	PRON
cblr-9109	176	7	quotes	quote	NOUN
cblr-9109	176	8	(	(	PUNCT
cblr-9109	176	9	assuming	assume	VERB
cblr-9109	176	10	they	they	PRON
cblr-9109	176	11	have	have	AUX
cblr-9109	176	12	not	not	PART
cblr-9109	176	13	already	already	ADV
cblr-9109	176	14	been	be	AUX
cblr-9109	176	15	executed	execute	VERB
cblr-9109	176	16	against	against	ADP
cblr-9109	176	17	)	)	PUNCT
cblr-9109	176	18	,	,	PUNCT
cblr-9109	176	19	either	either	CCONJ
cblr-9109	176	20	just	just	ADV
cblr-9109	176	21	before	before	ADP
cblr-9109	176	22	or	or	CCONJ
cblr-9109	176	23	just	just	ADV
cblr-9109	176	24	after	after	ADP
cblr-9109	176	25	the	the	DET
cblr-9109	176	26	actual	actual	ADJ
cblr-9109	176	27	transaction	transaction	NOUN
cblr-9109	176	28	.	.	PUNCT
cblr-9109	177	1	there	there	PRON
cblr-9109	177	2	are	be	VERB
cblr-9109	177	3	other	other	ADJ
cblr-9109	177	4	types	type	NOUN
cblr-9109	177	5	of	of	ADP
cblr-9109	177	6	quote	quote	INTJ
cblr-9109	177	7	manipulation	manipulation	NOUN
cblr-9109	177	8	besides	besides	SCONJ
cblr-9109	177	9	spoofing,30	spoofing,30	NOUN
cblr-9109	177	10	but	but	CCONJ
cblr-9109	177	11	we	we	PRON
cblr-9109	177	12	will	will	AUX
cblr-9109	177	13	save	save	VERB
cblr-9109	177	14	an	an	DET
cblr-9109	177	15	analysis	analysis	NOUN
cblr-9109	177	16	of	of	ADP
cblr-9109	177	17	them	they	PRON
cblr-9109	177	18	for	for	ADP
cblr-9109	177	19	future	future	ADJ
cblr-9109	177	20	work	work	NOUN
cblr-9109	177	21	.	.	PUNCT
cblr-9109	178	1	the	the	DET
cblr-9109	178	2	time	time	NOUN
cblr-9109	178	3	)	)	PUNCT
cblr-9109	178	4	;	;	PUNCT
cblr-9109	178	5	see	see	VERB
cblr-9109	178	6	also	also	ADV
cblr-9109	178	7	allen	allen	PROPN
cblr-9109	178	8	carrion	carrion	NOUN
cblr-9109	178	9	,	,	PUNCT
cblr-9109	178	10	very	very	ADV
cblr-9109	178	11	fast	fast	ADJ
cblr-9109	178	12	money	money	NOUN
cblr-9109	178	13	:	:	PUNCT
cblr-9109	178	14	high	high	ADJ
cblr-9109	178	15	-	-	PUNCT
cblr-9109	178	16	frequency	frequency	NOUN
cblr-9109	178	17	trading	trading	NOUN
cblr-9109	178	18	on	on	ADP
cblr-9109	178	19	the	the	DET
cblr-9109	178	20	nasdaq	nasdaq	NOUN
cblr-9109	178	21	,	,	PUNCT
cblr-9109	178	22	16	16	NUM
cblr-9109	178	23	j.	j.	PROPN
cblr-9109	178	24	fin	fin	PROPN
cblr-9109	178	25	.	.	PUNCT
cblr-9109	179	1	mkts	mkts	NOUN
cblr-9109	179	2	.	.	PUNCT
cblr-9109	180	1	680	680	NUM
cblr-9109	180	2	,	,	PUNCT
cblr-9109	180	3	680–81	680–81	NOUN
cblr-9109	180	4	(	(	PUNCT
cblr-9109	180	5	2013	2013	NUM
cblr-9109	180	6	)	)	PUNCT
cblr-9109	180	7	(	(	PUNCT
cblr-9109	180	8	“	"	PUNCT
cblr-9109	180	9	[	[	X
cblr-9109	180	10	a]n	a]n	ADJ
cblr-9109	180	11	identified	identify	VERB
cblr-9109	180	12	group	group	NOUN
cblr-9109	180	13	of	of	ADP
cblr-9109	180	14	high	high	ADJ
cblr-9109	180	15	-	-	PUNCT
cblr-9109	180	16	frequency	frequency	NOUN
cblr-9109	180	17	traders	trader	NOUN
cblr-9109	180	18	(	(	PUNCT
cblr-9109	180	19	hfts	hft	NOUN
cblr-9109	180	20	)	)	PUNCT
cblr-9109	180	21	participates	participate	VERB
cblr-9109	180	22	in	in	ADP
cblr-9109	180	23	68.3	68.3	NUM
cblr-9109	180	24	%	%	NOUN
cblr-9109	180	25	of	of	ADP
cblr-9109	180	26	the	the	DET
cblr-9109	180	27	dollar	dollar	NOUN
cblr-9109	180	28	volume	volume	NOUN
cblr-9109	180	29	in	in	ADP
cblr-9109	180	30	the	the	DET
cblr-9109	180	31	[	[	X
cblr-9109	180	32	paper	paper	NOUN
cblr-9109	180	33	’s	’s	NOUN
cblr-9109	180	34	]	]	PUNCT
cblr-9109	180	35	sample	sample	NOUN
cblr-9109	181	1	[	[	X
cblr-9109	181	2	.	.	X
cblr-9109	181	3	]	]	X
cblr-9109	181	4	”	"	PUNCT
cblr-9109	181	5	)	)	PUNCT
cblr-9109	181	6	.	.	PUNCT
cblr-9109	182	1	see	see	VERB
cblr-9109	182	2	generally	generally	ADV
cblr-9109	182	3	albert	albert	PROPN
cblr-9109	182	4	j.	j.	PROPN
cblr-9109	182	5	menkveld	menkveld	PROPN
cblr-9109	182	6	,	,	PUNCT
cblr-9109	182	7	high	high	ADJ
cblr-9109	182	8	frequency	frequency	NOUN
cblr-9109	182	9	trading	trading	NOUN
cblr-9109	182	10	and	and	CCONJ
cblr-9109	182	11	the	the	DET
cblr-9109	182	12	new	new	ADJ
cblr-9109	182	13	market	market	NOUN
cblr-9109	182	14	makers	maker	NOUN
cblr-9109	182	15	,	,	PUNCT
cblr-9109	182	16	16	16	NUM
cblr-9109	182	17	j.	j.	PROPN
cblr-9109	182	18	fin	fin	PROPN
cblr-9109	182	19	.	.	PUNCT
cblr-9109	183	1	mkts	mkts	NOUN
cblr-9109	183	2	.	.	PUNCT
cblr-9109	184	1	712	712	NUM
cblr-9109	184	2	,	,	PUNCT
cblr-9109	184	3	714	714	NUM
cblr-9109	184	4	–	–	PUNCT
cblr-9109	184	5	15	15	NUM
cblr-9109	184	6	(	(	PUNCT
cblr-9109	184	7	2013	2013	NUM
cblr-9109	184	8	)	)	PUNCT
cblr-9109	184	9	(	(	PUNCT
cblr-9109	184	10	discussing	discuss	VERB
cblr-9109	184	11	high	high	ADJ
cblr-9109	184	12	frequency	frequency	NOUN
cblr-9109	184	13	traders	trader	NOUN
cblr-9109	184	14	’	’	PART
cblr-9109	184	15	role	role	NOUN
cblr-9109	184	16	as	as	ADP
cblr-9109	184	17	market	market	NOUN
cblr-9109	184	18	makers	maker	NOUN
cblr-9109	184	19	in	in	ADP
cblr-9109	184	20	today	today	NOUN
cblr-9109	184	21	’s	’s	PART
cblr-9109	184	22	markets	market	NOUN
cblr-9109	184	23	)	)	PUNCT
cblr-9109	184	24	.	.	PUNCT
cblr-9109	185	1	28	28	NUM
cblr-9109	185	2	fox	fox	PROPN
cblr-9109	185	3	et	et	PROPN
cblr-9109	185	4	al	al	PROPN
cblr-9109	185	5	.	.	PROPN
cblr-9109	185	6	,	,	PUNCT
cblr-9109	185	7	the	the	DET
cblr-9109	185	8	new	new	ADJ
cblr-9109	185	9	stock	stock	NOUN
cblr-9109	185	10	market	market	NOUN
cblr-9109	185	11	,	,	PUNCT
cblr-9109	185	12	supra	supra	PROPN
cblr-9109	185	13	note	note	NOUN
cblr-9109	185	14	3	3	NUM
cblr-9109	185	15	,	,	PUNCT
cblr-9109	185	16	at	at	ADP
cblr-9109	185	17	95–96	95–96	NUM
cblr-9109	185	18	.	.	PUNCT
cblr-9109	186	1	29	29	NUM
cblr-9109	187	1	i	i	PRON
cblr-9109	187	2	d.	d.	NOUN
cblr-9109	187	3	at	at	ADP
cblr-9109	187	4	95	95	NUM
cblr-9109	187	5	(	(	PUNCT
cblr-9109	187	6	identifying	identify	VERB
cblr-9109	187	7	characteristics	characteristic	NOUN
cblr-9109	187	8	of	of	ADP
cblr-9109	187	9	hfts	hft	NOUN
cblr-9109	187	10	)	)	PUNCT
cblr-9109	187	11	.	.	PUNCT
cblr-9109	188	1	30	30	NUM
cblr-9109	188	2	we	we	PRON
cblr-9109	188	3	have	have	AUX
cblr-9109	188	4	identified	identify	VERB
cblr-9109	188	5	three	three	NUM
cblr-9109	188	6	other	other	ADJ
cblr-9109	188	7	kinds	kind	NOUN
cblr-9109	188	8	of	of	ADP
cblr-9109	188	9	quote	quote	INTJ
cblr-9109	188	10	manipulation	manipulation	NOUN
cblr-9109	188	11	,	,	PUNCT
cblr-9109	188	12	each	each	PRON
cblr-9109	188	13	differing	differ	VERB
cblr-9109	188	14	from	from	ADP
cblr-9109	188	15	spoofing	spoof	VERB
cblr-9109	188	16	only	only	ADV
cblr-9109	188	17	with	with	ADP
cblr-9109	188	18	regard	regard	NOUN
cblr-9109	188	19	to	to	ADP
cblr-9109	188	20	the	the	DET
cblr-9109	188	21	manipulative	manipulative	ADJ
cblr-9109	188	22	step	step	NOUN
cblr-9109	188	23	,	,	PUNCT
cblr-9109	188	24	i.e.	i.e.	X
cblr-9109	188	25	,	,	PUNCT
cblr-9109	188	26	the	the	DET
cblr-9109	188	27	no	no	NOUN
cblr-9109	188	28	.	.	PUNCT
cblr-9109	189	1	3:1244	3:1244	NUM
cblr-9109	189	2	]	]	X
cblr-9109	189	3	spoofing	spoofing	NOUN
cblr-9109	189	4	and	and	CCONJ
cblr-9109	189	5	its	its	PRON
cblr-9109	189	6	regulation	regulation	NOUN
cblr-9109	189	7	1255	1255	NUM
cblr-9109	189	8	each	each	PRON
cblr-9109	189	9	of	of	ADP
cblr-9109	189	10	spoofing	spoof	VERB
cblr-9109	189	11	’s	’s	PART
cblr-9109	189	12	three	three	NUM
cblr-9109	189	13	steps	step	NOUN
cblr-9109	189	14	—	—	PUNCT
cblr-9109	189	15	submitting	submit	VERB
cblr-9109	189	16	the	the	DET
cblr-9109	189	17	large	large	ADJ
cblr-9109	189	18	quotes	quote	NOUN
cblr-9109	189	19	,	,	PUNCT
cblr-9109	189	20	the	the	DET
cblr-9109	189	21	actual	actual	ADJ
cblr-9109	189	22	purchase	purchase	NOUN
cblr-9109	189	23	or	or	CCONJ
cblr-9109	189	24	sale	sale	NOUN
cblr-9109	189	25	of	of	ADP
cblr-9109	189	26	shares	share	NOUN
cblr-9109	189	27	,	,	PUNCT
cblr-9109	189	28	and	and	CCONJ
cblr-9109	189	29	cancelling	cancel	VERB
cblr-9109	189	30	of	of	ADP
cblr-9109	189	31	the	the	DET
cblr-9109	189	32	large	large	ADJ
cblr-9109	189	33	quotes	quote	NOUN
cblr-9109	189	34	—	—	PUNCT
cblr-9109	189	35	is	be	AUX
cblr-9109	189	36	,	,	PUNCT
cblr-9109	189	37	by	by	ADP
cblr-9109	189	38	itself	itself	PRON
cblr-9109	189	39	,	,	PUNCT
cblr-9109	189	40	a	a	DET
cblr-9109	189	41	perfectly	perfectly	ADV
cblr-9109	189	42	acceptable	acceptable	ADJ
cblr-9109	189	43	form	form	NOUN
cblr-9109	189	44	of	of	ADP
cblr-9109	189	45	behavior	behavior	NOUN
cblr-9109	189	46	of	of	ADP
cblr-9109	189	47	a	a	DET
cblr-9109	189	48	kind	kind	NOUN
cblr-9109	189	49	that	that	PRON
cblr-9109	189	50	is	be	AUX
cblr-9109	189	51	at	at	ADP
cblr-9109	189	52	the	the	DET
cblr-9109	189	53	core	core	NOUN
cblr-9109	189	54	of	of	ADP
cblr-9109	189	55	any	any	DET
cblr-9109	189	56	efficiently	efficiently	ADV
cblr-9109	189	57	operating	operate	VERB
cblr-9109	189	58	secondary	secondary	ADJ
cblr-9109	189	59	market	market	NOUN
cblr-9109	189	60	for	for	ADP
cblr-9109	189	61	securities	security	NOUN
cblr-9109	189	62	.	.	PUNCT
cblr-9109	190	1	what	what	PRON
cblr-9109	190	2	the	the	DET
cblr-9109	190	3	critical	critical	ADJ
cblr-9109	190	4	commentators	commentator	NOUN
cblr-9109	190	5	and	and	CCONJ
cblr-9109	190	6	case	case	NOUN
cblr-9109	190	7	opinions	opinion	NOUN
cblr-9109	190	8	find	find	VERB
cblr-9109	190	9	problematic	problematic	ADJ
cblr-9109	190	10	about	about	ADP
cblr-9109	190	11	the	the	DET
cblr-9109	190	12	strategy	strategy	NOUN
cblr-9109	190	13	is	be	AUX
cblr-9109	190	14	the	the	DET
cblr-9109	190	15	three	three	NUM
cblr-9109	190	16	steps	step	NOUN
cblr-9109	190	17	being	be	AUX
cblr-9109	190	18	undertaken	undertake	VERB
cblr-9109	190	19	together	together	ADV
cblr-9109	190	20	,	,	PUNCT
cblr-9109	190	21	combined	combine	VERB
cblr-9109	190	22	with	with	ADP
cblr-9109	190	23	the	the	DET
cblr-9109	190	24	intent	intent	NOUN
cblr-9109	190	25	to	to	PART
cblr-9109	190	26	have	have	AUX
cblr-9109	190	27	the	the	DET
cblr-9109	190	28	quotes	quote	NOUN
cblr-9109	190	29	favorably	favorably	ADV
cblr-9109	190	30	influence	influence	VERB
cblr-9109	190	31	the	the	DET
cblr-9109	190	32	price	price	NOUN
cblr-9109	190	33	at	at	ADP
cblr-9109	190	34	which	which	PRON
cblr-9109	190	35	the	the	DET
cblr-9109	190	36	actual	actual	ADJ
cblr-9109	190	37	transaction	transaction	NOUN
cblr-9109	190	38	occurs	occur	VERB
cblr-9109	190	39	.	.	PUNCT
cblr-9109	191	1	but	but	CCONJ
cblr-9109	191	2	what	what	PRON
cblr-9109	191	3	is	be	AUX
cblr-9109	191	4	the	the	DET
cblr-9109	191	5	social	social	ADJ
cblr-9109	191	6	harm	harm	NOUN
cblr-9109	191	7	,	,	PUNCT
cblr-9109	191	8	if	if	SCONJ
cblr-9109	191	9	any	any	PRON
cblr-9109	191	10	,	,	PUNCT
cblr-9109	191	11	when	when	SCONJ
cblr-9109	191	12	the	the	DET
cblr-9109	191	13	manipulator	manipulator	NOUN
cblr-9109	191	14	succeeds	succeed	VERB
cblr-9109	191	15	?	?	PUNCT
cblr-9109	191	16	often	often	ADV
cblr-9109	191	17	missing	miss	VERB
cblr-9109	191	18	in	in	ADP
cblr-9109	191	19	these	these	DET
cblr-9109	191	20	accounts	account	NOUN
cblr-9109	191	21	by	by	ADP
cblr-9109	191	22	commentators	commentator	NOUN
cblr-9109	191	23	and	and	CCONJ
cblr-9109	191	24	jurists	jurist	NOUN
cblr-9109	191	25	is	be	AUX
cblr-9109	191	26	a	a	DET
cblr-9109	191	27	perspicuous	perspicuous	ADJ
cblr-9109	191	28	determination	determination	NOUN
cblr-9109	191	29	of	of	ADP
cblr-9109	191	30	precisely	precisely	ADV
cblr-9109	191	31	who	who	PRON
cblr-9109	191	32	is	be	AUX
cblr-9109	191	33	hurt	hurt	VERB
cblr-9109	191	34	and	and	CCONJ
cblr-9109	191	35	who	who	PRON
cblr-9109	191	36	is	be	AUX
cblr-9109	191	37	helped	help	VERB
cblr-9109	191	38	if	if	SCONJ
cblr-9109	191	39	the	the	DET
cblr-9109	191	40	practice	practice	NOUN
cblr-9109	191	41	is	be	AUX
cblr-9109	191	42	left	leave	VERB
cblr-9109	191	43	unregulated	unregulated	ADJ
cblr-9109	191	44	,	,	PUNCT
cblr-9109	191	45	and	and	CCONJ
cblr-9109	191	46	how	how	SCONJ
cblr-9109	191	47	this	this	PRON
cblr-9109	191	48	would	would	AUX
cblr-9109	191	49	change	change	VERB
cblr-9109	191	50	if	if	SCONJ
cblr-9109	191	51	the	the	DET
cblr-9109	191	52	practice	practice	NOUN
cblr-9109	191	53	were	be	AUX
cblr-9109	191	54	instead	instead	ADV
cblr-9109	191	55	banned	ban	VERB
cblr-9109	191	56	by	by	ADP
cblr-9109	191	57	law	law	NOUN
cblr-9109	191	58	.	.	PUNCT
cblr-9109	192	1	our	our	PRON
cblr-9109	192	2	framework	framework	NOUN
cblr-9109	192	3	permits	permit	VERB
cblr-9109	192	4	a	a	DET
cblr-9109	192	5	comparison	comparison	NOUN
cblr-9109	192	6	of	of	ADP
cblr-9109	192	7	these	these	DET
cblr-9109	192	8	two	two	NUM
cblr-9109	192	9	worlds	world	NOUN
cblr-9109	192	10	in	in	ADP
cblr-9109	192	11	terms	term	NOUN
cblr-9109	192	12	of	of	ADP
cblr-9109	192	13	economic	economic	ADJ
cblr-9109	192	14	efficiency	efficiency	NOUN
cblr-9109	192	15	and	and	CCONJ
cblr-9109	192	16	the	the	DET
cblr-9109	192	17	fairness	fairness	NOUN
cblr-9109	192	18	of	of	ADP
cblr-9109	192	19	the	the	DET
cblr-9109	192	20	resulting	result	VERB
cblr-9109	192	21	wealth	wealth	NOUN
cblr-9109	192	22	positions	position	NOUN
cblr-9109	192	23	of	of	ADP
cblr-9109	192	24	the	the	DET
cblr-9109	192	25	various	various	ADJ
cblr-9109	192	26	market	market	NOUN
cblr-9109	192	27	participants	participant	NOUN
cblr-9109	192	28	.	.	PUNCT
cblr-9109	193	1	we	we	PRON
cblr-9109	193	2	then	then	ADV
cblr-9109	193	3	derive	derive	VERB
cblr-9109	193	4	an	an	DET
cblr-9109	193	5	approach	approach	NOUN
cblr-9109	193	6	that	that	PRON
cblr-9109	193	7	provides	provide	VERB
cblr-9109	193	8	regulators	regulator	NOUN
cblr-9109	193	9	the	the	DET
cblr-9109	193	10	tools	tool	NOUN
cblr-9109	193	11	to	to	PART
cblr-9109	193	12	deter	deter	VERB
cblr-9109	193	13	actually	actually	ADV
cblr-9109	193	14	socially	socially	ADV
cblr-9109	193	15	undesirable	undesirable	ADJ
cblr-9109	193	16	quote	quote	NOUN
cblr-9109	193	17	-	-	PUNCT
cblr-9109	193	18	driven	drive	VERB
cblr-9109	193	19	activity	activity	NOUN
cblr-9109	193	20	without	without	ADP
cblr-9109	193	21	unnecessarily	unnecessarily	ADV
cblr-9109	193	22	deterring	deter	VERB
cblr-9109	193	23	socially	socially	ADV
cblr-9109	193	24	beneficial	beneficial	ADJ
cblr-9109	193	25	quoting	quote	VERB
cblr-9109	193	26	that	that	SCONJ
cblr-9109	193	27	superficially	superficially	ADV
cblr-9109	193	28	appears	appear	VERB
cblr-9109	193	29	to	to	PART
cblr-9109	193	30	be	be	AUX
cblr-9109	193	31	undesirable	undesirable	ADJ
cblr-9109	193	32	.	.	PUNCT
cblr-9109	194	1	although	although	SCONJ
cblr-9109	194	2	objections	objection	NOUN
cblr-9109	194	3	to	to	ADP
cblr-9109	194	4	certain	certain	ADJ
cblr-9109	194	5	quoting	quoting	NOUN
cblr-9109	194	6	practices	practice	NOUN
cblr-9109	194	7	are	be	AUX
cblr-9109	194	8	commonly	commonly	ADV
cblr-9109	194	9	framed	frame	VERB
cblr-9109	194	10	in	in	ADP
cblr-9109	194	11	terms	term	NOUN
cblr-9109	194	12	of	of	ADP
cblr-9109	194	13	their	their	PRON
cblr-9109	194	14	unfairness	unfairness	NOUN
cblr-9109	194	15	,	,	PUNCT
cblr-9109	194	16	we	we	PRON
cblr-9109	194	17	argue	argue	VERB
cblr-9109	194	18	that	that	SCONJ
cblr-9109	194	19	such	such	ADJ
cblr-9109	194	20	practices	practice	NOUN
cblr-9109	194	21	are	be	AUX
cblr-9109	194	22	often	often	ADV
cblr-9109	194	23	undesirable	undesirable	ADJ
cblr-9109	194	24	mostly	mostly	ADV
cblr-9109	194	25	on	on	ADP
cblr-9109	194	26	straightforward	straightforward	ADJ
cblr-9109	194	27	efficiency	efficiency	NOUN
cblr-9109	194	28	grounds	ground	NOUN
cblr-9109	194	29	.	.	PUNCT
cblr-9109	195	1	the	the	DET
cblr-9109	195	2	normative	normative	ADJ
cblr-9109	195	3	and	and	CCONJ
cblr-9109	195	4	analytical	analytical	ADJ
cblr-9109	195	5	building	building	NOUN
cblr-9109	195	6	blocks	block	NOUN
cblr-9109	195	7	in	in	ADP
cblr-9109	195	8	our	our	PRON
cblr-9109	195	9	framework	framework	NOUN
cblr-9109	195	10	derive	derive	ADJ
cblr-9109	195	11	from	from	ADP
cblr-9109	195	12	key	key	ADJ
cblr-9109	195	13	results	result	NOUN
cblr-9109	195	14	in	in	ADP
cblr-9109	195	15	microstructure	microstructure	NOUN
cblr-9109	195	16	and	and	CCONJ
cblr-9109	195	17	method	method	NOUN
cblr-9109	195	18	by	by	ADP
cblr-9109	195	19	which	which	PRON
cblr-9109	195	20	others	other	NOUN
cblr-9109	195	21	are	be	AUX
cblr-9109	195	22	induced	induce	VERB
cblr-9109	195	23	to	to	PART
cblr-9109	195	24	change	change	VERB
cblr-9109	195	25	their	their	PRON
cblr-9109	195	26	quotes	quote	NOUN
cblr-9109	195	27	or	or	CCONJ
cblr-9109	195	28	engage	engage	VERB
cblr-9109	195	29	in	in	ADP
cblr-9109	195	30	transactions	transaction	NOUN
cblr-9109	195	31	to	to	ADP
cblr-9109	195	32	the	the	DET
cblr-9109	195	33	advantage	advantage	NOUN
cblr-9109	195	34	of	of	ADP
cblr-9109	195	35	the	the	DET
cblr-9109	195	36	manipulator	manipulator	NOUN
cblr-9109	195	37	in	in	ADP
cblr-9109	195	38	terms	term	NOUN
cblr-9109	195	39	of	of	ADP
cblr-9109	195	40	her	her	PRON
cblr-9109	195	41	second	second	ADJ
cblr-9109	195	42	step	step	NOUN
cblr-9109	195	43	.	.	PUNCT
cblr-9109	196	1	“	"	PUNCT
cblr-9109	196	2	inside	inside	ADP
cblr-9109	196	3	-	-	PUNCT
cblr-9109	196	4	the	the	DET
cblr-9109	196	5	-	-	PUNCT
cblr-9109	196	6	spread	spread	NOUN
cblr-9109	196	7	quote	quote	NOUN
cblr-9109	196	8	manipulation	manipulation	NOUN
cblr-9109	196	9	”	"	PUNCT
cblr-9109	196	10	involves	involve	NOUN
cblr-9109	196	11	,	,	PUNCT
cblr-9109	196	12	as	as	ADP
cblr-9109	196	13	its	its	PRON
cblr-9109	196	14	manipulative	manipulative	ADJ
cblr-9109	196	15	step	step	NOUN
cblr-9109	196	16	,	,	PUNCT
cblr-9109	196	17	submitting	submit	VERB
cblr-9109	196	18	one	one	NUM
cblr-9109	196	19	or	or	CCONJ
cblr-9109	196	20	more	more	ADJ
cblr-9109	196	21	quotes	quote	NOUN
cblr-9109	196	22	at	at	ADP
cblr-9109	196	23	prices	price	NOUN
cblr-9109	196	24	within	within	ADP
cblr-9109	196	25	the	the	DET
cblr-9109	196	26	spread	spread	NOUN
cblr-9109	196	27	between	between	ADP
cblr-9109	196	28	the	the	DET
cblr-9109	196	29	then	then	ADV
cblr-9109	196	30	preexisting	preexist	VERB
cblr-9109	196	31	nbo	nbo	PROPN
cblr-9109	196	32	and	and	CCONJ
cblr-9109	196	33	nbb	nbb	PROPN
cblr-9109	196	34	.	.	PUNCT
cblr-9109	197	1	“	"	PUNCT
cblr-9109	197	2	opening	open	VERB
cblr-9109	197	3	quote	quote	NOUN
cblr-9109	197	4	manipulation	manipulation	NOUN
cblr-9109	197	5	”	"	PUNCT
cblr-9109	197	6	involves	involve	NOUN
cblr-9109	197	7	,	,	PUNCT
cblr-9109	197	8	as	as	ADP
cblr-9109	197	9	its	its	PRON
cblr-9109	197	10	manipulative	manipulative	ADJ
cblr-9109	197	11	step	step	NOUN
cblr-9109	197	12	,	,	PUNCT
cblr-9109	197	13	submitting	submit	VERB
cblr-9109	197	14	one	one	NUM
cblr-9109	197	15	or	or	CCONJ
cblr-9109	197	16	more	more	ADJ
cblr-9109	197	17	quotes	quote	NOUN
cblr-9109	197	18	as	as	ADP
cblr-9109	197	19	part	part	NOUN
cblr-9109	197	20	of	of	ADP
cblr-9109	197	21	the	the	DET
cblr-9109	197	22	auction	auction	NOUN
cblr-9109	197	23	process	process	NOUN
cblr-9109	197	24	that	that	PRON
cblr-9109	197	25	constitutes	constitute	VERB
cblr-9109	197	26	an	an	DET
cblr-9109	197	27	exchange	exchange	NOUN
cblr-9109	197	28	’s	’s	PART
cblr-9109	197	29	daily	daily	ADJ
cblr-9109	197	30	opening	opening	NOUN
cblr-9109	197	31	.	.	PUNCT
cblr-9109	198	1	“	"	PUNCT
cblr-9109	198	2	auto	auto	NOUN
cblr-9109	198	3	-	-	PUNCT
cblr-9109	198	4	quote	quote	NOUN
cblr-9109	198	5	manipulation	manipulation	NOUN
cblr-9109	198	6	”	"	PUNCT
cblr-9109	198	7	involves	involve	NOUN
cblr-9109	198	8	,	,	PUNCT
cblr-9109	198	9	as	as	ADP
cblr-9109	198	10	its	its	PRON
cblr-9109	198	11	manipulative	manipulative	ADJ
cblr-9109	198	12	step	step	NOUN
cblr-9109	198	13	,	,	PUNCT
cblr-9109	198	14	submitting	submit	VERB
cblr-9109	198	15	a	a	DET
cblr-9109	198	16	bid	bid	NOUN
cblr-9109	198	17	or	or	CCONJ
cblr-9109	198	18	offer	offer	NOUN
cblr-9109	198	19	on	on	ADP
cblr-9109	198	20	an	an	DET
cblr-9109	198	21	exchange	exchange	NOUN
cblr-9109	198	22	that	that	PRON
cblr-9109	198	23	is	be	AUX
cblr-9109	198	24	inside	inside	ADP
cblr-9109	198	25	the	the	DET
cblr-9109	198	26	spread	spread	NOUN
cblr-9109	198	27	between	between	ADP
cblr-9109	198	28	the	the	DET
cblr-9109	198	29	preexisting	preexist	VERB
cblr-9109	198	30	nbo	nbo	PROPN
cblr-9109	198	31	and	and	CCONJ
cblr-9109	198	32	nbb	nbb	PROPN
cblr-9109	198	33	,	,	PUNCT
cblr-9109	198	34	thereby	thereby	ADV
cblr-9109	198	35	,	,	PUNCT
cblr-9109	198	36	improving	improve	VERB
cblr-9109	198	37	,	,	PUNCT
cblr-9109	198	38	respectively	respectively	ADV
cblr-9109	198	39	the	the	DET
cblr-9109	198	40	nbb	nbb	ADJ
cblr-9109	198	41	or	or	CCONJ
cblr-9109	198	42	the	the	DET
cblr-9109	198	43	nbo	nbo	PROPN
cblr-9109	198	44	,	,	PUNCT
cblr-9109	198	45	after	after	ADP
cblr-9109	198	46	which	which	PRON
cblr-9109	198	47	the	the	DET
cblr-9109	198	48	quote	quote	NOUN
cblr-9109	198	49	-	-	PUNCT
cblr-9109	198	50	maker	maker	NOUN
cblr-9109	198	51	sends	send	VERB
cblr-9109	198	52	a	a	DET
cblr-9109	198	53	marketable	marketable	ADJ
cblr-9109	198	54	order	order	NOUN
cblr-9109	198	55	to	to	ADP
cblr-9109	198	56	a	a	DET
cblr-9109	198	57	broker	broker	NOUN
cblr-9109	198	58	that	that	PRON
cblr-9109	198	59	will	will	AUX
cblr-9109	198	60	predictably	predictably	ADV
cblr-9109	198	61	send	send	VERB
cblr-9109	198	62	it	it	PRON
cblr-9109	198	63	on	on	ADP
cblr-9109	198	64	to	to	ADP
cblr-9109	198	65	an	an	DET
cblr-9109	198	66	internalizer	internalizer	NOUN
cblr-9109	198	67	whose	whose	DET
cblr-9109	198	68	pricing	pricing	NOUN
cblr-9109	198	69	is	be	AUX
cblr-9109	198	70	based	base	VERB
cblr-9109	198	71	on	on	ADP
cblr-9109	198	72	this	this	PRON
cblr-9109	198	73	favorably	favorably	ADV
cblr-9109	198	74	altered	alter	VERB
cblr-9109	198	75	nbb	nbb	PROPN
cblr-9109	198	76	or	or	CCONJ
cblr-9109	198	77	nbo	nbo	PROPN
cblr-9109	198	78	.	.	PROPN
cblr-9109	198	79	1256	1256	NUM
cblr-9109	198	80	columbia	columbia	PROPN
cblr-9109	198	81	business	business	PROPN
cblr-9109	198	82	law	law	PROPN
cblr-9109	198	83	review	review	NOUN
cblr-9109	199	1	[	[	X
cblr-9109	199	2	vol	vol	NOUN
cblr-9109	199	3	.	.	NOUN
cblr-9109	199	4	2021	2021	NUM
cblr-9109	199	5	financial	financial	ADJ
cblr-9109	199	6	economics	economic	NOUN
cblr-9109	199	7	.	.	PUNCT
cblr-9109	200	1	normatively	normatively	ADV
cblr-9109	200	2	,	,	PUNCT
cblr-9109	200	3	we	we	PRON
cblr-9109	200	4	posit	posit	VERB
cblr-9109	200	5	that	that	SCONJ
cblr-9109	200	6	the	the	DET
cblr-9109	200	7	primary	primary	ADJ
cblr-9109	200	8	social	social	ADJ
cblr-9109	200	9	functions	function	NOUN
cblr-9109	200	10	of	of	ADP
cblr-9109	200	11	trading	trading	NOUN
cblr-9109	200	12	markets	market	NOUN
cblr-9109	200	13	pertain	pertain	VERB
cblr-9109	200	14	to	to	ADP
cblr-9109	200	15	directing	direct	VERB
cblr-9109	200	16	the	the	DET
cblr-9109	200	17	efficient	efficient	ADJ
cblr-9109	200	18	allocation	allocation	NOUN
cblr-9109	200	19	of	of	ADP
cblr-9109	200	20	capital	capital	NOUN
cblr-9109	200	21	across	across	ADP
cblr-9109	200	22	firms	firm	NOUN
cblr-9109	200	23	,	,	PUNCT
cblr-9109	200	24	and	and	CCONJ
cblr-9109	200	25	between	between	ADP
cblr-9109	200	26	households	household	NOUN
cblr-9109	200	27	and	and	CCONJ
cblr-9109	200	28	enterprises	enterprise	NOUN
cblr-9109	200	29	over	over	ADP
cblr-9109	200	30	time	time	NOUN
cblr-9109	200	31	,	,	PUNCT
cblr-9109	200	32	and	and	CCONJ
cblr-9109	200	33	to	to	ADP
cblr-9109	200	34	providing	provide	VERB
cblr-9109	200	35	signals	signal	NOUN
cblr-9109	200	36	to	to	PART
cblr-9109	200	37	facilitate	facilitate	VERB
cblr-9109	200	38	various	various	ADJ
cblr-9109	200	39	mechanisms	mechanism	NOUN
cblr-9109	200	40	of	of	ADP
cblr-9109	200	41	corporate	corporate	ADJ
cblr-9109	200	42	governance	governance	NOUN
cblr-9109	200	43	.	.	PUNCT
cblr-9109	201	1	price	price	NOUN
cblr-9109	201	2	accuracy	accuracy	NOUN
cblr-9109	201	3	of	of	ADP
cblr-9109	201	4	shares	share	NOUN
cblr-9109	201	5	and	and	CCONJ
cblr-9109	201	6	liquidity	liquidity	NOUN
cblr-9109	201	7	of	of	ADP
cblr-9109	201	8	the	the	DET
cblr-9109	201	9	market	market	NOUN
cblr-9109	201	10	they	they	PRON
cblr-9109	201	11	trade	trade	VERB
cblr-9109	201	12	in	in	ADP
cblr-9109	201	13	act	act	NOUN
cblr-9109	201	14	as	as	ADP
cblr-9109	201	15	useful	useful	ADJ
cblr-9109	201	16	proxies	proxy	NOUN
cblr-9109	201	17	for	for	ADP
cblr-9109	201	18	these	these	DET
cblr-9109	201	19	broad	broad	ADJ
cblr-9109	201	20	social	social	ADJ
cblr-9109	201	21	functions.31	functions.31	NOUN
cblr-9109	201	22	analytically	analytically	ADV
cblr-9109	201	23	,	,	PUNCT
cblr-9109	201	24	we	we	PRON
cblr-9109	201	25	develop	develop	VERB
cblr-9109	201	26	an	an	DET
cblr-9109	201	27	informal	informal	ADJ
cblr-9109	201	28	model	model	NOUN
cblr-9109	201	29	of	of	ADP
cblr-9109	201	30	the	the	DET
cblr-9109	201	31	way	way	NOUN
cblr-9109	201	32	in	in	ADP
cblr-9109	201	33	which	which	PRON
cblr-9109	201	34	the	the	DET
cblr-9109	201	35	secondary	secondary	ADJ
cblr-9109	201	36	equity	equity	NOUN
cblr-9109	201	37	market	market	NOUN
cblr-9109	201	38	typically	typically	ADV
cblr-9109	201	39	behaves	behave	VERB
cblr-9109	201	40	.	.	PUNCT
cblr-9109	202	1	the	the	DET
cblr-9109	202	2	remainder	remainder	NOUN
cblr-9109	202	3	of	of	ADP
cblr-9109	202	4	this	this	DET
cblr-9109	202	5	article	article	NOUN
cblr-9109	202	6	proceeds	proceed	VERB
cblr-9109	202	7	as	as	SCONJ
cblr-9109	202	8	follows	follow	VERB
cblr-9109	202	9	:	:	PUNCT
cblr-9109	202	10	part	part	NOUN
cblr-9109	202	11	ii	ii	PROPN
cblr-9109	202	12	provides	provide	VERB
cblr-9109	202	13	a	a	DET
cblr-9109	202	14	more	more	ADV
cblr-9109	202	15	detailed	detailed	ADJ
cblr-9109	202	16	description	description	NOUN
cblr-9109	202	17	of	of	ADP
cblr-9109	202	18	spoofing	spoof	VERB
cblr-9109	202	19	.	.	PUNCT
cblr-9109	203	1	part	part	NOUN
cblr-9109	203	2	iii	iii	NUM
cblr-9109	203	3	establishes	establish	VERB
cblr-9109	203	4	our	our	PRON
cblr-9109	203	5	normative	normative	ADJ
cblr-9109	203	6	framework	framework	NOUN
cblr-9109	203	7	for	for	ADP
cblr-9109	203	8	evaluating	evaluate	VERB
cblr-9109	203	9	whether	whether	SCONJ
cblr-9109	203	10	a	a	DET
cblr-9109	203	11	potentially	potentially	ADV
cblr-9109	203	12	manipulative	manipulative	ADJ
cblr-9109	203	13	quoting	quoting	NOUN
cblr-9109	203	14	strategy	strategy	NOUN
cblr-9109	203	15	is	be	AUX
cblr-9109	203	16	genuinely	genuinely	ADV
cblr-9109	203	17	socially	socially	ADV
cblr-9109	203	18	undesirable	undesirable	ADJ
cblr-9109	203	19	and	and	CCONJ
cblr-9109	203	20	whether	whether	SCONJ
cblr-9109	203	21	the	the	DET
cblr-9109	203	22	social	social	ADJ
cblr-9109	203	23	benefits	benefit	NOUN
cblr-9109	203	24	of	of	ADP
cblr-9109	203	25	prohibiting	prohibit	VERB
cblr-9109	203	26	the	the	DET
cblr-9109	203	27	strategy	strategy	NOUN
cblr-9109	203	28	outweigh	outweigh	VERB
cblr-9109	203	29	the	the	DET
cblr-9109	203	30	costs	cost	NOUN
cblr-9109	203	31	.	.	PUNCT
cblr-9109	204	1	there	there	ADV
cblr-9109	204	2	we	we	PRON
cblr-9109	204	3	identify	identify	VERB
cblr-9109	204	4	the	the	DET
cblr-9109	204	5	ways	way	NOUN
cblr-9109	204	6	in	in	ADP
cblr-9109	204	7	which	which	PRON
cblr-9109	204	8	spoofing	spoof	VERB
cblr-9109	204	9	and	and	CCONJ
cblr-9109	204	10	its	its	PRON
cblr-9109	204	11	regulation	regulation	NOUN
cblr-9109	204	12	can	can	AUX
cblr-9109	204	13	affect	affect	VERB
cblr-9109	204	14	the	the	DET
cblr-9109	204	15	efficiency	efficiency	NOUN
cblr-9109	204	16	with	with	ADP
cblr-9109	204	17	which	which	PRON
cblr-9109	204	18	the	the	DET
cblr-9109	204	19	economy	economy	NOUN
cblr-9109	204	20	functions	function	NOUN
cblr-9109	204	21	.	.	PUNCT
cblr-9109	205	1	we	we	PRON
cblr-9109	205	2	also	also	ADV
cblr-9109	205	3	explain	explain	VERB
cblr-9109	205	4	how	how	SCONJ
cblr-9109	205	5	we	we	PRON
cblr-9109	205	6	assess	assess	VERB
cblr-9109	205	7	the	the	DET
cblr-9109	205	8	fairness	fairness	NOUN
cblr-9109	205	9	of	of	ADP
cblr-9109	205	10	a	a	DET
cblr-9109	205	11	given	give	VERB
cblr-9109	205	12	practice	practice	NOUN
cblr-9109	205	13	.	.	PUNCT
cblr-9109	206	1	part	part	NOUN
cblr-9109	206	2	iv	iv	NUM
cblr-9109	206	3	briefly	briefly	ADV
cblr-9109	206	4	describes	describe	VERB
cblr-9109	206	5	the	the	DET
cblr-9109	206	6	basic	basic	ADJ
cblr-9109	206	7	institutional	institutional	ADJ
cblr-9109	206	8	and	and	CCONJ
cblr-9109	206	9	economic	economic	ADJ
cblr-9109	206	10	features	feature	NOUN
cblr-9109	206	11	of	of	ADP
cblr-9109	206	12	the	the	DET
cblr-9109	206	13	stock	stock	NOUN
cblr-9109	206	14	market	market	NOUN
cblr-9109	206	15	to	to	PART
cblr-9109	206	16	provide	provide	VERB
cblr-9109	206	17	the	the	DET
cblr-9109	206	18	tools	tool	NOUN
cblr-9109	206	19	for	for	ADP
cblr-9109	206	20	understanding	understand	VERB
cblr-9109	206	21	complex	complex	ADJ
cblr-9109	206	22	quoting	quoting	NOUN
cblr-9109	206	23	and	and	CCONJ
cblr-9109	206	24	trading	trading	NOUN
cblr-9109	206	25	strategies	strategy	NOUN
cblr-9109	206	26	.	.	PUNCT
cblr-9109	207	1	for	for	ADP
cblr-9109	207	2	those	those	PRON
cblr-9109	207	3	familiar	familiar	ADJ
cblr-9109	207	4	with	with	ADP
cblr-9109	207	5	our	our	PRON
cblr-9109	207	6	recent	recent	ADJ
cblr-9109	207	7	work	work	NOUN
cblr-9109	207	8	on	on	ADP
cblr-9109	207	9	various	various	ADJ
cblr-9109	207	10	aspects	aspect	NOUN
cblr-9109	207	11	of	of	ADP
cblr-9109	207	12	regulating	regulate	VERB
cblr-9109	207	13	stock	stock	NOUN
cblr-9109	207	14	markets	market	NOUN
cblr-9109	207	15	,	,	PUNCT
cblr-9109	207	16	parts	part	NOUN
cblr-9109	207	17	iii	iii	NOUN
cblr-9109	207	18	and	and	CCONJ
cblr-9109	207	19	iv	iv	NUM
cblr-9109	207	20	will	will	AUX
cblr-9109	207	21	be	be	AUX
cblr-9109	207	22	unnecessary.32	unnecessary.32	ADJ
cblr-9109	207	23	part	part	NOUN
cblr-9109	207	24	v	v	NUM
cblr-9109	207	25	assesses	assess	VERB
cblr-9109	207	26	the	the	DET
cblr-9109	207	27	efficiency	efficiency	NOUN
cblr-9109	207	28	and	and	CCONJ
cblr-9109	207	29	fairness	fairness	NOUN
cblr-9109	207	30	implications	implication	NOUN
cblr-9109	207	31	of	of	ADP
cblr-9109	207	32	spoofing	spoof	VERB
cblr-9109	207	33	.	.	PUNCT
cblr-9109	208	1	parts	part	NOUN
cblr-9109	208	2	vi	vi	PROPN
cblr-9109	208	3	and	and	CCONJ
cblr-9109	208	4	vii	vii	PROPN
cblr-9109	208	5	deploy	deploy	VERB
cblr-9109	208	6	the	the	DET
cblr-9109	208	7	analysis	analysis	NOUN
cblr-9109	208	8	that	that	PRON
cblr-9109	208	9	precedes	precede	VERB
cblr-9109	208	10	them	they	PRON
cblr-9109	208	11	to	to	PART
cblr-9109	208	12	illuminate	illuminate	VERB
cblr-9109	208	13	and	and	CCONJ
cblr-9109	208	14	evaluate	evaluate	VERB
cblr-9109	208	15	the	the	DET
cblr-9109	208	16	existing	exist	VERB
cblr-9109	208	17	statutory	statutory	ADJ
cblr-9109	208	18	framework	framework	NOUN
cblr-9109	208	19	and	and	CCONJ
cblr-9109	208	20	case	case	NOUN
cblr-9109	208	21	law	law	NOUN
cblr-9109	208	22	relating	relate	VERB
cblr-9109	208	23	to	to	ADP
cblr-9109	208	24	spoofing	spoof	VERB
cblr-9109	208	25	.	.	PUNCT
cblr-9109	209	1	we	we	PRON
cblr-9109	209	2	then	then	ADV
cblr-9109	209	3	conclude	conclude	VERB
cblr-9109	209	4	.	.	PUNCT
cblr-9109	210	1	31	31	NUM
cblr-9109	210	2	see	see	VERB
cblr-9109	210	3	infra	infra	NOUN
cblr-9109	210	4	section	section	NOUN
cblr-9109	210	5	iii.c	iii.c	PROPN
cblr-9109	210	6	.	.	PUNCT
cblr-9109	211	1	for	for	ADP
cblr-9109	211	2	a	a	DET
cblr-9109	211	3	more	more	ADJ
cblr-9109	211	4	in	in	ADP
cblr-9109	211	5	-	-	PUNCT
cblr-9109	211	6	depth	depth	NOUN
cblr-9109	211	7	discussion	discussion	NOUN
cblr-9109	211	8	on	on	ADP
cblr-9109	211	9	how	how	SCONJ
cblr-9109	211	10	price	price	NOUN
cblr-9109	211	11	accuracy	accuracy	NOUN
cblr-9109	211	12	and	and	CCONJ
cblr-9109	211	13	liquidity	liquidity	NOUN
cblr-9109	211	14	act	act	NOUN
cblr-9109	211	15	as	as	ADP
cblr-9109	211	16	such	such	ADJ
cblr-9109	211	17	proxies	proxy	NOUN
cblr-9109	211	18	,	,	PUNCT
cblr-9109	211	19	see	see	VERB
cblr-9109	211	20	fox	fox	PROPN
cblr-9109	211	21	et	et	PROPN
cblr-9109	211	22	al	al	PROPN
cblr-9109	211	23	.	.	PROPN
cblr-9109	211	24	,	,	PUNCT
cblr-9109	211	25	the	the	DET
cblr-9109	211	26	new	new	ADJ
cblr-9109	211	27	stock	stock	NOUN
cblr-9109	211	28	market	market	NOUN
cblr-9109	211	29	,	,	PUNCT
cblr-9109	211	30	supra	supra	PROPN
cblr-9109	211	31	note	note	NOUN
cblr-9109	211	32	2	2	NUM
cblr-9109	211	33	,	,	PUNCT
cblr-9109	211	34	at	at	ADP
cblr-9109	211	35	33–47	33–47	NUM
cblr-9109	211	36	.	.	NOUN
cblr-9109	211	37	32	32	NUM
cblr-9109	211	38	portions	portion	NOUN
cblr-9109	211	39	of	of	ADP
cblr-9109	211	40	these	these	DET
cblr-9109	211	41	parts	part	NOUN
cblr-9109	211	42	draw	draw	VERB
cblr-9109	211	43	significantly	significantly	ADV
cblr-9109	211	44	from	from	ADP
cblr-9109	211	45	more	more	ADV
cblr-9109	211	46	detailed	detailed	ADJ
cblr-9109	211	47	treatments	treatment	NOUN
cblr-9109	211	48	in	in	ADP
cblr-9109	211	49	our	our	PRON
cblr-9109	211	50	prior	prior	ADJ
cblr-9109	211	51	work	work	NOUN
cblr-9109	211	52	.	.	PUNCT
cblr-9109	212	1	see	see	VERB
cblr-9109	212	2	merritt	merritt	PROPN
cblr-9109	212	3	b.	b.	PROPN
cblr-9109	212	4	fox	fox	PROPN
cblr-9109	212	5	,	,	PUNCT
cblr-9109	212	6	lawrence	lawrence	PROPN
cblr-9109	212	7	r.	r.	PROPN
cblr-9109	212	8	glosten	glosten	PROPN
cblr-9109	212	9	&	&	CCONJ
cblr-9109	212	10	gabriel	gabriel	PROPN
cblr-9109	212	11	v.	v.	PROPN
cblr-9109	212	12	rauterberg	rauterberg	PROPN
cblr-9109	212	13	,	,	PUNCT
cblr-9109	212	14	the	the	DET
cblr-9109	212	15	new	new	ADJ
cblr-9109	212	16	stock	stock	NOUN
cblr-9109	212	17	market	market	NOUN
cblr-9109	212	18	:	:	PUNCT
cblr-9109	212	19	sense	sense	NOUN
cblr-9109	212	20	and	and	CCONJ
cblr-9109	212	21	nonsense	nonsense	NOUN
cblr-9109	212	22	,	,	PUNCT
cblr-9109	212	23	65	65	NUM
cblr-9109	212	24	duke	duke	PROPN
cblr-9109	212	25	l.j	l.j	PROPN
cblr-9109	212	26	.	.	PROPN
cblr-9109	212	27	191	191	NUM
cblr-9109	212	28	,	,	PUNCT
cblr-9109	212	29	217–26	217–26	NUM
cblr-9109	212	30	(	(	PUNCT
cblr-9109	212	31	2015	2015	NUM
cblr-9109	212	32	)	)	PUNCT
cblr-9109	213	1	[	[	X
cblr-9109	213	2	hereinafter	hereinafter	NOUN
cblr-9109	213	3	fox	fox	PROPN
cblr-9109	213	4	et	et	PROPN
cblr-9109	213	5	al	al	PROPN
cblr-9109	213	6	.	.	PROPN
cblr-9109	213	7	,	,	PUNCT
cblr-9109	213	8	sense	sense	NOUN
cblr-9109	213	9	and	and	CCONJ
cblr-9109	213	10	nonsense	nonsense	NOUN
cblr-9109	213	11	]	]	PUNCT
cblr-9109	213	12	;	;	PUNCT
cblr-9109	213	13	see	see	VERB
cblr-9109	213	14	also	also	ADV
cblr-9109	214	1	merritt	merritt	PROPN
cblr-9109	214	2	b.	b.	PROPN
cblr-9109	214	3	fox	fox	PROPN
cblr-9109	214	4	,	,	PUNCT
cblr-9109	214	5	lawrence	lawrence	PROPN
cblr-9109	214	6	r.	r.	PROPN
cblr-9109	214	7	glosten	glosten	PROPN
cblr-9109	214	8	&	&	CCONJ
cblr-9109	214	9	gabriel	gabriel	PROPN
cblr-9109	214	10	v.	v.	PROPN
cblr-9109	214	11	rauterberg	rauterberg	PROPN
cblr-9109	214	12	,	,	PUNCT
cblr-9109	214	13	informed	inform	VERB
cblr-9109	214	14	trading	trading	NOUN
cblr-9109	214	15	and	and	CCONJ
cblr-9109	214	16	its	its	PRON
cblr-9109	214	17	regulation	regulation	NOUN
cblr-9109	214	18	,	,	PUNCT
cblr-9109	214	19	43	43	NUM
cblr-9109	214	20	j.	j.	PROPN
cblr-9109	214	21	corp	corp	PROPN
cblr-9109	214	22	.	.	PROPN
cblr-9109	214	23	l.	l.	PROPN
cblr-9109	214	24	817	817	NUM
cblr-9109	214	25	(	(	PUNCT
cblr-9109	214	26	2018	2018	NUM
cblr-9109	214	27	)	)	PUNCT
cblr-9109	215	1	[	[	X
cblr-9109	215	2	hereinafter	hereinafter	NOUN
cblr-9109	215	3	fox	fox	PROPN
cblr-9109	215	4	et	et	PROPN
cblr-9109	215	5	.	.	PUNCT
cblr-9109	216	1	al	al	PROPN
cblr-9109	216	2	.	.	PROPN
cblr-9109	216	3	,	,	PUNCT
cblr-9109	216	4	informed	inform	VERB
cblr-9109	216	5	trading	trading	NOUN
cblr-9109	216	6	]	]	PUNCT
cblr-9109	216	7	;	;	PUNCT
cblr-9109	216	8	fox	fox	PROPN
cblr-9109	216	9	et	et	PROPN
cblr-9109	216	10	al	al	PROPN
cblr-9109	216	11	.	.	PROPN
cblr-9109	216	12	,	,	PUNCT
cblr-9109	216	13	manipulation	manipulation	NOUN
cblr-9109	216	14	,	,	PUNCT
cblr-9109	216	15	supra	supra	NOUN
cblr-9109	216	16	note	note	NOUN
cblr-9109	216	17	2	2	NUM
cblr-9109	216	18	.	.	PUNCT
cblr-9109	217	1	no	no	INTJ
cblr-9109	217	2	.	.	PUNCT
cblr-9109	218	1	3:1244	3:1244	NUM
cblr-9109	218	2	]	]	X
cblr-9109	218	3	spoofing	spoofing	NOUN
cblr-9109	218	4	and	and	CCONJ
cblr-9109	218	5	its	its	PRON
cblr-9109	218	6	regulation	regulation	NOUN
cblr-9109	218	7	1257	1257	NUM
cblr-9109	218	8	ii	ii	NOUN
cblr-9109	218	9	.	.	PUNCT
cblr-9109	219	1	overview	overview	NOUN
cblr-9109	219	2	a.	a.	NOUN
cblr-9109	219	3	understanding	understanding	NOUN
cblr-9109	219	4	spoofing	spoof	VERB
cblr-9109	219	5	spoofing	spoof	VERB
cblr-9109	219	6	,	,	PUNCT
cblr-9109	219	7	as	as	SCONJ
cblr-9109	219	8	noted	note	VERB
cblr-9109	219	9	above	above	ADV
cblr-9109	219	10	,	,	PUNCT
cblr-9109	219	11	involves	involve	VERB
cblr-9109	219	12	submitting	submit	VERB
cblr-9109	219	13	to	to	ADP
cblr-9109	219	14	an	an	DET
cblr-9109	219	15	exchange	exchange	NOUN
cblr-9109	219	16	one	one	NUM
cblr-9109	219	17	or	or	CCONJ
cblr-9109	219	18	more	more	ADJ
cblr-9109	219	19	quotes	quote	NOUN
cblr-9109	219	20	for	for	ADP
cblr-9109	219	21	a	a	DET
cblr-9109	219	22	large	large	ADJ
cblr-9109	219	23	number	number	NOUN
cblr-9109	219	24	of	of	ADP
cblr-9109	219	25	shares	share	NOUN
cblr-9109	219	26	at	at	ADP
cblr-9109	219	27	prices	price	NOUN
cblr-9109	219	28	equal	equal	ADJ
cblr-9109	219	29	to	to	ADP
cblr-9109	219	30	,	,	PUNCT
cblr-9109	219	31	or	or	CCONJ
cblr-9109	219	32	less	less	ADV
cblr-9109	219	33	favorable	favorable	ADJ
cblr-9109	219	34	than	than	ADP
cblr-9109	219	35	,	,	PUNCT
cblr-9109	219	36	the	the	DET
cblr-9109	219	37	preexisting	preexist	VERB
cblr-9109	219	38	best	good	ADJ
cblr-9109	219	39	quote	quote	NOUN
cblr-9109	219	40	in	in	ADP
cblr-9109	219	41	the	the	DET
cblr-9109	219	42	market	market	NOUN
cblr-9109	219	43	.	.	PUNCT
cblr-9109	220	1	it	it	PRON
cblr-9109	220	2	depends	depend	VERB
cblr-9109	220	3	on	on	ADP
cblr-9109	220	4	the	the	DET
cblr-9109	220	5	following	follow	VERB
cblr-9109	220	6	empirically	empirically	ADV
cblr-9109	220	7	verified	verify	VERB
cblr-9109	220	8	observations	observation	NOUN
cblr-9109	220	9	.	.	PUNCT
cblr-9109	221	1	upon	upon	SCONJ
cblr-9109	221	2	the	the	DET
cblr-9109	221	3	arrival	arrival	NOUN
cblr-9109	221	4	of	of	ADP
cblr-9109	221	5	an	an	DET
cblr-9109	221	6	offer	offer	NOUN
cblr-9109	221	7	for	for	ADP
cblr-9109	221	8	a	a	DET
cblr-9109	221	9	large	large	ADJ
cblr-9109	221	10	number	number	NOUN
cblr-9109	221	11	of	of	ADP
cblr-9109	221	12	shares	share	NOUN
cblr-9109	221	13	at	at	ADP
cblr-9109	221	14	a	a	DET
cblr-9109	221	15	price	price	NOUN
cblr-9109	221	16	equal	equal	ADJ
cblr-9109	221	17	to	to	ADP
cblr-9109	221	18	,	,	PUNCT
cblr-9109	221	19	or	or	CCONJ
cblr-9109	221	20	higher	high	ADJ
cblr-9109	221	21	than	than	ADP
cblr-9109	221	22	,	,	PUNCT
cblr-9109	221	23	the	the	DET
cblr-9109	221	24	preexisting	preexist	VERB
cblr-9109	221	25	nbo	nbo	NOUN
cblr-9109	221	26	,	,	PUNCT
cblr-9109	221	27	market	market	NOUN
cblr-9109	221	28	participants	participant	NOUN
cblr-9109	221	29	,	,	PUNCT
cblr-9109	221	30	absent	absent	ADJ
cblr-9109	221	31	a	a	DET
cblr-9109	221	32	corresponding	correspond	VERB
cblr-9109	221	33	increase	increase	NOUN
cblr-9109	221	34	in	in	ADP
cblr-9109	221	35	bids	bid	NOUN
cblr-9109	221	36	at	at	ADP
cblr-9109	221	37	or	or	CCONJ
cblr-9109	221	38	below	below	ADP
cblr-9109	221	39	the	the	DET
cblr-9109	221	40	nbb	nbb	PROPN
cblr-9109	221	41	,	,	PUNCT
cblr-9109	221	42	tend	tend	VERB
cblr-9109	221	43	to	to	PART
cblr-9109	221	44	react	react	VERB
cblr-9109	221	45	in	in	ADP
cblr-9109	221	46	the	the	DET
cblr-9109	221	47	same	same	ADJ
cblr-9109	221	48	fashion	fashion	NOUN
cblr-9109	221	49	as	as	SCONJ
cblr-9109	221	50	if	if	SCONJ
cblr-9109	221	51	bad	bad	ADJ
cblr-9109	221	52	news	news	NOUN
cblr-9109	221	53	had	have	AUX
cblr-9109	221	54	arrived	arrive	VERB
cblr-9109	221	55	about	about	ADP
cblr-9109	221	56	the	the	DET
cblr-9109	221	57	issuer.33	issuer.33	NOUN
cblr-9109	221	58	similarly	similarly	ADV
cblr-9109	221	59	,	,	PUNCT
cblr-9109	221	60	upon	upon	SCONJ
cblr-9109	221	61	the	the	DET
cblr-9109	221	62	arrival	arrival	NOUN
cblr-9109	221	63	of	of	ADP
cblr-9109	221	64	a	a	DET
cblr-9109	221	65	bid	bid	NOUN
cblr-9109	221	66	for	for	ADP
cblr-9109	221	67	a	a	DET
cblr-9109	221	68	large	large	ADJ
cblr-9109	221	69	number	number	NOUN
cblr-9109	221	70	of	of	ADP
cblr-9109	221	71	shares	share	NOUN
cblr-9109	221	72	at	at	ADP
cblr-9109	221	73	a	a	DET
cblr-9109	221	74	price	price	NOUN
cblr-9109	221	75	equal	equal	ADJ
cblr-9109	221	76	to	to	ADP
cblr-9109	221	77	,	,	PUNCT
cblr-9109	221	78	or	or	CCONJ
cblr-9109	221	79	lower	low	ADJ
cblr-9109	221	80	than	than	ADP
cblr-9109	221	81	,	,	PUNCT
cblr-9109	221	82	the	the	DET
cblr-9109	221	83	nbb	nbb	ADJ
cblr-9109	221	84	,	,	PUNCT
cblr-9109	221	85	market	market	NOUN
cblr-9109	221	86	participants	participant	NOUN
cblr-9109	221	87	,	,	PUNCT
cblr-9109	221	88	absent	absent	ADJ
cblr-9109	221	89	a	a	DET
cblr-9109	221	90	corresponding	correspond	VERB
cblr-9109	221	91	increase	increase	NOUN
cblr-9109	221	92	in	in	ADP
cblr-9109	221	93	offers	offer	NOUN
cblr-9109	221	94	at	at	ADP
cblr-9109	221	95	or	or	CCONJ
cblr-9109	221	96	above	above	ADP
cblr-9109	221	97	the	the	DET
cblr-9109	221	98	nbo	nbo	NOUN
cblr-9109	221	99	,	,	PUNCT
cblr-9109	221	100	react	react	VERB
cblr-9109	221	101	in	in	ADP
cblr-9109	221	102	the	the	DET
cblr-9109	221	103	same	same	ADJ
cblr-9109	221	104	fashion	fashion	NOUN
cblr-9109	221	105	as	as	SCONJ
cblr-9109	221	106	if	if	SCONJ
cblr-9109	221	107	good	good	ADJ
cblr-9109	221	108	news	news	NOUN
cblr-9109	221	109	arrived	arrive	VERB
cblr-9109	221	110	about	about	ADP
cblr-9109	221	111	the	the	DET
cblr-9109	221	112	issuer.34	issuer.34	NOUN
cblr-9109	221	113	the	the	DET
cblr-9109	221	114	computer	computer	NOUN
cblr-9109	221	115	-	-	PUNCT
cblr-9109	221	116	based	base	VERB
cblr-9109	221	117	algorithmic	algorithmic	ADJ
cblr-9109	221	118	trading	trading	NOUN
cblr-9109	221	119	programs	program	NOUN
cblr-9109	221	120	of	of	ADP
cblr-9109	221	121	hfts	hft	NOUN
cblr-9109	221	122	appear	appear	VERB
cblr-9109	221	123	to	to	PART
cblr-9109	221	124	reflect	reflect	VERB
cblr-9109	221	125	this	this	DET
cblr-9109	221	126	observation	observation	NOUN
cblr-9109	221	127	.	.	PUNCT
cblr-9109	222	1	as	as	SCONJ
cblr-9109	222	2	noted	note	VERB
cblr-9109	222	3	above	above	ADV
cblr-9109	222	4	,	,	PUNCT
cblr-9109	222	5	hfts	hft	NOUN
cblr-9109	222	6	are	be	AUX
cblr-9109	222	7	a	a	DET
cblr-9109	222	8	major	major	ADJ
cblr-9109	222	9	source	source	NOUN
cblr-9109	222	10	of	of	ADP
cblr-9109	222	11	liquidity	liquidity	NOUN
cblr-9109	222	12	in	in	ADP
cblr-9109	222	13	the	the	DET
cblr-9109	222	14	modern	modern	ADJ
cblr-9109	222	15	stock	stock	NOUN
cblr-9109	222	16	market	market	NOUN
cblr-9109	222	17	,	,	PUNCT
cblr-9109	222	18	posting	post	VERB
cblr-9109	222	19	a	a	DET
cblr-9109	222	20	significant	significant	ADJ
cblr-9109	222	21	portion	portion	NOUN
cblr-9109	222	22	of	of	ADP
cblr-9109	222	23	the	the	DET
cblr-9109	222	24	bid	bid	NOUN
cblr-9109	222	25	and	and	CCONJ
cblr-9109	222	26	offer	offer	VERB
cblr-9109	222	27	quotes	quote	NOUN
cblr-9109	222	28	that	that	PRON
cblr-9109	222	29	result	result	VERB
cblr-9109	222	30	in	in	ADP
cblr-9109	222	31	trades.35	trades.35	NOUN
cblr-9109	222	32	these	these	DET
cblr-9109	222	33	quotes	quote	NOUN
cblr-9109	222	34	constitute	constitute	VERB
cblr-9109	222	35	the	the	DET
cblr-9109	222	36	prices	price	NOUN
cblr-9109	222	37	at	at	ADP
cblr-9109	222	38	which	which	PRON
cblr-9109	222	39	other	other	ADJ
cblr-9109	222	40	traders	trader	NOUN
cblr-9109	222	41	can	can	AUX
cblr-9109	222	42	transact	transact	VERB
cblr-9109	222	43	.	.	PUNCT
cblr-9109	223	1	hfts	hft	NOUN
cblr-9109	223	2	revise	revise	VERB
cblr-9109	223	3	their	their	PRON
cblr-9109	223	4	quotes	quote	NOUN
cblr-9109	223	5	at	at	ADP
cblr-9109	223	6	rapid	rapid	ADJ
cblr-9109	223	7	speeds	speed	NOUN
cblr-9109	223	8	based	base	VERB
cblr-9109	223	9	on	on	ADP
cblr-9109	223	10	information	information	NOUN
cblr-9109	223	11	that	that	PRON
cblr-9109	223	12	they	they	PRON
cblr-9109	223	13	receive	receive	VERB
cblr-9109	223	14	concerning	concern	VERB
cblr-9109	223	15	purchases	purchase	NOUN
cblr-9109	223	16	and	and	CCONJ
cblr-9109	223	17	sales	sale	NOUN
cblr-9109	223	18	of	of	ADP
cblr-9109	223	19	shares	share	NOUN
cblr-9109	223	20	that	that	PRON
cblr-9109	223	21	are	be	AUX
cblr-9109	223	22	occurring	occur	VERB
cblr-9109	223	23	and	and	CCONJ
cblr-9109	223	24	changes	change	NOUN
cblr-9109	223	25	in	in	ADP
cblr-9109	223	26	quotes.36	quotes.36	PROPN
cblr-9109	223	27	hfts	hft	NOUN
cblr-9109	223	28	can	can	AUX
cblr-9109	223	29	see	see	VERB
cblr-9109	223	30	and	and	CCONJ
cblr-9109	223	31	react	react	VERB
cblr-9109	223	32	very	very	ADV
cblr-9109	223	33	quickly	quickly	ADV
cblr-9109	223	34	when	when	SCONJ
cblr-9109	223	35	such	such	DET
cblr-9109	223	36	an	an	DET
cblr-9109	223	37	offer	offer	NOUN
cblr-9109	223	38	or	or	CCONJ
cblr-9109	223	39	bid	bid	VERB
cblr-9109	223	40	arrives	arrive	NOUN
cblr-9109	224	1	and	and	CCONJ
cblr-9109	224	2	they	they	PRON
cblr-9109	224	3	can	can	AUX
cblr-9109	224	4	use	use	VERB
cblr-9109	224	5	this	this	DET
cblr-9109	224	6	speed	speed	NOUN
cblr-9109	224	7	to	to	ADP
cblr-9109	224	8	their	their	PRON
cblr-9109	224	9	advantage.37	advantage.37	NOUN
cblr-9109	224	10	in	in	ADP
cblr-9109	224	11	response	response	NOUN
cblr-9109	224	12	to	to	ADP
cblr-9109	224	13	a	a	DET
cblr-9109	224	14	new	new	ADJ
cblr-9109	224	15	offer	offer	NOUN
cblr-9109	224	16	for	for	ADP
cblr-9109	224	17	a	a	DET
cblr-9109	224	18	large	large	ADJ
cblr-9109	224	19	number	number	NOUN
cblr-9109	224	20	of	of	ADP
cblr-9109	224	21	shares	share	NOUN
cblr-9109	224	22	at	at	ADP
cblr-9109	224	23	or	or	CCONJ
cblr-9109	224	24	above	above	ADP
cblr-9109	224	25	the	the	DET
cblr-9109	224	26	nbo	nbo	NOUN
cblr-9109	224	27	,	,	PUNCT
cblr-9109	224	28	hfts	hft	NOUN
cblr-9109	224	29	will	will	AUX
cblr-9109	224	30	cancel	cancel	VERB
cblr-9109	224	31	their	their	PRON
cblr-9109	224	32	bids	bid	NOUN
cblr-9109	224	33	.	.	PUNCT
cblr-9109	225	1	and	and	CCONJ
cblr-9109	225	2	because	because	SCONJ
cblr-9109	225	3	they	they	PRON
cblr-9109	225	4	may	may	AUX
cblr-9109	225	5	well	well	ADV
cblr-9109	225	6	also	also	ADV
cblr-9109	225	7	wish	wish	VERB
cblr-9109	225	8	to	to	PART
cblr-9109	225	9	lower	lower	VERB
cblr-9109	225	10	their	their	PRON
cblr-9109	225	11	offers	offer	NOUN
cblr-9109	225	12	to	to	ADP
cblr-9109	225	13	a	a	DET
cblr-9109	225	14	level	level	NOUN
cblr-9109	225	15	at	at	ADP
cblr-9109	225	16	or	or	CCONJ
cblr-9109	225	17	below	below	ADP
cblr-9109	225	18	the	the	DET
cblr-9109	225	19	pre	pre	ADJ
cblr-9109	225	20	-	-	ADJ
cblr-9109	225	21	existing	exist	VERB
cblr-9109	225	22	nbb	nbb	ADJ
cblr-9109	225	23	,	,	PUNCT
cblr-9109	225	24	they	they	PRON
cblr-9109	225	25	are	be	AUX
cblr-9109	225	26	also	also	ADV
cblr-9109	225	27	likely	likely	ADJ
cblr-9109	225	28	to	to	PART
cblr-9109	225	29	wish	wish	VERB
cblr-9109	225	30	to	to	PART
cblr-9109	225	31	clear	clear	VERB
cblr-9109	225	32	the	the	DET
cblr-9109	225	33	market	market	NOUN
cblr-9109	225	34	of	of	ADP
cblr-9109	225	35	remaining	remain	VERB
cblr-9109	225	36	other	other	ADJ
cblr-9109	225	37	bids	bid	NOUN
cblr-9109	225	38	,	,	PUNCT
cblr-9109	225	39	and	and	CCONJ
cblr-9109	225	40	the	the	DET
cblr-9109	225	41	only	only	ADJ
cblr-9109	225	42	way	way	NOUN
cblr-9109	225	43	33	33	NUM
cblr-9109	225	44	see	see	NOUN
cblr-9109	225	45	infra	infra	NOUN
cblr-9109	225	46	section	section	NOUN
cblr-9109	225	47	v.a	v.a	PROPN
cblr-9109	225	48	.	.	PROPN
cblr-9109	225	49	34	34	NUM
cblr-9109	225	50	see	see	VERB
cblr-9109	225	51	infra	infra	NOUN
cblr-9109	225	52	section	section	NOUN
cblr-9109	225	53	v.a	v.a	PROPN
cblr-9109	225	54	.	.	PROPN
cblr-9109	225	55	35	35	NUM
cblr-9109	225	56	see	see	VERB
cblr-9109	225	57	note	note	NOUN
cblr-9109	225	58	26	26	NUM
cblr-9109	225	59	and	and	CCONJ
cblr-9109	225	60	accompanying	accompany	VERB
cblr-9109	225	61	text	text	NOUN
cblr-9109	225	62	.	.	PUNCT
cblr-9109	226	1	36	36	NUM
cblr-9109	226	2	see	see	VERB
cblr-9109	226	3	fox	fox	PROPN
cblr-9109	226	4	et	et	PROPN
cblr-9109	226	5	al	al	PROPN
cblr-9109	226	6	.	.	PROPN
cblr-9109	226	7	,	,	PUNCT
cblr-9109	226	8	the	the	DET
cblr-9109	226	9	new	new	ADJ
cblr-9109	226	10	stock	stock	NOUN
cblr-9109	226	11	market	market	NOUN
cblr-9109	226	12	,	,	PUNCT
cblr-9109	226	13	supra	supra	PROPN
cblr-9109	226	14	note	note	NOUN
cblr-9109	226	15	3	3	NUM
cblr-9109	226	16	,	,	PUNCT
cblr-9109	226	17	at	at	ADP
cblr-9109	226	18	95	95	NUM
cblr-9109	226	19	.	.	PUNCT
cblr-9109	227	1	37	37	NUM
cblr-9109	227	2	see	see	VERB
cblr-9109	227	3	i	i	PROPN
cblr-9109	227	4	d.	d.	PROPN
cblr-9109	227	5	1258	1258	NUM
cblr-9109	227	6	columbia	columbia	PROPN
cblr-9109	227	7	business	business	PROPN
cblr-9109	227	8	law	law	PROPN
cblr-9109	227	9	review	review	NOUN
cblr-9109	227	10	[	[	X
cblr-9109	227	11	vol	vol	NOUN
cblr-9109	227	12	.	.	NOUN
cblr-9109	227	13	2021	2021	NUM
cblr-9109	227	14	of	of	ADP
cblr-9109	227	15	doing	do	VERB
cblr-9109	227	16	this	this	PRON
cblr-9109	227	17	is	be	AUX
cblr-9109	227	18	to	to	PART
cblr-9109	227	19	send	send	VERB
cblr-9109	227	20	in	in	ADP
cblr-9109	227	21	marketable	marketable	ADJ
cblr-9109	227	22	sell	sell	NOUN
cblr-9109	227	23	orders	order	NOUN
cblr-9109	227	24	to	to	PART
cblr-9109	227	25	execute	execute	VERB
cblr-9109	227	26	against	against	ADP
cblr-9109	227	27	those	those	DET
cblr-9109	227	28	bids	bid	NOUN
cblr-9109	227	29	.	.	PUNCT
cblr-9109	228	1	because	because	SCONJ
cblr-9109	228	2	an	an	DET
cblr-9109	228	3	hft	hft	NOUN
cblr-9109	228	4	doing	do	VERB
cblr-9109	228	5	this	this	PRON
cblr-9109	228	6	believes	believe	VERB
cblr-9109	228	7	that	that	SCONJ
cblr-9109	228	8	the	the	DET
cblr-9109	228	9	appropriate	appropriate	ADJ
cblr-9109	228	10	new	new	ADJ
cblr-9109	228	11	offer	offer	NOUN
cblr-9109	228	12	price	price	NOUN
cblr-9109	228	13	is	be	AUX
cblr-9109	228	14	at	at	ADP
cblr-9109	228	15	or	or	CCONJ
cblr-9109	228	16	below	below	ADP
cblr-9109	228	17	the	the	DET
cblr-9109	228	18	pre	pre	ADJ
cblr-9109	228	19	-	-	ADJ
cblr-9109	228	20	existing	exist	VERB
cblr-9109	228	21	nbb	nbb	PROPN
cblr-9109	228	22	,	,	PUNCT
cblr-9109	228	23	sending	send	VERB
cblr-9109	228	24	in	in	ADP
cblr-9109	228	25	these	these	DET
cblr-9109	228	26	bid	bid	NOUN
cblr-9109	228	27	-	-	PUNCT
cblr-9109	228	28	clearing	clearing	NOUN
cblr-9109	228	29	sell	sell	NOUN
cblr-9109	228	30	orders	order	NOUN
cblr-9109	228	31	would	would	AUX
cblr-9109	228	32	appear	appear	VERB
cblr-9109	228	33	costless	costless	NOUN
cblr-9109	228	34	to	to	ADP
cblr-9109	228	35	it	it	PRON
cblr-9109	228	36	since	since	SCONJ
cblr-9109	228	37	it	it	PRON
cblr-9109	228	38	is	be	AUX
cblr-9109	228	39	selling	sell	VERB
cblr-9109	228	40	at	at	ADP
cblr-9109	228	41	a	a	DET
cblr-9109	228	42	price	price	NOUN
cblr-9109	228	43	at	at	ADP
cblr-9109	228	44	or	or	CCONJ
cblr-9109	228	45	above	above	ADP
cblr-9109	228	46	what	what	PRON
cblr-9109	228	47	it	it	PRON
cblr-9109	228	48	now	now	ADV
cblr-9109	228	49	thinks	think	VERB
cblr-9109	228	50	is	be	AUX
cblr-9109	228	51	the	the	DET
cblr-9109	228	52	right	right	ADJ
cblr-9109	228	53	price	price	NOUN
cblr-9109	228	54	at	at	ADP
cblr-9109	228	55	which	which	PRON
cblr-9109	228	56	to	to	PART
cblr-9109	228	57	buy	buy	VERB
cblr-9109	228	58	shares.38	shares.38	PROPN
cblr-9109	228	59	spoofing	spoof	VERB
cblr-9109	228	60	is	be	AUX
cblr-9109	228	61	best	well	ADV
cblr-9109	228	62	understood	understand	VERB
cblr-9109	228	63	through	through	ADP
cblr-9109	228	64	an	an	DET
cblr-9109	228	65	example	example	NOUN
cblr-9109	228	66	involving	involve	VERB
cblr-9109	228	67	a	a	DET
cblr-9109	228	68	manipulator	manipulator	NOUN
cblr-9109	228	69	named	name	VERB
cblr-9109	228	70	atlee	atlee	PROPN
cblr-9109	228	71	.	.	PUNCT
cblr-9109	229	1	immediately	immediately	ADV
cblr-9109	229	2	prior	prior	ADV
cblr-9109	229	3	to	to	ADP
cblr-9109	229	4	atlee	atlee	PROPN
cblr-9109	229	5	’s	’s	PART
cblr-9109	229	6	first	first	ADJ
cblr-9109	229	7	move	move	NOUN
cblr-9109	229	8	,	,	PUNCT
cblr-9109	229	9	the	the	DET
cblr-9109	229	10	nbo	nbo	PROPN
cblr-9109	229	11	for	for	ADP
cblr-9109	229	12	abc	abc	PROPN
cblr-9109	229	13	shares	share	NOUN
cblr-9109	229	14	is	be	AUX
cblr-9109	229	15	$	$	SYM
cblr-9109	229	16	10.12	10.12	NUM
cblr-9109	229	17	and	and	CCONJ
cblr-9109	229	18	the	the	DET
cblr-9109	229	19	nbb	nbb	ADJ
cblr-9109	229	20	$	$	SYM
cblr-9109	229	21	10.10	10.10	NUM
cblr-9109	229	22	,	,	PUNCT
cblr-9109	229	23	each	each	PRON
cblr-9109	229	24	for	for	ADP
cblr-9109	229	25	1,500	1,500	NUM
cblr-9109	229	26	shares	share	NOUN
cblr-9109	229	27	.	.	PUNCT
cblr-9109	230	1	all	all	PRON
cblr-9109	230	2	of	of	ADP
cblr-9109	230	3	these	these	DET
cblr-9109	230	4	existing	exist	VERB
cblr-9109	230	5	quotes	quote	NOUN
cblr-9109	230	6	were	be	AUX
cblr-9109	230	7	submitted	submit	VERB
cblr-9109	230	8	by	by	ADP
cblr-9109	230	9	liquidity	liquidity	NOUN
cblr-9109	230	10	supplying	supply	VERB
cblr-9109	230	11	hfts	hft	NOUN
cblr-9109	230	12	.	.	PUNCT
cblr-9109	231	1	in	in	ADP
cblr-9109	231	2	the	the	DET
cblr-9109	231	3	first	first	ADJ
cblr-9109	231	4	stage	stage	NOUN
cblr-9109	231	5	of	of	ADP
cblr-9109	231	6	the	the	DET
cblr-9109	231	7	manipulation	manipulation	NOUN
cblr-9109	231	8	,	,	PUNCT
cblr-9109	231	9	atlee	atlee	PROPN
cblr-9109	231	10	starts	start	VERB
cblr-9109	231	11	by	by	ADP
cblr-9109	231	12	placing	place	VERB
cblr-9109	231	13	ten	ten	NUM
cblr-9109	231	14	100	100	NUM
cblr-9109	231	15	share	share	NOUN
cblr-9109	231	16	nonmarketable	nonmarketable	NOUN
cblr-9109	231	17	buy	buy	VERB
cblr-9109	231	18	orders	order	NOUN
cblr-9109	231	19	at	at	ADP
cblr-9109	231	20	$	$	SYM
cblr-9109	231	21	10.10	10.10	NUM
cblr-9109	231	22	.	.	PUNCT
cblr-9109	232	1	he	he	PRON
cblr-9109	232	2	immediately	immediately	ADV
cblr-9109	232	3	follows	follow	VERB
cblr-9109	232	4	this	this	PRON
cblr-9109	232	5	by	by	ADP
cblr-9109	232	6	placing	place	VERB
cblr-9109	232	7	a	a	DET
cblr-9109	232	8	5,000	5,000	NUM
cblr-9109	232	9	share	share	NOUN
cblr-9109	232	10	non	non	ADJ
cblr-9109	232	11	-	-	ADJ
cblr-9109	232	12	marketable	marketable	ADJ
cblr-9109	232	13	sell	sell	NOUN
cblr-9109	232	14	limit	limit	NOUN
cblr-9109	232	15	order	order	NOUN
cblr-9109	232	16	at	at	ADP
cblr-9109	232	17	$	$	SYM
cblr-9109	232	18	10.12	10.12	NUM
cblr-9109	232	19	,	,	PUNCT
cblr-9109	232	20	constituting	constitute	VERB
cblr-9109	232	21	an	an	DET
cblr-9109	232	22	addition	addition	NOUN
cblr-9109	232	23	of	of	ADP
cblr-9109	232	24	5000	5000	NUM
cblr-9109	232	25	shares	share	NOUN
cblr-9109	232	26	offered	offer	VERB
cblr-9109	232	27	at	at	ADP
cblr-9109	232	28	this	this	DET
cblr-9109	232	29	price	price	NOUN
cblr-9109	232	30	.	.	PUNCT
cblr-9109	233	1	this	this	DET
cblr-9109	233	2	large	large	ADJ
cblr-9109	233	3	order	order	NOUN
cblr-9109	233	4	on	on	ADP
cblr-9109	233	5	the	the	DET
cblr-9109	233	6	offer	offer	NOUN
cblr-9109	233	7	side	side	NOUN
cblr-9109	233	8	induces	induce	VERB
cblr-9109	233	9	the	the	DET
cblr-9109	233	10	hft	hft	PROPN
cblr-9109	233	11	liquidity	liquidity	NOUN
cblr-9109	233	12	suppliers	supplier	NOUN
cblr-9109	233	13	to	to	PART
cblr-9109	233	14	cancel	cancel	VERB
cblr-9109	233	15	all	all	DET
cblr-9109	233	16	their	their	PRON
cblr-9109	233	17	$	$	SYM
cblr-9109	233	18	10.10	10.10	NUM
cblr-9109	233	19	bids	bid	NOUN
cblr-9109	233	20	,	,	PUNCT
cblr-9109	233	21	totaling	total	VERB
cblr-9109	233	22	1500	1500	NUM
cblr-9109	233	23	shares	share	NOUN
cblr-9109	233	24	.	.	PUNCT
cblr-9109	234	1	that	that	PRON
cblr-9109	234	2	leaves	leave	VERB
cblr-9109	234	3	just	just	ADV
cblr-9109	234	4	atlee	atlee	PROPN
cblr-9109	234	5	’s	’s	PART
cblr-9109	234	6	bids	bid	NOUN
cblr-9109	234	7	for	for	ADP
cblr-9109	234	8	a	a	DET
cblr-9109	234	9	total	total	NOUN
cblr-9109	234	10	of	of	ADP
cblr-9109	234	11	1,000	1,000	NUM
cblr-9109	234	12	shares	share	NOUN
cblr-9109	234	13	at	at	ADP
cblr-9109	234	14	$	$	SYM
cblr-9109	234	15	10.10	10.10	NUM
cblr-9109	234	16	.	.	PUNCT
cblr-9109	235	1	the	the	DET
cblr-9109	235	2	hfts	hft	NOUN
cblr-9109	235	3	then	then	ADV
cblr-9109	235	4	submit	submit	VERB
cblr-9109	235	5	sell	sell	NOUN
cblr-9109	235	6	limit	limit	NOUN
cblr-9109	235	7	orders	order	NOUN
cblr-9109	235	8	at	at	ADP
cblr-9109	235	9	$	$	SYM
cblr-9109	235	10	10.10	10.10	NUM
cblr-9109	235	11	for	for	ADP
cblr-9109	235	12	1,000	1,000	NUM
cblr-9109	235	13	shares	share	NOUN
cblr-9109	235	14	,	,	PUNCT
cblr-9109	235	15	reflecting	reflect	VERB
cblr-9109	235	16	their	their	PRON
cblr-9109	235	17	belief	belief	NOUN
cblr-9109	235	18	that	that	SCONJ
cblr-9109	235	19	the	the	DET
cblr-9109	235	20	price	price	NOUN
cblr-9109	235	21	of	of	ADP
cblr-9109	235	22	abc	abc	PROPN
cblr-9109	235	23	shares	share	NOUN
cblr-9109	235	24	is	be	AUX
cblr-9109	235	25	going	go	VERB
cblr-9109	235	26	to	to	PART
cblr-9109	235	27	fall	fall	VERB
cblr-9109	235	28	and	and	CCONJ
cblr-9109	235	29	that	that	SCONJ
cblr-9109	235	30	they	they	PRON
cblr-9109	235	31	will	will	AUX
cblr-9109	235	32	wish	wish	VERB
cblr-9109	235	33	to	to	PART
cblr-9109	235	34	quote	quote	VERB
cblr-9109	235	35	offers	offer	NOUN
cblr-9109	235	36	at	at	ADP
cblr-9109	235	37	$	$	SYM
cblr-9109	235	38	10.10	10.10	NUM
cblr-9109	235	39	or	or	CCONJ
cblr-9109	235	40	below	below	ADV
cblr-9109	235	41	.	.	PUNCT
cblr-9109	236	1	these	these	DET
cblr-9109	236	2	execute	execute	VERB
cblr-9109	236	3	against	against	ADP
cblr-9109	236	4	atlee	atlee	PROPN
cblr-9109	236	5	’s	’s	PART
cblr-9109	236	6	$	$	SYM
cblr-9109	236	7	10.10	10.10	NUM
cblr-9109	236	8	bids	bid	NOUN
cblr-9109	236	9	for	for	ADP
cblr-9109	236	10	a	a	DET
cblr-9109	236	11	total	total	NOUN
cblr-9109	236	12	of	of	ADP
cblr-9109	236	13	1,000	1,000	NUM
cblr-9109	236	14	shares	share	NOUN
cblr-9109	236	15	.	.	PUNCT
cblr-9109	237	1	atlee	atlee	PROPN
cblr-9109	237	2	immediately	immediately	ADV
cblr-9109	237	3	cancels	cancel	VERB
cblr-9109	237	4	his	his	PRON
cblr-9109	237	5	5,000	5,000	NUM
cblr-9109	237	6	share	share	NOUN
cblr-9109	237	7	$	$	SYM
cblr-9109	237	8	10.12	10.12	NUM
cblr-9109	237	9	offer	offer	NOUN
cblr-9109	237	10	,	,	PUNCT
cblr-9109	237	11	no	no	DET
cblr-9109	237	12	part	part	NOUN
cblr-9109	237	13	of	of	ADP
cblr-9109	237	14	which	which	PRON
cblr-9109	237	15	has	have	AUX
cblr-9109	237	16	been	be	AUX
cblr-9109	237	17	executed	execute	VERB
cblr-9109	237	18	against.39	against.39	NOUN
cblr-9109	237	19	so	so	ADV
cblr-9109	237	20	at	at	ADP
cblr-9109	237	21	this	this	DET
cblr-9109	237	22	point	point	NOUN
cblr-9109	237	23	,	,	PUNCT
cblr-9109	237	24	atlee	atlee	PROPN
cblr-9109	237	25	has	have	AUX
cblr-9109	237	26	bought	buy	VERB
cblr-9109	237	27	1,000	1,000	NUM
cblr-9109	237	28	shares	share	NOUN
cblr-9109	237	29	at	at	ADP
cblr-9109	237	30	$	$	SYM
cblr-9109	237	31	10.10	10.10	NUM
cblr-9109	237	32	and	and	CCONJ
cblr-9109	237	33	has	have	VERB
cblr-9109	237	34	no	no	DET
cblr-9109	237	35	bids	bid	NOUN
cblr-9109	237	36	or	or	CCONJ
cblr-9109	237	37	offers	offer	VERB
cblr-9109	237	38	outstanding	outstanding	ADJ
cblr-9109	237	39	.	.	PUNCT
cblr-9109	238	1	now	now	ADV
cblr-9109	238	2	atlee	atlee	PROPN
cblr-9109	238	3	enters	enter	VERB
cblr-9109	238	4	the	the	DET
cblr-9109	238	5	second	second	ADJ
cblr-9109	238	6	stage	stage	NOUN
cblr-9109	238	7	of	of	ADP
cblr-9109	238	8	this	this	DET
cblr-9109	238	9	manipulation	manipulation	NOUN
cblr-9109	238	10	,	,	PUNCT
cblr-9109	238	11	reversing	reverse	VERB
cblr-9109	238	12	the	the	DET
cblr-9109	238	13	strategy	strategy	NOUN
cblr-9109	238	14	used	use	VERB
cblr-9109	238	15	in	in	ADP
cblr-9109	238	16	the	the	DET
cblr-9109	238	17	first	first	ADJ
cblr-9109	238	18	stage	stage	NOUN
cblr-9109	238	19	.	.	PUNCT
cblr-9109	239	1	he	he	PRON
cblr-9109	239	2	submits	submit	VERB
cblr-9109	239	3	ten	ten	NUM
cblr-9109	239	4	100	100	NUM
cblr-9109	239	5	share	share	NOUN
cblr-9109	239	6	non	non	ADJ
cblr-9109	239	7	-	-	ADJ
cblr-9109	239	8	marketable	marketable	ADJ
cblr-9109	239	9	sell	sell	NOUN
cblr-9109	239	10	limit	limit	NOUN
cblr-9109	239	11	orders	order	NOUN
cblr-9109	239	12	at	at	ADP
cblr-9109	239	13	$	$	SYM
cblr-9109	239	14	10.12	10.12	NUM
cblr-9109	239	15	and	and	CCONJ
cblr-9109	239	16	a	a	DET
cblr-9109	239	17	5,000	5,000	NUM
cblr-9109	239	18	share	share	NOUN
cblr-9109	239	19	non	non	ADJ
cblr-9109	239	20	-	-	ADJ
cblr-9109	239	21	marketable	marketable	ADJ
cblr-9109	239	22	buy	buy	NOUN
cblr-9109	239	23	limit	limit	NOUN
cblr-9109	239	24	order	order	NOUN
cblr-9109	239	25	at	at	ADP
cblr-9109	239	26	$	$	SYM
cblr-9109	239	27	10.10	10.10	NUM
cblr-9109	239	28	,	,	PUNCT
cblr-9109	239	29	constituting	constitute	VERB
cblr-9109	239	30	an	an	DET
cblr-9109	239	31	additional	additional	ADJ
cblr-9109	239	32	5000	5000	NUM
cblr-9109	239	33	shares	share	NOUN
cblr-9109	239	34	bid	bid	VERB
cblr-9109	239	35	for	for	ADP
cblr-9109	239	36	at	at	ADP
cblr-9109	239	37	this	this	DET
cblr-9109	239	38	price	price	NOUN
cblr-9109	239	39	.	.	PUNCT
cblr-9109	240	1	38	38	NUM
cblr-9109	240	2	even	even	ADV
cblr-9109	240	3	if	if	SCONJ
cblr-9109	240	4	the	the	DET
cblr-9109	240	5	revised	revise	VERB
cblr-9109	240	6	offer	offer	NOUN
cblr-9109	240	7	will	will	AUX
cblr-9109	240	8	be	be	AUX
cblr-9109	240	9	above	above	ADP
cblr-9109	240	10	the	the	DET
cblr-9109	240	11	current	current	ADJ
cblr-9109	240	12	nbb	nbb	PROPN
cblr-9109	240	13	,	,	PUNCT
cblr-9109	240	14	$	$	SYM
cblr-9109	240	15	10.10	10.10	NUM
cblr-9109	240	16	,	,	PUNCT
cblr-9109	240	17	the	the	DET
cblr-9109	240	18	hft	hft	NOUN
cblr-9109	240	19	’s	’s	PART
cblr-9109	240	20	expectation	expectation	NOUN
cblr-9109	240	21	is	be	AUX
cblr-9109	240	22	that	that	SCONJ
cblr-9109	240	23	the	the	DET
cblr-9109	240	24	sniping	sniping	NOUN
cblr-9109	240	25	of	of	ADP
cblr-9109	240	26	shares	share	NOUN
cblr-9109	240	27	at	at	ADP
cblr-9109	240	28	the	the	DET
cblr-9109	240	29	existing	exist	VERB
cblr-9109	240	30	bid	bid	NOUN
cblr-9109	240	31	may	may	AUX
cblr-9109	240	32	be	be	AUX
cblr-9109	240	33	bought	buy	VERB
cblr-9109	240	34	back	back	ADV
cblr-9109	240	35	profitably	profitably	ADV
cblr-9109	240	36	at	at	ADP
cblr-9109	240	37	what	what	PRON
cblr-9109	240	38	it	it	PRON
cblr-9109	240	39	expects	expect	VERB
cblr-9109	240	40	to	to	PART
cblr-9109	240	41	be	be	AUX
cblr-9109	240	42	a	a	DET
cblr-9109	240	43	new	new	ADJ
cblr-9109	240	44	nbb	nbb	NOUN
cblr-9109	240	45	below	below	ADP
cblr-9109	240	46	$	$	SYM
cblr-9109	240	47	10.10	10.10	NUM
cblr-9109	240	48	.	.	PUNCT
cblr-9109	241	1	39	39	NUM
cblr-9109	241	2	even	even	ADV
cblr-9109	241	3	if	if	SCONJ
cblr-9109	241	4	some	some	DET
cblr-9109	241	5	market	market	NOUN
cblr-9109	241	6	participants	participant	NOUN
cblr-9109	241	7	,	,	PUNCT
cblr-9109	241	8	slower	slower	ADJ
cblr-9109	241	9	to	to	PART
cblr-9109	241	10	pick	pick	VERB
cblr-9109	241	11	up	up	ADP
cblr-9109	241	12	on	on	ADP
cblr-9109	241	13	atlee	atlee	PROPN
cblr-9109	241	14	’s	’s	PART
cblr-9109	241	15	new	new	ADJ
cblr-9109	241	16	offers	offer	NOUN
cblr-9109	241	17	or	or	CCONJ
cblr-9109	241	18	their	their	PRON
cblr-9109	241	19	apparent	apparent	ADJ
cblr-9109	241	20	significance	significance	NOUN
cblr-9109	241	21	,	,	PUNCT
cblr-9109	241	22	still	still	ADV
cblr-9109	241	23	put	put	VERB
cblr-9109	241	24	in	in	ADP
cblr-9109	241	25	marketable	marketable	ADJ
cblr-9109	241	26	buy	buy	NOUN
cblr-9109	241	27	orders	order	NOUN
cblr-9109	241	28	that	that	PRON
cblr-9109	241	29	execute	execute	VERB
cblr-9109	241	30	at	at	ADP
cblr-9109	241	31	$	$	SYM
cblr-9109	241	32	10.12	10.12	NUM
cblr-9109	241	33	,	,	PUNCT
cblr-9109	241	34	any	any	DET
cblr-9109	241	35	quotes	quote	NOUN
cblr-9109	241	36	not	not	PART
cblr-9109	241	37	yet	yet	ADV
cblr-9109	241	38	cancelled	cancel	VERB
cblr-9109	241	39	by	by	ADP
cblr-9109	241	40	the	the	DET
cblr-9109	241	41	hft	hft	PROPN
cblr-9109	241	42	liquidity	liquidity	NOUN
cblr-9109	241	43	suppliers	supplier	NOUN
cblr-9109	241	44	will	will	AUX
cblr-9109	241	45	be	be	AUX
cblr-9109	241	46	first	first	ADV
cblr-9109	241	47	in	in	ADP
cblr-9109	241	48	line	line	NOUN
cblr-9109	241	49	to	to	PART
cblr-9109	241	50	be	be	AUX
cblr-9109	241	51	hit	hit	VERB
cblr-9109	241	52	,	,	PUNCT
cblr-9109	241	53	likely	likely	ADV
cblr-9109	241	54	leaving	leave	VERB
cblr-9109	241	55	atlee	atlee	PROPN
cblr-9109	241	56	’s	’s	PART
cblr-9109	241	57	quote	quote	INTJ
cblr-9109	241	58	totally	totally	ADV
cblr-9109	241	59	(	(	PUNCT
cblr-9109	241	60	as	as	SCONJ
cblr-9109	241	61	assumed	assume	VERB
cblr-9109	241	62	here	here	ADV
cblr-9109	241	63	)	)	PUNCT
cblr-9109	241	64	,	,	PUNCT
cblr-9109	241	65	or	or	CCONJ
cblr-9109	241	66	at	at	ADP
cblr-9109	241	67	least	least	ADJ
cblr-9109	241	68	mostly	mostly	ADV
cblr-9109	241	69	,	,	PUNCT
cblr-9109	241	70	unexecuted	unexecuted	ADJ
cblr-9109	241	71	against	against	ADP
cblr-9109	241	72	.	.	PUNCT
cblr-9109	242	1	no	no	INTJ
cblr-9109	242	2	.	.	PUNCT
cblr-9109	243	1	3:1244	3:1244	NUM
cblr-9109	243	2	]	]	X
cblr-9109	243	3	spoofing	spoofing	NOUN
cblr-9109	243	4	and	and	CCONJ
cblr-9109	243	5	its	its	PRON
cblr-9109	243	6	regulation	regulation	NOUN
cblr-9109	243	7	1259	1259	NUM
cblr-9109	243	8	again	again	ADV
cblr-9109	243	9	,	,	PUNCT
cblr-9109	243	10	the	the	DET
cblr-9109	243	11	hfts	hft	NOUN
cblr-9109	243	12	respond	respond	VERB
cblr-9109	243	13	by	by	ADP
cblr-9109	243	14	cancelling	cancel	VERB
cblr-9109	243	15	their	their	PRON
cblr-9109	243	16	offers	offer	NOUN
cblr-9109	243	17	at	at	ADP
cblr-9109	243	18	whatever	whatever	DET
cblr-9109	243	19	price	price	NOUN
cblr-9109	243	20	they	they	PRON
cblr-9109	243	21	are	be	AUX
cblr-9109	243	22	now	now	ADV
cblr-9109	243	23	set	set	VERB
cblr-9109	243	24	and	and	CCONJ
cblr-9109	243	25	submitting	submit	VERB
cblr-9109	243	26	marketable	marketable	ADJ
cblr-9109	243	27	buy	buy	NOUN
cblr-9109	243	28	orders	order	NOUN
cblr-9109	243	29	at	at	ADP
cblr-9109	243	30	$	$	SYM
cblr-9109	243	31	10.12	10.12	NUM
cblr-9109	243	32	for	for	ADP
cblr-9109	243	33	1000	1000	NUM
cblr-9109	243	34	shares	share	NOUN
cblr-9109	243	35	,	,	PUNCT
cblr-9109	243	36	which	which	PRON
cblr-9109	243	37	execute	execute	VERB
cblr-9109	243	38	against	against	ADP
cblr-9109	243	39	atlee	atlee	PROPN
cblr-9109	243	40	’s	’s	PART
cblr-9109	243	41	ten	ten	NUM
cblr-9109	243	42	100	100	NUM
cblr-9109	243	43	share	share	NOUN
cblr-9109	243	44	offers	offer	NOUN
cblr-9109	243	45	at	at	ADP
cblr-9109	243	46	$	$	SYM
cblr-9109	243	47	10.12	10.12	NUM
cblr-9109	243	48	.	.	PUNCT
cblr-9109	244	1	atlee	atlee	PROPN
cblr-9109	244	2	then	then	ADV
cblr-9109	244	3	cancels	cancel	VERB
cblr-9109	244	4	his	his	PRON
cblr-9109	244	5	5,000	5,000	NUM
cblr-9109	244	6	-	-	PUNCT
cblr-9109	244	7	share	share	NOUN
cblr-9109	244	8	bid	bid	NOUN
cblr-9109	244	9	at	at	ADP
cblr-9109	244	10	$	$	SYM
cblr-9109	244	11	10.10	10.10	NUM
cblr-9109	244	12	,	,	PUNCT
cblr-9109	244	13	none	none	NOUN
cblr-9109	244	14	of	of	ADP
cblr-9109	244	15	which	which	PRON
cblr-9109	244	16	has	have	AUX
cblr-9109	244	17	been	be	AUX
cblr-9109	244	18	executed	execute	VERB
cblr-9109	244	19	against	against	ADP
cblr-9109	244	20	.	.	PUNCT
cblr-9109	245	1	atlee	atlee	PROPN
cblr-9109	245	2	is	be	AUX
cblr-9109	245	3	now	now	ADV
cblr-9109	245	4	flat	flat	ADJ
cblr-9109	245	5	,	,	PUNCT
cblr-9109	245	6	having	having	AUX
cblr-9109	245	7	first	first	ADV
cblr-9109	245	8	bought	buy	VERB
cblr-9109	245	9	1000	1000	NUM
cblr-9109	245	10	shares	share	NOUN
cblr-9109	245	11	for	for	ADP
cblr-9109	245	12	$	$	SYM
cblr-9109	245	13	10.10	10.10	NUM
cblr-9109	245	14	and	and	CCONJ
cblr-9109	245	15	then	then	ADV
cblr-9109	245	16	sold	sell	VERB
cblr-9109	245	17	1000	1000	NUM
cblr-9109	245	18	shares	share	NOUN
cblr-9109	245	19	at	at	ADP
cblr-9109	245	20	$	$	SYM
cblr-9109	245	21	10.12	10.12	NUM
cblr-9109	245	22	,	,	PUNCT
cblr-9109	245	23	collecting	collect	VERB
cblr-9109	245	24	$	$	SYM
cblr-9109	245	25	20.00	20.00	NUM
cblr-9109	245	26	all	all	PRON
cblr-9109	245	27	in	in	ADP
cblr-9109	245	28	a	a	DET
cblr-9109	245	29	matter	matter	NOUN
cblr-9109	245	30	of	of	ADP
cblr-9109	245	31	milliseconds	millisecond	NOUN
cblr-9109	245	32	.	.	PUNCT
cblr-9109	246	1	he	he	PRON
cblr-9109	246	2	also	also	ADV
cblr-9109	246	3	likely	likely	ADV
cblr-9109	246	4	collected	collect	VERB
cblr-9109	246	5	rebates	rebate	NOUN
cblr-9109	246	6	of	of	ADP
cblr-9109	246	7	about	about	ADV
cblr-9109	246	8	$	$	SYM
cblr-9109	246	9	4.00	4.00	NUM
cblr-9109	246	10	for	for	ADP
cblr-9109	246	11	the	the	DET
cblr-9109	246	12	roundtrip	roundtrip	NOUN
cblr-9109	246	13	transaction	transaction	NOUN
cblr-9109	246	14	(	(	PUNCT
cblr-9109	246	15	$	$	SYM
cblr-9109	246	16	0.20	0.20	NUM
cblr-9109	246	17	per	per	ADP
cblr-9109	246	18	hundred	hundred	NUM
cblr-9109	246	19	shares	share	NOUN
cblr-9109	246	20	times	time	NOUN
cblr-9109	246	21	2000/100	2000/100	NUM
cblr-9109	246	22	)	)	PUNCT
cblr-9109	246	23	.	.	PUNCT
cblr-9109	247	1	although	although	SCONJ
cblr-9109	247	2	$	$	SYM
cblr-9109	247	3	24	24	NUM
cblr-9109	247	4	might	might	AUX
cblr-9109	247	5	not	not	PART
cblr-9109	247	6	seem	seem	VERB
cblr-9109	247	7	like	like	INTJ
cblr-9109	247	8	much	much	ADJ
cblr-9109	247	9	,	,	PUNCT
cblr-9109	247	10	the	the	DET
cblr-9109	247	11	whole	whole	ADJ
cblr-9109	247	12	process	process	NOUN
cblr-9109	247	13	is	be	AUX
cblr-9109	247	14	automated	automate	VERB
cblr-9109	247	15	and	and	CCONJ
cblr-9109	247	16	can	can	AUX
cblr-9109	247	17	be	be	AUX
cblr-9109	247	18	repeated	repeat	VERB
cblr-9109	247	19	in	in	ADP
cblr-9109	247	20	milliseconds	millisecond	NOUN
cblr-9109	247	21	for	for	ADP
cblr-9109	247	22	this	this	DET
cblr-9109	247	23	security	security	NOUN
cblr-9109	247	24	and	and	CCONJ
cblr-9109	247	25	many	many	ADJ
cblr-9109	247	26	others	other	NOUN
cblr-9109	247	27	and	and	CCONJ
cblr-9109	247	28	on	on	ADP
cblr-9109	247	29	a	a	DET
cblr-9109	247	30	repeated	repeat	VERB
cblr-9109	247	31	basis	basis	NOUN
cblr-9109	247	32	over	over	ADP
cblr-9109	247	33	time	time	NOUN
cblr-9109	247	34	.	.	PUNCT
cblr-9109	248	1	that	that	SCONJ
cblr-9109	248	2	this	this	PRON
cblr-9109	248	3	can	can	AUX
cblr-9109	248	4	work	work	VERB
cblr-9109	248	5	in	in	ADP
cblr-9109	248	6	ways	way	NOUN
cblr-9109	248	7	that	that	PRON
cblr-9109	248	8	generate	generate	VERB
cblr-9109	248	9	tens	ten	NOUN
cblr-9109	248	10	of	of	ADP
cblr-9109	248	11	millions	million	NOUN
cblr-9109	248	12	of	of	ADP
cblr-9109	248	13	dollars	dollar	NOUN
cblr-9109	248	14	is	be	AUX
cblr-9109	248	15	evidenced	evidence	VERB
cblr-9109	248	16	by	by	ADP
cblr-9109	248	17	the	the	DET
cblr-9109	248	18	cases	case	NOUN
cblr-9109	248	19	that	that	PRON
cblr-9109	248	20	we	we	PRON
cblr-9109	248	21	will	will	AUX
cblr-9109	248	22	discuss	discuss	VERB
cblr-9109	248	23	in	in	ADP
cblr-9109	248	24	parts	part	NOUN
cblr-9109	248	25	vi	vi	NOUN
cblr-9109	248	26	and	and	CCONJ
cblr-9109	248	27	vii	vii	PROPN
cblr-9109	248	28	.	.	PUNCT
cblr-9109	249	1	its	its	PRON
cblr-9109	249	2	profit	profit	NOUN
cblr-9109	249	3	potential	potential	NOUN
cblr-9109	249	4	is	be	AUX
cblr-9109	249	5	also	also	ADV
cblr-9109	249	6	demonstrated	demonstrate	VERB
cblr-9109	249	7	by	by	ADP
cblr-9109	249	8	empirical	empirical	ADJ
cblr-9109	249	9	work	work	NOUN
cblr-9109	249	10	that	that	PRON
cblr-9109	249	11	shows	show	VERB
cblr-9109	249	12	that	that	SCONJ
cblr-9109	249	13	large	large	ADJ
cblr-9109	249	14	relative	relative	ADJ
cblr-9109	249	15	size	size	NOUN
cblr-9109	249	16	at	at	ADP
cblr-9109	249	17	the	the	DET
cblr-9109	249	18	offer	offer	NOUN
cblr-9109	249	19	does	do	AUX
cblr-9109	249	20	predict	predict	VERB
cblr-9109	249	21	a	a	DET
cblr-9109	249	22	subsequent	subsequent	ADJ
cblr-9109	249	23	decline	decline	NOUN
cblr-9109	249	24	in	in	ADP
cblr-9109	249	25	the	the	DET
cblr-9109	249	26	nbo	nbo	PROPN
cblr-9109	249	27	and	and	CCONJ
cblr-9109	249	28	nbb	nbb	ADJ
cblr-9109	249	29	and	and	CCONJ
cblr-9109	249	30	large	large	ADJ
cblr-9109	249	31	relative	relative	ADJ
cblr-9109	249	32	size	size	NOUN
cblr-9109	249	33	at	at	ADP
cblr-9109	249	34	the	the	DET
cblr-9109	249	35	bid	bid	NOUN
cblr-9109	249	36	does	do	AUX
cblr-9109	249	37	predict	predict	VERB
cblr-9109	249	38	an	an	DET
cblr-9109	249	39	increase	increase	NOUN
cblr-9109	249	40	in	in	ADP
cblr-9109	249	41	each.40	each.40	PROPN
cblr-9109	249	42	b.	b.	PROPN
cblr-9109	249	43	the	the	DET
cblr-9109	249	44	role	role	NOUN
cblr-9109	249	45	of	of	ADP
cblr-9109	249	46	purpose	purpose	NOUN
cblr-9109	249	47	in	in	ADP
cblr-9109	249	48	court	court	NOUN
cblr-9109	249	49	opinions	opinion	NOUN
cblr-9109	249	50	and	and	CCONJ
cblr-9109	249	51	legal	legal	ADJ
cblr-9109	249	52	commentary	commentary	NOUN
cblr-9109	249	53	pertaining	pertain	VERB
cblr-9109	249	54	to	to	ADP
cblr-9109	249	55	section	section	NOUN
cblr-9109	249	56	9(a)(2	9(a)(2	NUM
cblr-9109	249	57	)	)	PUNCT
cblr-9109	249	58	,	,	PUNCT
cblr-9109	249	59	a	a	DET
cblr-9109	249	60	considerable	considerable	ADJ
cblr-9109	249	61	amount	amount	NOUN
cblr-9109	249	62	turns	turn	VERB
cblr-9109	249	63	on	on	ADP
cblr-9109	249	64	the	the	DET
cblr-9109	249	65	“	"	PUNCT
cblr-9109	249	66	purpose	purpose	NOUN
cblr-9109	249	67	”	"	PUNCT
cblr-9109	249	68	of	of	ADP
cblr-9109	249	69	the	the	DET
cblr-9109	249	70	transactions	transaction	NOUN
cblr-9109	249	71	involved	involve	VERB
cblr-9109	249	72	.	.	PUNCT
cblr-9109	250	1	likewise	likewise	ADV
cblr-9109	250	2	,	,	PUNCT
cblr-9109	250	3	the	the	DET
cblr-9109	250	4	concept	concept	NOUN
cblr-9109	250	5	of	of	ADP
cblr-9109	250	6	a	a	DET
cblr-9109	250	7	“	"	PUNCT
cblr-9109	250	8	manipulative	manipulative	ADJ
cblr-9109	250	9	.	.	PUNCT
cblr-9109	250	10	.	.	PUNCT
cblr-9109	250	11	.	.	PUNCT
cblr-9109	251	1	device	device	NOUN
cblr-9109	251	2	”	"	PUNCT
cblr-9109	251	3	under	under	ADP
cblr-9109	251	4	section	section	NOUN
cblr-9109	251	5	10(b	10(b	NUM
cblr-9109	251	6	)	)	PUNCT
cblr-9109	251	7	signifies	signify	VERB
cblr-9109	251	8	some	some	DET
cblr-9109	251	9	form	form	NOUN
cblr-9109	251	10	of	of	ADP
cblr-9109	251	11	scienter	scienter	NOUN
cblr-9109	251	12	,	,	PUNCT
cblr-9109	251	13	a	a	DET
cblr-9109	251	14	legal	legal	ADJ
cblr-9109	251	15	concept	concept	NOUN
cblr-9109	251	16	that	that	PRON
cblr-9109	251	17	refers	refer	VERB
cblr-9109	251	18	to	to	ADP
cblr-9109	251	19	intent	intent	NOUN
cblr-9109	251	20	.	.	PUNCT
cblr-9109	252	1	the	the	DET
cblr-9109	252	2	40	40	NUM
cblr-9109	252	3	this	this	PRON
cblr-9109	252	4	was	be	AUX
cblr-9109	252	5	first	first	ADV
cblr-9109	252	6	pointed	point	VERB
cblr-9109	252	7	out	out	ADP
cblr-9109	252	8	in	in	ADP
cblr-9109	252	9	huang	huang	PROPN
cblr-9109	252	10	and	and	CCONJ
cblr-9109	252	11	stoll	stoll	PROPN
cblr-9109	252	12	,	,	PUNCT
cblr-9109	252	13	which	which	PRON
cblr-9109	252	14	shows	show	VERB
cblr-9109	252	15	that	that	DET
cblr-9109	252	16	log(ask	log(ask	NOUN
cblr-9109	252	17	size	size	NOUN
cblr-9109	252	18	/	/	SYM
cblr-9109	252	19	bid	bid	NOUN
cblr-9109	252	20	size	size	NOUN
cblr-9109	252	21	)	)	PUNCT
cblr-9109	252	22	is	be	AUX
cblr-9109	252	23	negatively	negatively	ADV
cblr-9109	252	24	related	relate	VERB
cblr-9109	252	25	to	to	ADP
cblr-9109	252	26	short	short	ADJ
cblr-9109	252	27	term	term	NOUN
cblr-9109	252	28	(	(	PUNCT
cblr-9109	252	29	five	five	NUM
cblr-9109	252	30	-	-	PUNCT
cblr-9109	252	31	minute	minute	NOUN
cblr-9109	252	32	)	)	PUNCT
cblr-9109	252	33	log	log	NOUN
cblr-9109	252	34	price	price	NOUN
cblr-9109	252	35	changes	change	NOUN
cblr-9109	252	36	.	.	PUNCT
cblr-9109	253	1	roger	roger	PROPN
cblr-9109	253	2	huang	huang	PROPN
cblr-9109	253	3	&	&	CCONJ
cblr-9109	253	4	hans	hans	PROPN
cblr-9109	253	5	stoll	stoll	PROPN
cblr-9109	253	6	,	,	PUNCT
cblr-9109	253	7	market	market	NOUN
cblr-9109	253	8	microstructure	microstructure	NOUN
cblr-9109	253	9	and	and	CCONJ
cblr-9109	253	10	stock	stock	NOUN
cblr-9109	253	11	return	return	NOUN
cblr-9109	253	12	predictions	prediction	NOUN
cblr-9109	253	13	,	,	PUNCT
cblr-9109	253	14	7	7	NUM
cblr-9109	253	15	rev	rev	X
cblr-9109	253	16	of	of	ADP
cblr-9109	253	17	fin	fin	NOUN
cblr-9109	253	18	.	.	PUNCT
cblr-9109	253	19	stud	stud	PROPN
cblr-9109	253	20	.	.	PUNCT
cblr-9109	254	1	179	179	NUM
cblr-9109	254	2	,	,	PUNCT
cblr-9109	254	3	210	210	NUM
cblr-9109	254	4	(	(	PUNCT
cblr-9109	254	5	1994	1994	NUM
cblr-9109	254	6	)	)	PUNCT
cblr-9109	254	7	.	.	PUNCT
cblr-9109	255	1	this	this	DET
cblr-9109	255	2	qualitative	qualitative	ADJ
cblr-9109	255	3	relation	relation	NOUN
cblr-9109	255	4	is	be	AUX
cblr-9109	255	5	confirmed	confirm	VERB
cblr-9109	255	6	in	in	ADP
cblr-9109	255	7	recent	recent	ADJ
cblr-9109	255	8	papers	paper	NOUN
cblr-9109	255	9	.	.	PUNCT
cblr-9109	256	1	charles	charles	PROPN
cblr-9109	256	2	cao	cao	PROPN
cblr-9109	256	3	,	,	PUNCT
cblr-9109	256	4	oliver	oliver	PROPN
cblr-9109	256	5	hansch	hansch	PROPN
cblr-9109	256	6	&	&	CCONJ
cblr-9109	256	7	xiaoxin	xiaoxin	PROPN
cblr-9109	256	8	wang	wang	PROPN
cblr-9109	256	9	,	,	PUNCT
cblr-9109	256	10	the	the	DET
cblr-9109	256	11	information	information	NOUN
cblr-9109	256	12	content	content	NOUN
cblr-9109	256	13	of	of	ADP
cblr-9109	256	14	an	an	DET
cblr-9109	256	15	open	open	ADJ
cblr-9109	256	16	limit	limit	NOUN
cblr-9109	256	17	-	-	PUNCT
cblr-9109	256	18	order	order	NOUN
cblr-9109	256	19	book	book	NOUN
cblr-9109	256	20	,	,	PUNCT
cblr-9109	256	21	29	29	NUM
cblr-9109	256	22	j.	j.	PROPN
cblr-9109	256	23	future	future	PROPN
cblr-9109	256	24	mkts	mkts	NOUN
cblr-9109	256	25	.	.	PUNCT
cblr-9109	257	1	16	16	NUM
cblr-9109	257	2	,	,	PUNCT
cblr-9109	257	3	16	16	NUM
cblr-9109	257	4	(	(	PUNCT
cblr-9109	257	5	2009	2009	NUM
cblr-9109	257	6	)	)	PUNCT
cblr-9109	257	7	;	;	PUNCT
cblr-9109	257	8	nikolaus	nikolaus	PROPN
cblr-9109	257	9	hautsch	hautsch	PROPN
cblr-9109	257	10	&	&	CCONJ
cblr-9109	257	11	ruihong	ruihong	PROPN
cblr-9109	257	12	huang	huang	PROPN
cblr-9109	257	13	,	,	PUNCT
cblr-9109	257	14	the	the	DET
cblr-9109	257	15	market	market	NOUN
cblr-9109	257	16	impact	impact	NOUN
cblr-9109	257	17	of	of	ADP
cblr-9109	257	18	a	a	DET
cblr-9109	257	19	limit	limit	NOUN
cblr-9109	257	20	order	order	NOUN
cblr-9109	257	21	,	,	PUNCT
cblr-9109	257	22	36	36	NUM
cblr-9109	257	23	j.	j.	PROPN
cblr-9109	257	24	econ	econ	PROPN
cblr-9109	257	25	.	.	PUNCT
cblr-9109	257	26	dynamics	dynamic	NOUN
cblr-9109	257	27	&	&	CCONJ
cblr-9109	257	28	control	control	PROPN
cblr-9109	257	29	501	501	NUM
cblr-9109	257	30	,	,	PUNCT
cblr-9109	257	31	501	501	NUM
cblr-9109	257	32	(	(	PUNCT
cblr-9109	257	33	2012	2012	NUM
cblr-9109	257	34	)	)	PUNCT
cblr-9109	257	35	;	;	PUNCT
cblr-9109	257	36	see	see	VERB
cblr-9109	257	37	also	also	ADV
cblr-9109	257	38	lawrence	lawrence	PROPN
cblr-9109	257	39	e.	e.	PROPN
cblr-9109	257	40	harris	harris	PROPN
cblr-9109	257	41	&	&	CCONJ
cblr-9109	257	42	venkatesh	venkatesh	PROPN
cblr-9109	257	43	panchapagesan	panchapagesan	PROPN
cblr-9109	257	44	,	,	PUNCT
cblr-9109	257	45	the	the	DET
cblr-9109	257	46	information	information	NOUN
cblr-9109	257	47	content	content	NOUN
cblr-9109	257	48	of	of	ADP
cblr-9109	257	49	the	the	DET
cblr-9109	257	50	limit	limit	NOUN
cblr-9109	257	51	order	order	NOUN
cblr-9109	257	52	book	book	NOUN
cblr-9109	257	53	:	:	PUNCT
cblr-9109	257	54	evidence	evidence	NOUN
cblr-9109	257	55	from	from	ADP
cblr-9109	257	56	nyse	nyse	PROPN
cblr-9109	257	57	specialist	specialist	PROPN
cblr-9109	257	58	trading	trading	NOUN
cblr-9109	257	59	decisions	decision	NOUN
cblr-9109	257	60	,	,	PUNCT
cblr-9109	257	61	8	8	NUM
cblr-9109	257	62	j.	j.	PROPN
cblr-9109	257	63	fin	fin	PROPN
cblr-9109	257	64	.	.	PUNCT
cblr-9109	258	1	mkts	mkts	NOUN
cblr-9109	258	2	.	.	PUNCT
cblr-9109	259	1	25	25	NUM
cblr-9109	259	2	(	(	PUNCT
cblr-9109	259	3	2005	2005	NUM
cblr-9109	259	4	)	)	PUNCT
cblr-9109	259	5	;	;	PUNCT
cblr-9109	259	6	charles	charles	PROPN
cblr-9109	259	7	cao	cao	PROPN
cblr-9109	259	8	,	,	PUNCT
cblr-9109	259	9	oliver	oliver	PROPN
cblr-9109	259	10	hansch	hansch	PROPN
cblr-9109	259	11	&	&	CCONJ
cblr-9109	259	12	xiaoxin	xiaoxin	PROPN
cblr-9109	259	13	wang	wang	PROPN
cblr-9109	259	14	,	,	PUNCT
cblr-9109	259	15	order	order	NOUN
cblr-9109	259	16	placement	placement	NOUN
cblr-9109	259	17	strategies	strategy	NOUN
cblr-9109	259	18	in	in	ADP
cblr-9109	259	19	a	a	DET
cblr-9109	259	20	pure	pure	ADJ
cblr-9109	259	21	limit	limit	NOUN
cblr-9109	259	22	order	order	NOUN
cblr-9109	259	23	book	book	NOUN
cblr-9109	259	24	market	market	NOUN
cblr-9109	259	25	,	,	PUNCT
cblr-9109	259	26	31	31	NUM
cblr-9109	259	27	j.	j.	PROPN
cblr-9109	259	28	fin	fin	PROPN
cblr-9109	259	29	.	.	PUNCT
cblr-9109	260	1	rsch	rsch	PROPN
cblr-9109	260	2	.	.	PUNCT
cblr-9109	261	1	113	113	NUM
cblr-9109	261	2	(	(	PUNCT
cblr-9109	261	3	2008	2008	NUM
cblr-9109	261	4	)	)	PUNCT
cblr-9109	261	5	.	.	PUNCT
cblr-9109	262	1	1260	1260	NUM
cblr-9109	262	2	columbia	columbia	PROPN
cblr-9109	262	3	business	business	NOUN
cblr-9109	262	4	law	law	PROPN
cblr-9109	262	5	review	review	NOUN
cblr-9109	262	6	[	[	X
cblr-9109	262	7	vol	vol	NOUN
cblr-9109	262	8	.	.	PUNCT
cblr-9109	262	9	2021	2021	NUM
cblr-9109	262	10	intent	intent	NOUN
cblr-9109	262	11	of	of	ADP
cblr-9109	262	12	a	a	DET
cblr-9109	262	13	spoofer	spoofer	NOUN
cblr-9109	262	14	such	such	ADJ
cblr-9109	262	15	as	as	ADP
cblr-9109	262	16	atlee	atlee	NOUN
cblr-9109	262	17	,	,	PUNCT
cblr-9109	262	18	in	in	ADP
cblr-9109	262	19	his	his	PRON
cblr-9109	262	20	quoting	quote	VERB
cblr-9109	262	21	activity	activity	NOUN
cblr-9109	262	22	on	on	ADP
cblr-9109	262	23	each	each	DET
cblr-9109	262	24	side	side	NOUN
cblr-9109	262	25	of	of	ADP
cblr-9109	262	26	the	the	DET
cblr-9109	262	27	book	book	NOUN
cblr-9109	262	28	,	,	PUNCT
cblr-9109	262	29	is	be	AUX
cblr-9109	262	30	to	to	PART
cblr-9109	262	31	influence	influence	VERB
cblr-9109	262	32	the	the	DET
cblr-9109	262	33	quoting	quoting	NOUN
cblr-9109	262	34	and	and	CCONJ
cblr-9109	262	35	trading	trading	NOUN
cblr-9109	262	36	behavior	behavior	NOUN
cblr-9109	262	37	of	of	ADP
cblr-9109	262	38	others	other	NOUN
cblr-9109	262	39	so	so	SCONJ
cblr-9109	262	40	that	that	SCONJ
cblr-9109	262	41	his	his	PRON
cblr-9109	262	42	actual	actual	ADJ
cblr-9109	262	43	purchase	purchase	NOUN
cblr-9109	262	44	or	or	CCONJ
cblr-9109	262	45	sale	sale	NOUN
cblr-9109	262	46	can	can	AUX
cblr-9109	262	47	occur	occur	VERB
cblr-9109	262	48	at	at	ADP
cblr-9109	262	49	a	a	DET
cblr-9109	262	50	favorable	favorable	ADJ
cblr-9109	262	51	price	price	NOUN
cblr-9109	262	52	.	.	PUNCT
cblr-9109	263	1	determining	determine	VERB
cblr-9109	263	2	the	the	DET
cblr-9109	263	3	purpose	purpose	NOUN
cblr-9109	263	4	for	for	ADP
cblr-9109	263	5	which	which	PRON
cblr-9109	263	6	a	a	DET
cblr-9109	263	7	given	give	VERB
cblr-9109	263	8	quote	quote	NOUN
cblr-9109	263	9	was	be	AUX
cblr-9109	263	10	submitted	submit	VERB
cblr-9109	263	11	raises	raise	NOUN
cblr-9109	263	12	,	,	PUNCT
cblr-9109	263	13	of	of	ADP
cblr-9109	263	14	course	course	NOUN
cblr-9109	263	15	,	,	PUNCT
cblr-9109	263	16	notoriously	notoriously	ADV
cblr-9109	263	17	complicated	complicated	ADJ
cblr-9109	263	18	questions	question	NOUN
cblr-9109	263	19	.	.	PUNCT
cblr-9109	264	1	most	most	ADV
cblr-9109	264	2	critically	critically	ADV
cblr-9109	264	3	,	,	PUNCT
cblr-9109	264	4	an	an	DET
cblr-9109	264	5	individual	individual	NOUN
cblr-9109	264	6	’s	’s	PART
cblr-9109	264	7	purpose	purpose	NOUN
cblr-9109	264	8	in	in	ADP
cblr-9109	264	9	submitting	submit	VERB
cblr-9109	264	10	a	a	DET
cblr-9109	264	11	quote	quote	NOUN
cblr-9109	264	12	is	be	AUX
cblr-9109	264	13	inherently	inherently	ADV
cblr-9109	264	14	subjective	subjective	ADJ
cblr-9109	264	15	.	.	PUNCT
cblr-9109	265	1	thus	thus	ADV
cblr-9109	265	2	,	,	PUNCT
cblr-9109	265	3	practically	practically	ADV
cblr-9109	265	4	speaking	speaking	ADJ
cblr-9109	265	5	,	,	PUNCT
cblr-9109	265	6	two	two	NUM
cblr-9109	265	7	analytic	analytic	ADJ
cblr-9109	265	8	questions	question	NOUN
cblr-9109	265	9	are	be	AUX
cblr-9109	265	10	inseparable	inseparable	ADJ
cblr-9109	265	11	:	:	PUNCT
cblr-9109	265	12	what	what	PRON
cblr-9109	265	13	establishes	establish	VERB
cblr-9109	265	14	an	an	DET
cblr-9109	265	15	improper	improper	ADJ
cblr-9109	265	16	purpose	purpose	NOUN
cblr-9109	265	17	,	,	PUNCT
cblr-9109	265	18	and	and	CCONJ
cblr-9109	265	19	what	what	PRON
cblr-9109	265	20	establishes	establish	VERB
cblr-9109	265	21	adequate	adequate	ADJ
cblr-9109	265	22	evidence	evidence	NOUN
cblr-9109	265	23	of	of	ADP
cblr-9109	265	24	that	that	DET
cblr-9109	265	25	improper	improper	ADJ
cblr-9109	265	26	purpose	purpose	NOUN
cblr-9109	265	27	.	.	PUNCT
cblr-9109	266	1	before	before	SCONJ
cblr-9109	266	2	we	we	PRON
cblr-9109	266	3	can	can	AUX
cblr-9109	266	4	determine	determine	VERB
cblr-9109	266	5	what	what	DET
cblr-9109	266	6	evidence	evidence	NOUN
cblr-9109	266	7	would	would	AUX
cblr-9109	266	8	be	be	AUX
cblr-9109	266	9	sufficient	sufficient	ADJ
cblr-9109	266	10	to	to	PART
cblr-9109	266	11	constitute	constitute	VERB
cblr-9109	266	12	an	an	DET
cblr-9109	266	13	improper	improper	ADJ
cblr-9109	266	14	purpose	purpose	NOUN
cblr-9109	266	15	for	for	ADP
cblr-9109	266	16	a	a	DET
cblr-9109	266	17	quote	quote	NOUN
cblr-9109	266	18	,	,	PUNCT
cblr-9109	266	19	however	however	ADV
cblr-9109	266	20	,	,	PUNCT
cblr-9109	266	21	it	it	PRON
cblr-9109	266	22	is	be	AUX
cblr-9109	266	23	crucial	crucial	ADJ
cblr-9109	266	24	to	to	PART
cblr-9109	266	25	have	have	VERB
cblr-9109	266	26	a	a	DET
cblr-9109	266	27	cogent	cogent	ADJ
cblr-9109	266	28	conceptual	conceptual	ADJ
cblr-9109	266	29	idea	idea	NOUN
cblr-9109	266	30	of	of	ADP
cblr-9109	266	31	what	what	PRON
cblr-9109	266	32	constitutes	constitute	VERB
cblr-9109	266	33	an	an	DET
cblr-9109	266	34	improper	improper	ADJ
cblr-9109	266	35	purpose	purpose	NOUN
cblr-9109	266	36	.	.	PUNCT
cblr-9109	267	1	consider	consider	VERB
cblr-9109	267	2	an	an	DET
cblr-9109	267	3	individual	individual	NOUN
cblr-9109	267	4	who	who	PRON
cblr-9109	267	5	submitted	submit	VERB
cblr-9109	267	6	a	a	DET
cblr-9109	267	7	quote	quote	NOUN
cblr-9109	267	8	and	and	CCONJ
cblr-9109	267	9	not	not	PART
cblr-9109	267	10	long	long	ADV
cblr-9109	267	11	after	after	ADP
cblr-9109	267	12	engages	engage	VERB
cblr-9109	267	13	in	in	ADP
cblr-9109	267	14	an	an	DET
cblr-9109	267	15	actual	actual	ADJ
cblr-9109	267	16	transaction	transaction	NOUN
cblr-9109	267	17	going	go	VERB
cblr-9109	267	18	in	in	ADP
cblr-9109	267	19	the	the	DET
cblr-9109	267	20	opposite	opposite	ADJ
cblr-9109	267	21	direction	direction	NOUN
cblr-9109	267	22	,	,	PUNCT
cblr-9109	267	23	cancelling	cancel	VERB
cblr-9109	267	24	the	the	DET
cblr-9109	267	25	quote	quote	NOUN
cblr-9109	267	26	at	at	ADP
cblr-9109	267	27	about	about	ADV
cblr-9109	267	28	the	the	DET
cblr-9109	267	29	same	same	ADJ
cblr-9109	267	30	time	time	NOUN
cblr-9109	267	31	,	,	PUNCT
cblr-9109	267	32	but	but	CCONJ
cblr-9109	267	33	the	the	DET
cblr-9109	267	34	reason	reason	NOUN
cblr-9109	267	35	is	be	AUX
cblr-9109	267	36	because	because	SCONJ
cblr-9109	267	37	she	she	PRON
cblr-9109	267	38	received	receive	VERB
cblr-9109	267	39	new	new	ADJ
cblr-9109	267	40	information	information	NOUN
cblr-9109	267	41	concerning	concern	VERB
cblr-9109	267	42	either	either	CCONJ
cblr-9109	267	43	the	the	DET
cblr-9109	267	44	prospects	prospect	NOUN
cblr-9109	267	45	of	of	ADP
cblr-9109	267	46	the	the	DET
cblr-9109	267	47	issuer	issuer	NOUN
cblr-9109	267	48	or	or	CCONJ
cblr-9109	267	49	concerning	concern	VERB
cblr-9109	267	50	other	other	ADJ
cblr-9109	267	51	quotes	quote	NOUN
cblr-9109	267	52	or	or	CCONJ
cblr-9109	267	53	trades	trade	NOUN
cblr-9109	267	54	relating	relate	VERB
cblr-9109	267	55	to	to	ADP
cblr-9109	267	56	the	the	DET
cblr-9109	267	57	issuer	issuer	NOUN
cblr-9109	267	58	’s	’s	PART
cblr-9109	267	59	shares	share	NOUN
cblr-9109	267	60	.	.	PUNCT
cblr-9109	268	1	or	or	CCONJ
cblr-9109	268	2	consider	consider	VERB
cblr-9109	268	3	an	an	DET
cblr-9109	268	4	individual	individual	NOUN
cblr-9109	268	5	who	who	PRON
cblr-9109	268	6	engages	engage	VERB
cblr-9109	268	7	in	in	ADP
cblr-9109	268	8	the	the	DET
cblr-9109	268	9	actual	actual	ADJ
cblr-9109	268	10	transaction	transaction	NOUN
cblr-9109	268	11	going	go	VERB
cblr-9109	268	12	the	the	DET
cblr-9109	268	13	other	other	ADJ
cblr-9109	268	14	way	way	NOUN
cblr-9109	268	15	to	to	PART
cblr-9109	268	16	improve	improve	VERB
cblr-9109	268	17	her	her	PRON
cblr-9109	268	18	risk	risk	NOUN
cblr-9109	268	19	/	/	SYM
cblr-9109	268	20	return	return	NOUN
cblr-9109	268	21	ratio	ratio	NOUN
cblr-9109	268	22	in	in	ADP
cblr-9109	268	23	response	response	NOUN
cblr-9109	268	24	to	to	ADP
cblr-9109	268	25	some	some	DET
cblr-9109	268	26	change	change	NOUN
cblr-9109	268	27	involving	involve	VERB
cblr-9109	268	28	other	other	ADJ
cblr-9109	268	29	securities	security	NOUN
cblr-9109	268	30	in	in	ADP
cblr-9109	268	31	her	her	PRON
cblr-9109	268	32	portfolio	portfolio	NOUN
cblr-9109	268	33	that	that	PRON
cblr-9109	268	34	occurs	occur	VERB
cblr-9109	268	35	after	after	ADP
cblr-9109	268	36	making	make	VERB
cblr-9109	268	37	the	the	DET
cblr-9109	268	38	quote	quote	NOUN
cblr-9109	268	39	.	.	PUNCT
cblr-9109	269	1	we	we	PRON
cblr-9109	269	2	presumably	presumably	ADV
cblr-9109	269	3	would	would	AUX
cblr-9109	269	4	not	not	PART
cblr-9109	269	5	wish	wish	VERB
cblr-9109	269	6	to	to	PART
cblr-9109	269	7	prohibit	prohibit	VERB
cblr-9109	269	8	such	such	ADJ
cblr-9109	269	9	quoting	quote	VERB
cblr-9109	269	10	even	even	ADV
cblr-9109	269	11	though	though	SCONJ
cblr-9109	269	12	it	it	PRON
cblr-9109	269	13	may	may	AUX
cblr-9109	269	14	inevitably	inevitably	ADV
cblr-9109	269	15	have	have	AUX
cblr-9109	269	16	had	have	VERB
cblr-9109	269	17	a	a	DET
cblr-9109	269	18	favorable	favorable	ADJ
cblr-9109	269	19	influence	influence	NOUN
cblr-9109	269	20	on	on	ADP
cblr-9109	269	21	the	the	DET
cblr-9109	269	22	price	price	NOUN
cblr-9109	269	23	at	at	ADP
cblr-9109	269	24	which	which	PRON
cblr-9109	269	25	the	the	DET
cblr-9109	269	26	actual	actual	ADJ
cblr-9109	269	27	transaction	transaction	NOUN
cblr-9109	269	28	occurs	occur	VERB
cblr-9109	269	29	.	.	PUNCT
cblr-9109	270	1	the	the	DET
cblr-9109	270	2	individual	individual	NOUN
cblr-9109	270	3	with	with	ADP
cblr-9109	270	4	whom	whom	PRON
cblr-9109	270	5	we	we	PRON
cblr-9109	270	6	would	would	AUX
cblr-9109	270	7	potentially	potentially	ADV
cblr-9109	270	8	be	be	AUX
cblr-9109	270	9	concerned	concern	VERB
cblr-9109	270	10	is	be	AUX
cblr-9109	270	11	instead	instead	ADV
cblr-9109	270	12	the	the	DET
cblr-9109	270	13	individual	individual	NOUN
cblr-9109	270	14	who	who	PRON
cblr-9109	270	15	engages	engage	VERB
cblr-9109	270	16	in	in	ADP
cblr-9109	270	17	the	the	DET
cblr-9109	270	18	quoting	quote	VERB
cblr-9109	270	19	behavior	behavior	NOUN
cblr-9109	270	20	in	in	ADP
cblr-9109	270	21	anticipation	anticipation	NOUN
cblr-9109	270	22	of	of	ADP
cblr-9109	270	23	an	an	DET
cblr-9109	270	24	actual	actual	ADJ
cblr-9109	270	25	transaction	transaction	NOUN
cblr-9109	270	26	going	go	VERB
cblr-9109	270	27	the	the	DET
cblr-9109	270	28	other	other	ADJ
cblr-9109	270	29	way	way	NOUN
cblr-9109	270	30	and	and	CCONJ
cblr-9109	270	31	solely	solely	ADV
cblr-9109	270	32	for	for	ADP
cblr-9109	270	33	the	the	DET
cblr-9109	270	34	purpose	purpose	NOUN
cblr-9109	270	35	of	of	ADP
cblr-9109	270	36	executing	execute	VERB
cblr-9109	270	37	this	this	DET
cblr-9109	270	38	actual	actual	ADJ
cblr-9109	270	39	transaction	transaction	NOUN
cblr-9109	270	40	at	at	ADP
cblr-9109	270	41	a	a	DET
cblr-9109	270	42	more	more	ADV
cblr-9109	270	43	favorable	favorable	ADJ
cblr-9109	270	44	price	price	NOUN
cblr-9109	270	45	.	.	PUNCT
cblr-9109	271	1	as	as	SCONJ
cblr-9109	271	2	we	we	PRON
cblr-9109	271	3	will	will	AUX
cblr-9109	271	4	explore	explore	VERB
cblr-9109	271	5	further	far	ADV
cblr-9109	271	6	in	in	ADP
cblr-9109	271	7	part	part	NOUN
cblr-9109	271	8	v	v	NOUN
cblr-9109	271	9	,	,	PUNCT
cblr-9109	271	10	quoting	quote	VERB
cblr-9109	271	11	behavior	behavior	NOUN
cblr-9109	271	12	of	of	ADP
cblr-9109	271	13	this	this	DET
cblr-9109	271	14	sort	sort	NOUN
cblr-9109	271	15	is	be	AUX
cblr-9109	271	16	socially	socially	ADV
cblr-9109	271	17	undesirable	undesirable	ADJ
cblr-9109	271	18	.	.	PUNCT
cblr-9109	272	1	this	this	DET
cblr-9109	272	2	concept	concept	NOUN
cblr-9109	272	3	of	of	ADP
cblr-9109	272	4	what	what	PRON
cblr-9109	272	5	is	be	AUX
cblr-9109	272	6	socially	socially	ADV
cblr-9109	272	7	undesirable	undesirable	ADJ
cblr-9109	272	8	quote	quote	NOUN
cblr-9109	272	9	-	-	PUNCT
cblr-9109	272	10	driven	drive	VERB
cblr-9109	272	11	manipulation	manipulation	NOUN
cblr-9109	272	12	is	be	AUX
cblr-9109	272	13	close	close	ADJ
cblr-9109	272	14	to	to	ADP
cblr-9109	272	15	that	that	PRON
cblr-9109	272	16	adopted	adopt	VERB
cblr-9109	272	17	by	by	ADP
cblr-9109	272	18	lawrence	lawrence	PROPN
cblr-9109	272	19	harris	harris	PROPN
cblr-9109	272	20	for	for	ADP
cblr-9109	272	21	what	what	PRON
cblr-9109	272	22	he	he	PRON
cblr-9109	272	23	considers	consider	VERB
cblr-9109	272	24	socially	socially	ADV
cblr-9109	272	25	undesirable	undesirable	ADJ
cblr-9109	272	26	trade	trade	NOUN
cblr-9109	272	27	-	-	PUNCT
cblr-9109	272	28	driven	drive	VERB
cblr-9109	272	29	manipulation	manipulation	NOUN
cblr-9109	272	30	by	by	ADP
cblr-9109	272	31	persons	person	NOUN
cblr-9109	272	32	he	he	PRON
cblr-9109	272	33	calls	call	VERB
cblr-9109	272	34	“	"	PUNCT
cblr-9109	272	35	bluffers	bluffer	NOUN
cblr-9109	272	36	”	"	PUNCT
cblr-9109	272	37	:	:	PUNCT
cblr-9109	272	38	the	the	DET
cblr-9109	272	39	distinguishing	distinguish	VERB
cblr-9109	272	40	difference	difference	NOUN
cblr-9109	272	41	between	between	ADP
cblr-9109	272	42	bluffers	bluffer	NOUN
cblr-9109	272	43	and	and	CCONJ
cblr-9109	272	44	informed	informed	ADJ
cblr-9109	272	45	speculators	speculator	NOUN
cblr-9109	272	46	is	be	AUX
cblr-9109	272	47	that	that	SCONJ
cblr-9109	272	48	the	the	DET
cblr-9109	272	49	speculators	speculator	NOUN
cblr-9109	272	50	trade	trade	VERB
cblr-9109	272	51	on	on	ADP
cblr-9109	272	52	opinions	opinion	NOUN
cblr-9109	272	53	about	about	ADP
cblr-9109	272	54	fundamental	fundamental	ADJ
cblr-9109	272	55	values	value	NOUN
cblr-9109	272	56	that	that	PRON
cblr-9109	272	57	they	they	PRON
cblr-9109	272	58	base	base	VERB
cblr-9109	272	59	on	on	ADP
cblr-9109	272	60	no	no	NOUN
cblr-9109	272	61	.	.	PUNCT
cblr-9109	273	1	3:1244	3:1244	NUM
cblr-9109	273	2	]	]	X
cblr-9109	273	3	spoofing	spoofing	NOUN
cblr-9109	273	4	and	and	CCONJ
cblr-9109	273	5	its	its	PRON
cblr-9109	273	6	regulation	regulation	NOUN
cblr-9109	273	7	1261	1261	NUM
cblr-9109	273	8	fundamental	fundamental	ADJ
cblr-9109	273	9	information	information	NOUN
cblr-9109	273	10	.	.	PUNCT
cblr-9109	274	1	bluffers	bluffer	NOUN
cblr-9109	274	2	behave	behave	VERB
cblr-9109	274	3	as	as	SCONJ
cblr-9109	274	4	though	though	SCONJ
cblr-9109	274	5	they	they	PRON
cblr-9109	274	6	are	be	AUX
cblr-9109	274	7	informed	inform	VERB
cblr-9109	274	8	speculators	speculator	NOUN
cblr-9109	274	9	,	,	PUNCT
cblr-9109	274	10	and	and	CCONJ
cblr-9109	274	11	they	they	PRON
cblr-9109	274	12	hope	hope	VERB
cblr-9109	274	13	that	that	SCONJ
cblr-9109	274	14	others	other	NOUN
cblr-9109	274	15	will	will	AUX
cblr-9109	274	16	believe	believe	VERB
cblr-9109	274	17	they	they	PRON
cblr-9109	274	18	are	be	AUX
cblr-9109	274	19	well	well	ADV
cblr-9109	274	20	-	-	PUNCT
cblr-9109	274	21	informed	inform	VERB
cblr-9109	274	22	speculators	speculator	NOUN
cblr-9109	274	23	,	,	PUNCT
cblr-9109	274	24	but	but	CCONJ
cblr-9109	274	25	they	they	PRON
cblr-9109	274	26	do	do	AUX
cblr-9109	274	27	not	not	PART
cblr-9109	274	28	have	have	VERB
cblr-9109	274	29	well	well	ADV
cblr-9109	274	30	-	-	PUNCT
cblr-9109	274	31	founded	found	VERB
cblr-9109	274	32	opinions	opinion	NOUN
cblr-9109	274	33	about	about	ADP
cblr-9109	274	34	values	value	NOUN
cblr-9109	274	35	.	.	PUNCT
cblr-9109	275	1	instead	instead	ADV
cblr-9109	275	2	,	,	PUNCT
cblr-9109	275	3	they	they	PRON
cblr-9109	275	4	try	try	VERB
cblr-9109	275	5	to	to	PART
cblr-9109	275	6	fool	fool	VERB
cblr-9109	275	7	other	other	ADJ
cblr-9109	275	8	traders	trader	NOUN
cblr-9109	275	9	into	into	ADP
cblr-9109	275	10	thinking	think	VERB
cblr-9109	275	11	they	they	PRON
cblr-9109	275	12	do.41	do.41	PRON
cblr-9109	275	13	it	it	PRON
cblr-9109	275	14	is	be	AUX
cblr-9109	275	15	also	also	ADV
cblr-9109	275	16	similar	similar	ADJ
cblr-9109	275	17	to	to	ADP
cblr-9109	275	18	a	a	DET
cblr-9109	275	19	concept	concept	NOUN
cblr-9109	275	20	of	of	ADP
cblr-9109	275	21	trade	trade	NOUN
cblr-9109	275	22	-	-	PUNCT
cblr-9109	275	23	driven	drive	VERB
cblr-9109	275	24	manipulation	manipulation	NOUN
cblr-9109	275	25	recognized	recognize	VERB
cblr-9109	275	26	by	by	ADP
cblr-9109	275	27	fischel	fischel	PROPN
cblr-9109	275	28	and	and	CCONJ
cblr-9109	275	29	ross	ross	PROPN
cblr-9109	275	30	:	:	PUNCT
cblr-9109	275	31	(	(	PUNCT
cblr-9109	275	32	1	1	X
cblr-9109	275	33	)	)	PUNCT
cblr-9109	275	34	the	the	DET
cblr-9109	275	35	trading	trading	NOUN
cblr-9109	275	36	is	be	AUX
cblr-9109	275	37	intended	intend	VERB
cblr-9109	275	38	to	to	PART
cblr-9109	275	39	move	move	VERB
cblr-9109	275	40	prices	price	NOUN
cblr-9109	275	41	in	in	ADP
cblr-9109	275	42	a	a	DET
cblr-9109	275	43	certain	certain	ADJ
cblr-9109	275	44	direction	direction	NOUN
cblr-9109	275	45	;	;	PUNCT
cblr-9109	275	46	(	(	PUNCT
cblr-9109	275	47	2	2	X
cblr-9109	275	48	)	)	PUNCT
cblr-9109	275	49	the	the	DET
cblr-9109	275	50	trader	trader	NOUN
cblr-9109	275	51	has	have	VERB
cblr-9109	275	52	no	no	DET
cblr-9109	275	53	belief	belief	NOUN
cblr-9109	275	54	that	that	SCONJ
cblr-9109	275	55	the	the	DET
cblr-9109	275	56	prices	price	NOUN
cblr-9109	275	57	would	would	AUX
cblr-9109	275	58	move	move	VERB
cblr-9109	275	59	in	in	ADP
cblr-9109	275	60	this	this	DET
cblr-9109	275	61	direction	direction	NOUN
cblr-9109	275	62	but	but	CCONJ
cblr-9109	275	63	for	for	ADP
cblr-9109	275	64	the	the	DET
cblr-9109	275	65	trade	trade	NOUN
cblr-9109	275	66	;	;	PUNCT
cblr-9109	275	67	and	and	CCONJ
cblr-9109	275	68	(	(	PUNCT
cblr-9109	275	69	3	3	X
cblr-9109	275	70	)	)	PUNCT
cblr-9109	275	71	the	the	DET
cblr-9109	275	72	resulting	result	VERB
cblr-9109	275	73	profit	profit	NOUN
cblr-9109	275	74	comes	come	VERB
cblr-9109	275	75	solely	solely	ADV
cblr-9109	275	76	from	from	ADP
cblr-9109	275	77	the	the	DET
cblr-9109	275	78	trader	trader	NOUN
cblr-9109	275	79	’s	’s	PART
cblr-9109	275	80	ability	ability	NOUN
cblr-9109	275	81	to	to	PART
cblr-9109	275	82	move	move	VERB
cblr-9109	275	83	prices	price	NOUN
cblr-9109	275	84	and	and	CCONJ
cblr-9109	275	85	not	not	PART
cblr-9109	275	86	from	from	ADP
cblr-9109	275	87	his	his	PRON
cblr-9109	275	88	possession	possession	NOUN
cblr-9109	275	89	of	of	ADP
cblr-9109	275	90	valuable	valuable	ADJ
cblr-9109	275	91	information.42	information.42	NOUN
cblr-9109	275	92	for	for	ADP
cblr-9109	275	93	quote	quote	ADV
cblr-9109	275	94	-	-	PUNCT
cblr-9109	275	95	driven	drive	VERB
cblr-9109	275	96	manipulation	manipulation	NOUN
cblr-9109	275	97	,	,	PUNCT
cblr-9109	275	98	the	the	DET
cblr-9109	275	99	parallel	parallel	ADJ
cblr-9109	275	100	idea	idea	NOUN
cblr-9109	275	101	would	would	AUX
cblr-9109	275	102	be	be	AUX
cblr-9109	275	103	that	that	SCONJ
cblr-9109	275	104	the	the	DET
cblr-9109	275	105	quote	quote	NOUN
cblr-9109	275	106	does	do	AUX
cblr-9109	275	107	not	not	PART
cblr-9109	275	108	represent	represent	VERB
cblr-9109	275	109	an	an	DET
cblr-9109	275	110	assessment	assessment	NOUN
cblr-9109	275	111	by	by	ADP
cblr-9109	275	112	the	the	DET
cblr-9109	275	113	person	person	NOUN
cblr-9109	275	114	submitting	submit	VERB
cblr-9109	275	115	it	it	PRON
cblr-9109	275	116	that	that	SCONJ
cblr-9109	275	117	having	have	VERB
cblr-9109	275	118	the	the	DET
cblr-9109	275	119	quote	quote	NOUN
cblr-9109	275	120	executed	execute	VERB
cblr-9109	275	121	against	against	ADP
cblr-9109	275	122	would	would	AUX
cblr-9109	275	123	,	,	PUNCT
cblr-9109	275	124	at	at	ADP
cblr-9109	275	125	the	the	DET
cblr-9109	275	126	time	time	NOUN
cblr-9109	275	127	it	it	PRON
cblr-9109	275	128	was	be	AUX
cblr-9109	275	129	made	make	VERB
cblr-9109	275	130	,	,	PUNCT
cblr-9109	275	131	be	be	AUX
cblr-9109	275	132	to	to	ADP
cblr-9109	275	133	her	her	PRON
cblr-9109	275	134	advantage	advantage	NOUN
cblr-9109	275	135	,	,	PUNCT
cblr-9109	275	136	and	and	CCONJ
cblr-9109	275	137	that	that	SCONJ
cblr-9109	275	138	the	the	DET
cblr-9109	275	139	quote	quote	NOUN
cblr-9109	275	140	was	be	AUX
cblr-9109	275	141	submitted	submit	VERB
cblr-9109	275	142	solely	solely	ADV
cblr-9109	275	143	with	with	ADP
cblr-9109	275	144	the	the	DET
cblr-9109	275	145	intent	intent	NOUN
cblr-9109	275	146	of	of	ADP
cblr-9109	275	147	executing	execute	VERB
cblr-9109	275	148	an	an	DET
cblr-9109	275	149	actual	actual	ADJ
cblr-9109	275	150	transaction	transaction	NOUN
cblr-9109	275	151	going	go	VERB
cblr-9109	275	152	the	the	DET
cblr-9109	275	153	other	other	ADJ
cblr-9109	275	154	way	way	NOUN
cblr-9109	275	155	solely	solely	ADV
cblr-9109	275	156	to	to	PART
cblr-9109	275	157	improve	improve	VERB
cblr-9109	275	158	the	the	DET
cblr-9109	275	159	terms	term	NOUN
cblr-9109	275	160	on	on	ADP
cblr-9109	275	161	which	which	PRON
cblr-9109	275	162	that	that	SCONJ
cblr-9109	275	163	transaction	transaction	NOUN
cblr-9109	275	164	occurs	occur	VERB
cblr-9109	275	165	.	.	PUNCT
cblr-9109	276	1	fischel	fischel	PROPN
cblr-9109	276	2	and	and	CCONJ
cblr-9109	276	3	ross	ross	PROPN
cblr-9109	276	4	,	,	PUNCT
cblr-9109	276	5	however	however	ADV
cblr-9109	276	6	,	,	PUNCT
cblr-9109	276	7	do	do	AUX
cblr-9109	276	8	not	not	PART
cblr-9109	276	9	think	think	VERB
cblr-9109	276	10	that	that	SCONJ
cblr-9109	276	11	their	their	PRON
cblr-9109	276	12	concept	concept	NOUN
cblr-9109	276	13	of	of	ADP
cblr-9109	276	14	trade	trade	NOUN
cblr-9109	276	15	-	-	PUNCT
cblr-9109	276	16	driven	drive	VERB
cblr-9109	276	17	manipulation	manipulation	NOUN
cblr-9109	276	18	could	could	AUX
cblr-9109	276	19	be	be	AUX
cblr-9109	276	20	operationalized	operationalize	VERB
cblr-9109	276	21	because	because	SCONJ
cblr-9109	276	22	they	they	PRON
cblr-9109	276	23	think	think	VERB
cblr-9109	276	24	it	it	PRON
cblr-9109	276	25	is	be	AUX
cblr-9109	276	26	too	too	ADV
cblr-9109	276	27	difficult	difficult	ADJ
cblr-9109	276	28	to	to	PART
cblr-9109	276	29	obtain	obtain	VERB
cblr-9109	276	30	adequate	adequate	ADJ
cblr-9109	276	31	evidence	evidence	NOUN
cblr-9109	276	32	concerning	concern	VERB
cblr-9109	276	33	intent	intent	NOUN
cblr-9109	276	34	and	and	CCONJ
cblr-9109	276	35	that	that	SCONJ
cblr-9109	276	36	as	as	ADP
cblr-9109	276	37	a	a	DET
cblr-9109	276	38	result	result	NOUN
cblr-9109	276	39	any	any	DET
cblr-9109	276	40	attempt	attempt	NOUN
cblr-9109	276	41	would	would	AUX
cblr-9109	276	42	chill	chill	VERB
cblr-9109	276	43	too	too	ADV
cblr-9109	276	44	many	many	ADJ
cblr-9109	276	45	legitimate	legitimate	ADJ
cblr-9109	276	46	,	,	PUNCT
cblr-9109	276	47	socially	socially	ADV
cblr-9109	276	48	useful	useful	ADJ
cblr-9109	276	49	transactions.43	transactions.43	NOUN
cblr-9109	276	50	we	we	PRON
cblr-9109	276	51	have	have	AUX
cblr-9109	276	52	disagreed	disagree	VERB
cblr-9109	276	53	with	with	ADP
cblr-9109	276	54	their	their	PRON
cblr-9109	276	55	belief	belief	NOUN
cblr-9109	276	56	in	in	ADP
cblr-9109	276	57	the	the	DET
cblr-9109	276	58	case	case	NOUN
cblr-9109	276	59	of	of	ADP
cblr-9109	276	60	trade	trade	NOUN
cblr-9109	276	61	-	-	PUNCT
cblr-9109	276	62	driven	drive	VERB
cblr-9109	276	63	manipulation	manipulation	NOUN
cblr-9109	276	64	and	and	CCONJ
cblr-9109	276	65	,	,	PUNCT
cblr-9109	276	66	as	as	SCONJ
cblr-9109	276	67	will	will	AUX
cblr-9109	276	68	be	be	AUX
cblr-9109	276	69	developed	develop	VERB
cblr-9109	276	70	in	in	ADP
cblr-9109	276	71	this	this	DET
cblr-9109	276	72	paper	paper	NOUN
cblr-9109	276	73	,	,	PUNCT
cblr-9109	276	74	we	we	PRON
cblr-9109	276	75	think	think	VERB
cblr-9109	276	76	it	it	PRON
cblr-9109	276	77	is	be	AUX
cblr-9109	276	78	also	also	ADV
cblr-9109	276	79	possible	possible	ADJ
cblr-9109	276	80	to	to	PART
cblr-9109	276	81	develop	develop	VERB
cblr-9109	276	82	evidentiary	evidentiary	ADJ
cblr-9109	276	83	tests	test	NOUN
cblr-9109	276	84	suggesting	suggest	VERB
cblr-9109	276	85	that	that	SCONJ
cblr-9109	276	86	a	a	DET
cblr-9109	276	87	given	give	VERB
cblr-9109	276	88	sequence	sequence	NOUN
cblr-9109	276	89	of	of	ADP
cblr-9109	276	90	quoting	quote	VERB
cblr-9109	276	91	,	,	PUNCT
cblr-9109	276	92	transacting	transacting	NOUN
cblr-9109	276	93	,	,	PUNCT
cblr-9109	276	94	and	and	CCONJ
cblr-9109	276	95	quote	quote	INTJ
cblr-9109	276	96	cancelling	cancel	VERB
cblr-9109	276	97	associated	associate	VERB
cblr-9109	276	98	with	with	ADP
cblr-9109	276	99	spoofing	spoofing	NOUN
cblr-9109	276	100	was	be	AUX
cblr-9109	276	101	undertaken	undertake	VERB
cblr-9109	276	102	for	for	ADP
cblr-9109	276	103	an	an	DET
cblr-9109	276	104	improper	improper	ADJ
cblr-9109	276	105	purpose	purpose	NOUN
cblr-9109	276	106	.	.	PUNCT
cblr-9109	277	1	we	we	PRON
cblr-9109	277	2	share	share	VERB
cblr-9109	277	3	,	,	PUNCT
cblr-9109	277	4	however	however	ADV
cblr-9109	277	5	,	,	PUNCT
cblr-9109	277	6	their	their	PRON
cblr-9109	277	7	concern	concern	NOUN
cblr-9109	277	8	about	about	ADP
cblr-9109	277	9	chilling	chill	VERB
cblr-9109	277	10	socially	socially	ADV
cblr-9109	277	11	useful	useful	ADJ
cblr-9109	277	12	market	market	NOUN
cblr-9109	277	13	activities	activity	NOUN
cblr-9109	277	14	that	that	PRON
cblr-9109	277	15	are	be	AUX
cblr-9109	277	16	part	part	NOUN
cblr-9109	277	17	of	of	ADP
cblr-9109	277	18	similarly	similarly	ADV
cblr-9109	277	19	41	41	NUM
cblr-9109	277	20	larry	larry	PROPN
cblr-9109	277	21	harris	harris	PROPN
cblr-9109	277	22	,	,	PUNCT
cblr-9109	277	23	trading	trading	NOUN
cblr-9109	277	24	and	and	CCONJ
cblr-9109	277	25	exchanges	exchange	NOUN
cblr-9109	277	26	:	:	PUNCT
cblr-9109	277	27	market	market	NOUN
cblr-9109	277	28	microstructure	microstructure	NOUN
cblr-9109	277	29	for	for	ADP
cblr-9109	277	30	practitioners	practitioner	NOUN
cblr-9109	277	31	266	266	NUM
cblr-9109	277	32	(	(	PUNCT
cblr-9109	277	33	2003	2003	NUM
cblr-9109	277	34	)	)	PUNCT
cblr-9109	277	35	.	.	PUNCT
cblr-9109	278	1	42	42	NUM
cblr-9109	278	2	fischel	fischel	PROPN
cblr-9109	278	3	&	&	CCONJ
cblr-9109	278	4	ross	ross	PROPN
cblr-9109	278	5	,	,	PUNCT
cblr-9109	278	6	supra	supra	PROPN
cblr-9109	278	7	note	note	PROPN
cblr-9109	278	8	1	1	NUM
cblr-9109	278	9	,	,	PUNCT
cblr-9109	278	10	at	at	ADP
cblr-9109	278	11	510	510	NUM
cblr-9109	278	12	.	.	PUNCT
cblr-9109	279	1	43	43	NUM
cblr-9109	279	2	see	see	VERB
cblr-9109	279	3	i	i	PRON
cblr-9109	279	4	d.	d.	PROPN
cblr-9109	279	5	at	at	ADP
cblr-9109	279	6	519	519	NUM
cblr-9109	279	7	,	,	PUNCT
cblr-9109	279	8	522–23	522–23	NUM
cblr-9109	279	9	.	.	PUNCT
cblr-9109	280	1	1262	1262	NUM
cblr-9109	280	2	columbia	columbia	PROPN
cblr-9109	280	3	business	business	NOUN
cblr-9109	280	4	law	law	PROPN
cblr-9109	280	5	review	review	NOUN
cblr-9109	280	6	[	[	X
cblr-9109	280	7	vol	vol	NOUN
cblr-9109	280	8	.	.	PUNCT
cblr-9109	280	9	2021	2021	NUM
cblr-9109	280	10	appearing	appear	VERB
cblr-9109	280	11	sequences	sequence	NOUN
cblr-9109	280	12	.	.	PUNCT
cblr-9109	281	1	thus	thus	ADV
cblr-9109	281	2	,	,	PUNCT
cblr-9109	281	3	these	these	DET
cblr-9109	281	4	evidentiary	evidentiary	ADJ
cblr-9109	281	5	tests	test	NOUN
cblr-9109	281	6	need	need	VERB
cblr-9109	281	7	to	to	PART
cblr-9109	281	8	be	be	AUX
cblr-9109	281	9	designed	design	VERB
cblr-9109	281	10	to	to	PART
cblr-9109	281	11	avoid	avoid	VERB
cblr-9109	281	12	such	such	ADJ
cblr-9109	281	13	significant	significant	ADJ
cblr-9109	281	14	chilling	chilling	ADJ
cblr-9109	281	15	.	.	PUNCT
cblr-9109	282	1	iii	iii	X
cblr-9109	282	2	.	.	PUNCT
cblr-9109	283	1	the	the	DET
cblr-9109	283	2	normative	normative	ADJ
cblr-9109	283	3	framework	framework	NOUN
cblr-9109	283	4	analyzing	analyze	VERB
cblr-9109	283	5	the	the	DET
cblr-9109	283	6	social	social	ADJ
cblr-9109	283	7	value	value	NOUN
cblr-9109	283	8	of	of	ADP
cblr-9109	283	9	a	a	DET
cblr-9109	283	10	quoting	quote	VERB
cblr-9109	283	11	strategy	strategy	NOUN
cblr-9109	283	12	and	and	CCONJ
cblr-9109	283	13	whether	whether	SCONJ
cblr-9109	283	14	it	it	PRON
cblr-9109	283	15	should	should	AUX
cblr-9109	283	16	be	be	AUX
cblr-9109	283	17	prohibited	prohibit	VERB
cblr-9109	283	18	as	as	ADP
cblr-9109	283	19	illegal	illegal	ADJ
cblr-9109	283	20	manipulation	manipulation	NOUN
cblr-9109	283	21	requires	require	VERB
cblr-9109	283	22	understanding	understand	VERB
cblr-9109	283	23	the	the	DET
cblr-9109	283	24	core	core	NOUN
cblr-9109	283	25	functions	function	NOUN
cblr-9109	283	26	served	serve	VERB
cblr-9109	283	27	by	by	ADP
cblr-9109	283	28	the	the	DET
cblr-9109	283	29	equity	equity	NOUN
cblr-9109	283	30	trading	trading	NOUN
cblr-9109	283	31	market	market	NOUN
cblr-9109	283	32	and	and	CCONJ
cblr-9109	283	33	the	the	DET
cblr-9109	283	34	role	role	NOUN
cblr-9109	283	35	that	that	PRON
cblr-9109	283	36	quoting	quote	VERB
cblr-9109	283	37	plays	play	NOUN
cblr-9109	283	38	in	in	ADP
cblr-9109	283	39	it.44	it.44	NOUN
cblr-9109	283	40	it	it	PRON
cblr-9109	283	41	also	also	ADV
cblr-9109	283	42	requires	require	VERB
cblr-9109	283	43	understanding	understand	VERB
cblr-9109	283	44	that	that	SCONJ
cblr-9109	283	45	if	if	SCONJ
cblr-9109	283	46	a	a	DET
cblr-9109	283	47	specific	specific	ADJ
cblr-9109	283	48	kind	kind	NOUN
cblr-9109	283	49	of	of	ADP
cblr-9109	283	50	quoting	quote	VERB
cblr-9109	283	51	occurs	occur	VERB
cblr-9109	283	52	and	and	CCONJ
cblr-9109	283	53	its	its	PRON
cblr-9109	283	54	extent	extent	NOUN
cblr-9109	283	55	is	be	AUX
cblr-9109	283	56	generally	generally	ADV
cblr-9109	283	57	understood	understand	VERB
cblr-9109	283	58	,	,	PUNCT
cblr-9109	283	59	other	other	ADJ
cblr-9109	283	60	actors	actor	NOUN
cblr-9109	283	61	in	in	ADP
cblr-9109	283	62	the	the	DET
cblr-9109	283	63	system	system	NOUN
cblr-9109	283	64	will	will	AUX
cblr-9109	283	65	take	take	VERB
cblr-9109	283	66	its	its	PRON
cblr-9109	283	67	existence	existence	NOUN
cblr-9109	283	68	into	into	ADP
cblr-9109	283	69	account	account	NOUN
cblr-9109	283	70	in	in	ADP
cblr-9109	283	71	determining	determine	VERB
cblr-9109	283	72	their	their	PRON
cblr-9109	283	73	own	own	ADJ
cblr-9109	283	74	behavior	behavior	NOUN
cblr-9109	283	75	.	.	PUNCT
cblr-9109	284	1	thus	thus	ADV
cblr-9109	284	2	,	,	PUNCT
cblr-9109	284	3	the	the	DET
cblr-9109	284	4	normative	normative	ADJ
cblr-9109	284	5	question	question	NOUN
cblr-9109	284	6	is	be	AUX
cblr-9109	284	7	how	how	SCONJ
cblr-9109	284	8	the	the	DET
cblr-9109	284	9	occurrence	occurrence	NOUN
cblr-9109	284	10	of	of	ADP
cblr-9109	284	11	a	a	DET
cblr-9109	284	12	given	give	VERB
cblr-9109	284	13	quoting	quote	VERB
cblr-9109	284	14	practice	practice	NOUN
cblr-9109	284	15	—	—	PUNCT
cblr-9109	284	16	and	and	CCONJ
cblr-9109	284	17	any	any	DET
cblr-9109	284	18	attempts	attempt	NOUN
cblr-9109	284	19	to	to	PART
cblr-9109	284	20	regulate	regulate	VERB
cblr-9109	284	21	it	it	PRON
cblr-9109	284	22	—	—	PUNCT
cblr-9109	284	23	affect	affect	VERB
cblr-9109	284	24	the	the	DET
cblr-9109	284	25	system	system	NOUN
cblr-9109	284	26	’s	’s	PART
cblr-9109	284	27	ultimate	ultimate	ADJ
cblr-9109	284	28	ability	ability	NOUN
cblr-9109	284	29	to	to	PART
cblr-9109	284	30	advance	advance	VERB
cblr-9109	284	31	the	the	DET
cblr-9109	284	32	various	various	ADJ
cblr-9109	284	33	social	social	ADJ
cblr-9109	284	34	goals	goal	NOUN
cblr-9109	284	35	that	that	SCONJ
cblr-9109	284	36	equity	equity	NOUN
cblr-9109	284	37	trading	trading	NOUN
cblr-9109	284	38	markets	market	NOUN
cblr-9109	284	39	serve	serve	VERB
cblr-9109	284	40	and	and	CCONJ
cblr-9109	284	41	that	that	PRON
cblr-9109	284	42	give	give	VERB
cblr-9109	284	43	rise	rise	NOUN
cblr-9109	284	44	to	to	ADP
cblr-9109	284	45	the	the	DET
cblr-9109	284	46	justification	justification	NOUN
cblr-9109	284	47	for	for	ADP
cblr-9109	284	48	regulation	regulation	NOUN
cblr-9109	284	49	when	when	SCONJ
cblr-9109	284	50	these	these	DET
cblr-9109	284	51	markets	market	NOUN
cblr-9109	284	52	fall	fall	VERB
cblr-9109	284	53	short	short	ADJ
cblr-9109	284	54	.	.	PUNCT
cblr-9109	285	1	a.	a.	NOUN
cblr-9109	285	2	social	social	ADJ
cblr-9109	285	3	goals	goal	NOUN
cblr-9109	285	4	five	five	NUM
cblr-9109	285	5	key	key	ADJ
cblr-9109	285	6	social	social	ADJ
cblr-9109	285	7	goals	goal	NOUN
cblr-9109	285	8	motivate	motivate	VERB
cblr-9109	285	9	most	most	ADJ
cblr-9109	285	10	discussion	discussion	NOUN
cblr-9109	285	11	of	of	ADP
cblr-9109	285	12	secondary	secondary	ADJ
cblr-9109	285	13	equity	equity	NOUN
cblr-9109	285	14	markets45	markets45	NOUN
cblr-9109	285	15	and	and	CCONJ
cblr-9109	285	16	their	their	PRON
cblr-9109	285	17	regulation	regulation	NOUN
cblr-9109	285	18	:	:	PUNCT
cblr-9109	285	19	(	(	PUNCT
cblr-9109	285	20	i	i	NOUN
cblr-9109	285	21	)	)	PUNCT
cblr-9109	285	22	promoting	promote	VERB
cblr-9109	285	23	the	the	DET
cblr-9109	285	24	efficient	efficient	ADJ
cblr-9109	285	25	allocation	allocation	NOUN
cblr-9109	285	26	of	of	ADP
cblr-9109	285	27	capital	capital	NOUN
cblr-9109	285	28	to	to	ADP
cblr-9109	285	29	the	the	DET
cblr-9109	285	30	most	most	ADV
cblr-9109	285	31	promising	promising	ADJ
cblr-9109	285	32	investment	investment	NOUN
cblr-9109	285	33	projects	project	NOUN
cblr-9109	285	34	;	;	PUNCT
cblr-9109	285	35	(	(	PUNCT
cblr-9109	285	36	ii	ii	NOUN
cblr-9109	285	37	)	)	PUNCT
cblr-9109	285	38	furthering	further	VERB
cblr-9109	285	39	the	the	DET
cblr-9109	285	40	efficient	efficient	ADJ
cblr-9109	285	41	use	use	NOUN
cblr-9109	285	42	of	of	ADP
cblr-9109	285	43	the	the	DET
cblr-9109	285	44	economy	economy	NOUN
cblr-9109	285	45	’s	’s	PART
cblr-9109	285	46	existing	exist	VERB
cblr-9109	285	47	productive	productive	ADJ
cblr-9109	285	48	capacity	capacity	NOUN
cblr-9109	285	49	;	;	PUNCT
cblr-9109	285	50	(	(	PUNCT
cblr-9109	285	51	iii	iii	X
cblr-9109	285	52	)	)	PUNCT
cblr-9109	285	53	advancing	advance	VERB
cblr-9109	285	54	the	the	DET
cblr-9109	285	55	efficient	efficient	ADJ
cblr-9109	285	56	allocation	allocation	NOUN
cblr-9109	285	57	of	of	ADP
cblr-9109	285	58	resources	resource	NOUN
cblr-9109	285	59	between	between	ADP
cblr-9109	285	60	current	current	ADJ
cblr-9109	285	61	and	and	CCONJ
cblr-9109	285	62	future	future	ADJ
cblr-9109	285	63	periods	period	NOUN
cblr-9109	285	64	;	;	PUNCT
cblr-9109	285	65	(	(	PUNCT
cblr-9109	285	66	iv	iv	X
cblr-9109	285	67	)	)	PUNCT
cblr-9109	285	68	promoting	promote	VERB
cblr-9109	285	69	the	the	DET
cblr-9109	285	70	efficient	efficient	ADJ
cblr-9109	285	71	allocation	allocation	NOUN
cblr-9109	285	72	of	of	ADP
cblr-9109	285	73	the	the	DET
cblr-9109	285	74	risks	risk	NOUN
cblr-9109	285	75	associated	associate	VERB
cblr-9109	285	76	with	with	ADP
cblr-9109	285	77	volatility	volatility	NOUN
cblr-9109	285	78	of	of	ADP
cblr-9109	285	79	issuers	issuer	NOUN
cblr-9109	285	80	’	'	PUNCT
cblr-9109	285	81	cash	cash	NOUN
cblr-9109	285	82	flows	flow	NOUN
cblr-9109	285	83	to	to	PART
cblr-9109	285	84	risk	risk	VERB
cblr-9109	285	85	44	44	NUM
cblr-9109	285	86	parts	part	NOUN
cblr-9109	285	87	iii	iii	NOUN
cblr-9109	285	88	and	and	CCONJ
cblr-9109	285	89	iv	iv	NOUN
cblr-9109	285	90	provide	provide	VERB
cblr-9109	285	91	a	a	DET
cblr-9109	285	92	brief	brief	ADJ
cblr-9109	285	93	overview	overview	NOUN
cblr-9109	285	94	of	of	ADP
cblr-9109	285	95	the	the	DET
cblr-9109	285	96	normative	normative	ADJ
cblr-9109	285	97	framework	framework	NOUN
cblr-9109	285	98	for	for	ADP
cblr-9109	285	99	assessing	assess	VERB
cblr-9109	285	100	whether	whether	SCONJ
cblr-9109	285	101	a	a	DET
cblr-9109	285	102	given	give	VERB
cblr-9109	285	103	quoting	quote	VERB
cblr-9109	285	104	strategy	strategy	NOUN
cblr-9109	285	105	is	be	AUX
cblr-9109	285	106	socially	socially	ADV
cblr-9109	285	107	undesirable	undesirable	ADJ
cblr-9109	285	108	and	and	CCONJ
cblr-9109	285	109	the	the	DET
cblr-9109	285	110	basic	basic	ADJ
cblr-9109	285	111	institutional	institutional	ADJ
cblr-9109	285	112	and	and	CCONJ
cblr-9109	285	113	economic	economic	ADJ
cblr-9109	285	114	features	feature	NOUN
cblr-9109	285	115	of	of	ADP
cblr-9109	285	116	the	the	DET
cblr-9109	285	117	stock	stock	NOUN
cblr-9109	285	118	market	market	NOUN
cblr-9109	285	119	.	.	PUNCT
cblr-9109	286	1	more	more	ADV
cblr-9109	286	2	detailed	detailed	ADJ
cblr-9109	286	3	analysis	analysis	NOUN
cblr-9109	286	4	is	be	AUX
cblr-9109	286	5	found	find	VERB
cblr-9109	286	6	in	in	ADP
cblr-9109	286	7	previous	previous	ADJ
cblr-9109	286	8	work	work	NOUN
cblr-9109	286	9	referenced	reference	VERB
cblr-9109	286	10	throughout	throughout	ADP
cblr-9109	286	11	by	by	ADP
cblr-9109	286	12	fox	fox	PROPN
cblr-9109	286	13	,	,	PUNCT
cblr-9109	286	14	glosten	glosten	ADJ
cblr-9109	286	15	,	,	PUNCT
cblr-9109	286	16	and	and	CCONJ
cblr-9109	286	17	rauterberg	rauterberg	PROPN
cblr-9109	286	18	.	.	PUNCT
cblr-9109	287	1	see	see	VERB
cblr-9109	287	2	generally	generally	ADV
cblr-9109	287	3	,	,	PUNCT
cblr-9109	287	4	fox	fox	PROPN
cblr-9109	287	5	et	et	PROPN
cblr-9109	287	6	al	al	PROPN
cblr-9109	287	7	.	.	PROPN
cblr-9109	287	8	,	,	PUNCT
cblr-9109	287	9	manipulation	manipulation	NOUN
cblr-9109	287	10	,	,	PUNCT
cblr-9109	287	11	supra	supra	PROPN
cblr-9109	287	12	note	note	NOUN
cblr-9109	287	13	3	3	NUM
cblr-9109	287	14	;	;	PUNCT
cblr-9109	287	15	fox	fox	PROPN
cblr-9109	287	16	et	et	PROPN
cblr-9109	287	17	al	al	PROPN
cblr-9109	287	18	.	.	PROPN
cblr-9109	287	19	,	,	PUNCT
cblr-9109	287	20	sense	sense	NOUN
cblr-9109	287	21	and	and	CCONJ
cblr-9109	287	22	nonsense	nonsense	NOUN
cblr-9109	287	23	,	,	PUNCT
cblr-9109	287	24	supra	supra	ADJ
cblr-9109	287	25	note	note	NOUN
cblr-9109	287	26	32	32	NUM
cblr-9109	287	27	,	,	PUNCT
cblr-9109	287	28	at	at	ADP
cblr-9109	287	29	207–61	207–61	NUM
cblr-9109	287	30	;	;	PUNCT
cblr-9109	287	31	fox	fox	PROPN
cblr-9109	287	32	et	et	PROPN
cblr-9109	287	33	al	al	PROPN
cblr-9109	287	34	.	.	PROPN
cblr-9109	287	35	,	,	PUNCT
cblr-9109	287	36	informed	inform	VERB
cblr-9109	287	37	trading	trading	NOUN
cblr-9109	287	38	,	,	PUNCT
cblr-9109	287	39	supra	supra	PROPN
cblr-9109	287	40	note	note	NOUN
cblr-9109	287	41	32	32	NUM
cblr-9109	287	42	.	.	PUNCT
cblr-9109	288	1	45	45	NUM
cblr-9109	288	2	primary	primary	ADJ
cblr-9109	288	3	markets	market	NOUN
cblr-9109	288	4	are	be	AUX
cblr-9109	288	5	those	those	PRON
cblr-9109	288	6	where	where	SCONJ
cblr-9109	288	7	stocks	stock	NOUN
cblr-9109	288	8	are	be	AUX
cblr-9109	288	9	purchased	purchase	VERB
cblr-9109	288	10	from	from	ADP
cblr-9109	288	11	the	the	DET
cblr-9109	288	12	company	company	NOUN
cblr-9109	288	13	issuing	issue	VERB
cblr-9109	288	14	those	those	DET
cblr-9109	288	15	stocks	stock	NOUN
cblr-9109	288	16	,	,	PUNCT
cblr-9109	288	17	while	while	SCONJ
cblr-9109	288	18	traders	trader	NOUN
cblr-9109	288	19	buy	buy	VERB
cblr-9109	288	20	and	and	CCONJ
cblr-9109	288	21	sell	sell	VERB
cblr-9109	288	22	stocks	stock	NOUN
cblr-9109	288	23	from	from	ADP
cblr-9109	288	24	each	each	DET
cblr-9109	288	25	other	other	ADJ
cblr-9109	288	26	in	in	ADP
cblr-9109	288	27	the	the	DET
cblr-9109	288	28	secondary	secondary	ADJ
cblr-9109	288	29	market	market	NOUN
cblr-9109	288	30	.	.	PUNCT
cblr-9109	289	1	stock	stock	NOUN
cblr-9109	289	2	exchanges	exchange	NOUN
cblr-9109	289	3	are	be	AUX
cblr-9109	289	4	secondary	secondary	ADJ
cblr-9109	289	5	markets	market	NOUN
cblr-9109	289	6	.	.	PUNCT
cblr-9109	290	1	fox	fox	PROPN
cblr-9109	290	2	et	et	PROPN
cblr-9109	290	3	al	al	PROPN
cblr-9109	290	4	.	.	PROPN
cblr-9109	290	5	,	,	PUNCT
cblr-9109	290	6	the	the	DET
cblr-9109	290	7	new	new	ADJ
cblr-9109	290	8	stock	stock	NOUN
cblr-9109	290	9	market	market	NOUN
cblr-9109	290	10	,	,	PUNCT
cblr-9109	290	11	supra	supra	PROPN
cblr-9109	290	12	note	note	NOUN
cblr-9109	290	13	3	3	NUM
cblr-9109	290	14	,	,	PUNCT
cblr-9109	290	15	at	at	ADP
cblr-9109	290	16	11	11	NUM
cblr-9109	290	17	.	.	PUNCT
cblr-9109	291	1	no	no	INTJ
cblr-9109	291	2	.	.	PUNCT
cblr-9109	292	1	3:1244	3:1244	NUM
cblr-9109	292	2	]	]	X
cblr-9109	292	3	spoofing	spoofing	NOUN
cblr-9109	292	4	and	and	CCONJ
cblr-9109	292	5	its	its	PRON
cblr-9109	292	6	regulation	regulation	NOUN
cblr-9109	292	7	1263	1263	NUM
cblr-9109	292	8	averse	averse	ADJ
cblr-9109	292	9	investors	investor	NOUN
cblr-9109	292	10	with	with	ADP
cblr-9109	292	11	the	the	DET
cblr-9109	292	12	least	least	ADJ
cblr-9109	292	13	disutility	disutility	NOUN
cblr-9109	292	14	;	;	PUNCT
cblr-9109	292	15	and	and	CCONJ
cblr-9109	292	16	(	(	PUNCT
cblr-9109	292	17	v	v	NOUN
cblr-9109	292	18	)	)	PUNCT
cblr-9109	292	19	operating	operate	VERB
cblr-9109	292	20	fairly	fairly	ADV
cblr-9109	292	21	and	and	CCONJ
cblr-9109	292	22	advancing	advance	VERB
cblr-9109	292	23	a	a	DET
cblr-9109	292	24	sense	sense	NOUN
cblr-9109	292	25	of	of	ADP
cblr-9109	292	26	fairness	fairness	NOUN
cblr-9109	292	27	throughout.46	throughout.46	PROPN
cblr-9109	292	28	in	in	ADP
cblr-9109	292	29	addition	addition	NOUN
cblr-9109	292	30	,	,	PUNCT
cblr-9109	292	31	any	any	DET
cblr-9109	292	32	cogent	cogent	ADJ
cblr-9109	292	33	analysis	analysis	NOUN
cblr-9109	292	34	of	of	ADP
cblr-9109	292	35	quote	quote	INTJ
cblr-9109	292	36	manipulation	manipulation	NOUN
cblr-9109	292	37	and	and	CCONJ
cblr-9109	292	38	its	its	PRON
cblr-9109	292	39	regulation	regulation	NOUN
cblr-9109	292	40	must	must	AUX
cblr-9109	292	41	consider	consider	VERB
cblr-9109	292	42	its	its	PRON
cblr-9109	292	43	impact	impact	NOUN
cblr-9109	292	44	on	on	ADP
cblr-9109	292	45	the	the	DET
cblr-9109	292	46	real	real	ADJ
cblr-9109	292	47	resources	resource	NOUN
cblr-9109	292	48	that	that	PRON
cblr-9109	292	49	society	society	NOUN
cblr-9109	292	50	devotes	devote	VERB
cblr-9109	292	51	to	to	ADP
cblr-9109	292	52	trading	trade	VERB
cblr-9109	292	53	in	in	ADP
cblr-9109	292	54	,	,	PUNCT
cblr-9109	292	55	and	and	CCONJ
cblr-9109	292	56	uses	use	VERB
cblr-9109	292	57	to	to	PART
cblr-9109	292	58	operate	operate	VERB
cblr-9109	292	59	,	,	PUNCT
cblr-9109	292	60	the	the	DET
cblr-9109	292	61	stock	stock	NOUN
cblr-9109	292	62	market.47	market.47	PROPN
cblr-9109	292	63	enforcement	enforcement	NOUN
cblr-9109	292	64	and	and	CCONJ
cblr-9109	292	65	compliance	compliance	NOUN
cblr-9109	292	66	costs	cost	NOUN
cblr-9109	292	67	accompanying	accompany	VERB
cblr-9109	292	68	its	its	PRON
cblr-9109	292	69	regulation	regulation	NOUN
cblr-9109	292	70	,	,	PUNCT
cblr-9109	292	71	including	include	VERB
cblr-9109	292	72	any	any	DET
cblr-9109	292	73	socially	socially	ADV
cblr-9109	292	74	beneficial	beneficial	ADJ
cblr-9109	292	75	transactions	transaction	NOUN
cblr-9109	292	76	that	that	PRON
cblr-9109	292	77	regulation	regulation	NOUN
cblr-9109	292	78	may	may	AUX
cblr-9109	292	79	deter	deter	VERB
cblr-9109	292	80	,	,	PUNCT
cblr-9109	292	81	must	must	AUX
cblr-9109	292	82	also	also	ADV
cblr-9109	292	83	be	be	AUX
cblr-9109	292	84	considered	consider	VERB
cblr-9109	292	85	.	.	PUNCT
cblr-9109	293	1	b.	b.	VERB
cblr-9109	294	1	the	the	DET
cblr-9109	294	2	use	use	NOUN
cblr-9109	294	3	of	of	ADP
cblr-9109	294	4	ex	ex	ADJ
cblr-9109	294	5	post	post	NOUN
cblr-9109	294	6	and	and	CCONJ
cblr-9109	294	7	ex	ex	PRON
cblr-9109	294	8	ante	ante	NOUN
cblr-9109	294	9	analysis	analysis	NOUN
cblr-9109	294	10	analyzing	analyze	VERB
cblr-9109	294	11	the	the	DET
cblr-9109	294	12	impact	impact	NOUN
cblr-9109	294	13	of	of	ADP
cblr-9109	294	14	an	an	DET
cblr-9109	294	15	ongoing	ongoing	ADJ
cblr-9109	294	16	quoting	quoting	NOUN
cblr-9109	294	17	practice	practice	NOUN
cblr-9109	294	18	on	on	ADP
cblr-9109	294	19	these	these	DET
cblr-9109	294	20	five	five	NUM
cblr-9109	294	21	core	core	ADJ
cblr-9109	294	22	social	social	ADJ
cblr-9109	294	23	goals	goal	NOUN
cblr-9109	294	24	is	be	AUX
cblr-9109	294	25	best	well	ADV
cblr-9109	294	26	understood	understand	VERB
cblr-9109	294	27	by	by	ADP
cblr-9109	294	28	beginning	begin	VERB
cblr-9109	294	29	with	with	ADP
cblr-9109	294	30	a	a	DET
cblr-9109	294	31	single	single	ADJ
cblr-9109	294	32	instance	instance	NOUN
cblr-9109	294	33	of	of	ADP
cblr-9109	294	34	the	the	DET
cblr-9109	294	35	quoting	quote	VERB
cblr-9109	294	36	practice	practice	NOUN
cblr-9109	294	37	and	and	CCONJ
cblr-9109	294	38	evaluating	evaluate	VERB
cblr-9109	294	39	its	its	PRON
cblr-9109	294	40	ex	ex	ADJ
cblr-9109	294	41	post	post	NOUN
cblr-9109	294	42	effect	effect	NOUN
cblr-9109	294	43	.	.	PUNCT
cblr-9109	295	1	from	from	ADP
cblr-9109	295	2	this	this	PRON
cblr-9109	295	3	,	,	PUNCT
cblr-9109	295	4	we	we	PRON
cblr-9109	295	5	can	can	AUX
cblr-9109	295	6	determine	determine	VERB
cblr-9109	295	7	the	the	DET
cblr-9109	295	8	impact	impact	NOUN
cblr-9109	295	9	of	of	ADP
cblr-9109	295	10	the	the	DET
cblr-9109	295	11	quoting	quote	VERB
cblr-9109	295	12	activity	activity	NOUN
cblr-9109	295	13	on	on	ADP
cblr-9109	295	14	participants	participant	NOUN
cblr-9109	295	15	’	'	PUNCT
cblr-9109	295	16	wealth	wealth	NOUN
cblr-9109	295	17	positions	position	NOUN
cblr-9109	295	18	,	,	PUNCT
cblr-9109	295	19	which	which	PRON
cblr-9109	295	20	in	in	ADP
cblr-9109	295	21	turn	turn	NOUN
cblr-9109	295	22	reveals	reveal	VERB
cblr-9109	295	23	the	the	DET
cblr-9109	295	24	incentives	incentive	NOUN
cblr-9109	295	25	generated	generate	VERB
cblr-9109	295	26	by	by	ADP
cblr-9109	295	27	the	the	DET
cblr-9109	295	28	occurrence	occurrence	NOUN
cblr-9109	295	29	of	of	ADP
cblr-9109	295	30	the	the	DET
cblr-9109	295	31	practice	practice	NOUN
cblr-9109	295	32	.	.	PUNCT
cblr-9109	296	1	then	then	ADV
cblr-9109	296	2	we	we	PRON
cblr-9109	296	3	can	can	AUX
cblr-9109	296	4	assess	assess	VERB
cblr-9109	296	5	,	,	PUNCT
cblr-9109	296	6	from	from	ADP
cblr-9109	296	7	an	an	DET
cblr-9109	296	8	ex	ex	NOUN
cblr-9109	296	9	ante	ante	NOUN
cblr-9109	296	10	perspective	perspective	NOUN
cblr-9109	296	11	,	,	PUNCT
cblr-9109	296	12	the	the	DET
cblr-9109	296	13	impact	impact	NOUN
cblr-9109	296	14	of	of	ADP
cblr-9109	296	15	the	the	DET
cblr-9109	296	16	activity	activity	NOUN
cblr-9109	296	17	as	as	ADP
cblr-9109	296	18	a	a	DET
cblr-9109	296	19	known	know	VERB
cblr-9109	296	20	ongoing	ongoing	ADJ
cblr-9109	296	21	phenomenon	phenomenon	NOUN
cblr-9109	296	22	taking	take	VERB
cblr-9109	296	23	place	place	NOUN
cblr-9109	296	24	over	over	ADP
cblr-9109	296	25	the	the	DET
cblr-9109	296	26	long	long	ADJ
cblr-9109	296	27	run	run	NOUN
cblr-9109	296	28	within	within	ADP
cblr-9109	296	29	a	a	DET
cblr-9109	296	30	competitive	competitive	ADJ
cblr-9109	296	31	environment	environment	NOUN
cblr-9109	296	32	.	.	PUNCT
cblr-9109	297	1	this	this	DET
cblr-9109	297	2	ex	ex	NOUN
cblr-9109	297	3	ante	ante	NOUN
cblr-9109	297	4	analysis	analysis	NOUN
cblr-9109	297	5	allows	allow	VERB
cblr-9109	297	6	us	we	PRON
cblr-9109	297	7	to	to	PART
cblr-9109	297	8	evaluate	evaluate	VERB
cblr-9109	297	9	the	the	DET
cblr-9109	297	10	efficiency	efficiency	NOUN
cblr-9109	297	11	and	and	CCONJ
cblr-9109	297	12	fairness	fairness	NOUN
cblr-9109	297	13	implications	implication	NOUN
cblr-9109	297	14	of	of	ADP
cblr-9109	297	15	the	the	DET
cblr-9109	297	16	activity	activity	NOUN
cblr-9109	297	17	.	.	PUNCT
cblr-9109	298	1	as	as	SCONJ
cblr-9109	298	2	is	be	AUX
cblr-9109	298	3	fairly	fairly	ADV
cblr-9109	298	4	standard	standard	ADJ
cblr-9109	298	5	in	in	ADP
cblr-9109	298	6	the	the	DET
cblr-9109	298	7	law	law	NOUN
cblr-9109	298	8	and	and	CCONJ
cblr-9109	298	9	economics	economic	NOUN
cblr-9109	298	10	literature	literature	NOUN
cblr-9109	298	11	,	,	PUNCT
cblr-9109	298	12	we	we	PRON
cblr-9109	298	13	consider	consider	VERB
cblr-9109	298	14	efficiency	efficiency	NOUN
cblr-9109	298	15	in	in	ADP
cblr-9109	298	16	kaldor	kaldor	PROPN
cblr-9109	298	17	-	-	PUNCT
cblr-9109	298	18	hicks	hicks	PROPN
cblr-9109	298	19	terms,48	terms,48	NOUN
cblr-9109	298	20	and	and	CCONJ
cblr-9109	298	21	evaluate	evaluate	VERB
cblr-9109	298	22	fairness	fairness	NOUN
cblr-9109	298	23	by	by	ADP
cblr-9109	298	24	46	46	NUM
cblr-9109	298	25	fox	fox	PROPN
cblr-9109	298	26	et	et	PROPN
cblr-9109	298	27	al	al	PROPN
cblr-9109	298	28	.	.	PROPN
cblr-9109	298	29	,	,	PUNCT
cblr-9109	298	30	manipulation	manipulation	NOUN
cblr-9109	298	31	,	,	PUNCT
cblr-9109	298	32	supra	supra	PROPN
cblr-9109	298	33	note	note	NOUN
cblr-9109	298	34	3	3	NUM
cblr-9109	298	35	,	,	PUNCT
cblr-9109	298	36	at	at	ADP
cblr-9109	298	37	80	80	NUM
cblr-9109	298	38	.	.	PUNCT
cblr-9109	299	1	47	47	NUM
cblr-9109	300	1	i	i	PRON
cblr-9109	300	2	d.	d.	PROPN
cblr-9109	300	3	48	48	NUM
cblr-9109	300	4	see	see	VERB
cblr-9109	300	5	generally	generally	ADV
cblr-9109	300	6	john	john	PROPN
cblr-9109	300	7	r.	r.	PROPN
cblr-9109	300	8	hicks	hicks	PROPN
cblr-9109	300	9	,	,	PUNCT
cblr-9109	300	10	the	the	DET
cblr-9109	300	11	foundations	foundation	NOUN
cblr-9109	300	12	of	of	ADP
cblr-9109	300	13	welfare	welfare	NOUN
cblr-9109	300	14	economics	economic	NOUN
cblr-9109	300	15	,	,	PUNCT
cblr-9109	300	16	49	49	NUM
cblr-9109	300	17	econ	econ	NOUN
cblr-9109	300	18	.	.	PUNCT
cblr-9109	301	1	j.	j.	PROPN
cblr-9109	301	2	696	696	NUM
cblr-9109	301	3	(	(	PUNCT
cblr-9109	301	4	1939	1939	NUM
cblr-9109	301	5	)	)	PUNCT
cblr-9109	301	6	;	;	PUNCT
cblr-9109	301	7	nicholas	nicholas	PROPN
cblr-9109	301	8	kaldor	kaldor	PROPN
cblr-9109	301	9	,	,	PUNCT
cblr-9109	301	10	welfare	welfare	NOUN
cblr-9109	301	11	propositions	proposition	NOUN
cblr-9109	301	12	of	of	ADP
cblr-9109	301	13	economics	economic	NOUN
cblr-9109	301	14	and	and	CCONJ
cblr-9109	301	15	interpersonal	interpersonal	ADJ
cblr-9109	301	16	comparisons	comparison	NOUN
cblr-9109	301	17	of	of	ADP
cblr-9109	301	18	utility	utility	NOUN
cblr-9109	301	19	,	,	PUNCT
cblr-9109	301	20	49	49	NUM
cblr-9109	301	21	econ	econ	NOUN
cblr-9109	301	22	.	.	PUNCT
cblr-9109	302	1	j.	j.	PROPN
cblr-9109	302	2	549	549	NUM
cblr-9109	302	3	(	(	PUNCT
cblr-9109	302	4	1939	1939	NUM
cblr-9109	302	5	)	)	PUNCT
cblr-9109	302	6	(	(	PUNCT
cblr-9109	302	7	together	together	ADV
cblr-9109	302	8	establishing	establish	VERB
cblr-9109	302	9	the	the	DET
cblr-9109	302	10	kaldor	kaldor	NOUN
cblr-9109	302	11	-	-	PUNCT
cblr-9109	302	12	hicks	hicks	PROPN
cblr-9109	302	13	conception	conception	NOUN
cblr-9109	302	14	of	of	ADP
cblr-9109	302	15	efficiency	efficiency	NOUN
cblr-9109	302	16	)	)	PUNCT
cblr-9109	302	17	.	.	PUNCT
cblr-9109	303	1	the	the	DET
cblr-9109	303	2	kaldor	kaldor	PROPN
cblr-9109	303	3	-	-	PUNCT
cblr-9109	303	4	hicks	hicks	PROPN
cblr-9109	303	5	conception	conception	NOUN
cblr-9109	303	6	of	of	ADP
cblr-9109	303	7	efficiency	efficiency	NOUN
cblr-9109	303	8	is	be	AUX
cblr-9109	303	9	still	still	ADV
cblr-9109	303	10	the	the	DET
cblr-9109	303	11	standard	standard	ADJ
cblr-9109	303	12	welfare	welfare	NOUN
cblr-9109	303	13	criterion	criterion	NOUN
cblr-9109	303	14	in	in	ADP
cblr-9109	303	15	law	law	NOUN
cblr-9109	303	16	-	-	PUNCT
cblr-9109	303	17	andeconomics	andeconomic	NOUN
cblr-9109	303	18	analyses	analysis	NOUN
cblr-9109	303	19	of	of	ADP
cblr-9109	303	20	corporate	corporate	ADJ
cblr-9109	303	21	and	and	CCONJ
cblr-9109	303	22	securities	security	NOUN
cblr-9109	303	23	law	law	NOUN
cblr-9109	303	24	.	.	PUNCT
cblr-9109	304	1	cf	cf	NOUN
cblr-9109	304	2	.	.	PUNCT
cblr-9109	305	1	john	john	PROPN
cblr-9109	305	2	armour	armour	PROPN
cblr-9109	305	3	et	et	PROPN
cblr-9109	305	4	al	al	PROPN
cblr-9109	305	5	.	.	PUNCT
cblr-9109	306	1	what	what	PRON
cblr-9109	306	2	is	be	AUX
cblr-9109	306	3	corporate	corporate	ADJ
cblr-9109	306	4	law	law	NOUN
cblr-9109	306	5	?	?	PUNCT
cblr-9109	307	1	in	in	ADP
cblr-9109	307	2	the	the	DET
cblr-9109	307	3	anatomy	anatomy	NOUN
cblr-9109	307	4	of	of	ADP
cblr-9109	307	5	corporate	corporate	ADJ
cblr-9109	307	6	law	law	NOUN
cblr-9109	307	7	:	:	PUNCT
cblr-9109	307	8	a	a	DET
cblr-9109	307	9	comparative	comparative	ADJ
cblr-9109	307	10	and	and	CCONJ
cblr-9109	307	11	functional	functional	ADJ
cblr-9109	307	12	approach	approach	NOUN
cblr-9109	307	13	1	1	NUM
cblr-9109	307	14	,	,	PUNCT
cblr-9109	307	15	23	23	NUM
cblr-9109	307	16	n.87	n.87	PRON
cblr-9109	307	17	(	(	PUNCT
cblr-9109	307	18	reinier	reinier	X
cblr-9109	307	19	kraakman	kraakman	NOUN
cblr-9109	307	20	et	et	PROPN
cblr-9109	307	21	al	al	PROPN
cblr-9109	307	22	.	.	PUNCT
cblr-9109	307	23	eds	eds	PROPN
cblr-9109	307	24	.	.	PROPN
cblr-9109	307	25	,	,	PUNCT
cblr-9109	307	26	3d	3d	PROPN
cblr-9109	307	27	ed	ed	NOUN
cblr-9109	307	28	.	.	PROPN
cblr-9109	307	29	2017	2017	NUM
cblr-9109	307	30	)	)	PUNCT
cblr-9109	307	31	.	.	PUNCT
cblr-9109	308	1	1264	1264	NUM
cblr-9109	308	2	columbia	columbia	PROPN
cblr-9109	308	3	business	business	NOUN
cblr-9109	308	4	law	law	PROPN
cblr-9109	308	5	review	review	NOUN
cblr-9109	308	6	[	[	X
cblr-9109	308	7	vol	vol	NOUN
cblr-9109	308	8	.	.	PUNCT
cblr-9109	308	9	2021	2021	NUM
cblr-9109	308	10	considering	consider	VERB
cblr-9109	308	11	a	a	DET
cblr-9109	308	12	practice	practice	NOUN
cblr-9109	308	13	’s	’s	PART
cblr-9109	308	14	effects	effect	NOUN
cblr-9109	308	15	on	on	ADP
cblr-9109	308	16	the	the	DET
cblr-9109	308	17	wealth	wealth	NOUN
cblr-9109	308	18	positions	position	NOUN
cblr-9109	308	19	of	of	ADP
cblr-9109	308	20	various	various	ADJ
cblr-9109	308	21	participants	participant	NOUN
cblr-9109	308	22	from	from	ADP
cblr-9109	308	23	an	an	DET
cblr-9109	308	24	ex	ex	NOUN
cblr-9109	308	25	ante	ante	PROPN
cblr-9109	308	26	perspective.49	perspective.49	PROPN
cblr-9109	308	27	c.	c.	PROPN
cblr-9109	308	28	market	market	PROPN
cblr-9109	308	29	characteristics	characteristic	NOUN
cblr-9109	308	30	that	that	PRON
cblr-9109	308	31	impact	impact	VERB
cblr-9109	308	32	these	these	DET
cblr-9109	308	33	goals	goal	NOUN
cblr-9109	308	34	a	a	DET
cblr-9109	308	35	given	give	VERB
cblr-9109	308	36	quoting	quote	VERB
cblr-9109	308	37	strategy	strategy	NOUN
cblr-9109	308	38	may	may	AUX
cblr-9109	308	39	interact	interact	VERB
cblr-9109	308	40	with	with	ADP
cblr-9109	308	41	these	these	DET
cblr-9109	308	42	five	five	NUM
cblr-9109	308	43	social	social	ADJ
cblr-9109	308	44	goals	goal	NOUN
cblr-9109	308	45	in	in	ADP
cblr-9109	308	46	dynamic	dynamic	ADJ
cblr-9109	308	47	ways	way	NOUN
cblr-9109	308	48	that	that	PRON
cblr-9109	308	49	relate	relate	VERB
cblr-9109	308	50	to	to	ADP
cblr-9109	308	51	a	a	DET
cblr-9109	308	52	stock	stock	NOUN
cblr-9109	308	53	market	market	NOUN
cblr-9109	308	54	’s	’	VERB
cblr-9109	308	55	two	two	NUM
cblr-9109	308	56	most	most	ADV
cblr-9109	308	57	critical	critical	ADJ
cblr-9109	308	58	characteristics	characteristic	NOUN
cblr-9109	308	59	:	:	PUNCT
cblr-9109	308	60	the	the	DET
cblr-9109	308	61	price	price	NOUN
cblr-9109	308	62	accuracy	accuracy	NOUN
cblr-9109	308	63	and	and	CCONJ
cblr-9109	308	64	the	the	DET
cblr-9109	308	65	liquidity	liquidity	NOUN
cblr-9109	308	66	of	of	ADP
cblr-9109	308	67	the	the	DET
cblr-9109	308	68	stocks	stock	NOUN
cblr-9109	308	69	trading	trading	NOUN
cblr-9109	308	70	in	in	ADP
cblr-9109	308	71	it.50	it.50	PROPN
cblr-9109	308	72	the	the	DET
cblr-9109	308	73	social	social	ADJ
cblr-9109	308	74	impact	impact	NOUN
cblr-9109	308	75	of	of	ADP
cblr-9109	308	76	any	any	DET
cblr-9109	308	77	kind	kind	NOUN
cblr-9109	308	78	of	of	ADP
cblr-9109	308	79	quoting	quote	VERB
cblr-9109	308	80	activity	activity	NOUN
cblr-9109	308	81	is	be	AUX
cblr-9109	308	82	best	well	ADV
cblr-9109	308	83	evaluated	evaluate	VERB
cblr-9109	308	84	through	through	ADP
cblr-9109	308	85	a	a	DET
cblr-9109	308	86	two	two	NUM
cblr-9109	308	87	-	-	PUNCT
cblr-9109	308	88	step	step	NOUN
cblr-9109	308	89	process	process	NOUN
cblr-9109	308	90	:	:	PUNCT
cblr-9109	308	91	first	first	ADV
cblr-9109	308	92	analyzing	analyze	VERB
cblr-9109	308	93	the	the	DET
cblr-9109	308	94	impact	impact	NOUN
cblr-9109	308	95	of	of	ADP
cblr-9109	308	96	the	the	DET
cblr-9109	308	97	practice	practice	NOUN
cblr-9109	308	98	on	on	ADP
cblr-9109	308	99	these	these	DET
cblr-9109	308	100	two	two	NUM
cblr-9109	308	101	market	market	NOUN
cblr-9109	308	102	characteristics	characteristic	NOUN
cblr-9109	308	103	and	and	CCONJ
cblr-9109	308	104	then	then	ADV
cblr-9109	308	105	determining	determine	VERB
cblr-9109	308	106	the	the	DET
cblr-9109	308	107	characteristic	characteristic	NOUN
cblr-9109	308	108	’s	’s	PART
cblr-9109	308	109	effect	effect	NOUN
cblr-9109	308	110	on	on	ADP
cblr-9109	308	111	the	the	DET
cblr-9109	308	112	five	five	NUM
cblr-9109	308	113	social	social	ADJ
cblr-9109	308	114	goals	goal	NOUN
cblr-9109	308	115	.	.	PUNCT
cblr-9109	309	1	1	1	X
cblr-9109	309	2	.	.	X
cblr-9109	309	3	price	price	NOUN
cblr-9109	309	4	accuracy	accuracy	NOUN
cblr-9109	309	5	price	price	NOUN
cblr-9109	309	6	accuracy	accuracy	NOUN
cblr-9109	309	7	refers	refer	VERB
cblr-9109	309	8	to	to	ADP
cblr-9109	309	9	the	the	DET
cblr-9109	309	10	accuracy	accuracy	NOUN
cblr-9109	309	11	with	with	ADP
cblr-9109	309	12	which	which	PRON
cblr-9109	309	13	the	the	DET
cblr-9109	309	14	market	market	NOUN
cblr-9109	309	15	price	price	NOUN
cblr-9109	309	16	of	of	ADP
cblr-9109	309	17	an	an	DET
cblr-9109	309	18	issuer	issuer	NOUN
cblr-9109	309	19	’s	’s	PART
cblr-9109	309	20	shares	share	NOUN
cblr-9109	309	21	estimates	estimate	VERB
cblr-9109	309	22	the	the	DET
cblr-9109	309	23	issuer	issuer	NOUN
cblr-9109	309	24	’s	’s	PART
cblr-9109	309	25	future	future	ADJ
cblr-9109	309	26	cash	cash	NOUN
cblr-9109	309	27	flows.51	flows.51	NOUN
cblr-9109	309	28	more	more	ADV
cblr-9109	309	29	accurate	accurate	ADJ
cblr-9109	309	30	stock	stock	NOUN
cblr-9109	309	31	market	market	NOUN
cblr-9109	309	32	prices	price	NOUN
cblr-9109	309	33	will	will	AUX
cblr-9109	309	34	generate	generate	VERB
cblr-9109	309	35	a	a	DET
cblr-9109	309	36	more	more	ADV
cblr-9109	309	37	efficient	efficient	ADJ
cblr-9109	309	38	allocation	allocation	NOUN
cblr-9109	309	39	of	of	ADP
cblr-9109	309	40	capital	capital	NOUN
cblr-9109	309	41	by	by	ADP
cblr-9109	309	42	funneling	funnel	VERB
cblr-9109	309	43	new	new	ADJ
cblr-9109	309	44	capital	capital	NOUN
cblr-9109	309	45	towards	towards	ADP
cblr-9109	309	46	the	the	DET
cblr-9109	309	47	issuers	issuer	NOUN
cblr-9109	309	48	with	with	ADP
cblr-9109	309	49	the	the	DET
cblr-9109	309	50	most	most	ADV
cblr-9109	309	51	promising	promising	ADJ
cblr-9109	309	52	real	real	ADJ
cblr-9109	309	53	investment	investment	NOUN
cblr-9109	309	54	projects	project	NOUN
cblr-9109	309	55	,	,	PUNCT
cblr-9109	309	56	the	the	DET
cblr-9109	309	57	first	first	ADJ
cblr-9109	309	58	basic	basic	ADJ
cblr-9109	309	59	social	social	ADJ
cblr-9109	309	60	goal.52	goal.52	NOUN
cblr-9109	309	61	in	in	ADP
cblr-9109	309	62	addition	addition	NOUN
cblr-9109	309	63	,	,	PUNCT
cblr-9109	309	64	more	more	ADJ
cblr-9109	309	65	49	49	NUM
cblr-9109	309	66	as	as	SCONJ
cblr-9109	309	67	developed	develop	VERB
cblr-9109	309	68	in	in	ADP
cblr-9109	309	69	our	our	PRON
cblr-9109	309	70	previous	previous	ADJ
cblr-9109	309	71	work	work	NOUN
cblr-9109	309	72	,	,	PUNCT
cblr-9109	309	73	many	many	ADJ
cblr-9109	309	74	of	of	ADP
cblr-9109	309	75	the	the	DET
cblr-9109	309	76	concerns	concern	NOUN
cblr-9109	309	77	around	around	ADP
cblr-9109	309	78	fairness	fairness	NOUN
cblr-9109	309	79	are	be	AUX
cblr-9109	309	80	best	well	ADV
cblr-9109	309	81	evaluated	evaluate	VERB
cblr-9109	309	82	within	within	ADP
cblr-9109	309	83	an	an	DET
cblr-9109	309	84	efficiency	efficiency	NOUN
cblr-9109	309	85	framework	framework	NOUN
cblr-9109	309	86	.	.	PUNCT
cblr-9109	310	1	using	use	VERB
cblr-9109	310	2	an	an	DET
cblr-9109	310	3	ex	ex	NOUN
cblr-9109	310	4	ante	ante	NOUN
cblr-9109	310	5	perspective	perspective	NOUN
cblr-9109	310	6	to	to	PART
cblr-9109	310	7	evaluate	evaluate	VERB
cblr-9109	310	8	fairness	fairness	NOUN
cblr-9109	310	9	means	mean	VERB
cblr-9109	310	10	that	that	SCONJ
cblr-9109	310	11	a	a	DET
cblr-9109	310	12	practice	practice	NOUN
cblr-9109	310	13	is	be	AUX
cblr-9109	310	14	not	not	PART
cblr-9109	310	15	unfair	unfair	ADJ
cblr-9109	310	16	if	if	SCONJ
cblr-9109	310	17	it	it	PRON
cblr-9109	310	18	does	do	AUX
cblr-9109	310	19	not	not	PART
cblr-9109	310	20	affect	affect	VERB
cblr-9109	310	21	a	a	DET
cblr-9109	310	22	market	market	NOUN
cblr-9109	310	23	participant	participant	NOUN
cblr-9109	310	24	’s	’s	PART
cblr-9109	310	25	expected	expect	VERB
cblr-9109	310	26	outcomes	outcome	NOUN
cblr-9109	310	27	—	—	PUNCT
cblr-9109	310	28	if	if	SCONJ
cblr-9109	310	29	a	a	DET
cblr-9109	310	30	participant	participant	NOUN
cblr-9109	310	31	is	be	AUX
cblr-9109	310	32	not	not	PART
cblr-9109	310	33	worse	bad	ADJ
cblr-9109	310	34	off	off	ADP
cblr-9109	310	35	on	on	ADP
cblr-9109	310	36	average	average	ADJ
cblr-9109	310	37	entering	enter	VERB
cblr-9109	310	38	into	into	ADP
cblr-9109	310	39	trades	trade	NOUN
cblr-9109	310	40	due	due	ADP
cblr-9109	310	41	to	to	ADP
cblr-9109	310	42	the	the	DET
cblr-9109	310	43	practice	practice	NOUN
cblr-9109	310	44	.	.	PUNCT
cblr-9109	311	1	see	see	VERB
cblr-9109	311	2	fox	fox	PROPN
cblr-9109	311	3	et	et	PROPN
cblr-9109	311	4	al	al	PROPN
cblr-9109	311	5	.	.	PROPN
cblr-9109	311	6	,	,	PUNCT
cblr-9109	311	7	informed	inform	VERB
cblr-9109	311	8	trading	trading	NOUN
cblr-9109	311	9	,	,	PUNCT
cblr-9109	311	10	supra	supra	PROPN
cblr-9109	311	11	note	note	NOUN
cblr-9109	311	12	32	32	NUM
cblr-9109	311	13	,	,	PUNCT
cblr-9109	311	14	at	at	ADP
cblr-9109	311	15	841	841	NUM
cblr-9109	311	16	.	.	PUNCT
cblr-9109	311	17	50	50	NUM
cblr-9109	311	18	thierry	thierry	NOUN
cblr-9109	311	19	foucault	foucault	PROPN
cblr-9109	311	20	,	,	PUNCT
cblr-9109	311	21	marco	marco	PROPN
cblr-9109	311	22	pagano	pagano	PROPN
cblr-9109	311	23	&	&	CCONJ
cblr-9109	311	24	ailsa	ailsa	PROPN
cblr-9109	311	25	röell	röell	PROPN
cblr-9109	311	26	,	,	PUNCT
cblr-9109	311	27	market	market	NOUN
cblr-9109	311	28	liquidity	liquidity	NOUN
cblr-9109	311	29	:	:	PUNCT
cblr-9109	311	30	theory	theory	NOUN
cblr-9109	311	31	,	,	PUNCT
cblr-9109	311	32	evidence	evidence	NOUN
cblr-9109	311	33	,	,	PUNCT
cblr-9109	311	34	and	and	CCONJ
cblr-9109	311	35	policy	policy	NOUN
cblr-9109	311	36	31	31	NUM
cblr-9109	311	37	(	(	PUNCT
cblr-9109	311	38	2013	2013	NUM
cblr-9109	311	39	)	)	PUNCT
cblr-9109	311	40	(	(	PUNCT
cblr-9109	311	41	“	"	PUNCT
cblr-9109	311	42	the	the	DET
cblr-9109	311	43	two	two	NUM
cblr-9109	311	44	main	main	ADJ
cblr-9109	311	45	roles	role	NOUN
cblr-9109	311	46	of	of	ADP
cblr-9109	311	47	a	a	DET
cblr-9109	311	48	securities	security	NOUN
cblr-9109	311	49	market	market	NOUN
cblr-9109	311	50	are	be	AUX
cblr-9109	311	51	to	to	PART
cblr-9109	311	52	provide	provide	VERB
cblr-9109	311	53	trading	trading	NOUN
cblr-9109	311	54	services	service	NOUN
cblr-9109	311	55	for	for	ADP
cblr-9109	311	56	investors	investor	NOUN
cblr-9109	311	57	who	who	PRON
cblr-9109	311	58	wish	wish	VERB
cblr-9109	311	59	to	to	PART
cblr-9109	311	60	alter	alter	VERB
cblr-9109	311	61	their	their	PRON
cblr-9109	311	62	portfolios	portfolio	NOUN
cblr-9109	311	63	,	,	PUNCT
cblr-9109	311	64	and	and	CCONJ
cblr-9109	311	65	to	to	PART
cblr-9109	311	66	determine	determine	VERB
cblr-9109	311	67	prices	price	NOUN
cblr-9109	311	68	that	that	PRON
cblr-9109	311	69	can	can	AUX
cblr-9109	311	70	guide	guide	VERB
cblr-9109	311	71	the	the	DET
cblr-9109	311	72	allocation	allocation	NOUN
cblr-9109	311	73	of	of	ADP
cblr-9109	311	74	capital	capital	NOUN
cblr-9109	311	75	by	by	ADP
cblr-9109	311	76	investors	investor	NOUN
cblr-9109	311	77	and	and	CCONJ
cblr-9109	311	78	firms	firm	NOUN
cblr-9109	311	79	.	.	PUNCT
cblr-9109	311	80	.	.	PUNCT
cblr-9109	311	81	.	.	PUNCT
cblr-9109	311	82	.	.	PUNCT
cblr-9109	312	1	[	[	X
cblr-9109	312	2	a	a	X
cblr-9109	312	3	]	]	X
cblr-9109	312	4	market	market	NOUN
cblr-9109	312	5	is	be	AUX
cblr-9109	312	6	efficient	efficient	ADJ
cblr-9109	312	7	if	if	SCONJ
cblr-9109	312	8	it	it	PRON
cblr-9109	312	9	enables	enable	VERB
cblr-9109	312	10	investors	investor	NOUN
cblr-9109	312	11	to	to	PART
cblr-9109	312	12	trade	trade	VERB
cblr-9109	312	13	quickly	quickly	ADV
cblr-9109	312	14	and	and	CCONJ
cblr-9109	312	15	cheaply	cheaply	ADV
cblr-9109	312	16	(	(	PUNCT
cblr-9109	312	17	i.e.	i.e.	X
cblr-9109	312	18	,	,	PUNCT
cblr-9109	312	19	if	if	SCONJ
cblr-9109	312	20	it	it	PRON
cblr-9109	312	21	is	be	AUX
cblr-9109	312	22	liquid	liquid	ADJ
cblr-9109	312	23	)	)	PUNCT
cblr-9109	312	24	and	and	CCONJ
cblr-9109	312	25	if	if	SCONJ
cblr-9109	312	26	it	it	PRON
cblr-9109	312	27	incorporates	incorporate	VERB
cblr-9109	312	28	new	new	ADJ
cblr-9109	312	29	information	information	NOUN
cblr-9109	312	30	quickly	quickly	ADV
cblr-9109	312	31	and	and	CCONJ
cblr-9109	312	32	accurately	accurately	ADV
cblr-9109	312	33	into	into	ADP
cblr-9109	312	34	prices	price	NOUN
cblr-9109	312	35	.	.	PUNCT
cblr-9109	312	36	”	"	PUNCT
cblr-9109	312	37	)	)	PUNCT
cblr-9109	312	38	.	.	PUNCT
cblr-9109	313	1	51	51	NUM
cblr-9109	313	2	see	see	VERB
cblr-9109	313	3	fox	fox	PROPN
cblr-9109	313	4	et	et	PROPN
cblr-9109	313	5	al	al	PROPN
cblr-9109	313	6	.	.	PROPN
cblr-9109	313	7	,	,	PUNCT
cblr-9109	313	8	new	new	ADJ
cblr-9109	313	9	stock	stock	NOUN
cblr-9109	313	10	market	market	NOUN
cblr-9109	313	11	,	,	PUNCT
cblr-9109	313	12	supra	supra	PROPN
cblr-9109	313	13	note	note	NOUN
cblr-9109	313	14	3	3	NUM
cblr-9109	313	15	,	,	PUNCT
cblr-9109	313	16	at	at	ADP
cblr-9109	313	17	34	34	NUM
cblr-9109	313	18	.	.	NOUN
cblr-9109	313	19	52	52	NUM
cblr-9109	313	20	for	for	ADP
cblr-9109	313	21	further	further	ADJ
cblr-9109	313	22	detail	detail	NOUN
cblr-9109	313	23	,	,	PUNCT
cblr-9109	313	24	see	see	VERB
cblr-9109	313	25	fox	fox	PROPN
cblr-9109	313	26	et	et	PROPN
cblr-9109	313	27	al	al	PROPN
cblr-9109	313	28	.	.	PROPN
cblr-9109	313	29	,	,	PUNCT
cblr-9109	313	30	informed	inform	VERB
cblr-9109	313	31	trading	trading	NOUN
cblr-9109	313	32	,	,	PUNCT
cblr-9109	313	33	supra	supra	PROPN
cblr-9109	313	34	note	note	NOUN
cblr-9109	313	35	32	32	NUM
cblr-9109	313	36	,	,	PUNCT
cblr-9109	313	37	at	at	ADP
cblr-9109	313	38	833–34	833–34	NUM
cblr-9109	313	39	.	.	PUNCT
cblr-9109	314	1	see	see	VERB
cblr-9109	314	2	also	also	ADV
cblr-9109	314	3	merritt	merritt	PROPN
cblr-9109	314	4	b.	b.	PROPN
cblr-9109	314	5	fox	fox	PROPN
cblr-9109	314	6	,	,	PUNCT
cblr-9109	314	7	civil	civil	ADJ
cblr-9109	314	8	liability	liability	NOUN
cblr-9109	314	9	and	and	CCONJ
cblr-9109	314	10	mandatory	mandatory	ADJ
cblr-9109	314	11	disclosure	disclosure	NOUN
cblr-9109	314	12	,	,	PUNCT
cblr-9109	314	13	109	109	NUM
cblr-9109	314	14	colum	colum	NOUN
cblr-9109	314	15	.	.	PUNCT
cblr-9109	315	1	l.	l.	PROPN
cblr-9109	315	2	rev	rev	PROPN
cblr-9109	315	3	.	.	PROPN
cblr-9109	315	4	237	237	NUM
cblr-9109	315	5	,	,	PUNCT
cblr-9109	315	6	260–64	260–64	PROPN
cblr-9109	315	7	(	(	PUNCT
cblr-9109	315	8	2009	2009	NUM
cblr-9109	315	9	)	)	PUNCT
cblr-9109	316	1	[	[	X
cblr-9109	316	2	hereinafter	hereinafter	NOUN
cblr-9109	316	3	fox	fox	NOUN
cblr-9109	316	4	,	,	PUNCT
cblr-9109	316	5	civil	civil	ADJ
cblr-9109	316	6	liability	liability	NOUN
cblr-9109	316	7	and	and	CCONJ
cblr-9109	316	8	mandatory	mandatory	ADJ
cblr-9109	316	9	disclosure	disclosure	NOUN
cblr-9109	316	10	]	]	X
cblr-9109	316	11	;	;	PUNCT
cblr-9109	316	12	marcel	marcel	PROPN
cblr-9109	316	13	kahan	kahan	PROPN
cblr-9109	316	14	,	,	PUNCT
cblr-9109	316	15	securities	security	NOUN
cblr-9109	316	16	laws	law	NOUN
cblr-9109	316	17	and	and	CCONJ
cblr-9109	316	18	the	the	DET
cblr-9109	316	19	social	social	ADJ
cblr-9109	316	20	costs	cost	NOUN
cblr-9109	316	21	of	of	ADP
cblr-9109	316	22	“	"	PUNCT
cblr-9109	316	23	inaccurate	inaccurate	ADJ
cblr-9109	316	24	”	"	PUNCT
cblr-9109	316	25	stock	stock	NOUN
cblr-9109	316	26	prices	price	NOUN
cblr-9109	316	27	,	,	PUNCT
cblr-9109	316	28	41	41	NUM
cblr-9109	316	29	duke	duke	PROPN
cblr-9109	316	30	l.	l.	PROPN
cblr-9109	316	31	j.	j.	PROPN
cblr-9109	316	32	977	977	PROPN
cblr-9109	316	33	,	,	PUNCT
cblr-9109	316	34	1005–16	1005–16	NUM
cblr-9109	316	35	(	(	PUNCT
cblr-9109	316	36	1992	1992	NUM
cblr-9109	316	37	)	)	PUNCT
cblr-9109	316	38	.	.	PUNCT
cblr-9109	317	1	see	see	VERB
cblr-9109	317	2	generally	generally	ADV
cblr-9109	317	3	qi	qi	PROPN
cblr-9109	317	4	chen	chen	PROPN
cblr-9109	317	5	,	,	PUNCT
cblr-9109	317	6	itay	itay	PROPN
cblr-9109	317	7	goldstein	goldstein	PROPN
cblr-9109	317	8	&	&	CCONJ
cblr-9109	317	9	wei	wei	PROPN
cblr-9109	317	10	jiang	jiang	PROPN
cblr-9109	317	11	,	,	PUNCT
cblr-9109	317	12	price	price	VERB
cblr-9109	317	13	no	no	NOUN
cblr-9109	317	14	.	.	PUNCT
cblr-9109	318	1	3:1244	3:1244	NUM
cblr-9109	318	2	]	]	X
cblr-9109	318	3	spoofing	spoofing	NOUN
cblr-9109	318	4	and	and	CCONJ
cblr-9109	318	5	its	its	PRON
cblr-9109	318	6	regulation	regulation	NOUN
cblr-9109	318	7	1265	1265	NUM
cblr-9109	318	8	accurate	accurate	ADJ
cblr-9109	318	9	share	share	NOUN
cblr-9109	318	10	prices	price	NOUN
cblr-9109	318	11	help	help	AUX
cblr-9109	318	12	reveal	reveal	VERB
cblr-9109	318	13	badly	badly	ADV
cblr-9109	318	14	performing	perform	VERB
cblr-9109	318	15	managers	manager	NOUN
cblr-9109	318	16	and	and	CCONJ
cblr-9109	318	17	sharpen	sharpen	NOUN
cblr-9109	318	18	incentives	incentive	NOUN
cblr-9109	318	19	for	for	ADP
cblr-9109	318	20	superior	superior	ADJ
cblr-9109	318	21	managerial	managerial	ADJ
cblr-9109	318	22	decisionmaking	decisionmake	VERB
cblr-9109	318	23	with	with	ADP
cblr-9109	318	24	respect	respect	NOUN
cblr-9109	318	25	to	to	ADP
cblr-9109	318	26	the	the	DET
cblr-9109	318	27	first	first	ADJ
cblr-9109	318	28	two	two	NUM
cblr-9109	318	29	basic	basic	ADJ
cblr-9109	318	30	social	social	ADJ
cblr-9109	318	31	goals.53	goals.53	NOUN
cblr-9109	318	32	over	over	ADP
cblr-9109	318	33	time	time	NOUN
cblr-9109	318	34	,	,	PUNCT
cblr-9109	318	35	more	more	ADV
cblr-9109	318	36	accurate	accurate	ADJ
cblr-9109	318	37	share	share	NOUN
cblr-9109	318	38	prices	price	NOUN
cblr-9109	318	39	are	be	AUX
cblr-9109	318	40	also	also	ADV
cblr-9109	318	41	likely	likely	ADJ
cblr-9109	318	42	to	to	PART
cblr-9109	318	43	increase	increase	VERB
cblr-9109	318	44	investors	investor	NOUN
cblr-9109	318	45	’	'	PUNCT
cblr-9109	318	46	sense	sense	NOUN
cblr-9109	318	47	of	of	ADP
cblr-9109	318	48	fairness	fairness	NOUN
cblr-9109	318	49	—	—	PUNCT
cblr-9109	318	50	a	a	DET
cblr-9109	318	51	part	part	NOUN
cblr-9109	318	52	of	of	ADP
cblr-9109	318	53	the	the	DET
cblr-9109	318	54	fifth	fifth	ADJ
cblr-9109	318	55	basic	basic	ADJ
cblr-9109	318	56	social	social	ADJ
cblr-9109	318	57	goal	goal	NOUN
cblr-9109	318	58	—	—	PUNCT
cblr-9109	318	59	because	because	SCONJ
cblr-9109	318	60	these	these	DET
cblr-9109	318	61	investors	investor	NOUN
cblr-9109	318	62	will	will	AUX
cblr-9109	318	63	sustain	sustain	VERB
cblr-9109	318	64	fewer	few	ADJ
cblr-9109	318	65	negative	negative	ADJ
cblr-9109	318	66	surprises	surprise	NOUN
cblr-9109	318	67	following	follow	VERB
cblr-9109	318	68	their	their	PRON
cblr-9109	318	69	purchase	purchase	NOUN
cblr-9109	318	70	or	or	CCONJ
cblr-9109	318	71	sale.54	sale.54	NUM
cblr-9109	318	72	2	2	NUM
cblr-9109	318	73	.	.	PUNCT
cblr-9109	318	74	liquidity	liquidity	NOUN
cblr-9109	318	75	liquidity	liquidity	NOUN
cblr-9109	318	76	is	be	AUX
cblr-9109	318	77	a	a	DET
cblr-9109	318	78	multi	multi	ADJ
cblr-9109	318	79	-	-	ADJ
cblr-9109	318	80	dimensional	dimensional	ADJ
cblr-9109	318	81	concept	concept	NOUN
cblr-9109	318	82	that	that	PRON
cblr-9109	318	83	refers	refer	VERB
cblr-9109	318	84	to	to	ADP
cblr-9109	318	85	the	the	DET
cblr-9109	318	86	size	size	NOUN
cblr-9109	318	87	of	of	ADP
cblr-9109	318	88	a	a	DET
cblr-9109	318	89	trade	trade	NOUN
cblr-9109	318	90	,	,	PUNCT
cblr-9109	318	91	the	the	DET
cblr-9109	318	92	price	price	NOUN
cblr-9109	318	93	at	at	ADP
cblr-9109	318	94	which	which	PRON
cblr-9109	318	95	the	the	DET
cblr-9109	318	96	trade	trade	NOUN
cblr-9109	318	97	occurs	occur	VERB
cblr-9109	318	98	,	,	PUNCT
cblr-9109	318	99	and	and	CCONJ
cblr-9109	318	100	the	the	DET
cblr-9109	318	101	time	time	NOUN
cblr-9109	318	102	it	it	PRON
cblr-9109	318	103	takes	take	VERB
cblr-9109	318	104	to	to	PART
cblr-9109	318	105	execute	execute	VERB
cblr-9109	318	106	the	the	DET
cblr-9109	318	107	trade	trade	NOUN
cblr-9109	318	108	.	.	PUNCT
cblr-9109	319	1	in	in	ADP
cblr-9109	319	2	general	general	ADJ
cblr-9109	319	3	,	,	PUNCT
cblr-9109	319	4	the	the	PRON
cblr-9109	319	5	larger	large	ADJ
cblr-9109	319	6	the	the	DET
cblr-9109	319	7	size	size	NOUN
cblr-9109	319	8	of	of	ADP
cblr-9109	319	9	the	the	DET
cblr-9109	319	10	trade	trade	NOUN
cblr-9109	319	11	and	and	CCONJ
cblr-9109	319	12	the	the	DET
cblr-9109	319	13	more	more	ADV
cblr-9109	319	14	quickly	quickly	ADV
cblr-9109	319	15	one	one	NUM
cblr-9109	319	16	wishes	wish	VERB
cblr-9109	319	17	to	to	PART
cblr-9109	319	18	accomplish	accomplish	VERB
cblr-9109	319	19	it	it	PRON
cblr-9109	319	20	,	,	PUNCT
cblr-9109	319	21	the	the	DET
cblr-9109	319	22	more	more	ADV
cblr-9109	319	23	inferior	inferior	ADJ
cblr-9109	319	24	(	(	PUNCT
cblr-9109	319	25	higher	high	ADJ
cblr-9109	319	26	for	for	ADP
cblr-9109	319	27	a	a	DET
cblr-9109	319	28	buyer	buyer	NOUN
cblr-9109	319	29	,	,	PUNCT
cblr-9109	319	30	lower	low	ADJ
cblr-9109	319	31	for	for	ADP
cblr-9109	319	32	a	a	DET
cblr-9109	319	33	seller	seller	NOUN
cblr-9109	319	34	)	)	PUNCT
cblr-9109	319	35	the	the	DET
cblr-9109	319	36	price	price	NOUN
cblr-9109	319	37	will	will	AUX
cblr-9109	319	38	be	be	AUX
cblr-9109	319	39	.	.	PUNCT
cblr-9109	320	1	however	however	ADV
cblr-9109	320	2	,	,	PUNCT
cblr-9109	320	3	these	these	DET
cblr-9109	320	4	tradeoffs	tradeoff	NOUN
cblr-9109	320	5	will	will	AUX
cblr-9109	320	6	be	be	AUX
cblr-9109	320	7	less	less	ADV
cblr-9109	320	8	severe	severe	ADJ
cblr-9109	320	9	the	the	DET
cblr-9109	320	10	more	more	ADV
cblr-9109	320	11	liquid	liquid	ADJ
cblr-9109	320	12	the	the	DET
cblr-9109	320	13	market	market	NOUN
cblr-9109	320	14	is.55	is.55	PROPN
cblr-9109	320	15	liquidity	liquidity	NOUN
cblr-9109	320	16	also	also	ADV
cblr-9109	320	17	interacts	interact	VERB
cblr-9109	320	18	with	with	ADP
cblr-9109	320	19	a	a	DET
cblr-9109	320	20	number	number	NOUN
cblr-9109	320	21	of	of	ADP
cblr-9109	320	22	social	social	ADJ
cblr-9109	320	23	goals.56	goals.56	PROPN
cblr-9109	320	24	greater	great	ADJ
cblr-9109	320	25	liquidity	liquidity	NOUN
cblr-9109	320	26	leads	lead	VERB
cblr-9109	320	27	to	to	ADP
cblr-9109	320	28	more	more	ADV
cblr-9109	320	29	efficient	efficient	ADJ
cblr-9109	320	30	allocation	allocation	NOUN
cblr-9109	320	31	of	of	ADP
cblr-9109	320	32	social	social	ADJ
cblr-9109	320	33	resources	resource	NOUN
cblr-9109	320	34	over	over	ADP
cblr-9109	320	35	time	time	NOUN
cblr-9109	320	36	,	,	PUNCT
cblr-9109	320	37	the	the	DET
cblr-9109	320	38	third	third	ADJ
cblr-9109	320	39	social	social	ADJ
cblr-9109	320	40	goal.57	goal.57	NOUN
cblr-9109	320	41	by	by	ADP
cblr-9109	320	42	lowering	lower	VERB
cblr-9109	320	43	transaction	transaction	NOUN
cblr-9109	320	44	costs	cost	NOUN
cblr-9109	320	45	associated	associate	VERB
cblr-9109	320	46	informativeness	informativeness	NOUN
cblr-9109	320	47	and	and	CCONJ
cblr-9109	320	48	investment	investment	NOUN
cblr-9109	320	49	sensitivity	sensitivity	NOUN
cblr-9109	320	50	to	to	ADP
cblr-9109	320	51	stock	stock	NOUN
cblr-9109	320	52	price	price	NOUN
cblr-9109	320	53	,	,	PUNCT
cblr-9109	320	54	20	20	NUM
cblr-9109	320	55	rev	rev	X
cblr-9109	320	56	.	.	PROPN
cblr-9109	320	57	fin	fin	NOUN
cblr-9109	320	58	.	.	PUNCT
cblr-9109	321	1	studs	stud	NOUN
cblr-9109	321	2	.	.	PUNCT
cblr-9109	322	1	619	619	NUM
cblr-9109	322	2	(	(	PUNCT
cblr-9109	322	3	2007	2007	NUM
cblr-9109	322	4	)	)	PUNCT
cblr-9109	322	5	.	.	PUNCT
cblr-9109	323	1	53	53	NUM
cblr-9109	323	2	fox	fox	NOUN
cblr-9109	323	3	,	,	PUNCT
cblr-9109	323	4	civil	civil	ADJ
cblr-9109	323	5	liability	liability	NOUN
cblr-9109	323	6	and	and	CCONJ
cblr-9109	323	7	mandatory	mandatory	ADJ
cblr-9109	323	8	disclosure	disclosure	NOUN
cblr-9109	323	9	,	,	PUNCT
cblr-9109	323	10	supra	supra	PROPN
cblr-9109	323	11	note	note	NOUN
cblr-9109	323	12	52	52	NUM
cblr-9109	323	13	,	,	PUNCT
cblr-9109	323	14	at	at	ADP
cblr-9109	323	15	258–60	258–60	NOUN
cblr-9109	323	16	.	.	PUNCT
cblr-9109	324	1	there	there	PRON
cblr-9109	324	2	is	be	VERB
cblr-9109	324	3	plentiful	plentiful	ADJ
cblr-9109	324	4	empirical	empirical	ADJ
cblr-9109	324	5	evidence	evidence	NOUN
cblr-9109	324	6	to	to	PART
cblr-9109	324	7	indicate	indicate	VERB
cblr-9109	324	8	that	that	PRON
cblr-9109	324	9	accurate	accurate	ADJ
cblr-9109	324	10	price	price	NOUN
cblr-9109	324	11	signals	signal	NOUN
cblr-9109	324	12	do	do	AUX
cblr-9109	324	13	in	in	ADP
cblr-9109	324	14	fact	fact	NOUN
cblr-9109	324	15	enhance	enhance	VERB
cblr-9109	324	16	the	the	DET
cblr-9109	324	17	efficiency	efficiency	NOUN
cblr-9109	324	18	of	of	ADP
cblr-9109	324	19	managerial	managerial	ADJ
cblr-9109	324	20	decisions	decision	NOUN
cblr-9109	324	21	.	.	PUNCT
cblr-9109	325	1	see	see	VERB
cblr-9109	325	2	,	,	PUNCT
cblr-9109	325	3	e.g.	e.g.	ADV
cblr-9109	325	4	,	,	PUNCT
cblr-9109	325	5	foucault	foucault	PROPN
cblr-9109	325	6	et	et	PROPN
cblr-9109	325	7	al	al	PROPN
cblr-9109	325	8	.	.	PROPN
cblr-9109	325	9	,	,	PUNCT
cblr-9109	325	10	supra	supra	PROPN
cblr-9109	325	11	note	note	VERB
cblr-9109	325	12	50	50	NUM
cblr-9109	325	13	,	,	PUNCT
cblr-9109	325	14	at	at	ADP
cblr-9109	325	15	361–68	361–68	PROPN
cblr-9109	325	16	(	(	PUNCT
cblr-9109	325	17	collecting	collect	VERB
cblr-9109	325	18	relevant	relevant	ADJ
cblr-9109	325	19	empirical	empirical	ADJ
cblr-9109	325	20	studies	study	NOUN
cblr-9109	325	21	)	)	PUNCT
cblr-9109	325	22	.	.	PUNCT
cblr-9109	326	1	54	54	NUM
cblr-9109	326	2	when	when	SCONJ
cblr-9109	326	3	a	a	DET
cblr-9109	326	4	negative	negative	ADJ
cblr-9109	326	5	surprise	surprise	NOUN
cblr-9109	326	6	occurs	occur	VERB
cblr-9109	326	7	,	,	PUNCT
cblr-9109	326	8	it	it	PRON
cblr-9109	326	9	leads	lead	VERB
cblr-9109	326	10	to	to	PART
cblr-9109	326	11	grievance	grievance	VERB
cblr-9109	326	12	even	even	ADV
cblr-9109	326	13	though	though	SCONJ
cblr-9109	326	14	a	a	DET
cblr-9109	326	15	positive	positive	ADJ
cblr-9109	326	16	surprise	surprise	NOUN
cblr-9109	326	17	was	be	AUX
cblr-9109	326	18	equally	equally	ADV
cblr-9109	326	19	probable	probable	ADJ
cblr-9109	326	20	ex	ex	PRON
cblr-9109	326	21	ante	ante	NOUN
cblr-9109	326	22	.	.	PUNCT
cblr-9109	327	1	see	see	VERB
cblr-9109	327	2	,	,	PUNCT
cblr-9109	327	3	e.g.	e.g.	ADV
cblr-9109	327	4	,	,	PUNCT
cblr-9109	327	5	donald	donald	PROPN
cblr-9109	327	6	c.	c.	PROPN
cblr-9109	327	7	langevoort	langevoort	PROPN
cblr-9109	327	8	,	,	PUNCT
cblr-9109	327	9	selling	sell	VERB
cblr-9109	327	10	hope	hope	NOUN
cblr-9109	327	11	,	,	PUNCT
cblr-9109	327	12	selling	sell	VERB
cblr-9109	327	13	risk	risk	NOUN
cblr-9109	327	14	:	:	PUNCT
cblr-9109	327	15	corporations	corporation	NOUN
cblr-9109	327	16	,	,	PUNCT
cblr-9109	327	17	wall	wall	PROPN
cblr-9109	327	18	street	street	PROPN
cblr-9109	327	19	,	,	PUNCT
cblr-9109	327	20	and	and	CCONJ
cblr-9109	327	21	the	the	DET
cblr-9109	327	22	dilemmas	dilemma	NOUN
cblr-9109	327	23	of	of	ADP
cblr-9109	327	24	investor	investor	NOUN
cblr-9109	327	25	protection	protection	NOUN
cblr-9109	327	26	11	11	NUM
cblr-9109	327	27	(	(	PUNCT
cblr-9109	327	28	2016	2016	NUM
cblr-9109	327	29	)	)	PUNCT
cblr-9109	327	30	.	.	PUNCT
cblr-9109	328	1	55	55	NUM
cblr-9109	328	2	for	for	ADP
cblr-9109	328	3	a	a	DET
cblr-9109	328	4	small	small	ADJ
cblr-9109	328	5	retail	retail	ADJ
cblr-9109	328	6	trade	trade	NOUN
cblr-9109	328	7	,	,	PUNCT
cblr-9109	328	8	the	the	DET
cblr-9109	328	9	“	"	PUNCT
cblr-9109	328	10	bid	bid	NOUN
cblr-9109	328	11	-	-	PUNCT
cblr-9109	328	12	ask	ask	NOUN
cblr-9109	328	13	spread	spread	NOUN
cblr-9109	328	14	”	"	PUNCT
cblr-9109	328	15	is	be	AUX
cblr-9109	328	16	a	a	DET
cblr-9109	328	17	useful	useful	ADJ
cblr-9109	328	18	measure	measure	NOUN
cblr-9109	328	19	of	of	ADP
cblr-9109	328	20	liquidity	liquidity	NOUN
cblr-9109	328	21	because	because	SCONJ
cblr-9109	328	22	the	the	DET
cblr-9109	328	23	trader	trader	NOUN
cblr-9109	328	24	can	can	AUX
cblr-9109	328	25	buy	buy	VERB
cblr-9109	328	26	or	or	CCONJ
cblr-9109	328	27	sell	sell	VERB
cblr-9109	328	28	instantly	instantly	ADV
cblr-9109	328	29	at	at	ADP
cblr-9109	328	30	those	those	DET
cblr-9109	328	31	respective	respective	ADJ
cblr-9109	328	32	prices	price	NOUN
cblr-9109	328	33	and	and	CCONJ
cblr-9109	328	34	will	will	AUX
cblr-9109	328	35	basically	basically	ADV
cblr-9109	328	36	be	be	AUX
cblr-9109	328	37	paying	pay	VERB
cblr-9109	328	38	half	half	DET
cblr-9109	328	39	the	the	DET
cblr-9109	328	40	spread	spread	NOUN
cblr-9109	328	41	to	to	PART
cblr-9109	328	42	do	do	VERB
cblr-9109	328	43	so	so	ADV
cblr-9109	328	44	.	.	PUNCT
cblr-9109	329	1	for	for	ADP
cblr-9109	329	2	larger	large	ADJ
cblr-9109	329	3	orders	order	NOUN
cblr-9109	329	4	,	,	PUNCT
cblr-9109	329	5	the	the	DET
cblr-9109	329	6	volume	volume	NOUN
cblr-9109	329	7	of	of	ADP
cblr-9109	329	8	shares	share	NOUN
cblr-9109	329	9	available	available	ADJ
cblr-9109	329	10	at	at	ADP
cblr-9109	329	11	prices	price	NOUN
cblr-9109	329	12	not	not	PART
cblr-9109	329	13	too	too	ADV
cblr-9109	329	14	inferior	inferior	ADJ
cblr-9109	329	15	to	to	ADP
cblr-9109	329	16	the	the	DET
cblr-9109	329	17	best	good	ADJ
cblr-9109	329	18	bid	bid	NOUN
cblr-9109	329	19	or	or	CCONJ
cblr-9109	329	20	offer	offer	NOUN
cblr-9109	329	21	(	(	PUNCT
cblr-9109	329	22	the	the	DET
cblr-9109	329	23	“	"	PUNCT
cblr-9109	329	24	depth	depth	NOUN
cblr-9109	329	25	of	of	ADP
cblr-9109	329	26	the	the	DET
cblr-9109	329	27	book	book	NOUN
cblr-9109	329	28	”	"	PUNCT
cblr-9109	329	29	)	)	PUNCT
cblr-9109	329	30	is	be	AUX
cblr-9109	329	31	also	also	ADV
cblr-9109	329	32	relevant	relevant	ADJ
cblr-9109	329	33	.	.	PUNCT
cblr-9109	330	1	see	see	VERB
cblr-9109	330	2	fox	fox	PROPN
cblr-9109	330	3	et	et	PROPN
cblr-9109	330	4	al	al	PROPN
cblr-9109	330	5	.	.	PROPN
cblr-9109	330	6	,	,	PUNCT
cblr-9109	330	7	informed	inform	VERB
cblr-9109	330	8	trading	trading	NOUN
cblr-9109	330	9	,	,	PUNCT
cblr-9109	330	10	supra	supra	PROPN
cblr-9109	330	11	note	note	NOUN
cblr-9109	330	12	32	32	NUM
cblr-9109	330	13	.	.	PUNCT
cblr-9109	330	14	56	56	NUM
cblr-9109	330	15	for	for	ADP
cblr-9109	330	16	further	further	ADJ
cblr-9109	330	17	detail	detail	NOUN
cblr-9109	330	18	,	,	PUNCT
cblr-9109	330	19	see	see	VERB
cblr-9109	330	20	fox	fox	PROPN
cblr-9109	330	21	et	et	PROPN
cblr-9109	330	22	al	al	PROPN
cblr-9109	330	23	.	.	PROPN
cblr-9109	330	24	,	,	PUNCT
cblr-9109	330	25	informed	inform	VERB
cblr-9109	330	26	trading	trading	NOUN
cblr-9109	330	27	,	,	PUNCT
cblr-9109	330	28	supra	supra	PROPN
cblr-9109	330	29	note	note	NOUN
cblr-9109	330	30	32	32	NUM
cblr-9109	330	31	,	,	PUNCT
cblr-9109	330	32	at	at	ADP
cblr-9109	330	33	834–35	834–35	NUM
cblr-9109	330	34	.	.	PUNCT
cblr-9109	331	1	57	57	NUM
cblr-9109	332	1	i	i	PRON
cblr-9109	332	2	d.	d.	VERB
cblr-9109	332	3	the	the	DET
cblr-9109	332	4	more	more	ADV
cblr-9109	332	5	liquid	liquid	ADJ
cblr-9109	332	6	that	that	PRON
cblr-9109	332	7	investors	investor	NOUN
cblr-9109	332	8	believe	believe	VERB
cblr-9109	332	9	an	an	DET
cblr-9109	332	10	issuer	issuer	NOUN
cblr-9109	332	11	’s	’s	PART
cblr-9109	332	12	shares	share	NOUN
cblr-9109	332	13	will	will	AUX
cblr-9109	332	14	be	be	AUX
cblr-9109	332	15	in	in	ADP
cblr-9109	332	16	the	the	DET
cblr-9109	332	17	future	future	NOUN
cblr-9109	332	18	,	,	PUNCT
cblr-9109	332	19	the	the	PRON
cblr-9109	332	20	higher	high	ADJ
cblr-9109	332	21	the	the	DET
cblr-9109	332	22	price	price	NOUN
cblr-9109	332	23	at	at	ADP
cblr-9109	332	24	which	which	PRON
cblr-9109	332	25	the	the	DET
cblr-9109	332	26	issuer	issuer	NOUN
cblr-9109	332	27	can	can	AUX
cblr-9109	332	28	sell	sell	VERB
cblr-9109	332	29	its	its	PRON
cblr-9109	332	30	shares	share	NOUN
cblr-9109	332	31	(	(	PUNCT
cblr-9109	332	32	the	the	DET
cblr-9109	332	33	1266	1266	NUM
cblr-9109	332	34	columbia	columbia	PROPN
cblr-9109	332	35	business	business	NOUN
cblr-9109	332	36	law	law	PROPN
cblr-9109	332	37	review	review	NOUN
cblr-9109	332	38	[	[	X
cblr-9109	332	39	vol	vol	NOUN
cblr-9109	332	40	.	.	PUNCT
cblr-9109	332	41	2021	2021	NUM
cblr-9109	332	42	with	with	ADP
cblr-9109	332	43	the	the	DET
cblr-9109	332	44	purchase	purchase	NOUN
cblr-9109	332	45	and	and	CCONJ
cblr-9109	332	46	sale	sale	NOUN
cblr-9109	332	47	of	of	ADP
cblr-9109	332	48	securities	security	NOUN
cblr-9109	332	49	,	,	PUNCT
cblr-9109	332	50	more	more	ADJ
cblr-9109	332	51	liquidity	liquidity	NOUN
cblr-9109	332	52	also	also	ADV
cblr-9109	332	53	fosters	foster	VERB
cblr-9109	332	54	more	more	ADV
cblr-9109	332	55	efficient	efficient	ADJ
cblr-9109	332	56	allocation	allocation	NOUN
cblr-9109	332	57	of	of	ADP
cblr-9109	332	58	risk	risk	NOUN
cblr-9109	332	59	,	,	PUNCT
cblr-9109	332	60	the	the	DET
cblr-9109	332	61	fourth	fourth	ADJ
cblr-9109	332	62	basic	basic	ADJ
cblr-9109	332	63	social	social	ADJ
cblr-9109	332	64	goal.58	goal.58	ADJ
cblr-9109	332	65	increased	increase	VERB
cblr-9109	332	66	liquidity	liquidity	NOUN
cblr-9109	332	67	also	also	ADV
cblr-9109	332	68	increases	increase	VERB
cblr-9109	332	69	share	share	NOUN
cblr-9109	332	70	price	price	NOUN
cblr-9109	332	71	accuracy	accuracy	NOUN
cblr-9109	332	72	by	by	ADP
cblr-9109	332	73	reducing	reduce	VERB
cblr-9109	332	74	the	the	DET
cblr-9109	332	75	transaction	transaction	NOUN
cblr-9109	332	76	costs	cost	NOUN
cblr-9109	332	77	associated	associate	VERB
cblr-9109	332	78	with	with	ADP
cblr-9109	332	79	fundamental	fundamental	ADJ
cblr-9109	332	80	informed	informed	ADJ
cblr-9109	332	81	trading	trading	NOUN
cblr-9109	332	82	and	and	CCONJ
cblr-9109	332	83	spurring	spur	VERB
cblr-9109	332	84	such	such	ADJ
cblr-9109	332	85	activity	activity	NOUN
cblr-9109	332	86	,	,	PUNCT
cblr-9109	332	87	with	with	ADP
cblr-9109	332	88	the	the	DET
cblr-9109	332	89	associated	associated	ADJ
cblr-9109	332	90	benefits	benefit	NOUN
cblr-9109	332	91	discussed	discuss	VERB
cblr-9109	332	92	above	above	ADP
cblr-9109	332	93	of	of	ADP
cblr-9109	332	94	increasing	increase	VERB
cblr-9109	332	95	efficient	efficient	ADJ
cblr-9109	332	96	allocation	allocation	NOUN
cblr-9109	332	97	of	of	ADP
cblr-9109	332	98	capital	capital	NOUN
cblr-9109	332	99	and	and	CCONJ
cblr-9109	332	100	use	use	NOUN
cblr-9109	332	101	of	of	ADP
cblr-9109	332	102	existing	exist	VERB
cblr-9109	332	103	productive	productive	ADJ
cblr-9109	332	104	capacity	capacity	NOUN
cblr-9109	332	105	—	—	PUNCT
cblr-9109	332	106	the	the	DET
cblr-9109	332	107	first	first	ADJ
cblr-9109	332	108	two	two	NUM
cblr-9109	332	109	social	social	ADJ
cblr-9109	332	110	goals.59	goals.59	NOUN
cblr-9109	332	111	iv	iv	NUM
cblr-9109	332	112	.	.	PUNCT
cblr-9109	333	1	the	the	DET
cblr-9109	333	2	workings	working	NOUN
cblr-9109	333	3	of	of	ADP
cblr-9109	333	4	the	the	DET
cblr-9109	333	5	equity	equity	NOUN
cblr-9109	333	6	market	market	NOUN
cblr-9109	333	7	assessing	assess	VERB
cblr-9109	333	8	the	the	DET
cblr-9109	333	9	impact	impact	NOUN
cblr-9109	333	10	of	of	ADP
cblr-9109	333	11	any	any	DET
cblr-9109	333	12	particular	particular	ADJ
cblr-9109	333	13	quoting	quoting	NOUN
cblr-9109	333	14	strategy	strategy	NOUN
cblr-9109	333	15	on	on	ADP
cblr-9109	333	16	price	price	NOUN
cblr-9109	333	17	accuracy	accuracy	NOUN
cblr-9109	333	18	and	and	CCONJ
cblr-9109	333	19	liquidity	liquidity	NOUN
cblr-9109	333	20	requires	require	VERB
cblr-9109	333	21	a	a	DET
cblr-9109	333	22	basic	basic	ADJ
cblr-9109	333	23	understanding	understanding	NOUN
cblr-9109	333	24	of	of	ADP
cblr-9109	333	25	how	how	SCONJ
cblr-9109	333	26	the	the	DET
cblr-9109	333	27	equity	equity	NOUN
cblr-9109	333	28	market	market	NOUN
cblr-9109	333	29	functions	function	NOUN
cblr-9109	333	30	.	.	PUNCT
cblr-9109	334	1	this	this	DET
cblr-9109	334	2	part	part	NOUN
cblr-9109	334	3	therefore	therefore	ADV
cblr-9109	334	4	supplies	supply	VERB
cblr-9109	334	5	a	a	DET
cblr-9109	334	6	brief	brief	ADJ
cblr-9109	334	7	description	description	NOUN
cblr-9109	334	8	that	that	PRON
cblr-9109	334	9	will	will	AUX
cblr-9109	334	10	provide	provide	VERB
cblr-9109	334	11	a	a	DET
cblr-9109	334	12	baseline	baseline	ADJ
cblr-9109	334	13	understanding	understanding	NOUN
cblr-9109	334	14	of	of	ADP
cblr-9109	334	15	how	how	SCONJ
cblr-9109	334	16	the	the	DET
cblr-9109	334	17	market	market	NOUN
cblr-9109	334	18	would	would	AUX
cblr-9109	334	19	work	work	VERB
cblr-9109	334	20	in	in	ADP
cblr-9109	334	21	the	the	DET
cblr-9109	334	22	absence	absence	NOUN
cblr-9109	334	23	of	of	ADP
cblr-9109	334	24	trade	trade	NOUN
cblr-9109	334	25	-	-	PUNCT
cblr-9109	334	26	based	base	VERB
cblr-9109	334	27	or	or	CCONJ
cblr-9109	334	28	quote	quote	ADV
cblr-9109	334	29	-	-	PUNCT
cblr-9109	334	30	based	base	VERB
cblr-9109	334	31	manipulation	manipulation	NOUN
cblr-9109	334	32	,	,	PUNCT
cblr-9109	334	33	which	which	PRON
cblr-9109	334	34	will	will	AUX
cblr-9109	334	35	in	in	ADP
cblr-9109	334	36	turn	turn	NOUN
cblr-9109	334	37	develop	develop	VERB
cblr-9109	334	38	the	the	DET
cblr-9109	334	39	tools	tool	NOUN
cblr-9109	334	40	to	to	PART
cblr-9109	334	41	understand	understand	VERB
cblr-9109	334	42	the	the	DET
cblr-9109	334	43	discussion	discussion	NOUN
cblr-9109	334	44	in	in	ADP
cblr-9109	334	45	part	part	NOUN
cblr-9109	334	46	v	v	NOUN
cblr-9109	334	47	as	as	ADP
cblr-9109	334	48	to	to	ADP
cblr-9109	334	49	the	the	DET
cblr-9109	334	50	impact	impact	NOUN
cblr-9109	334	51	of	of	ADP
cblr-9109	334	52	spoofing	spoof	VERB
cblr-9109	334	53	if	if	SCONJ
cblr-9109	334	54	it	it	PRON
cblr-9109	334	55	is	be	AUX
cblr-9109	334	56	present	present	ADJ
cblr-9109	334	57	in	in	ADP
cblr-9109	334	58	the	the	DET
cblr-9109	334	59	market	market	NOUN
cblr-9109	334	60	.	.	PUNCT
cblr-9109	335	1	a.	a.	NOUN
cblr-9109	335	2	market	market	NOUN
cblr-9109	335	3	participants	participant	NOUN
cblr-9109	335	4	and	and	CCONJ
cblr-9109	335	5	their	their	PRON
cblr-9109	335	6	reasons	reason	NOUN
cblr-9109	335	7	for	for	ADP
cblr-9109	335	8	trading	trading	NOUN
cblr-9109	335	9	traders	trader	NOUN
cblr-9109	335	10	in	in	ADP
cblr-9109	335	11	the	the	DET
cblr-9109	335	12	market	market	NOUN
cblr-9109	335	13	can	can	AUX
cblr-9109	335	14	be	be	AUX
cblr-9109	335	15	divided	divide	VERB
cblr-9109	335	16	into	into	ADP
cblr-9109	335	17	several	several	ADJ
cblr-9109	335	18	categories	category	NOUN
cblr-9109	335	19	:	:	PUNCT
cblr-9109	335	20	informed	inform	VERB
cblr-9109	335	21	traders	trader	NOUN
cblr-9109	335	22	,	,	PUNCT
cblr-9109	335	23	uninformed	uninformed	ADJ
cblr-9109	335	24	traders	trader	NOUN
cblr-9109	335	25	,	,	PUNCT
cblr-9109	335	26	and	and	CCONJ
cblr-9109	335	27	pricesensitive	pricesensitive	ADJ
cblr-9109	335	28	fundamental	fundamental	ADJ
cblr-9109	335	29	value	value	NOUN
cblr-9109	335	30	traders	trader	NOUN
cblr-9109	335	31	,	,	PUNCT
cblr-9109	335	32	among	among	ADP
cblr-9109	335	33	others.60	others.60	PROPN
cblr-9109	335	34	professional	professional	ADJ
cblr-9109	335	35	suppliers	supplier	NOUN
cblr-9109	335	36	of	of	ADP
cblr-9109	335	37	liquidity	liquidity	NOUN
cblr-9109	335	38	are	be	AUX
cblr-9109	335	39	also	also	ADV
cblr-9109	335	40	among	among	ADP
cblr-9109	335	41	the	the	DET
cblr-9109	335	42	buyers	buyer	NOUN
cblr-9109	335	43	and	and	CCONJ
cblr-9109	335	44	sellers	seller	NOUN
cblr-9109	335	45	in	in	ADP
cblr-9109	335	46	the	the	DET
cblr-9109	335	47	market	market	NOUN
cblr-9109	335	48	.	.	PUNCT
cblr-9109	336	1	as	as	SCONJ
cblr-9109	336	2	will	will	AUX
cblr-9109	336	3	be	be	AUX
cblr-9109	336	4	developed	develop	VERB
cblr-9109	336	5	in	in	ADP
cblr-9109	336	6	part	part	NOUN
cblr-9109	336	7	v	v	NOUN
cblr-9109	336	8	,	,	PUNCT
cblr-9109	336	9	a	a	DET
cblr-9109	336	10	trader	trader	NOUN
cblr-9109	336	11	engaging	engage	VERB
cblr-9109	336	12	in	in	ADP
cblr-9109	336	13	spoofing	spoof	VERB
cblr-9109	336	14	has	have	VERB
cblr-9109	336	15	a	a	DET
cblr-9109	336	16	special	special	ADJ
cblr-9109	336	17	kind	kind	NOUN
cblr-9109	336	18	of	of	ADP
cblr-9109	336	19	private	private	ADJ
cblr-9109	336	20	information	information	NOUN
cblr-9109	336	21	:	:	PUNCT
cblr-9109	336	22	the	the	DET
cblr-9109	336	23	knowledge	knowledge	NOUN
cblr-9109	336	24	that	that	PRON
cblr-9109	336	25	the	the	DET
cblr-9109	336	26	quote	quote	INTJ
cblr-9109	336	27	she	she	PRON
cblr-9109	336	28	has	have	AUX
cblr-9109	336	29	submitted	submit	VERB
cblr-9109	336	30	into	into	ADP
cblr-9109	336	31	the	the	DET
cblr-9109	336	32	market	market	NOUN
cblr-9109	336	33	does	do	AUX
cblr-9109	336	34	not	not	PART
cblr-9109	336	35	represent	represent	VERB
cblr-9109	336	36	an	an	DET
cblr-9109	336	37	assessment	assessment	NOUN
cblr-9109	336	38	by	by	ADP
cblr-9109	336	39	her	she	PRON
cblr-9109	336	40	that	that	SCONJ
cblr-9109	336	41	it	it	PRON
cblr-9109	336	42	would	would	AUX
cblr-9109	336	43	be	be	AUX
cblr-9109	336	44	advantageous	advantageous	ADJ
cblr-9109	336	45	for	for	SCONJ
cblr-9109	336	46	her	she	PRON
cblr-9109	336	47	to	to	PART
cblr-9109	336	48	have	have	VERB
cblr-9109	336	49	her	she	PRON
cblr-9109	336	50	quote	quote	INTJ
cblr-9109	336	51	executed	execute	VERB
cblr-9109	336	52	against	against	ADP
cblr-9109	336	53	.	.	PUNCT
cblr-9109	337	1	this	this	DET
cblr-9109	337	2	information	information	NOUN
cblr-9109	337	3	in	in	ADP
cblr-9109	337	4	some	some	DET
cblr-9109	337	5	ways	way	NOUN
cblr-9109	337	6	makes	make	VERB
cblr-9109	337	7	her	she	PRON
cblr-9109	337	8	similar	similar	ADJ
cblr-9109	337	9	to	to	ADP
cblr-9109	337	10	an	an	DET
cblr-9109	337	11	informed	informed	ADJ
cblr-9109	337	12	trader	trader	NOUN
cblr-9109	337	13	when	when	SCONJ
cblr-9109	337	14	she	she	PRON
cblr-9109	337	15	engages	engage	VERB
cblr-9109	337	16	in	in	ADP
cblr-9109	337	17	her	her	PRON
cblr-9109	337	18	actual	actual	ADJ
cblr-9109	337	19	purchase	purchase	NOUN
cblr-9109	337	20	more	more	ADV
cblr-9109	337	21	valuable	valuable	ADJ
cblr-9109	337	22	those	those	DET
cblr-9109	337	23	shares	share	NOUN
cblr-9109	337	24	are	be	AUX
cblr-9109	337	25	)	)	PUNCT
cblr-9109	337	26	,	,	PUNCT
cblr-9109	337	27	all	all	PRON
cblr-9109	337	28	else	else	ADV
cblr-9109	337	29	equal	equal	ADJ
cblr-9109	337	30	,	,	PUNCT
cblr-9109	337	31	which	which	PRON
cblr-9109	337	32	lowers	lower	VERB
cblr-9109	337	33	the	the	DET
cblr-9109	337	34	issuer	issuer	NOUN
cblr-9109	337	35	’s	’s	PART
cblr-9109	337	36	cost	cost	NOUN
cblr-9109	337	37	of	of	ADP
cblr-9109	337	38	capital	capital	NOUN
cblr-9109	337	39	.	.	PUNCT
cblr-9109	338	1	58	58	NUM
cblr-9109	339	1	i	i	PRON
cblr-9109	339	2	d.	d.	PROPN
cblr-9109	339	3	59	59	NUM
cblr-9109	339	4	see	see	VERB
cblr-9109	339	5	fox	fox	PROPN
cblr-9109	339	6	et	et	PROPN
cblr-9109	339	7	al	al	PROPN
cblr-9109	339	8	.	.	PROPN
cblr-9109	339	9	,	,	PUNCT
cblr-9109	339	10	manipulation	manipulation	NOUN
cblr-9109	339	11	,	,	PUNCT
cblr-9109	339	12	supra	supra	PROPN
cblr-9109	339	13	note	note	NOUN
cblr-9109	339	14	3	3	NUM
cblr-9109	339	15	,	,	PUNCT
cblr-9109	339	16	at	at	ADP
cblr-9109	339	17	53	53	NUM
cblr-9109	339	18	.	.	PUNCT
cblr-9109	339	19	60	60	NUM
cblr-9109	339	20	while	while	SCONJ
cblr-9109	339	21	dividing	divide	VERB
cblr-9109	339	22	traders	trader	NOUN
cblr-9109	339	23	into	into	ADP
cblr-9109	339	24	informed	informed	ADJ
cblr-9109	339	25	and	and	CCONJ
cblr-9109	339	26	uninformed	uninformed	ADJ
cblr-9109	339	27	is	be	AUX
cblr-9109	339	28	a	a	DET
cblr-9109	339	29	basic	basic	ADJ
cblr-9109	339	30	tool	tool	NOUN
cblr-9109	339	31	of	of	ADP
cblr-9109	339	32	microstructure	microstructure	ADJ
cblr-9109	339	33	economics	economic	NOUN
cblr-9109	339	34	,	,	PUNCT
cblr-9109	339	35	our	our	PRON
cblr-9109	339	36	taxonomy	taxonomy	NOUN
cblr-9109	339	37	is	be	AUX
cblr-9109	339	38	much	much	ADV
cblr-9109	339	39	indebted	indebted	ADJ
cblr-9109	339	40	to	to	ADP
cblr-9109	339	41	larry	larry	PROPN
cblr-9109	339	42	harris	harris	PROPN
cblr-9109	339	43	’s	’s	PART
cblr-9109	339	44	work	work	NOUN
cblr-9109	339	45	.	.	PUNCT
cblr-9109	340	1	see	see	VERB
cblr-9109	340	2	harris	harris	PROPN
cblr-9109	340	3	,	,	PUNCT
cblr-9109	340	4	trading	trading	NOUN
cblr-9109	340	5	&	&	CCONJ
cblr-9109	340	6	exchanges	exchange	NOUN
cblr-9109	340	7	,	,	PUNCT
cblr-9109	340	8	supra	supra	PROPN
cblr-9109	340	9	note	note	NOUN
cblr-9109	340	10	41	41	NUM
cblr-9109	340	11	,	,	PUNCT
cblr-9109	340	12	at	at	ADP
cblr-9109	340	13	194	194	NUM
cblr-9109	340	14	.	.	PUNCT
cblr-9109	341	1	no	no	INTJ
cblr-9109	341	2	.	.	PUNCT
cblr-9109	342	1	3:1244	3:1244	NUM
cblr-9109	342	2	]	]	X
cblr-9109	342	3	spoofing	spoofing	NOUN
cblr-9109	342	4	and	and	CCONJ
cblr-9109	342	5	its	its	PRON
cblr-9109	342	6	regulation	regulation	NOUN
cblr-9109	342	7	1267	1267	NUM
cblr-9109	342	8	or	or	CCONJ
cblr-9109	342	9	sale	sale	NOUN
cblr-9109	342	10	.	.	PUNCT
cblr-9109	343	1	the	the	DET
cblr-9109	343	2	baseline	baseline	PROPN
cblr-9109	343	3	depiction	depiction	NOUN
cblr-9109	343	4	of	of	ADP
cblr-9109	343	5	the	the	DET
cblr-9109	343	6	market	market	NOUN
cblr-9109	343	7	that	that	PRON
cblr-9109	343	8	follows	follow	VERB
cblr-9109	343	9	,	,	PUNCT
cblr-9109	343	10	however	however	ADV
cblr-9109	343	11	,	,	PUNCT
cblr-9109	343	12	assumes	assume	VERB
cblr-9109	343	13	that	that	SCONJ
cblr-9109	343	14	no	no	DET
cblr-9109	343	15	traders	trader	NOUN
cblr-9109	343	16	are	be	AUX
cblr-9109	343	17	carrying	carry	VERB
cblr-9109	343	18	out	out	ADP
cblr-9109	343	19	any	any	DET
cblr-9109	343	20	type	type	NOUN
cblr-9109	343	21	of	of	ADP
cblr-9109	343	22	quote	quote	NOUN
cblr-9109	343	23	or	or	CCONJ
cblr-9109	343	24	trade	trade	NOUN
cblr-9109	343	25	-	-	PUNCT
cblr-9109	343	26	based	base	VERB
cblr-9109	343	27	manipulation	manipulation	NOUN
cblr-9109	343	28	.	.	PUNCT
cblr-9109	344	1	1	1	X
cblr-9109	344	2	.	.	X
cblr-9109	344	3	informed	informed	ADJ
cblr-9109	344	4	traders	trader	NOUN
cblr-9109	344	5	informed	inform	VERB
cblr-9109	344	6	traders	trader	NOUN
cblr-9109	344	7	transact	transact	NOUN
cblr-9109	344	8	based	base	VERB
cblr-9109	344	9	on	on	ADP
cblr-9109	344	10	information	information	NOUN
cblr-9109	344	11	that	that	PRON
cblr-9109	344	12	provides	provide	VERB
cblr-9109	344	13	them	they	PRON
cblr-9109	344	14	with	with	ADP
cblr-9109	344	15	a	a	DET
cblr-9109	344	16	more	more	ADV
cblr-9109	344	17	accurate	accurate	ADJ
cblr-9109	344	18	assessment	assessment	NOUN
cblr-9109	344	19	of	of	ADP
cblr-9109	344	20	the	the	DET
cblr-9109	344	21	stock	stock	NOUN
cblr-9109	344	22	’s	’s	PART
cblr-9109	344	23	value	value	NOUN
cblr-9109	344	24	than	than	ADP
cblr-9109	344	25	the	the	DET
cblr-9109	344	26	assessment	assessment	NOUN
cblr-9109	344	27	implied	imply	VERB
cblr-9109	344	28	by	by	ADP
cblr-9109	344	29	the	the	DET
cblr-9109	344	30	stock	stock	NOUN
cblr-9109	344	31	’s	’s	PART
cblr-9109	344	32	current	current	ADJ
cblr-9109	344	33	market	market	NOUN
cblr-9109	344	34	price.61	price.61	NOUN
cblr-9109	344	35	this	this	DET
cblr-9109	344	36	information	information	NOUN
cblr-9109	344	37	can	can	AUX
cblr-9109	344	38	take	take	VERB
cblr-9109	344	39	several	several	ADJ
cblr-9109	344	40	forms	form	NOUN
cblr-9109	344	41	.	.	PUNCT
cblr-9109	345	1	fundamental	fundamental	ADJ
cblr-9109	345	2	-	-	PUNCT
cblr-9109	345	3	value	value	NOUN
cblr-9109	345	4	information	information	NOUN
cblr-9109	345	5	estimates	estimate	VERB
cblr-9109	345	6	an	an	DET
cblr-9109	345	7	issuer	issuer	NOUN
cblr-9109	345	8	’s	’s	PART
cblr-9109	345	9	future	future	ADJ
cblr-9109	345	10	cash	cash	NOUN
cblr-9109	345	11	flows	flow	NOUN
cblr-9109	345	12	discounted	discount	VERB
cblr-9109	345	13	to	to	ADP
cblr-9109	345	14	present	present	ADJ
cblr-9109	345	15	value	value	NOUN
cblr-9109	345	16	and	and	CCONJ
cblr-9109	345	17	is	be	AUX
cblr-9109	345	18	generated	generate	VERB
cblr-9109	345	19	by	by	ADP
cblr-9109	345	20	gathering	gather	VERB
cblr-9109	345	21	pieces	piece	NOUN
cblr-9109	345	22	of	of	ADP
cblr-9109	345	23	publicly	publicly	ADV
cblr-9109	345	24	available	available	ADJ
cblr-9109	345	25	information	information	NOUN
cblr-9109	345	26	about	about	ADP
cblr-9109	345	27	the	the	DET
cblr-9109	345	28	world	world	NOUN
cblr-9109	345	29	and	and	CCONJ
cblr-9109	345	30	analyzing	analyze	VERB
cblr-9109	345	31	that	that	DET
cblr-9109	345	32	information	information	NOUN
cblr-9109	345	33	,	,	PUNCT
cblr-9109	345	34	leading	lead	VERB
cblr-9109	345	35	to	to	ADP
cblr-9109	345	36	a	a	DET
cblr-9109	345	37	superior	superior	ADJ
cblr-9109	345	38	appraisal	appraisal	NOUN
cblr-9109	345	39	of	of	ADP
cblr-9109	345	40	those	those	DET
cblr-9109	345	41	cash	cash	NOUN
cblr-9109	345	42	flows.62	flows.62	NOUN
cblr-9109	345	43	announcement	announcement	NOUN
cblr-9109	345	44	information	information	NOUN
cblr-9109	345	45	appears	appear	VERB
cblr-9109	345	46	in	in	ADP
cblr-9109	345	47	an	an	DET
cblr-9109	345	48	announcement	announcement	NOUN
cblr-9109	345	49	by	by	ADP
cblr-9109	345	50	an	an	DET
cblr-9109	345	51	issuer	issuer	NOUN
cblr-9109	345	52	or	or	CCONJ
cblr-9109	345	53	other	other	ADJ
cblr-9109	345	54	institution	institution	NOUN
cblr-9109	345	55	with	with	ADP
cblr-9109	345	56	clear	clear	ADJ
cblr-9109	345	57	implications	implication	NOUN
cblr-9109	345	58	for	for	ADP
cblr-9109	345	59	the	the	DET
cblr-9109	345	60	issuer	issuer	NOUN
cblr-9109	345	61	’s	’s	PART
cblr-9109	345	62	future	future	ADJ
cblr-9109	345	63	cash	cash	NOUN
cblr-9109	345	64	flows	flow	NOUN
cblr-9109	345	65	,	,	PUNCT
cblr-9109	345	66	and	and	CCONJ
cblr-9109	345	67	is	be	AUX
cblr-9109	345	68	only	only	ADV
cblr-9109	345	69	profitable	profitable	ADJ
cblr-9109	345	70	during	during	ADP
cblr-9109	345	71	the	the	DET
cblr-9109	345	72	short	short	ADJ
cblr-9109	345	73	period	period	NOUN
cblr-9109	345	74	of	of	ADP
cblr-9109	345	75	time	time	NOUN
cblr-9109	345	76	between	between	ADP
cblr-9109	345	77	the	the	DET
cblr-9109	345	78	announcement	announcement	NOUN
cblr-9109	345	79	and	and	CCONJ
cblr-9109	345	80	when	when	SCONJ
cblr-9109	345	81	the	the	DET
cblr-9109	345	82	information	information	NOUN
cblr-9109	345	83	is	be	AUX
cblr-9109	345	84	fully	fully	ADV
cblr-9109	345	85	reflected	reflect	VERB
cblr-9109	345	86	in	in	ADP
cblr-9109	345	87	the	the	DET
cblr-9109	345	88	price.63	price.63	PROPN
cblr-9109	345	89	issuer	issuer	NOUN
cblr-9109	345	90	inside	inside	ADP
cblr-9109	345	91	information	information	NOUN
cblr-9109	345	92	is	be	AUX
cblr-9109	345	93	non	non	ADJ
cblr-9109	345	94	-	-	ADJ
cblr-9109	345	95	public	public	ADJ
cblr-9109	345	96	information	information	NOUN
cblr-9109	345	97	held	hold	VERB
cblr-9109	345	98	within	within	ADP
cblr-9109	345	99	an	an	DET
cblr-9109	345	100	issuer	issuer	NOUN
cblr-9109	345	101	that	that	PRON
cblr-9109	345	102	is	be	AUX
cblr-9109	345	103	not	not	PART
cblr-9109	345	104	yet	yet	ADV
cblr-9109	345	105	reflected	reflect	VERB
cblr-9109	345	106	in	in	ADP
cblr-9109	345	107	price	price	NOUN
cblr-9109	345	108	but	but	CCONJ
cblr-9109	345	109	is	be	AUX
cblr-9109	345	110	relevant	relevant	ADJ
cblr-9109	345	111	to	to	ADP
cblr-9109	345	112	its	its	PRON
cblr-9109	345	113	future	future	ADJ
cblr-9109	345	114	cash	cash	NOUN
cblr-9109	345	115	flows.64	flows.64	NOUN
cblr-9109	345	116	non	non	ADJ
cblr-9109	345	117	-	-	ADJ
cblr-9109	345	118	issuer	issuer	ADJ
cblr-9109	345	119	inside	inside	ADJ
cblr-9109	345	120	information	information	NOUN
cblr-9109	345	121	is	be	AUX
cblr-9109	345	122	non	non	ADJ
cblr-9109	345	123	-	-	ADJ
cblr-9109	345	124	public	public	ADJ
cblr-9109	345	125	information	information	NOUN
cblr-9109	345	126	relevant	relevant	ADJ
cblr-9109	345	127	to	to	ADP
cblr-9109	345	128	predicting	predict	VERB
cblr-9109	345	129	an	an	DET
cblr-9109	345	130	issuer	issuer	NOUN
cblr-9109	345	131	’s	’s	PART
cblr-9109	345	132	future	future	ADJ
cblr-9109	345	133	cash	cash	NOUN
cblr-9109	345	134	flows	flow	NOUN
cblr-9109	345	135	that	that	PRON
cblr-9109	345	136	is	be	AUX
cblr-9109	345	137	not	not	PART
cblr-9109	345	138	yet	yet	ADV
cblr-9109	345	139	reflected	reflect	VERB
cblr-9109	345	140	in	in	ADP
cblr-9109	345	141	price	price	NOUN
cblr-9109	345	142	and	and	CCONJ
cblr-9109	345	143	held	hold	VERB
cblr-9109	345	144	within	within	ADP
cblr-9109	345	145	an	an	DET
cblr-9109	345	146	institution	institution	NOUN
cblr-9109	345	147	other	other	ADJ
cblr-9109	345	148	than	than	ADP
cblr-9109	345	149	an	an	DET
cblr-9109	345	150	issuer.65	issuer.65	NOUN
cblr-9109	345	151	two	two	NUM
cblr-9109	345	152	of	of	ADP
cblr-9109	345	153	us	we	PRON
cblr-9109	345	154	have	have	AUX
cblr-9109	345	155	concluded	conclude	VERB
cblr-9109	345	156	elsewhere	elsewhere	ADV
cblr-9109	345	157	that	that	SCONJ
cblr-9109	345	158	informed	informed	ADJ
cblr-9109	345	159	trading	trading	NOUN
cblr-9109	345	160	makes	make	VERB
cblr-9109	345	161	share	share	NOUN
cblr-9109	345	162	prices	price	NOUN
cblr-9109	345	163	on	on	ADP
cblr-9109	345	164	average	average	ADJ
cblr-9109	345	165	more	more	ADV
cblr-9109	345	166	accurate	accurate	ADJ
cblr-9109	345	167	,	,	PUNCT
cblr-9109	345	168	but	but	CCONJ
cblr-9109	345	169	reduces	reduce	VERB
cblr-9109	345	170	liquidity.66	liquidity.66	NOUN
cblr-9109	345	171	thus	thus	ADV
cblr-9109	345	172	it	it	PRON
cblr-9109	345	173	is	be	AUX
cblr-9109	345	174	necessary	necessary	ADJ
cblr-9109	345	175	to	to	PART
cblr-9109	345	176	net	net	VERB
cblr-9109	345	177	out	out	ADP
cblr-9109	345	178	the	the	DET
cblr-9109	345	179	tradeoff	tradeoff	NOUN
cblr-9109	345	180	between	between	ADP
cblr-9109	345	181	the	the	DET
cblr-9109	345	182	positive	positive	ADJ
cblr-9109	345	183	social	social	ADJ
cblr-9109	345	184	impact	impact	NOUN
cblr-9109	345	185	resulting	result	VERB
cblr-9109	345	186	from	from	ADP
cblr-9109	345	187	increased	increase	VERB
cblr-9109	345	188	share	share	NOUN
cblr-9109	345	189	price	price	NOUN
cblr-9109	345	190	accuracy	accuracy	NOUN
cblr-9109	345	191	and	and	CCONJ
cblr-9109	345	192	the	the	DET
cblr-9109	345	193	negative	negative	ADJ
cblr-9109	345	194	social	social	ADJ
cblr-9109	345	195	impact	impact	NOUN
cblr-9109	345	196	resulting	result	VERB
cblr-9109	345	197	from	from	ADP
cblr-9109	345	198	lowered	lower	VERB
cblr-9109	345	199	liquidity	liquidity	NOUN
cblr-9109	345	200	.	.	PUNCT
cblr-9109	346	1	we	we	PRON
cblr-9109	346	2	have	have	AUX
cblr-9109	346	3	also	also	ADV
cblr-9109	346	4	concluded	conclude	VERB
cblr-9109	346	5	elsewhere	elsewhere	ADV
cblr-9109	346	6	that	that	SCONJ
cblr-9109	346	7	61	61	NUM
cblr-9109	346	8	see	see	VERB
cblr-9109	346	9	i	i	PROPN
cblr-9109	346	10	d.	d.	PROPN
cblr-9109	346	11	;	;	PUNCT
cblr-9109	346	12	fox	fox	PROPN
cblr-9109	346	13	et	et	PROPN
cblr-9109	346	14	al	al	PROPN
cblr-9109	346	15	,	,	PUNCT
cblr-9109	346	16	informed	inform	VERB
cblr-9109	346	17	trading	trade	VERB
cblr-9109	346	18	62	62	NUM
cblr-9109	347	1	i	i	PRON
cblr-9109	347	2	d.	d.	PROPN
cblr-9109	347	3	63	63	NUM
cblr-9109	347	4	fox	fox	PROPN
cblr-9109	347	5	et	et	PROPN
cblr-9109	347	6	al	al	PROPN
cblr-9109	347	7	.	.	PROPN
cblr-9109	347	8	,	,	PUNCT
cblr-9109	347	9	informed	inform	VERB
cblr-9109	347	10	trading	trading	NOUN
cblr-9109	347	11	,	,	PUNCT
cblr-9109	347	12	supra	supra	PROPN
cblr-9109	347	13	note	note	NOUN
cblr-9109	347	14	32	32	NUM
cblr-9109	347	15	,	,	PUNCT
cblr-9109	347	16	at	at	ADP
cblr-9109	347	17	846	846	NUM
cblr-9109	347	18	.	.	PUNCT
cblr-9109	348	1	64	64	NUM
cblr-9109	349	1	i	i	PRON
cblr-9109	349	2	d.	d.	NOUN
cblr-9109	349	3	at	at	ADP
cblr-9109	349	4	847	847	NUM
cblr-9109	349	5	.	.	PUNCT
cblr-9109	350	1	65	65	NUM
cblr-9109	351	1	i	i	PRON
cblr-9109	351	2	d.	d.	PROPN
cblr-9109	351	3	at	at	ADP
cblr-9109	351	4	858	858	NUM
cblr-9109	351	5	.	.	PUNCT
cblr-9109	352	1	66	66	NUM
cblr-9109	352	2	see	see	VERB
cblr-9109	352	3	fox	fox	PROPN
cblr-9109	352	4	et	et	PROPN
cblr-9109	352	5	al	al	PROPN
cblr-9109	352	6	.	.	PROPN
cblr-9109	352	7	,	,	PUNCT
cblr-9109	352	8	manipulation	manipulation	NOUN
cblr-9109	352	9	,	,	PUNCT
cblr-9109	352	10	supra	supra	ADJ
cblr-9109	352	11	note	note	NOUN
cblr-9109	352	12	2	2	NUM
cblr-9109	352	13	,	,	PUNCT
cblr-9109	352	14	at	at	ADP
cblr-9109	352	15	87	87	NUM
cblr-9109	352	16	;	;	PUNCT
cblr-9109	352	17	see	see	VERB
cblr-9109	352	18	also	also	ADV
cblr-9109	352	19	infra	infra	ADJ
cblr-9109	352	20	section	section	NOUN
cblr-9109	352	21	iv.c	iv.c	VERB
cblr-9109	352	22	.	.	PUNCT
cblr-9109	352	23	1268	1268	NUM
cblr-9109	352	24	columbia	columbia	PROPN
cblr-9109	352	25	business	business	NOUN
cblr-9109	352	26	law	law	PROPN
cblr-9109	352	27	review	review	NOUN
cblr-9109	352	28	[	[	X
cblr-9109	352	29	vol	vol	NOUN
cblr-9109	352	30	.	.	PUNCT
cblr-9109	352	31	2021	2021	NUM
cblr-9109	352	32	fundamental	fundamental	ADJ
cblr-9109	352	33	value	value	NOUN
cblr-9109	352	34	informed	inform	VERB
cblr-9109	352	35	trading	trading	NOUN
cblr-9109	352	36	is	be	AUX
cblr-9109	352	37	socially	socially	ADV
cblr-9109	352	38	desirable	desirable	ADJ
cblr-9109	352	39	,	,	PUNCT
cblr-9109	352	40	while	while	SCONJ
cblr-9109	352	41	trading	trade	VERB
cblr-9109	352	42	on	on	ADP
cblr-9109	352	43	the	the	DET
cblr-9109	352	44	basis	basis	NOUN
cblr-9109	352	45	of	of	ADP
cblr-9109	352	46	announcement	announcement	NOUN
cblr-9109	352	47	information	information	NOUN
cblr-9109	352	48	,	,	PUNCT
cblr-9109	352	49	issuer	issuer	NOUN
cblr-9109	352	50	inside	inside	ADP
cblr-9109	352	51	information	information	NOUN
cblr-9109	352	52	and	and	CCONJ
cblr-9109	352	53	non	non	ADJ
cblr-9109	352	54	-	-	ADJ
cblr-9109	352	55	issuer	issuer	ADJ
cblr-9109	352	56	inside	inside	ADJ
cblr-9109	352	57	information	information	NOUN
cblr-9109	352	58	(	(	PUNCT
cblr-9109	352	59	unless	unless	SCONJ
cblr-9109	352	60	permitted	permit	VERB
cblr-9109	352	61	by	by	ADP
cblr-9109	352	62	the	the	DET
cblr-9109	352	63	non	non	ADJ
cblr-9109	352	64	-	-	ADJ
cblr-9109	352	65	issuer	issuer	ADJ
cblr-9109	352	66	institution	institution	NOUN
cblr-9109	352	67	that	that	PRON
cblr-9109	352	68	developed	develop	VERB
cblr-9109	352	69	the	the	DET
cblr-9109	352	70	information	information	NOUN
cblr-9109	352	71	)	)	PUNCT
cblr-9109	352	72	are	be	AUX
cblr-9109	352	73	all	all	ADV
cblr-9109	352	74	socially	socially	ADV
cblr-9109	352	75	undesirable.67	undesirable.67	ADJ
cblr-9109	352	76	2	2	NUM
cblr-9109	352	77	.	.	PUNCT
cblr-9109	352	78	uninformed	uninformed	ADJ
cblr-9109	352	79	traders	trader	NOUN
cblr-9109	352	80	uninformed	uninformed	ADJ
cblr-9109	352	81	traders	trader	NOUN
cblr-9109	352	82	buy	buy	VERB
cblr-9109	352	83	and	and	CCONJ
cblr-9109	352	84	sell	sell	VERB
cblr-9109	352	85	shares	share	NOUN
cblr-9109	352	86	without	without	ADP
cblr-9109	352	87	holding	hold	VERB
cblr-9109	352	88	information	information	NOUN
cblr-9109	352	89	that	that	PRON
cblr-9109	352	90	provides	provide	VERB
cblr-9109	352	91	a	a	DET
cblr-9109	352	92	more	more	ADV
cblr-9109	352	93	accurate	accurate	ADJ
cblr-9109	352	94	estimate	estimate	NOUN
cblr-9109	352	95	of	of	ADP
cblr-9109	352	96	the	the	DET
cblr-9109	352	97	stock	stock	NOUN
cblr-9109	352	98	’s	’s	PART
cblr-9109	352	99	value	value	NOUN
cblr-9109	352	100	than	than	SCONJ
cblr-9109	352	101	the	the	DET
cblr-9109	352	102	assessment	assessment	NOUN
cblr-9109	352	103	that	that	PRON
cblr-9109	352	104	current	current	ADJ
cblr-9109	352	105	market	market	NOUN
cblr-9109	352	106	prices	price	NOUN
cblr-9109	352	107	imply.68	imply.68	VERB
cblr-9109	352	108	an	an	DET
cblr-9109	352	109	uninformed	uninformed	ADJ
cblr-9109	352	110	trade	trade	NOUN
cblr-9109	352	111	can	can	AUX
cblr-9109	352	112	be	be	AUX
cblr-9109	352	113	motivated	motivate	VERB
cblr-9109	352	114	by	by	ADP
cblr-9109	352	115	various	various	ADJ
cblr-9109	352	116	reasons	reason	NOUN
cblr-9109	352	117	,	,	PUNCT
cblr-9109	352	118	including	include	VERB
cblr-9109	352	119	deferring	defer	VERB
cblr-9109	352	120	consumption	consumption	NOUN
cblr-9109	352	121	until	until	ADP
cblr-9109	352	122	a	a	DET
cblr-9109	352	123	later	later	ADJ
cblr-9109	352	124	period	period	NOUN
cblr-9109	352	125	,	,	PUNCT
cblr-9109	352	126	rebalancing	rebalancing	NOUN
cblr-9109	352	127	portfolios	portfolio	NOUN
cblr-9109	352	128	,	,	PUNCT
cblr-9109	352	129	or	or	CCONJ
cblr-9109	352	130	even	even	ADV
cblr-9109	352	131	gambling.69	gambling.69	VERB
cblr-9109	352	132	these	these	DET
cblr-9109	352	133	transactions	transaction	NOUN
cblr-9109	352	134	are	be	AUX
cblr-9109	352	135	not	not	PART
cblr-9109	352	136	motivated	motivate	VERB
cblr-9109	352	137	by	by	ADP
cblr-9109	352	138	information	information	NOUN
cblr-9109	352	139	yet	yet	ADV
cblr-9109	352	140	to	to	PART
cblr-9109	352	141	be	be	AUX
cblr-9109	352	142	reflected	reflect	VERB
cblr-9109	352	143	in	in	ADP
cblr-9109	352	144	the	the	DET
cblr-9109	352	145	share	share	NOUN
cblr-9109	352	146	price	price	NOUN
cblr-9109	352	147	at	at	ADP
cblr-9109	352	148	the	the	DET
cblr-9109	352	149	time	time	NOUN
cblr-9109	352	150	of	of	ADP
cblr-9109	352	151	the	the	DET
cblr-9109	352	152	transaction.70	transaction.70	ADJ
cblr-9109	352	153	3	3	NUM
cblr-9109	352	154	.	.	PUNCT
cblr-9109	352	155	price	price	NOUN
cblr-9109	352	156	sensitive	sensitive	ADJ
cblr-9109	352	157	fundamental	fundamental	ADJ
cblr-9109	352	158	value	value	NOUN
cblr-9109	352	159	traders	trader	NOUN
cblr-9109	352	160	each	each	DET
cblr-9109	352	161	price	price	NOUN
cblr-9109	352	162	-	-	PUNCT
cblr-9109	352	163	sensitive	sensitive	ADJ
cblr-9109	352	164	fundamental	fundamental	ADJ
cblr-9109	352	165	value	value	NOUN
cblr-9109	352	166	trader	trader	NOUN
cblr-9109	352	167	has	have	VERB
cblr-9109	352	168	her	her	PRON
cblr-9109	352	169	own	own	ADJ
cblr-9109	352	170	reservation	reservation	NOUN
cblr-9109	352	171	price	price	NOUN
cblr-9109	352	172	for	for	ADP
cblr-9109	352	173	buying	buying	NOUN
cblr-9109	352	174	and	and	CCONJ
cblr-9109	352	175	selling	sell	VERB
cblr-9109	352	176	a	a	DET
cblr-9109	352	177	given	give	VERB
cblr-9109	352	178	stock	stock	NOUN
cblr-9109	352	179	.	.	PUNCT
cblr-9109	353	1	that	that	DET
cblr-9109	353	2	reservation	reservation	NOUN
cblr-9109	353	3	price	price	NOUN
cblr-9109	353	4	is	be	AUX
cblr-9109	353	5	a	a	DET
cblr-9109	353	6	product	product	NOUN
cblr-9109	353	7	of	of	ADP
cblr-9109	353	8	her	her	PRON
cblr-9109	353	9	own	own	ADJ
cblr-9109	353	10	best	good	ADJ
cblr-9109	353	11	estimate	estimate	NOUN
cblr-9109	353	12	of	of	ADP
cblr-9109	353	13	the	the	DET
cblr-9109	353	14	issuer	issuer	NOUN
cblr-9109	353	15	’s	’s	PART
cblr-9109	353	16	future	future	ADJ
cblr-9109	353	17	cash	cash	NOUN
cblr-9109	353	18	flows	flow	NOUN
cblr-9109	353	19	based	base	VERB
cblr-9109	353	20	on	on	ADP
cblr-9109	353	21	her	her	PRON
cblr-9109	353	22	specific	specific	ADJ
cblr-9109	353	23	analysis	analysis	NOUN
cblr-9109	353	24	of	of	ADP
cblr-9109	353	25	already	already	ADV
cblr-9109	353	26	publicly	publicly	ADV
cblr-9109	353	27	available	available	ADJ
cblr-9109	353	28	information	information	NOUN
cblr-9109	353	29	,	,	PUNCT
cblr-9109	353	30	how	how	SCONJ
cblr-9109	353	31	much	much	ADJ
cblr-9109	353	32	exposure	exposure	NOUN
cblr-9109	353	33	she	she	PRON
cblr-9109	353	34	already	already	ADV
cblr-9109	353	35	has	have	VERB
cblr-9109	353	36	to	to	ADP
cblr-9109	353	37	the	the	DET
cblr-9109	353	38	issuer	issuer	NOUN
cblr-9109	353	39	’s	’s	PART
cblr-9109	353	40	shares	share	NOUN
cblr-9109	353	41	,	,	PUNCT
cblr-9109	353	42	and	and	CCONJ
cblr-9109	353	43	a	a	DET
cblr-9109	353	44	discount	discount	NOUN
cblr-9109	353	45	to	to	PART
cblr-9109	353	46	reflect	reflect	VERB
cblr-9109	353	47	the	the	DET
cblr-9109	353	48	possibility	possibility	NOUN
cblr-9109	353	49	that	that	SCONJ
cblr-9109	353	50	what	what	PRON
cblr-9109	353	51	appears	appear	VERB
cblr-9109	353	52	to	to	PART
cblr-9109	353	53	be	be	AUX
cblr-9109	353	54	an	an	DET
cblr-9109	353	55	attractive	attractive	ADJ
cblr-9109	353	56	purchase	purchase	NOUN
cblr-9109	353	57	or	or	CCONJ
cblr-9109	353	58	sale	sale	NOUN
cblr-9109	353	59	price	price	NOUN
cblr-9109	353	60	might	might	AUX
cblr-9109	353	61	be	be	AUX
cblr-9109	353	62	the	the	DET
cblr-9109	353	63	result	result	NOUN
cblr-9109	353	64	of	of	ADP
cblr-9109	353	65	informed	informed	ADJ
cblr-9109	353	66	trading.71	trading.71	NOUN
cblr-9109	353	67	often	often	ADV
cblr-9109	353	68	these	these	DET
cblr-9109	353	69	fundamental	fundamental	ADJ
cblr-9109	353	70	value	value	NOUN
cblr-9109	353	71	traders	trader	NOUN
cblr-9109	353	72	are	be	AUX
cblr-9109	353	73	traders	trader	NOUN
cblr-9109	353	74	who	who	PRON
cblr-9109	353	75	,	,	PUNCT
cblr-9109	353	76	though	though	SCONJ
cblr-9109	353	77	not	not	PART
cblr-9109	353	78	in	in	ADP
cblr-9109	353	79	the	the	DET
cblr-9109	353	80	business	business	NOUN
cblr-9109	353	81	of	of	ADP
cblr-9109	353	82	supplying	supply	VERB
cblr-9109	353	83	liquidity	liquidity	NOUN
cblr-9109	353	84	like	like	ADP
cblr-9109	353	85	professional	professional	ADJ
cblr-9109	353	86	liquidity	liquidity	NOUN
cblr-9109	353	87	suppliers	supplier	NOUN
cblr-9109	353	88	,	,	PUNCT
cblr-9109	353	89	have	have	AUX
cblr-9109	353	90	submitted	submit	VERB
cblr-9109	353	91	non	non	ADJ
cblr-9109	353	92	-	-	ADJ
cblr-9109	353	93	marketable	marketable	ADJ
cblr-9109	353	94	limit	limit	NOUN
cblr-9109	353	95	orders.72	orders.72	NOUN
cblr-9109	353	96	thus	thus	ADV
cblr-9109	353	97	,	,	PUNCT
cblr-9109	353	98	they	they	PRON
cblr-9109	353	99	are	be	AUX
cblr-9109	353	100	showing	show	VERB
cblr-9109	353	101	that	that	SCONJ
cblr-9109	353	102	they	they	PRON
cblr-9109	353	103	are	be	AUX
cblr-9109	353	104	interested	interested	ADJ
cblr-9109	353	105	in	in	ADP
cblr-9109	353	106	67	67	NUM
cblr-9109	353	107	see	see	NOUN
cblr-9109	353	108	fox	fox	PROPN
cblr-9109	353	109	et	et	PROPN
cblr-9109	353	110	al	al	PROPN
cblr-9109	353	111	.	.	PROPN
cblr-9109	353	112	,	,	PUNCT
cblr-9109	353	113	informed	inform	VERB
cblr-9109	353	114	trading	trading	NOUN
cblr-9109	353	115	,	,	PUNCT
cblr-9109	353	116	supra	supra	PROPN
cblr-9109	353	117	note	note	NOUN
cblr-9109	353	118	32	32	NUM
cblr-9109	353	119	,	,	PUNCT
cblr-9109	353	120	at	at	ADP
cblr-9109	353	121	834–35	834–35	NUM
cblr-9109	353	122	.	.	PUNCT
cblr-9109	354	1	68	68	NUM
cblr-9109	355	1	i	i	PRON
cblr-9109	355	2	d.	d.	PROPN
cblr-9109	355	3	at	at	ADP
cblr-9109	355	4	827	827	NUM
cblr-9109	355	5	;	;	PUNCT
cblr-9109	355	6	harris	harris	PROPN
cblr-9109	355	7	,	,	PUNCT
cblr-9109	355	8	trading	trading	NOUN
cblr-9109	355	9	&	&	CCONJ
cblr-9109	355	10	exchanges	exchange	NOUN
cblr-9109	355	11	,	,	PUNCT
cblr-9109	355	12	supra	supra	PROPN
cblr-9109	355	13	note	note	NOUN
cblr-9109	355	14	41	41	NUM
cblr-9109	355	15	,	,	PUNCT
cblr-9109	355	16	at	at	ADP
cblr-9109	355	17	194	194	NUM
cblr-9109	355	18	.	.	PUNCT
cblr-9109	356	1	69	69	NUM
cblr-9109	356	2	see	see	VERB
cblr-9109	356	3	fox	fox	PROPN
cblr-9109	356	4	et	et	PROPN
cblr-9109	356	5	al	al	PROPN
cblr-9109	356	6	.	.	PROPN
cblr-9109	356	7	,	,	PUNCT
cblr-9109	356	8	informed	inform	VERB
cblr-9109	356	9	trading	trading	NOUN
cblr-9109	356	10	,	,	PUNCT
cblr-9109	356	11	supra	supra	PROPN
cblr-9109	356	12	note	note	NOUN
cblr-9109	356	13	32	32	NUM
cblr-9109	356	14	,	,	PUNCT
cblr-9109	356	15	at	at	ADP
cblr-9109	356	16	827	827	NUM
cblr-9109	356	17	;	;	PUNCT
cblr-9109	356	18	harris	harris	PROPN
cblr-9109	356	19	,	,	PUNCT
cblr-9109	356	20	trading	trading	NOUN
cblr-9109	356	21	&	&	CCONJ
cblr-9109	356	22	exchanges	exchange	NOUN
cblr-9109	356	23	,	,	PUNCT
cblr-9109	356	24	supra	supra	PROPN
cblr-9109	356	25	note	note	NOUN
cblr-9109	356	26	41	41	NUM
cblr-9109	356	27	,	,	PUNCT
cblr-9109	356	28	at	at	ADP
cblr-9109	356	29	194–95	194–95	NUM
cblr-9109	356	30	.	.	PUNCT
cblr-9109	357	1	70	70	NUM
cblr-9109	357	2	see	see	VERB
cblr-9109	357	3	fox	fox	PROPN
cblr-9109	357	4	et	et	PROPN
cblr-9109	357	5	al	al	PROPN
cblr-9109	357	6	.	.	PROPN
cblr-9109	357	7	,	,	PUNCT
cblr-9109	357	8	informed	inform	VERB
cblr-9109	357	9	trading	trading	NOUN
cblr-9109	357	10	,	,	PUNCT
cblr-9109	357	11	supra	supra	PROPN
cblr-9109	357	12	note	note	NOUN
cblr-9109	357	13	32	32	NUM
cblr-9109	357	14	,	,	PUNCT
cblr-9109	357	15	at	at	ADP
cblr-9109	357	16	827	827	NUM
cblr-9109	357	17	.	.	PUNCT
cblr-9109	358	1	71	71	NUM
cblr-9109	358	2	see	see	NOUN
cblr-9109	358	3	merritt	merritt	PROPN
cblr-9109	358	4	b.	b.	PROPN
cblr-9109	358	5	fox	fox	PROPN
cblr-9109	358	6	,	,	PUNCT
cblr-9109	358	7	finance	finance	NOUN
cblr-9109	358	8	and	and	CCONJ
cblr-9109	358	9	industrial	industrial	ADJ
cblr-9109	358	10	performance	performance	NOUN
cblr-9109	358	11	:	:	PUNCT
cblr-9109	358	12	theory	theory	NOUN
cblr-9109	358	13	,	,	PUNCT
cblr-9109	358	14	practice	practice	NOUN
cblr-9109	358	15	and	and	CCONJ
cblr-9109	358	16	policy	policy	NOUN
cblr-9109	358	17	34–43	34–43	NUM
cblr-9109	358	18	,	,	PUNCT
cblr-9109	358	19	55–57	55–57	NUM
cblr-9109	358	20	(	(	PUNCT
cblr-9109	358	21	1987	1987	NUM
cblr-9109	358	22	)	)	PUNCT
cblr-9109	358	23	.	.	PUNCT
cblr-9109	359	1	72	72	NUM
cblr-9109	359	2	fox	fox	NOUN
cblr-9109	359	3	et	et	PROPN
cblr-9109	359	4	al	al	PROPN
cblr-9109	359	5	.	.	PROPN
cblr-9109	359	6	,	,	PUNCT
cblr-9109	359	7	the	the	DET
cblr-9109	359	8	new	new	ADJ
cblr-9109	359	9	stock	stock	NOUN
cblr-9109	359	10	market	market	NOUN
cblr-9109	359	11	,	,	PUNCT
cblr-9109	359	12	supra	supra	PROPN
cblr-9109	359	13	note	note	NOUN
cblr-9109	359	14	3	3	NUM
cblr-9109	359	15	,	,	PUNCT
cblr-9109	359	16	at	at	ADP
cblr-9109	359	17	64	64	NUM
cblr-9109	359	18	.	.	PUNCT
cblr-9109	360	1	no	no	INTJ
cblr-9109	360	2	.	.	PUNCT
cblr-9109	361	1	3:1244	3:1244	NUM
cblr-9109	361	2	]	]	X
cblr-9109	361	3	spoofing	spoofing	NOUN
cblr-9109	361	4	and	and	CCONJ
cblr-9109	361	5	its	its	PRON
cblr-9109	361	6	regulation	regulation	NOUN
cblr-9109	361	7	1269	1269	NUM
cblr-9109	361	8	buying	buying	NOUN
cblr-9109	361	9	or	or	CCONJ
cblr-9109	361	10	selling	sell	VERB
cblr-9109	361	11	shares	share	NOUN
cblr-9109	361	12	of	of	ADP
cblr-9109	361	13	an	an	DET
cblr-9109	361	14	issuer	issuer	NOUN
cblr-9109	361	15	,	,	PUNCT
cblr-9109	361	16	but	but	CCONJ
cblr-9109	361	17	only	only	ADV
cblr-9109	361	18	if	if	SCONJ
cblr-9109	361	19	they	they	PRON
cblr-9109	361	20	can	can	AUX
cblr-9109	361	21	do	do	VERB
cblr-9109	361	22	so	so	ADV
cblr-9109	361	23	at	at	ADP
cblr-9109	361	24	a	a	DET
cblr-9109	361	25	more	more	ADV
cblr-9109	361	26	favorable	favorable	ADJ
cblr-9109	361	27	price	price	NOUN
cblr-9109	361	28	than	than	ADP
cblr-9109	361	29	the	the	DET
cblr-9109	361	30	current	current	ADJ
cblr-9109	361	31	nbo	nbo	PROPN
cblr-9109	361	32	or	or	CCONJ
cblr-9109	361	33	nbb	nbb	NOUN
cblr-9109	361	34	.	.	PUNCT
cblr-9109	362	1	4	4	X
cblr-9109	362	2	.	.	X
cblr-9109	362	3	professional	professional	ADJ
cblr-9109	362	4	liquidity	liquidity	NOUN
cblr-9109	362	5	suppliers	supplier	NOUN
cblr-9109	362	6	professional	professional	ADJ
cblr-9109	362	7	liquidity	liquidity	NOUN
cblr-9109	362	8	suppliers	supplier	NOUN
cblr-9109	362	9	both	both	PRON
cblr-9109	362	10	frequently	frequently	ADV
cblr-9109	362	11	purchase	purchase	VERB
cblr-9109	362	12	and	and	CCONJ
cblr-9109	362	13	sell	sell	VERB
cblr-9109	362	14	an	an	DET
cblr-9109	362	15	issuer	issuer	NOUN
cblr-9109	362	16	’s	’s	PART
cblr-9109	362	17	shares	share	NOUN
cblr-9109	362	18	,	,	PUNCT
cblr-9109	362	19	generating	generate	VERB
cblr-9109	362	20	a	a	DET
cblr-9109	362	21	business	business	NOUN
cblr-9109	362	22	from	from	ADP
cblr-9109	362	23	being	be	AUX
cblr-9109	362	24	willing	willing	ADJ
cblr-9109	362	25	to	to	PART
cblr-9109	362	26	buy	buy	VERB
cblr-9109	362	27	and	and	CCONJ
cblr-9109	362	28	sell	sell	VERB
cblr-9109	362	29	these	these	DET
cblr-9109	362	30	shares	share	NOUN
cblr-9109	362	31	up	up	ADP
cblr-9109	362	32	to	to	PART
cblr-9109	362	33	stated	state	VERB
cblr-9109	362	34	amounts	amount	NOUN
cblr-9109	362	35	at	at	ADP
cblr-9109	362	36	quoted	quote	VERB
cblr-9109	362	37	prices.73	prices.73	PROPN
cblr-9109	362	38	today	today	NOUN
cblr-9109	362	39	,	,	PUNCT
cblr-9109	362	40	this	this	PRON
cblr-9109	362	41	is	be	AUX
cblr-9109	362	42	typically	typically	ADV
cblr-9109	362	43	a	a	DET
cblr-9109	362	44	proprietary	proprietary	ADJ
cblr-9109	362	45	hft	hft	NOUN
cblr-9109	362	46	.	.	PUNCT
cblr-9109	363	1	an	an	DET
cblr-9109	363	2	hft	hft	NOUN
cblr-9109	363	3	uses	use	VERB
cblr-9109	363	4	high	high	ADJ
cblr-9109	363	5	-	-	PUNCT
cblr-9109	363	6	speed	speed	NOUN
cblr-9109	363	7	communications	communication	NOUN
cblr-9109	363	8	to	to	PART
cblr-9109	363	9	continuously	continuously	ADV
cblr-9109	363	10	update	update	VERB
cblr-9109	363	11	its	its	PRON
cblr-9109	363	12	information	information	NOUN
cblr-9109	363	13	about	about	ADP
cblr-9109	363	14	others	other	NOUN
cblr-9109	363	15	’	’	PART
cblr-9109	363	16	transactions	transaction	NOUN
cblr-9109	363	17	and	and	CCONJ
cblr-9109	363	18	quotes	quote	NOUN
cblr-9109	363	19	occurring	occur	VERB
cblr-9109	363	20	in	in	ADP
cblr-9109	363	21	each	each	DET
cblr-9109	363	22	stock	stock	NOUN
cblr-9109	363	23	that	that	PRON
cblr-9109	363	24	it	it	PRON
cblr-9109	363	25	frequently	frequently	ADV
cblr-9109	363	26	trades	trade	VERB
cblr-9109	363	27	and	and	CCONJ
cblr-9109	363	28	revises	revise	VERB
cblr-9109	363	29	its	its	PRON
cblr-9109	363	30	own	own	ADJ
cblr-9109	363	31	quotes	quote	NOUN
cblr-9109	363	32	accordingly	accordingly	ADV
cblr-9109	363	33	,	,	PUNCT
cblr-9109	363	34	rather	rather	ADV
cblr-9109	363	35	than	than	ADP
cblr-9109	363	36	relying	rely	VERB
cblr-9109	363	37	on	on	ADP
cblr-9109	363	38	information	information	NOUN
cblr-9109	363	39	about	about	ADP
cblr-9109	363	40	the	the	DET
cblr-9109	363	41	issuer	issuer	NOUN
cblr-9109	363	42	itself	itself	PRON
cblr-9109	363	43	to	to	PART
cblr-9109	363	44	set	set	VERB
cblr-9109	363	45	these	these	DET
cblr-9109	363	46	quotes.74	quotes.74	PROPN
cblr-9109	363	47	b.	b.	PROPN
cblr-9109	363	48	trading	trading	NOUN
cblr-9109	363	49	venues	venue	NOUN
cblr-9109	363	50	and	and	CCONJ
cblr-9109	363	51	orders	order	NOUN
cblr-9109	363	52	any	any	DET
cblr-9109	363	53	stock	stock	NOUN
cblr-9109	363	54	is	be	AUX
cblr-9109	363	55	potentially	potentially	ADV
cblr-9109	363	56	traded	trade	VERB
cblr-9109	363	57	in	in	ADP
cblr-9109	363	58	each	each	PRON
cblr-9109	363	59	of	of	ADP
cblr-9109	363	60	several	several	ADJ
cblr-9109	363	61	competing	compete	VERB
cblr-9109	363	62	venues	venue	NOUN
cblr-9109	363	63	.	.	PUNCT
cblr-9109	364	1	as	as	SCONJ
cblr-9109	364	2	previewed	preview	VERB
cblr-9109	364	3	in	in	ADP
cblr-9109	364	4	part	part	NOUN
cblr-9109	364	5	i	i	PRON
cblr-9109	364	6	,	,	PUNCT
cblr-9109	364	7	almost	almost	ADV
cblr-9109	364	8	all	all	DET
cblr-9109	364	9	these	these	DET
cblr-9109	364	10	venues	venue	NOUN
cblr-9109	364	11	are	be	AUX
cblr-9109	364	12	electronic	electronic	ADJ
cblr-9109	364	13	limit	limit	NOUN
cblr-9109	364	14	order	order	NOUN
cblr-9109	364	15	books	book	NOUN
cblr-9109	364	16	,	,	PUNCT
cblr-9109	364	17	where	where	SCONJ
cblr-9109	364	18	a	a	DET
cblr-9109	364	19	liquidity	liquidity	NOUN
cblr-9109	364	20	supplier	supplier	NOUN
cblr-9109	364	21	or	or	CCONJ
cblr-9109	364	22	a	a	DET
cblr-9109	364	23	trader	trader	NOUN
cblr-9109	364	24	can	can	AUX
cblr-9109	364	25	post	post	VERB
cblr-9109	364	26	,	,	PUNCT
cblr-9109	364	27	as	as	ADP
cblr-9109	364	28	a	a	DET
cblr-9109	364	29	limit	limit	NOUN
cblr-9109	364	30	order	order	NOUN
cblr-9109	364	31	,	,	PUNCT
cblr-9109	364	32	its	its	PRON
cblr-9109	364	33	firm	firm	ADJ
cblr-9109	364	34	commitment	commitment	NOUN
cblr-9109	364	35	to	to	PART
cblr-9109	364	36	buy	buy	VERB
cblr-9109	364	37	or	or	CCONJ
cblr-9109	364	38	sell	sell	VERB
cblr-9109	364	39	up	up	ADP
cblr-9109	364	40	to	to	ADP
cblr-9109	364	41	a	a	DET
cblr-9109	364	42	specified	specified	ADJ
cblr-9109	364	43	number	number	NOUN
cblr-9109	364	44	of	of	ADP
cblr-9109	364	45	shares	share	NOUN
cblr-9109	364	46	at	at	ADP
cblr-9109	364	47	a	a	DET
cblr-9109	364	48	quoted	quote	VERB
cblr-9109	364	49	price.75	price.75	NOUN
cblr-9109	364	50	this	this	DET
cblr-9109	364	51	limit	limit	NOUN
cblr-9109	364	52	order	order	NOUN
cblr-9109	364	53	remains	remains	AUX
cblr-9109	364	54	posted	post	VERB
cblr-9109	364	55	on	on	ADP
cblr-9109	364	56	an	an	DET
cblr-9109	364	57	exchange	exchange	NOUN
cblr-9109	364	58	until	until	SCONJ
cblr-9109	364	59	it	it	PRON
cblr-9109	364	60	is	be	AUX
cblr-9109	364	61	either	either	ADV
cblr-9109	364	62	executed	execute	VERB
cblr-9109	364	63	against	against	ADP
cblr-9109	364	64	or	or	CCONJ
cblr-9109	364	65	canceled.76	canceled.76	VERB
cblr-9109	364	66	the	the	DET
cblr-9109	364	67	price	price	NOUN
cblr-9109	364	68	of	of	ADP
cblr-9109	364	69	the	the	DET
cblr-9109	364	70	lowestpriced	lowestprice	VERB
cblr-9109	364	71	sell	sell	NOUN
cblr-9109	364	72	limit	limit	NOUN
cblr-9109	364	73	order	order	NOUN
cblr-9109	364	74	or	or	CCONJ
cblr-9109	364	75	orders	order	NOUN
cblr-9109	364	76	posted	post	VERB
cblr-9109	364	77	on	on	ADP
cblr-9109	364	78	any	any	DET
cblr-9109	364	79	exchange	exchange	NOUN
cblr-9109	364	80	in	in	ADP
cblr-9109	364	81	the	the	DET
cblr-9109	364	82	country	country	NOUN
cblr-9109	364	83	is	be	AUX
cblr-9109	364	84	the	the	DET
cblr-9109	364	85	national	national	ADJ
cblr-9109	364	86	best	good	ADJ
cblr-9109	364	87	offer	offer	NOUN
cblr-9109	364	88	(	(	PUNCT
cblr-9109	364	89	nbo).77	nbo).77	CCONJ
cblr-9109	364	90	the	the	DET
cblr-9109	364	91	price	price	NOUN
cblr-9109	364	92	of	of	ADP
cblr-9109	364	93	the	the	DET
cblr-9109	364	94	highest	highest	ADV
cblr-9109	364	95	-	-	PUNCT
cblr-9109	364	96	priced	price	VERB
cblr-9109	364	97	buy	buy	NOUN
cblr-9109	364	98	order	order	NOUN
cblr-9109	364	99	or	or	CCONJ
cblr-9109	364	100	orders	order	NOUN
cblr-9109	364	101	posted	post	VERB
cblr-9109	364	102	on	on	ADP
cblr-9109	364	103	any	any	DET
cblr-9109	364	104	exchange	exchange	NOUN
cblr-9109	364	105	in	in	ADP
cblr-9109	364	106	the	the	DET
cblr-9109	364	107	country	country	NOUN
cblr-9109	364	108	is	be	AUX
cblr-9109	364	109	the	the	DET
cblr-9109	364	110	national	national	ADJ
cblr-9109	364	111	best	good	ADJ
cblr-9109	364	112	bid	bid	NOUN
cblr-9109	364	113	(	(	PUNCT
cblr-9109	364	114	nbb).78	nbb).78	PROPN
cblr-9109	364	115	a	a	DET
cblr-9109	364	116	computer	computer	NOUN
cblr-9109	364	117	(	(	PUNCT
cblr-9109	364	118	the	the	DET
cblr-9109	364	119	73	73	NUM
cblr-9109	364	120	see	see	VERB
cblr-9109	364	121	fox	fox	PROPN
cblr-9109	364	122	et	et	PROPN
cblr-9109	364	123	al	al	PROPN
cblr-9109	364	124	.	.	PROPN
cblr-9109	364	125	,	,	PUNCT
cblr-9109	364	126	informed	inform	VERB
cblr-9109	364	127	trading	trading	NOUN
cblr-9109	364	128	,	,	PUNCT
cblr-9109	364	129	supra	supra	PROPN
cblr-9109	364	130	note	note	NOUN
cblr-9109	364	131	32	32	NUM
cblr-9109	364	132	,	,	PUNCT
cblr-9109	364	133	at	at	ADP
cblr-9109	364	134	827–28	827–28	PROPN
cblr-9109	364	135	.	.	PUNCT
cblr-9109	365	1	74	74	NUM
cblr-9109	365	2	the	the	DET
cblr-9109	365	3	professional	professional	ADJ
cblr-9109	365	4	liquidity	liquidity	NOUN
cblr-9109	365	5	supplier	supplier	NOUN
cblr-9109	365	6	is	be	AUX
cblr-9109	365	7	not	not	PART
cblr-9109	365	8	“	"	PUNCT
cblr-9109	365	9	informed	inform	VERB
cblr-9109	365	10	”	"	PUNCT
cblr-9109	365	11	in	in	ADP
cblr-9109	365	12	the	the	DET
cblr-9109	365	13	sense	sense	NOUN
cblr-9109	365	14	used	use	VERB
cblr-9109	365	15	here	here	ADV
cblr-9109	365	16	.	.	PUNCT
cblr-9109	366	1	fox	fox	PROPN
cblr-9109	366	2	et	et	PROPN
cblr-9109	366	3	al	al	PROPN
cblr-9109	366	4	.	.	PROPN
cblr-9109	366	5	,	,	PUNCT
cblr-9109	366	6	informed	inform	VERB
cblr-9109	366	7	trading	trading	NOUN
cblr-9109	366	8	,	,	PUNCT
cblr-9109	366	9	supra	supra	PROPN
cblr-9109	366	10	note	note	NOUN
cblr-9109	366	11	32	32	NUM
cblr-9109	366	12	,	,	PUNCT
cblr-9109	366	13	at	at	ADP
cblr-9109	366	14	828	828	NUM
cblr-9109	366	15	.	.	PUNCT
cblr-9109	367	1	because	because	SCONJ
cblr-9109	367	2	of	of	ADP
cblr-9109	367	3	its	its	PRON
cblr-9109	367	4	unique	unique	ADJ
cblr-9109	367	5	intermediary	intermediary	NOUN
cblr-9109	367	6	market	market	NOUN
cblr-9109	367	7	making	make	VERB
cblr-9109	367	8	role	role	NOUN
cblr-9109	367	9	,	,	PUNCT
cblr-9109	367	10	in	in	ADP
cblr-9109	367	11	contrast	contrast	NOUN
cblr-9109	367	12	to	to	ADP
cblr-9109	367	13	all	all	DET
cblr-9109	367	14	other	other	ADJ
cblr-9109	367	15	buyers	buyer	NOUN
cblr-9109	367	16	and	and	CCONJ
cblr-9109	367	17	sellers	seller	NOUN
cblr-9109	367	18	of	of	ADP
cblr-9109	367	19	securities	security	NOUN
cblr-9109	367	20	in	in	ADP
cblr-9109	367	21	the	the	DET
cblr-9109	367	22	market	market	NOUN
cblr-9109	367	23	,	,	PUNCT
cblr-9109	367	24	we	we	PRON
cblr-9109	367	25	will	will	AUX
cblr-9109	367	26	not	not	PART
cblr-9109	367	27	refer	refer	VERB
cblr-9109	367	28	to	to	ADP
cblr-9109	367	29	it	it	PRON
cblr-9109	367	30	as	as	ADP
cblr-9109	367	31	a	a	DET
cblr-9109	367	32	“	"	PUNCT
cblr-9109	367	33	trader	trader	NOUN
cblr-9109	367	34	.	.	PUNCT
cblr-9109	367	35	”	"	PUNCT
cblr-9109	368	1	i	i	PRON
cblr-9109	368	2	d.	d.	PROPN
cblr-9109	368	3	75	75	NUM
cblr-9109	368	4	fox	fox	PROPN
cblr-9109	368	5	et	et	PROPN
cblr-9109	368	6	al	al	PROPN
cblr-9109	368	7	.	.	PROPN
cblr-9109	368	8	,	,	PUNCT
cblr-9109	368	9	informed	inform	VERB
cblr-9109	368	10	trading	trading	NOUN
cblr-9109	368	11	,	,	PUNCT
cblr-9109	368	12	supra	supra	PROPN
cblr-9109	368	13	note	note	NOUN
cblr-9109	368	14	32	32	NUM
cblr-9109	368	15	,	,	PUNCT
cblr-9109	368	16	at	at	ADP
cblr-9109	368	17	828	828	NUM
cblr-9109	368	18	;	;	PUNCT
cblr-9109	368	19	fox	fox	PROPN
cblr-9109	368	20	et	et	PROPN
cblr-9109	368	21	al	al	PROPN
cblr-9109	368	22	.	.	PROPN
cblr-9109	368	23	,	,	PUNCT
cblr-9109	368	24	the	the	DET
cblr-9109	368	25	new	new	ADJ
cblr-9109	368	26	stock	stock	NOUN
cblr-9109	368	27	market	market	NOUN
cblr-9109	368	28	,	,	PUNCT
cblr-9109	368	29	supra	supra	PROPN
cblr-9109	368	30	note	note	NOUN
cblr-9109	368	31	3	3	NUM
cblr-9109	368	32	,	,	PUNCT
cblr-9109	368	33	at	at	ADP
cblr-9109	368	34	13	13	NUM
cblr-9109	368	35	.	.	PUNCT
cblr-9109	369	1	76	76	NUM
cblr-9109	369	2	fox	fox	NOUN
cblr-9109	369	3	et	et	PROPN
cblr-9109	369	4	al	al	PROPN
cblr-9109	369	5	.	.	PROPN
cblr-9109	369	6	,	,	PUNCT
cblr-9109	369	7	informed	inform	VERB
cblr-9109	369	8	trading	trading	NOUN
cblr-9109	369	9	,	,	PUNCT
cblr-9109	369	10	supra	supra	PROPN
cblr-9109	369	11	note	note	NOUN
cblr-9109	369	12	32	32	NUM
cblr-9109	369	13	,	,	PUNCT
cblr-9109	369	14	at	at	ADP
cblr-9109	369	15	828	828	NUM
cblr-9109	369	16	;	;	PUNCT
cblr-9109	369	17	fox	fox	PROPN
cblr-9109	369	18	et	et	PROPN
cblr-9109	369	19	al	al	PROPN
cblr-9109	369	20	.	.	PROPN
cblr-9109	369	21	,	,	PUNCT
cblr-9109	369	22	the	the	DET
cblr-9109	369	23	new	new	ADJ
cblr-9109	369	24	stock	stock	NOUN
cblr-9109	369	25	market	market	NOUN
cblr-9109	369	26	,	,	PUNCT
cblr-9109	369	27	supra	supra	PROPN
cblr-9109	369	28	note	note	NOUN
cblr-9109	369	29	3	3	NUM
cblr-9109	369	30	,	,	PUNCT
cblr-9109	369	31	at	at	ADP
cblr-9109	369	32	13	13	NUM
cblr-9109	369	33	.	.	PUNCT
cblr-9109	370	1	77	77	NUM
cblr-9109	370	2	fox	fox	PROPN
cblr-9109	370	3	et	et	PROPN
cblr-9109	370	4	al	al	PROPN
cblr-9109	370	5	.	.	PROPN
cblr-9109	370	6	,	,	PUNCT
cblr-9109	370	7	informed	inform	VERB
cblr-9109	370	8	trading	trading	NOUN
cblr-9109	370	9	,	,	PUNCT
cblr-9109	370	10	supra	supra	PROPN
cblr-9109	370	11	note	note	NOUN
cblr-9109	370	12	32	32	NUM
cblr-9109	370	13	,	,	PUNCT
cblr-9109	370	14	at	at	ADP
cblr-9109	370	15	828	828	NUM
cblr-9109	370	16	.	.	PUNCT
cblr-9109	371	1	78	78	NUM
cblr-9109	372	1	i	i	PRON
cblr-9109	372	2	d.	d.	PROPN
cblr-9109	372	3	1270	1270	NUM
cblr-9109	372	4	columbia	columbia	PROPN
cblr-9109	372	5	business	business	PROPN
cblr-9109	372	6	law	law	PROPN
cblr-9109	372	7	review	review	NOUN
cblr-9109	372	8	[	[	X
cblr-9109	372	9	vol	vol	NOUN
cblr-9109	372	10	.	.	PUNCT
cblr-9109	372	11	2021	2021	NUM
cblr-9109	372	12	venue	venue	PROPN
cblr-9109	372	13	’s	’s	PART
cblr-9109	372	14	matching	matching	NOUN
cblr-9109	372	15	engine	engine	NOUN
cblr-9109	372	16	)	)	PUNCT
cblr-9109	372	17	matches	match	VERB
cblr-9109	372	18	posted	post	VERB
cblr-9109	372	19	limit	limit	NOUN
cblr-9109	372	20	orders	order	NOUN
cblr-9109	372	21	with	with	ADP
cblr-9109	372	22	incoming	incoming	ADJ
cblr-9109	372	23	buy	buy	NOUN
cblr-9109	372	24	and	and	CCONJ
cblr-9109	372	25	sell	sell	VERB
cblr-9109	372	26	marketable	marketable	ADJ
cblr-9109	372	27	orders.79	orders.79	ADP
cblr-9109	372	28	a	a	DET
cblr-9109	372	29	marketable	marketable	ADJ
cblr-9109	372	30	order	order	NOUN
cblr-9109	372	31	can	can	AUX
cblr-9109	372	32	be	be	AUX
cblr-9109	372	33	a	a	DET
cblr-9109	372	34	market	market	NOUN
cblr-9109	372	35	order	order	NOUN
cblr-9109	372	36	or	or	CCONJ
cblr-9109	372	37	a	a	DET
cblr-9109	372	38	marketable	marketable	ADJ
cblr-9109	372	39	limit	limit	NOUN
cblr-9109	372	40	order.80	order.80	VERB
cblr-9109	372	41	a	a	DET
cblr-9109	372	42	market	market	NOUN
cblr-9109	372	43	order	order	NOUN
cblr-9109	372	44	is	be	AUX
cblr-9109	372	45	an	an	DET
cblr-9109	372	46	order	order	NOUN
cblr-9109	372	47	from	from	ADP
cblr-9109	372	48	a	a	DET
cblr-9109	372	49	trader	trader	NOUN
cblr-9109	372	50	willing	willing	ADJ
cblr-9109	372	51	to	to	PART
cblr-9109	372	52	trade	trade	VERB
cblr-9109	372	53	immediately	immediately	ADV
cblr-9109	372	54	and	and	CCONJ
cblr-9109	372	55	unconditionally	unconditionally	ADV
cblr-9109	372	56	at	at	ADP
cblr-9109	372	57	the	the	DET
cblr-9109	372	58	best	good	ADJ
cblr-9109	372	59	available	available	ADJ
cblr-9109	372	60	price	price	NOUN
cblr-9109	372	61	in	in	ADP
cblr-9109	372	62	the	the	DET
cblr-9109	372	63	market.81	market.81	PROPN
cblr-9109	372	64	a	a	DET
cblr-9109	372	65	marketable	marketable	ADJ
cblr-9109	372	66	limit	limit	NOUN
cblr-9109	372	67	order	order	NOUN
cblr-9109	372	68	,	,	PUNCT
cblr-9109	372	69	if	if	SCONJ
cblr-9109	372	70	a	a	DET
cblr-9109	372	71	buy	buy	NOUN
cblr-9109	372	72	order	order	NOUN
cblr-9109	372	73	,	,	PUNCT
cblr-9109	372	74	has	have	VERB
cblr-9109	372	75	a	a	DET
cblr-9109	372	76	limit	limit	NOUN
cblr-9109	372	77	price	price	NOUN
cblr-9109	372	78	at	at	ADP
cblr-9109	372	79	or	or	CCONJ
cblr-9109	372	80	above	above	ADP
cblr-9109	372	81	the	the	DET
cblr-9109	372	82	nbo	nbo	NOUN
cblr-9109	372	83	,	,	PUNCT
cblr-9109	372	84	and	and	CCONJ
cblr-9109	372	85	so	so	ADV
cblr-9109	372	86	,	,	PUNCT
cblr-9109	372	87	on	on	ADP
cblr-9109	372	88	its	its	PRON
cblr-9109	372	89	terms	term	NOUN
cblr-9109	372	90	,	,	PUNCT
cblr-9109	372	91	can	can	AUX
cblr-9109	372	92	execute	execute	VERB
cblr-9109	372	93	immediately	immediately	ADV
cblr-9109	372	94	against	against	ADP
cblr-9109	372	95	a	a	DET
cblr-9109	372	96	posted	post	VERB
cblr-9109	372	97	limit	limit	NOUN
cblr-9109	372	98	order	order	NOUN
cblr-9109	372	99	with	with	ADP
cblr-9109	372	100	the	the	DET
cblr-9109	372	101	nbo	nbo	PROPN
cblr-9109	372	102	.	.	PUNCT
cblr-9109	373	1	for	for	ADP
cblr-9109	373	2	the	the	DET
cblr-9109	373	3	same	same	ADJ
cblr-9109	373	4	reasons	reason	NOUN
cblr-9109	373	5	,	,	PUNCT
cblr-9109	373	6	a	a	DET
cblr-9109	373	7	sell	sell	NOUN
cblr-9109	373	8	limit	limit	NOUN
cblr-9109	373	9	order	order	NOUN
cblr-9109	373	10	is	be	AUX
cblr-9109	373	11	marketable	marketable	ADJ
cblr-9109	373	12	if	if	SCONJ
cblr-9109	373	13	its	its	PRON
cblr-9109	373	14	limit	limit	NOUN
cblr-9109	373	15	price	price	NOUN
cblr-9109	373	16	is	be	AUX
cblr-9109	373	17	at	at	ADP
cblr-9109	373	18	or	or	CCONJ
cblr-9109	373	19	below	below	ADP
cblr-9109	373	20	the	the	DET
cblr-9109	373	21	nbb.82	nbb.82	NOUN
cblr-9109	373	22	the	the	DET
cblr-9109	373	23	limit	limit	NOUN
cblr-9109	373	24	orders	order	NOUN
cblr-9109	373	25	posted	post	VERB
cblr-9109	373	26	on	on	ADP
cblr-9109	373	27	exchanges	exchange	NOUN
cblr-9109	373	28	and	and	CCONJ
cblr-9109	373	29	which	which	PRON
cblr-9109	373	30	constitute	constitute	VERB
cblr-9109	373	31	the	the	DET
cblr-9109	373	32	available	available	ADJ
cblr-9109	373	33	quotes	quote	NOUN
cblr-9109	373	34	in	in	ADP
cblr-9109	373	35	the	the	DET
cblr-9109	373	36	market	market	NOUN
cblr-9109	373	37	are	be	AUX
cblr-9109	373	38	referred	refer	VERB
cblr-9109	373	39	to	to	ADP
cblr-9109	373	40	as	as	ADP
cblr-9109	373	41	non	non	ADJ
cblr-9109	373	42	-	-	ADJ
cblr-9109	373	43	marketable	marketable	ADJ
cblr-9109	373	44	limit	limit	NOUN
cblr-9109	373	45	orders.83	orders.83	ADJ
cblr-9109	373	46	these	these	PRON
cblr-9109	373	47	are	be	AUX
cblr-9109	373	48	posted	post	VERB
cblr-9109	373	49	since	since	SCONJ
cblr-9109	373	50	they	they	PRON
cblr-9109	373	51	do	do	AUX
cblr-9109	373	52	not	not	PART
cblr-9109	373	53	execute	execute	VERB
cblr-9109	373	54	immediately	immediately	ADV
cblr-9109	373	55	upon	upon	SCONJ
cblr-9109	373	56	submission	submission	NOUN
cblr-9109	373	57	.	.	PUNCT
cblr-9109	374	1	this	this	PRON
cblr-9109	374	2	is	be	AUX
cblr-9109	374	3	because	because	SCONJ
cblr-9109	374	4	,	,	PUNCT
cblr-9109	374	5	if	if	SCONJ
cblr-9109	374	6	they	they	PRON
cblr-9109	374	7	are	be	AUX
cblr-9109	374	8	sell	sell	NOUN
cblr-9109	374	9	limit	limit	NOUN
cblr-9109	374	10	orders	order	NOUN
cblr-9109	374	11	,	,	PUNCT
cblr-9109	374	12	they	they	PRON
cblr-9109	374	13	are	be	AUX
cblr-9109	374	14	above	above	ADP
cblr-9109	374	15	the	the	DET
cblr-9109	374	16	nbb	nbb	PROPN
cblr-9109	374	17	,	,	PUNCT
cblr-9109	374	18	and	and	CCONJ
cblr-9109	374	19	if	if	SCONJ
cblr-9109	374	20	they	they	PRON
cblr-9109	374	21	are	be	AUX
cblr-9109	374	22	buy	buy	VERB
cblr-9109	374	23	limit	limit	NOUN
cblr-9109	374	24	orders	order	NOUN
cblr-9109	374	25	,	,	PUNCT
cblr-9109	374	26	they	they	PRON
cblr-9109	374	27	are	be	AUX
cblr-9109	374	28	below	below	ADP
cblr-9109	374	29	the	the	DET
cblr-9109	374	30	nbo.84	nbo.84	PRON
cblr-9109	374	31	the	the	DET
cblr-9109	374	32	law	law	NOUN
cblr-9109	374	33	requires	require	VERB
cblr-9109	374	34	as	as	ADP
cblr-9109	374	35	a	a	DET
cblr-9109	374	36	general	general	ADJ
cblr-9109	374	37	matter	matter	NOUN
cblr-9109	374	38	that	that	SCONJ
cblr-9109	374	39	a	a	DET
cblr-9109	374	40	venue	venue	NOUN
cblr-9109	374	41	not	not	PART
cblr-9109	374	42	allow	allow	VERB
cblr-9109	374	43	a	a	DET
cblr-9109	374	44	marketable	marketable	ADJ
cblr-9109	374	45	order	order	NOUN
cblr-9109	374	46	to	to	PART
cblr-9109	374	47	execute	execute	VERB
cblr-9109	374	48	on	on	ADP
cblr-9109	374	49	it	it	PRON
cblr-9109	374	50	if	if	SCONJ
cblr-9109	374	51	that	that	DET
cblr-9109	374	52	venue	venue	NOUN
cblr-9109	374	53	’s	’s	PART
cblr-9109	374	54	own	own	ADJ
cblr-9109	374	55	best	good	ADJ
cblr-9109	374	56	offer	offer	NOUN
cblr-9109	374	57	is	be	AUX
cblr-9109	374	58	above	above	ADP
cblr-9109	374	59	the	the	DET
cblr-9109	374	60	nbo	nbo	NOUN
cblr-9109	374	61	or	or	CCONJ
cblr-9109	374	62	its	its	PRON
cblr-9109	374	63	own	own	ADJ
cblr-9109	374	64	best	good	ADJ
cblr-9109	374	65	bid	bid	NOUN
cblr-9109	374	66	is	be	AUX
cblr-9109	374	67	below	below	ADP
cblr-9109	374	68	the	the	DET
cblr-9109	374	69	nbb.85	nbb.85	PROPN
cblr-9109	374	70	instead	instead	ADV
cblr-9109	374	71	,	,	PUNCT
cblr-9109	374	72	the	the	DET
cblr-9109	374	73	venue	venue	NOUN
cblr-9109	374	74	will	will	AUX
cblr-9109	374	75	usually	usually	ADV
cblr-9109	374	76	send	send	VERB
cblr-9109	374	77	the	the	DET
cblr-9109	374	78	order	order	NOUN
cblr-9109	374	79	to	to	ADP
cblr-9109	374	80	an	an	DET
cblr-9109	374	81	exchange	exchange	NOUN
cblr-9109	374	82	posting	post	VERB
cblr-9109	374	83	orders	order	NOUN
cblr-9109	374	84	at	at	ADP
cblr-9109	374	85	the	the	DET
cblr-9109	374	86	nbo	nbo	PROPN
cblr-9109	374	87	or	or	CCONJ
cblr-9109	374	88	nbb.86	nbb.86	ADJ
cblr-9109	374	89	hfts	hft	NOUN
cblr-9109	374	90	,	,	PUNCT
cblr-9109	374	91	acting	act	VERB
cblr-9109	374	92	as	as	ADP
cblr-9109	374	93	professional	professional	ADJ
cblr-9109	374	94	liquidity	liquidity	NOUN
cblr-9109	374	95	suppliers	supplier	NOUN
cblr-9109	374	96	,	,	PUNCT
cblr-9109	374	97	post	post	VERB
cblr-9109	374	98	a	a	DET
cblr-9109	374	99	significant	significant	ADJ
cblr-9109	374	100	portion	portion	NOUN
cblr-9109	374	101	of	of	ADP
cblr-9109	374	102	the	the	DET
cblr-9109	374	103	non	non	ADJ
cblr-9109	374	104	-	-	ADJ
cblr-9109	374	105	marketable	marketable	ADJ
cblr-9109	374	106	limit	limit	NOUN
cblr-9109	374	107	orders	order	NOUN
cblr-9109	374	108	that	that	SCONJ
cblr-9109	374	109	79	79	NUM
cblr-9109	374	110	fox	fox	NOUN
cblr-9109	374	111	et	et	PROPN
cblr-9109	374	112	al	al	PROPN
cblr-9109	374	113	.	.	PROPN
cblr-9109	374	114	,	,	PUNCT
cblr-9109	374	115	the	the	DET
cblr-9109	374	116	new	new	ADJ
cblr-9109	374	117	stock	stock	NOUN
cblr-9109	374	118	market	market	NOUN
cblr-9109	374	119	,	,	PUNCT
cblr-9109	374	120	supra	supra	PROPN
cblr-9109	374	121	note	note	NOUN
cblr-9109	374	122	3	3	NUM
cblr-9109	374	123	,	,	PUNCT
cblr-9109	374	124	at	at	ADP
cblr-9109	374	125	13	13	NUM
cblr-9109	374	126	.	.	PUNCT
cblr-9109	374	127	80	80	NUM
cblr-9109	375	1	i	i	PRON
cblr-9109	375	2	d.	d.	NOUN
cblr-9109	375	3	at	at	ADP
cblr-9109	375	4	21	21	NUM
cblr-9109	375	5	.	.	PUNCT
cblr-9109	376	1	81	81	NUM
cblr-9109	377	1	i	i	PROPN
cblr-9109	377	2	d.	d.	PROPN
cblr-9109	377	3	82	82	NUM
cblr-9109	378	1	i	i	PRON
cblr-9109	378	2	d.	d.	PROPN
cblr-9109	378	3	83	83	NUM
cblr-9109	379	1	i	i	PRON
cblr-9109	379	2	d.	d.	PROPN
cblr-9109	379	3	at	at	ADP
cblr-9109	379	4	22	22	NUM
cblr-9109	379	5	.	.	PUNCT
cblr-9109	380	1	84	84	NUM
cblr-9109	381	1	i	i	PRON
cblr-9109	381	2	d.	d.	PROPN
cblr-9109	381	3	at	at	ADP
cblr-9109	381	4	21–22	21–22	NUM
cblr-9109	381	5	.	.	PUNCT
cblr-9109	382	1	85	85	NUM
cblr-9109	382	2	see	see	VERB
cblr-9109	382	3	order	order	NOUN
cblr-9109	382	4	protection	protection	NOUN
cblr-9109	382	5	rule	rule	NOUN
cblr-9109	382	6	,	,	PUNCT
cblr-9109	382	7	17	17	NUM
cblr-9109	382	8	c.f.r	c.f.r	NOUN
cblr-9109	382	9	.	.	PUNCT
cblr-9109	383	1	§	§	PROPN
cblr-9109	383	2	242.611(a)(1	242.611(a)(1	NUM
cblr-9109	383	3	)	)	PUNCT
cblr-9109	383	4	(	(	PUNCT
cblr-9109	383	5	2021	2021	NUM
cblr-9109	383	6	)	)	PUNCT
cblr-9109	383	7	.	.	PUNCT
cblr-9109	384	1	86	86	NUM
cblr-9109	384	2	see	see	VERB
cblr-9109	384	3	memorandum	memorandum	NOUN
cblr-9109	384	4	from	from	ADP
cblr-9109	384	5	the	the	DET
cblr-9109	384	6	sec	sec	PROPN
cblr-9109	384	7	div	div	PROPN
cblr-9109	384	8	.	.	PROPN
cblr-9109	384	9	of	of	ADP
cblr-9109	384	10	trading	trading	NOUN
cblr-9109	384	11	and	and	CCONJ
cblr-9109	384	12	mkts	mkts	NOUN
cblr-9109	384	13	.	.	PUNCT
cblr-9109	385	1	to	to	ADP
cblr-9109	385	2	the	the	DET
cblr-9109	385	3	sec	sec	PROPN
cblr-9109	385	4	mkt	mkt	PROPN
cblr-9109	385	5	.	.	PUNCT
cblr-9109	386	1	structure	structure	PROPN
cblr-9109	386	2	advisory	advisory	ADJ
cblr-9109	386	3	comm	comm	NOUN
cblr-9109	386	4	.	.	PUNCT
cblr-9109	387	1	6	6	NUM
cblr-9109	387	2	(	(	PUNCT
cblr-9109	387	3	april	april	PROPN
cblr-9109	387	4	30	30	NUM
cblr-9109	387	5	,	,	PUNCT
cblr-9109	387	6	2015	2015	NUM
cblr-9109	387	7	)	)	PUNCT
cblr-9109	387	8	,	,	PUNCT
cblr-9109	388	1	https://www.sec.gov/spotlight/emsac/memo-rule-611-regulation-nms.pdf	https://www.sec.gov/spotlight/emsac/memo-rule-611-regulation-nms.pdf	X
cblr-9109	388	2	[	[	X
cblr-9109	388	3	https://perma.cc/5uun-3sx2	https://perma.cc/5uun-3sx2	X
cblr-9109	388	4	]	]	X
cblr-9109	388	5	(	(	PUNCT
cblr-9109	388	6	“	"	PUNCT
cblr-9109	388	7	if	if	SCONJ
cblr-9109	388	8	a	a	DET
cblr-9109	388	9	broker	broker	NOUN
cblr-9109	388	10	-	-	PUNCT
cblr-9109	388	11	dealer	dealer	NOUN
cblr-9109	388	12	routes	route	NOUN
cblr-9109	388	13	an	an	DET
cblr-9109	388	14	order	order	NOUN
cblr-9109	388	15	to	to	ADP
cblr-9109	388	16	a	a	DET
cblr-9109	388	17	trading	trading	NOUN
cblr-9109	388	18	venue	venue	NOUN
cblr-9109	388	19	that	that	PRON
cblr-9109	388	20	can	can	AUX
cblr-9109	388	21	not	not	PART
cblr-9109	388	22	execute	execute	VERB
cblr-9109	388	23	the	the	DET
cblr-9109	388	24	order	order	NOUN
cblr-9109	388	25	at	at	ADP
cblr-9109	388	26	the	the	DET
cblr-9109	388	27	best	good	ADJ
cblr-9109	388	28	price	price	NOUN
cblr-9109	388	29	,	,	PUNCT
cblr-9109	388	30	the	the	DET
cblr-9109	388	31	venue	venue	NOUN
cblr-9109	388	32	can	can	AUX
cblr-9109	388	33	not	not	PART
cblr-9109	388	34	simply	simply	ADV
cblr-9109	388	35	execute	execute	VERB
cblr-9109	388	36	the	the	DET
cblr-9109	388	37	order	order	NOUN
cblr-9109	388	38	at	at	ADP
cblr-9109	388	39	an	an	DET
cblr-9109	388	40	inferior	inferior	ADJ
cblr-9109	388	41	price	price	NOUN
cblr-9109	388	42	.	.	PUNCT
cblr-9109	389	1	it	it	PRON
cblr-9109	389	2	can	can	AUX
cblr-9109	389	3	either	either	CCONJ
cblr-9109	389	4	cancel	cancel	VERB
cblr-9109	389	5	the	the	DET
cblr-9109	389	6	order	order	NOUN
cblr-9109	389	7	back	back	ADV
cblr-9109	389	8	to	to	ADP
cblr-9109	389	9	the	the	DET
cblr-9109	389	10	broker	broker	NOUN
cblr-9109	389	11	-	-	PUNCT
cblr-9109	389	12	dealer	dealer	NOUN
cblr-9109	389	13	or	or	CCONJ
cblr-9109	389	14	route	route	VERB
cblr-9109	389	15	the	the	DET
cblr-9109	389	16	order	order	NOUN
cblr-9109	389	17	to	to	ADP
cblr-9109	389	18	another	another	DET
cblr-9109	389	19	venue	venue	NOUN
cblr-9109	389	20	that	that	PRON
cblr-9109	389	21	will	will	AUX
cblr-9109	389	22	execute	execute	VERB
cblr-9109	389	23	the	the	DET
cblr-9109	389	24	order	order	NOUN
cblr-9109	389	25	at	at	ADP
cblr-9109	389	26	the	the	DET
cblr-9109	389	27	best	good	ADJ
cblr-9109	389	28	price	price	NOUN
cblr-9109	389	29	or	or	CCONJ
cblr-9109	389	30	better	well	ADJ
cblr-9109	389	31	.	.	PUNCT
cblr-9109	389	32	”	"	PUNCT
cblr-9109	389	33	)	)	PUNCT
cblr-9109	389	34	.	.	PUNCT
cblr-9109	390	1	no	no	INTJ
cblr-9109	390	2	.	.	PUNCT
cblr-9109	391	1	3:1244	3:1244	NUM
cblr-9109	391	2	]	]	X
cblr-9109	391	3	spoofing	spoofing	NOUN
cblr-9109	391	4	and	and	CCONJ
cblr-9109	391	5	its	its	PRON
cblr-9109	391	6	regulation	regulation	NOUN
cblr-9109	391	7	1271	1271	NUM
cblr-9109	391	8	constitute	constitute	VERB
cblr-9109	391	9	the	the	DET
cblr-9109	391	10	quotes	quote	NOUN
cblr-9109	391	11	in	in	ADP
cblr-9109	391	12	the	the	DET
cblr-9109	391	13	market.87	market.87	NOUN
cblr-9109	391	14	still	still	ADV
cblr-9109	391	15	,	,	PUNCT
cblr-9109	391	16	any	any	DET
cblr-9109	391	17	trader	trader	NOUN
cblr-9109	391	18	can	can	AUX
cblr-9109	391	19	also	also	ADV
cblr-9109	391	20	submit	submit	VERB
cblr-9109	391	21	a	a	DET
cblr-9109	391	22	non	non	ADJ
cblr-9109	391	23	-	-	ADJ
cblr-9109	391	24	marketable	marketable	ADJ
cblr-9109	391	25	limit	limit	NOUN
cblr-9109	391	26	order	order	NOUN
cblr-9109	391	27	,	,	PUNCT
cblr-9109	391	28	which	which	PRON
cblr-9109	391	29	also	also	ADV
cblr-9109	391	30	becomes	become	VERB
cblr-9109	391	31	a	a	DET
cblr-9109	391	32	quote	quote	NOUN
cblr-9109	391	33	.	.	PUNCT
cblr-9109	392	1	c.	c.	NOUN
cblr-9109	392	2	the	the	DET
cblr-9109	392	3	economics	economic	NOUN
cblr-9109	392	4	of	of	ADP
cblr-9109	392	5	liquidity	liquidity	NOUN
cblr-9109	392	6	provision	provision	NOUN
cblr-9109	392	7	a	a	DET
cblr-9109	392	8	liquidity	liquidity	NOUN
cblr-9109	392	9	supplier	supplier	NOUN
cblr-9109	392	10	faces	face	VERB
cblr-9109	392	11	a	a	DET
cblr-9109	392	12	classic	classic	ADJ
cblr-9109	392	13	adverse	adverse	ADJ
cblr-9109	392	14	selection	selection	NOUN
cblr-9109	392	15	situation88	situation88	NOUN
cblr-9109	392	16	and	and	CCONJ
cblr-9109	392	17	will	will	AUX
cblr-9109	392	18	,	,	PUNCT
cblr-9109	392	19	on	on	ADP
cblr-9109	392	20	average	average	ADJ
cblr-9109	392	21	,	,	PUNCT
cblr-9109	392	22	lose	lose	VERB
cblr-9109	392	23	money	money	NOUN
cblr-9109	392	24	when	when	SCONJ
cblr-9109	392	25	it	it	PRON
cblr-9109	392	26	buys	buy	VERB
cblr-9109	392	27	at	at	ADP
cblr-9109	392	28	the	the	DET
cblr-9109	392	29	bid	bid	NOUN
cblr-9109	392	30	from	from	ADP
cblr-9109	392	31	informed	informed	ADJ
cblr-9109	392	32	sellers	seller	NOUN
cblr-9109	392	33	or	or	CCONJ
cblr-9109	392	34	sells	sell	VERB
cblr-9109	392	35	at	at	ADP
cblr-9109	392	36	the	the	DET
cblr-9109	392	37	offer	offer	NOUN
cblr-9109	392	38	to	to	PART
cblr-9109	392	39	informed	informed	VERB
cblr-9109	392	40	buyers.89	buyers.89	NOUN
cblr-9109	392	41	this	this	PRON
cblr-9109	392	42	is	be	AUX
cblr-9109	392	43	because	because	SCONJ
cblr-9109	392	44	the	the	DET
cblr-9109	392	45	informed	informed	ADJ
cblr-9109	392	46	trader	trader	NOUN
cblr-9109	392	47	has	have	VERB
cblr-9109	392	48	information	information	NOUN
cblr-9109	392	49	suggesting	suggest	VERB
cblr-9109	392	50	that	that	SCONJ
cblr-9109	392	51	there	there	PRON
cblr-9109	392	52	are	be	VERB
cblr-9109	392	53	expected	expect	VERB
cblr-9109	392	54	profits	profit	NOUN
cblr-9109	392	55	from	from	ADP
cblr-9109	392	56	entering	enter	VERB
cblr-9109	392	57	into	into	ADP
cblr-9109	392	58	a	a	DET
cblr-9109	392	59	transaction	transaction	NOUN
cblr-9109	392	60	at	at	ADP
cblr-9109	392	61	the	the	DET
cblr-9109	392	62	liquidity	liquidity	NOUN
cblr-9109	392	63	supplier	supplier	NOUN
cblr-9109	392	64	’s	’s	PART
cblr-9109	392	65	price.90	price.90	ADJ
cblr-9109	392	66	trading	trading	NOUN
cblr-9109	392	67	is	be	AUX
cblr-9109	392	68	a	a	DET
cblr-9109	392	69	zero	zero	NUM
cblr-9109	392	70	-	-	PUNCT
cblr-9109	392	71	sum	sum	NOUN
cblr-9109	392	72	game	game	NOUN
cblr-9109	392	73	,	,	PUNCT
cblr-9109	392	74	so	so	CCONJ
cblr-9109	392	75	if	if	SCONJ
cblr-9109	392	76	the	the	DET
cblr-9109	392	77	informed	informed	ADJ
cblr-9109	392	78	trader	trader	NOUN
cblr-9109	392	79	has	have	AUX
cblr-9109	392	80	expected	expect	VERB
cblr-9109	392	81	profits	profit	NOUN
cblr-9109	392	82	from	from	ADP
cblr-9109	392	83	the	the	DET
cblr-9109	392	84	trade	trade	NOUN
cblr-9109	392	85	,	,	PUNCT
cblr-9109	392	86	the	the	DET
cblr-9109	392	87	liquidity	liquidity	NOUN
cblr-9109	392	88	supplier	supplier	NOUN
cblr-9109	392	89	will	will	AUX
cblr-9109	392	90	have	have	AUX
cblr-9109	392	91	expected	expect	VERB
cblr-9109	392	92	losses	loss	NOUN
cblr-9109	392	93	.	.	PUNCT
cblr-9109	393	1	however	however	ADV
cblr-9109	393	2	,	,	PUNCT
cblr-9109	393	3	the	the	DET
cblr-9109	393	4	liquidity	liquidity	NOUN
cblr-9109	393	5	provider	provider	NOUN
cblr-9109	393	6	can	can	AUX
cblr-9109	393	7	still	still	ADV
cblr-9109	393	8	break	break	VERB
cblr-9109	393	9	even	even	ADV
cblr-9109	393	10	,	,	PUNCT
cblr-9109	393	11	as	as	ADV
cblr-9109	393	12	long	long	ADV
cblr-9109	393	13	as	as	SCONJ
cblr-9109	393	14	enough	enough	ADJ
cblr-9109	393	15	transactions	transaction	NOUN
cblr-9109	393	16	occur	occur	VERB
cblr-9109	393	17	with	with	ADP
cblr-9109	393	18	uninformed	uninformed	ADJ
cblr-9109	393	19	traders.91	traders.91	NOUN
cblr-9109	393	20	these	these	DET
cblr-9109	393	21	transactions	transaction	NOUN
cblr-9109	393	22	are	be	AUX
cblr-9109	393	23	on	on	ADP
cblr-9109	393	24	average	average	ADJ
cblr-9109	393	25	profitable.92	profitable.92	NOUN
cblr-9109	393	26	this	this	PRON
cblr-9109	393	27	is	be	AUX
cblr-9109	393	28	because	because	SCONJ
cblr-9109	393	29	the	the	DET
cblr-9109	393	30	offer	offer	NOUN
cblr-9109	393	31	—	—	PUNCT
cblr-9109	393	32	the	the	DET
cblr-9109	393	33	price	price	NOUN
cblr-9109	393	34	at	at	ADP
cblr-9109	393	35	which	which	PRON
cblr-9109	393	36	the	the	DET
cblr-9109	393	37	liquidity	liquidity	NOUN
cblr-9109	393	38	supplier	supplier	NOUN
cblr-9109	393	39	sells	sell	VERB
cblr-9109	393	40	shares	share	NOUN
cblr-9109	393	41	—	—	PUNCT
cblr-9109	393	42	is	be	AUX
cblr-9109	393	43	higher	high	ADJ
cblr-9109	393	44	than	than	ADP
cblr-9109	393	45	the	the	DET
cblr-9109	393	46	bid	bid	NOUN
cblr-9109	393	47	—	—	PUNCT
cblr-9109	393	48	the	the	DET
cblr-9109	393	49	price	price	NOUN
cblr-9109	393	50	at	at	ADP
cblr-9109	393	51	which	which	PRON
cblr-9109	393	52	they	they	PRON
cblr-9109	393	53	are	be	AUX
cblr-9109	393	54	bought	buy	VERB
cblr-9109	393	55	,	,	PUNCT
cblr-9109	393	56	and	and	CCONJ
cblr-9109	393	57	the	the	DET
cblr-9109	393	58	uninformed	uninformed	ADJ
cblr-9109	393	59	trader	trader	NOUN
cblr-9109	393	60	possesses	possess	VERB
cblr-9109	393	61	no	no	DET
cblr-9109	393	62	information	information	NOUN
cblr-9109	393	63	suggesting	suggest	VERB
cblr-9109	393	64	expected	expect	VERB
cblr-9109	393	65	profits	profit	NOUN
cblr-9109	393	66	from	from	ADP
cblr-9109	393	67	buying	buy	VERB
cblr-9109	393	68	or	or	CCONJ
cblr-9109	393	69	selling	sell	VERB
cblr-9109	393	70	the	the	DET
cblr-9109	393	71	shares	share	NOUN
cblr-9109	393	72	at	at	ADP
cblr-9109	393	73	the	the	DET
cblr-9109	393	74	offer	offer	NOUN
cblr-9109	393	75	and	and	CCONJ
cblr-9109	393	76	bid	bid	NOUN
cblr-9109	393	77	,	,	PUNCT
cblr-9109	393	78	respectively.93	respectively.93	PROPN
cblr-9109	393	79	for	for	ADP
cblr-9109	393	80	the	the	DET
cblr-9109	393	81	liquidity	liquidity	NOUN
cblr-9109	393	82	supplier	supplier	NOUN
cblr-9109	393	83	to	to	PART
cblr-9109	393	84	break	break	VERB
cblr-9109	393	85	even	even	ADV
cblr-9109	393	86	,	,	PUNCT
cblr-9109	393	87	there	there	PRON
cblr-9109	393	88	simply	simply	ADV
cblr-9109	393	89	needs	need	VERB
cblr-9109	393	90	to	to	PART
cblr-9109	393	91	be	be	AUX
cblr-9109	393	92	a	a	DET
cblr-9109	393	93	wide	wide	ADJ
cblr-9109	393	94	enough	enough	ADJ
cblr-9109	393	95	spread	spread	NOUN
cblr-9109	393	96	between	between	ADP
cblr-9109	393	97	the	the	DET
cblr-9109	393	98	bid	bid	NOUN
cblr-9109	393	99	and	and	CCONJ
cblr-9109	393	100	offer	offer	VERB
cblr-9109	393	101	such	such	ADJ
cblr-9109	393	102	that	that	SCONJ
cblr-9109	393	103	the	the	DET
cblr-9109	393	104	losses	loss	NOUN
cblr-9109	393	105	from	from	ADP
cblr-9109	393	106	87	87	NUM
cblr-9109	393	107	see	see	NOUN
cblr-9109	393	108	brogaard	brogaard	ADV
cblr-9109	393	109	,	,	PUNCT
cblr-9109	393	110	hendershott	hendershott	PROPN
cblr-9109	393	111	&	&	CCONJ
cblr-9109	393	112	riordan	riordan	PROPN
cblr-9109	393	113	,	,	PUNCT
cblr-9109	393	114	supra	supra	PROPN
cblr-9109	393	115	note	note	PROPN
cblr-9109	393	116	27	27	NUM
cblr-9109	393	117	,	,	PUNCT
cblr-9109	393	118	at	at	ADP
cblr-9109	393	119	2273–74	2273–74	NUM
cblr-9109	393	120	(	(	PUNCT
cblr-9109	393	121	finding	find	VERB
cblr-9109	393	122	that	that	SCONJ
cblr-9109	393	123	hfts	hft	NOUN
cblr-9109	393	124	provide	provide	VERB
cblr-9109	393	125	liquidity	liquidity	NOUN
cblr-9109	393	126	for	for	ADP
cblr-9109	393	127	forty	forty	NUM
cblr-9109	393	128	-	-	PUNCT
cblr-9109	393	129	two	two	NUM
cblr-9109	393	130	percent	percent	NOUN
cblr-9109	393	131	of	of	ADP
cblr-9109	393	132	all	all	DET
cblr-9109	393	133	trades	trade	NOUN
cblr-9109	393	134	and	and	CCONJ
cblr-9109	393	135	supply	supply	VERB
cblr-9109	393	136	the	the	DET
cblr-9109	393	137	market	market	NOUN
cblr-9109	393	138	quotes	quote	VERB
cblr-9109	393	139	forty	forty	NUM
cblr-9109	393	140	-	-	PUNCT
cblr-9109	393	141	two	two	NUM
cblr-9109	393	142	percent	percent	NOUN
cblr-9109	393	143	of	of	ADP
cblr-9109	393	144	the	the	DET
cblr-9109	393	145	time	time	NOUN
cblr-9109	393	146	)	)	PUNCT
cblr-9109	393	147	.	.	PUNCT
cblr-9109	394	1	88	88	NUM
cblr-9109	394	2	see	see	VERB
cblr-9109	394	3	generally	generally	ADV
cblr-9109	394	4	george	george	PROPN
cblr-9109	394	5	a.	a.	NOUN
cblr-9109	394	6	akerlof	akerlof	NOUN
cblr-9109	394	7	,	,	PUNCT
cblr-9109	394	8	the	the	DET
cblr-9109	394	9	market	market	NOUN
cblr-9109	394	10	for	for	ADP
cblr-9109	394	11	“	"	PUNCT
cblr-9109	394	12	lemons	lemon	NOUN
cblr-9109	394	13	”	"	PUNCT
cblr-9109	394	14	:	:	PUNCT
cblr-9109	394	15	quality	quality	NOUN
cblr-9109	394	16	uncertainty	uncertainty	NOUN
cblr-9109	394	17	and	and	CCONJ
cblr-9109	394	18	the	the	DET
cblr-9109	394	19	market	market	NOUN
cblr-9109	394	20	mechanism	mechanism	NOUN
cblr-9109	394	21	,	,	PUNCT
cblr-9109	394	22	84	84	NUM
cblr-9109	394	23	q.j	q.j	PROPN
cblr-9109	394	24	.	.	PROPN
cblr-9109	394	25	econ	econ	PROPN
cblr-9109	394	26	.	.	PUNCT
cblr-9109	395	1	488	488	NUM
cblr-9109	395	2	,	,	PUNCT
cblr-9109	395	3	488–93	488–93	PROPN
cblr-9109	395	4	(	(	PUNCT
cblr-9109	395	5	1970	1970	NUM
cblr-9109	395	6	)	)	PUNCT
cblr-9109	395	7	(	(	PUNCT
cblr-9109	395	8	the	the	DET
cblr-9109	395	9	seminal	seminal	ADJ
cblr-9109	395	10	article	article	NOUN
cblr-9109	395	11	examining	examine	VERB
cblr-9109	395	12	how	how	SCONJ
cblr-9109	395	13	informational	informational	ADJ
cblr-9109	395	14	asymmetries	asymmetry	NOUN
cblr-9109	395	15	can	can	AUX
cblr-9109	395	16	spur	spur	VERB
cblr-9109	395	17	declines	decline	NOUN
cblr-9109	395	18	in	in	ADP
cblr-9109	395	19	the	the	DET
cblr-9109	395	20	quality	quality	NOUN
cblr-9109	395	21	of	of	ADP
cblr-9109	395	22	market	market	NOUN
cblr-9109	395	23	goods	good	NOUN
cblr-9109	395	24	until	until	SCONJ
cblr-9109	395	25	the	the	DET
cblr-9109	395	26	market	market	NOUN
cblr-9109	395	27	unravels	unravel	NOUN
cblr-9109	395	28	and	and	CCONJ
cblr-9109	395	29	only	only	ADV
cblr-9109	395	30	low	low	ADJ
cblr-9109	395	31	quality	quality	NOUN
cblr-9109	395	32	“	"	PUNCT
cblr-9109	395	33	lemons	lemon	NOUN
cblr-9109	395	34	”	"	PUNCT
cblr-9109	395	35	remain	remain	VERB
cblr-9109	395	36	)	)	PUNCT
cblr-9109	395	37	.	.	PUNCT
cblr-9109	396	1	for	for	ADP
cblr-9109	396	2	a	a	DET
cblr-9109	396	3	parallel	parallel	ADJ
cblr-9109	396	4	application	application	NOUN
cblr-9109	396	5	in	in	ADP
cblr-9109	396	6	the	the	DET
cblr-9109	396	7	securities	security	NOUN
cblr-9109	396	8	markets	market	NOUN
cblr-9109	396	9	,	,	PUNCT
cblr-9109	396	10	see	see	VERB
cblr-9109	396	11	stewart	stewart	PROPN
cblr-9109	396	12	c.	c.	PROPN
cblr-9109	396	13	myers	myers	PROPN
cblr-9109	396	14	&	&	CCONJ
cblr-9109	396	15	nicholas	nicholas	PROPN
cblr-9109	396	16	s.	s.	PROPN
cblr-9109	396	17	majluf	majluf	PROPN
cblr-9109	396	18	,	,	PUNCT
cblr-9109	396	19	corporate	corporate	ADJ
cblr-9109	396	20	financing	financing	NOUN
cblr-9109	396	21	and	and	CCONJ
cblr-9109	396	22	investment	investment	NOUN
cblr-9109	396	23	decisions	decision	NOUN
cblr-9109	396	24	when	when	SCONJ
cblr-9109	396	25	firms	firm	NOUN
cblr-9109	396	26	have	have	VERB
cblr-9109	396	27	information	information	NOUN
cblr-9109	396	28	that	that	SCONJ
cblr-9109	396	29	investors	investor	NOUN
cblr-9109	396	30	do	do	AUX
cblr-9109	396	31	not	not	PART
cblr-9109	396	32	have	have	AUX
cblr-9109	396	33	,	,	PUNCT
cblr-9109	396	34	13	13	NUM
cblr-9109	396	35	j.	j.	PROPN
cblr-9109	396	36	fin	fin	PROPN
cblr-9109	396	37	.	.	PUNCT
cblr-9109	396	38	econ	econ	PROPN
cblr-9109	396	39	.	.	PUNCT
cblr-9109	397	1	187	187	NUM
cblr-9109	397	2	,	,	PUNCT
cblr-9109	397	3	187	187	NUM
cblr-9109	397	4	(	(	PUNCT
cblr-9109	397	5	1984	1984	NUM
cblr-9109	397	6	)	)	PUNCT
cblr-9109	397	7	.	.	PUNCT
cblr-9109	398	1	89	89	NUM
cblr-9109	398	2	fox	fox	PROPN
cblr-9109	398	3	et	et	PROPN
cblr-9109	398	4	al	al	PROPN
cblr-9109	398	5	.	.	PROPN
cblr-9109	398	6	,	,	PUNCT
cblr-9109	398	7	the	the	DET
cblr-9109	398	8	new	new	ADJ
cblr-9109	398	9	stock	stock	NOUN
cblr-9109	398	10	market	market	NOUN
cblr-9109	398	11	supra	supra	PROPN
cblr-9109	398	12	note	note	PROPN
cblr-9109	398	13	3	3	NUM
cblr-9109	398	14	,	,	PUNCT
cblr-9109	398	15	at	at	ADP
cblr-9109	398	16	65–66	65–66	NUM
cblr-9109	398	17	.	.	PUNCT
cblr-9109	399	1	90	90	NUM
cblr-9109	400	1	i	i	PRON
cblr-9109	400	2	d.	d.	PROPN
cblr-9109	400	3	91	91	NUM
cblr-9109	400	4	fox	fox	PROPN
cblr-9109	400	5	et	et	PROPN
cblr-9109	400	6	al	al	PROPN
cblr-9109	400	7	.	.	PROPN
cblr-9109	400	8	,	,	PUNCT
cblr-9109	400	9	informed	inform	VERB
cblr-9109	400	10	trading	trading	NOUN
cblr-9109	400	11	,	,	PUNCT
cblr-9109	400	12	supra	supra	PROPN
cblr-9109	400	13	note	note	NOUN
cblr-9109	400	14	32	32	NUM
cblr-9109	400	15	,	,	PUNCT
cblr-9109	400	16	at	at	ADP
cblr-9109	400	17	829	829	NUM
cblr-9109	400	18	.	.	PUNCT
cblr-9109	401	1	92	92	NUM
cblr-9109	402	1	i	i	NOUN
cblr-9109	402	2	d.	d.	PROPN
cblr-9109	402	3	93	93	NUM
cblr-9109	402	4	see	see	VERB
cblr-9109	402	5	i	i	PRON
cblr-9109	402	6	d.	d.	PROPN
cblr-9109	402	7	1272	1272	NUM
cblr-9109	402	8	columbia	columbia	PROPN
cblr-9109	402	9	business	business	PROPN
cblr-9109	402	10	law	law	PROPN
cblr-9109	402	11	review	review	NOUN
cblr-9109	402	12	[	[	X
cblr-9109	402	13	vol	vol	NOUN
cblr-9109	402	14	.	.	NOUN
cblr-9109	402	15	2021	2021	NUM
cblr-9109	402	16	transacting	transact	VERB
cblr-9109	402	17	against	against	ADP
cblr-9109	402	18	informed	informed	ADJ
cblr-9109	402	19	traders	trader	NOUN
cblr-9109	402	20	are	be	AUX
cblr-9109	402	21	offset	offset	VERB
cblr-9109	402	22	by	by	ADP
cblr-9109	402	23	the	the	DET
cblr-9109	402	24	profits	profit	NOUN
cblr-9109	402	25	from	from	ADP
cblr-9109	402	26	transacting	transact	VERB
cblr-9109	402	27	against	against	ADP
cblr-9109	402	28	uninformed	uninformed	ADJ
cblr-9109	402	29	traders.94	traders.94	PROPN
cblr-9109	402	30	if	if	SCONJ
cblr-9109	402	31	a	a	DET
cblr-9109	402	32	liquidity	liquidity	NOUN
cblr-9109	402	33	supplier	supplier	NOUN
cblr-9109	402	34	rationally	rationally	ADV
cblr-9109	402	35	anticipates	anticipate	VERB
cblr-9109	402	36	a	a	DET
cblr-9109	402	37	higher	high	ADJ
cblr-9109	402	38	incidence	incidence	NOUN
cblr-9109	402	39	of	of	ADP
cblr-9109	402	40	informed	informed	ADJ
cblr-9109	402	41	trading	trading	NOUN
cblr-9109	402	42	,	,	PUNCT
cblr-9109	402	43	it	it	PRON
cblr-9109	402	44	will	will	AUX
cblr-9109	402	45	raise	raise	VERB
cblr-9109	402	46	its	its	PRON
cblr-9109	402	47	offers	offer	NOUN
cblr-9109	402	48	and	and	CCONJ
cblr-9109	402	49	lower	lower	VERB
cblr-9109	402	50	its	its	PRON
cblr-9109	402	51	bids	bid	NOUN
cblr-9109	402	52	to	to	PART
cblr-9109	402	53	survive	survive	VERB
cblr-9109	402	54	in	in	ADP
cblr-9109	402	55	a	a	DET
cblr-9109	402	56	competitive	competitive	ADJ
cblr-9109	402	57	market.95	market.95	NOUN
cblr-9109	402	58	moreover	moreover	ADV
cblr-9109	402	59	,	,	PUNCT
cblr-9109	402	60	the	the	DET
cblr-9109	402	61	actions	action	NOUN
cblr-9109	402	62	of	of	ADP
cblr-9109	402	63	rational	rational	ADJ
cblr-9109	402	64	liquidity	liquidity	NOUN
cblr-9109	402	65	providers	provider	NOUN
cblr-9109	402	66	thus	thus	ADV
cblr-9109	402	67	act	act	VERB
cblr-9109	402	68	as	as	ADP
cblr-9109	402	69	a	a	DET
cblr-9109	402	70	kind	kind	NOUN
cblr-9109	402	71	of	of	ADP
cblr-9109	402	72	“	"	PUNCT
cblr-9109	402	73	invisible	invisible	ADJ
cblr-9109	402	74	hand	hand	NOUN
cblr-9109	402	75	”	"	PUNCT
cblr-9109	402	76	:	:	PUNCT
cblr-9109	402	77	as	as	ADP
cblr-9109	402	78	a	a	DET
cblr-9109	402	79	result	result	NOUN
cblr-9109	402	80	of	of	ADP
cblr-9109	402	81	their	their	PRON
cblr-9109	402	82	work	work	NOUN
cblr-9109	402	83	to	to	PART
cblr-9109	402	84	avoid	avoid	VERB
cblr-9109	402	85	losses	loss	NOUN
cblr-9109	402	86	to	to	ADP
cblr-9109	402	87	informed	informed	ADJ
cblr-9109	402	88	traders	trader	NOUN
cblr-9109	402	89	,	,	PUNCT
cblr-9109	402	90	liquidity	liquidity	NOUN
cblr-9109	402	91	providers	provider	NOUN
cblr-9109	402	92	,	,	PUNCT
cblr-9109	402	93	in	in	ADP
cblr-9109	402	94	reaction	reaction	NOUN
cblr-9109	402	95	to	to	ADP
cblr-9109	402	96	changes	change	NOUN
cblr-9109	402	97	in	in	ADP
cblr-9109	402	98	quotes	quote	NOUN
cblr-9109	402	99	and	and	CCONJ
cblr-9109	402	100	new	new	ADJ
cblr-9109	402	101	marketable	marketable	ADJ
cblr-9109	402	102	orders	order	NOUN
cblr-9109	402	103	,	,	PUNCT
cblr-9109	402	104	are	be	AUX
cblr-9109	402	105	constantly	constantly	ADV
cblr-9109	402	106	revising	revise	VERB
cblr-9109	402	107	their	their	PRON
cblr-9109	402	108	quotes	quote	NOUN
cblr-9109	402	109	so	so	SCONJ
cblr-9109	402	110	that	that	SCONJ
cblr-9109	402	111	,	,	PUNCT
cblr-9109	402	112	over	over	ADP
cblr-9109	402	113	time	time	NOUN
cblr-9109	402	114	,	,	PUNCT
cblr-9109	402	115	those	those	DET
cblr-9109	402	116	quotes	quote	NOUN
cblr-9109	402	117	fully	fully	ADV
cblr-9109	402	118	reflect	reflect	VERB
cblr-9109	402	119	the	the	DET
cblr-9109	402	120	information	information	NOUN
cblr-9109	402	121	in	in	ADP
cblr-9109	402	122	informed	inform	VERB
cblr-9109	402	123	trades.96	trades.96	PROPN
cblr-9109	402	124	empirical	empirical	ADJ
cblr-9109	402	125	evidence	evidence	NOUN
cblr-9109	402	126	supports	support	VERB
cblr-9109	402	127	these	these	DET
cblr-9109	402	128	theoretical	theoretical	ADJ
cblr-9109	402	129	results.97	results.97	NOUN
cblr-9109	402	130	this	this	DET
cblr-9109	402	131	part	part	NOUN
cblr-9109	402	132	provided	provide	VERB
cblr-9109	402	133	a	a	DET
cblr-9109	402	134	brief	brief	ADJ
cblr-9109	402	135	baseline	baseline	NOUN
cblr-9109	402	136	of	of	ADP
cblr-9109	402	137	how	how	SCONJ
cblr-9109	402	138	securities	security	NOUN
cblr-9109	402	139	markets	market	NOUN
cblr-9109	402	140	would	would	AUX
cblr-9109	402	141	work	work	VERB
cblr-9109	402	142	if	if	SCONJ
cblr-9109	402	143	there	there	PRON
cblr-9109	402	144	were	be	VERB
cblr-9109	402	145	no	no	DET
cblr-9109	402	146	spoofing	spoofing	NOUN
cblr-9109	402	147	.	.	PUNCT
cblr-9109	403	1	against	against	ADP
cblr-9109	403	2	this	this	DET
cblr-9109	403	3	baseline	baseline	NOUN
cblr-9109	403	4	,	,	PUNCT
cblr-9109	403	5	part	part	NOUN
cblr-9109	403	6	v	v	NOUN
cblr-9109	403	7	will	will	AUX
cblr-9109	403	8	assess	assess	VERB
cblr-9109	403	9	the	the	DET
cblr-9109	403	10	impact	impact	NOUN
cblr-9109	403	11	if	if	SCONJ
cblr-9109	403	12	spoofing	spoofing	NOUN
cblr-9109	403	13	does	do	AUX
cblr-9109	403	14	occur	occur	VERB
cblr-9109	403	15	in	in	ADP
cblr-9109	403	16	the	the	DET
cblr-9109	403	17	market	market	NOUN
cblr-9109	403	18	.	.	PUNCT
cblr-9109	404	1	until	until	ADP
cblr-9109	404	2	now	now	ADV
cblr-9109	404	3	,	,	PUNCT
cblr-9109	404	4	we	we	PRON
cblr-9109	404	5	have	have	AUX
cblr-9109	404	6	assumed	assume	VERB
cblr-9109	404	7	that	that	SCONJ
cblr-9109	404	8	,	,	PUNCT
cblr-9109	404	9	for	for	ADP
cblr-9109	404	10	explanatory	explanatory	ADJ
cblr-9109	404	11	simplicity	simplicity	NOUN
cblr-9109	404	12	,	,	PUNCT
cblr-9109	404	13	all	all	DET
cblr-9109	404	14	the	the	DET
cblr-9109	404	15	non	non	ADJ
cblr-9109	404	16	-	-	ADJ
cblr-9109	404	17	marketable	marketable	ADJ
cblr-9109	404	18	limit	limit	NOUN
cblr-9109	404	19	orders	order	NOUN
cblr-9109	404	20	posted	post	VERB
cblr-9109	404	21	on	on	ADP
cblr-9109	404	22	trading	trading	NOUN
cblr-9109	404	23	venues	venue	NOUN
cblr-9109	404	24	are	be	AUX
cblr-9109	404	25	submitted	submit	VERB
cblr-9109	404	26	by	by	ADP
cblr-9109	404	27	hft	hft	PROPN
cblr-9109	404	28	professional	professional	PROPN
cblr-9109	404	29	liquidity	liquidity	NOUN
cblr-9109	404	30	suppliers	supplier	NOUN
cblr-9109	404	31	and	and	CCONJ
cblr-9109	404	32	all	all	DET
cblr-9109	404	33	traders	trader	NOUN
cblr-9109	404	34	use	use	VERB
cblr-9109	404	35	market	market	NOUN
cblr-9109	404	36	orders	order	NOUN
cblr-9109	404	37	.	.	PUNCT
cblr-9109	405	1	in	in	ADP
cblr-9109	405	2	fact	fact	NOUN
cblr-9109	405	3	,	,	PUNCT
cblr-9109	405	4	many	many	ADJ
cblr-9109	405	5	traders	trader	NOUN
cblr-9109	405	6	also	also	ADV
cblr-9109	405	7	use	use	VERB
cblr-9109	405	8	non	non	ADJ
cblr-9109	405	9	-	-	ADJ
cblr-9109	405	10	marketable	marketable	ADJ
cblr-9109	405	11	limit	limit	NOUN
cblr-9109	405	12	orders	order	NOUN
cblr-9109	405	13	.	.	PUNCT
cblr-9109	406	1	in	in	ADP
cblr-9109	406	2	the	the	DET
cblr-9109	406	3	absence	absence	NOUN
cblr-9109	406	4	of	of	ADP
cblr-9109	406	5	quote	quote	INTJ
cblr-9109	406	6	manipulators	manipulator	NOUN
cblr-9109	406	7	,	,	PUNCT
cblr-9109	406	8	the	the	DET
cblr-9109	406	9	introduction	introduction	NOUN
cblr-9109	406	10	of	of	ADP
cblr-9109	406	11	this	this	DET
cblr-9109	406	12	complication	complication	NOUN
cblr-9109	406	13	does	do	AUX
cblr-9109	406	14	not	not	PART
cblr-9109	406	15	by	by	ADP
cblr-9109	406	16	itself	itself	PRON
cblr-9109	406	17	change	change	VERB
cblr-9109	406	18	the	the	DET
cblr-9109	406	19	conclusions	conclusion	NOUN
cblr-9109	406	20	in	in	ADP
cblr-9109	406	21	any	any	DET
cblr-9109	406	22	important	important	ADJ
cblr-9109	406	23	way	way	NOUN
cblr-9109	406	24	.	.	PUNCT
cblr-9109	407	1	what	what	PRON
cblr-9109	407	2	part	part	NOUN
cblr-9109	407	3	v	v	ADP
cblr-9109	407	4	explores	explore	NOUN
cblr-9109	407	5	is	be	AUX
cblr-9109	407	6	what	what	PRON
cblr-9109	407	7	happens	happen	VERB
cblr-9109	407	8	when	when	SCONJ
cblr-9109	407	9	94	94	NUM
cblr-9109	407	10	for	for	ADP
cblr-9109	407	11	a	a	DET
cblr-9109	407	12	more	more	ADJ
cblr-9109	407	13	in	in	ADP
cblr-9109	407	14	-	-	PUNCT
cblr-9109	407	15	depth	depth	NOUN
cblr-9109	407	16	model	model	NOUN
cblr-9109	407	17	of	of	ADP
cblr-9109	407	18	how	how	SCONJ
cblr-9109	407	19	the	the	DET
cblr-9109	407	20	bid	bid	NOUN
cblr-9109	407	21	-	-	PUNCT
cblr-9109	407	22	ask	ask	NOUN
cblr-9109	407	23	spread	spread	NOUN
cblr-9109	407	24	is	be	AUX
cblr-9109	407	25	set	set	VERB
cblr-9109	407	26	,	,	PUNCT
cblr-9109	407	27	see	see	VERB
cblr-9109	407	28	fox	fox	PROPN
cblr-9109	407	29	et	et	PROPN
cblr-9109	407	30	al	al	PROPN
cblr-9109	407	31	.	.	PROPN
cblr-9109	407	32	,	,	PUNCT
cblr-9109	407	33	the	the	DET
cblr-9109	407	34	new	new	ADJ
cblr-9109	407	35	stock	stock	NOUN
cblr-9109	407	36	market	market	NOUN
cblr-9109	407	37	supra	supra	PROPN
cblr-9109	407	38	note	note	PROPN
cblr-9109	407	39	3	3	NUM
cblr-9109	407	40	,	,	PUNCT
cblr-9109	407	41	at	at	ADP
cblr-9109	407	42	66–69	66–69	NUM
cblr-9109	407	43	.	.	PUNCT
cblr-9109	408	1	95	95	NUM
cblr-9109	408	2	fox	fox	NOUN
cblr-9109	408	3	et	et	PROPN
cblr-9109	408	4	al	al	PROPN
cblr-9109	408	5	.	.	PROPN
cblr-9109	408	6	,	,	PUNCT
cblr-9109	408	7	i	i	PRON
cblr-9109	408	8	d.	d.	VERB
cblr-9109	408	9	at	at	ADP
cblr-9109	408	10	68–69	68–69	NUM
cblr-9109	408	11	.	.	PUNCT
cblr-9109	409	1	lawrence	lawrence	PROPN
cblr-9109	409	2	r.	r.	PROPN
cblr-9109	409	3	glosten	glosten	PROPN
cblr-9109	409	4	&	&	CCONJ
cblr-9109	409	5	paul	paul	PROPN
cblr-9109	409	6	r.	r.	PROPN
cblr-9109	409	7	milgrom	milgrom	PROPN
cblr-9109	409	8	,	,	PUNCT
cblr-9109	409	9	bid	bid	VERB
cblr-9109	409	10	,	,	PUNCT
cblr-9109	409	11	ask	ask	NOUN
cblr-9109	409	12	and	and	CCONJ
cblr-9109	409	13	transaction	transaction	NOUN
cblr-9109	409	14	prices	price	NOUN
cblr-9109	409	15	in	in	ADP
cblr-9109	409	16	a	a	DET
cblr-9109	409	17	specialist	specialist	ADJ
cblr-9109	409	18	market	market	NOUN
cblr-9109	409	19	with	with	ADP
cblr-9109	409	20	heterogeneously	heterogeneously	ADV
cblr-9109	409	21	informed	informed	ADJ
cblr-9109	409	22	traders	trader	NOUN
cblr-9109	409	23	,	,	PUNCT
cblr-9109	409	24	14	14	NUM
cblr-9109	409	25	j.	j.	PROPN
cblr-9109	409	26	fin	fin	PROPN
cblr-9109	409	27	.	.	PUNCT
cblr-9109	409	28	econ	econ	PROPN
cblr-9109	409	29	.	.	PUNCT
cblr-9109	410	1	71	71	NUM
cblr-9109	410	2	(	(	PUNCT
cblr-9109	410	3	1985	1985	NUM
cblr-9109	410	4	)	)	PUNCT
cblr-9109	410	5	(	(	PUNCT
cblr-9109	410	6	setting	set	VERB
cblr-9109	410	7	forth	forth	ADP
cblr-9109	410	8	a	a	DET
cblr-9109	410	9	model	model	NOUN
cblr-9109	410	10	of	of	ADP
cblr-9109	410	11	trading	trading	NOUN
cblr-9109	410	12	behavior	behavior	NOUN
cblr-9109	410	13	under	under	ADP
cblr-9109	410	14	information	information	NOUN
cblr-9109	410	15	asymmetries	asymmetry	NOUN
cblr-9109	410	16	in	in	ADP
cblr-9109	410	17	securities	security	NOUN
cblr-9109	410	18	markets	market	NOUN
cblr-9109	410	19	)	)	PUNCT
cblr-9109	410	20	.	.	PUNCT
cblr-9109	411	1	96	96	NUM
cblr-9109	411	2	see	see	VERB
cblr-9109	411	3	fox	fox	PROPN
cblr-9109	411	4	et	et	PROPN
cblr-9109	411	5	al	al	PROPN
cblr-9109	411	6	.	.	PROPN
cblr-9109	411	7	,	,	PUNCT
cblr-9109	411	8	informed	inform	VERB
cblr-9109	411	9	trading	trading	NOUN
cblr-9109	411	10	,	,	PUNCT
cblr-9109	411	11	supra	supra	PROPN
cblr-9109	411	12	note	note	NOUN
cblr-9109	411	13	32	32	NUM
cblr-9109	411	14	,	,	PUNCT
cblr-9109	411	15	at	at	ADP
cblr-9109	411	16	831	831	NUM
cblr-9109	411	17	.	.	PUNCT
cblr-9109	412	1	97	97	NUM
cblr-9109	412	2	see	see	VERB
cblr-9109	412	3	kalok	kalok	PROPN
cblr-9109	412	4	chan	chan	PROPN
cblr-9109	412	5	,	,	PUNCT
cblr-9109	412	6	y.	y.	PROPN
cblr-9109	412	7	peter	peter	PROPN
cblr-9109	412	8	chung	chung	PROPN
cblr-9109	412	9	&	&	CCONJ
cblr-9109	412	10	herb	herb	PROPN
cblr-9109	412	11	johnson	johnson	PROPN
cblr-9109	412	12	,	,	PUNCT
cblr-9109	412	13	the	the	DET
cblr-9109	412	14	intraday	intraday	NOUN
cblr-9109	412	15	behavior	behavior	NOUN
cblr-9109	412	16	of	of	ADP
cblr-9109	412	17	bid	bid	NOUN
cblr-9109	412	18	-	-	PUNCT
cblr-9109	412	19	ask	ask	VERB
cblr-9109	412	20	spreads	spread	NOUN
cblr-9109	412	21	for	for	ADP
cblr-9109	412	22	nyse	nyse	PROPN
cblr-9109	412	23	stocks	stock	NOUN
cblr-9109	412	24	and	and	CCONJ
cblr-9109	412	25	cboe	cboe	PROPN
cblr-9109	412	26	options	option	NOUN
cblr-9109	412	27	,	,	PUNCT
cblr-9109	412	28	30	30	NUM
cblr-9109	412	29	j.	j.	PROPN
cblr-9109	412	30	fin	fin	PROPN
cblr-9109	412	31	.	.	PUNCT
cblr-9109	412	32	&	&	CCONJ
cblr-9109	412	33	quant	quant	PROPN
cblr-9109	412	34	.	.	PUNCT
cblr-9109	413	1	anal	anal	PROPN
cblr-9109	413	2	.	.	PUNCT
cblr-9109	413	3	329	329	NUM
cblr-9109	413	4	,	,	PUNCT
cblr-9109	413	5	332–43	332–43	NUM
cblr-9109	413	6	,	,	PUNCT
cblr-9109	413	7	(	(	PUNCT
cblr-9109	413	8	1995	1995	NUM
cblr-9109	413	9	)	)	PUNCT
cblr-9109	413	10	(	(	PUNCT
cblr-9109	413	11	indicating	indicate	VERB
cblr-9109	413	12	that	that	SCONJ
cblr-9109	413	13	adverse	adverse	ADJ
cblr-9109	413	14	selection	selection	NOUN
cblr-9109	413	15	provides	provide	VERB
cblr-9109	413	16	an	an	DET
cblr-9109	413	17	important	important	ADJ
cblr-9109	413	18	determinant	determinant	NOUN
cblr-9109	413	19	of	of	ADP
cblr-9109	413	20	the	the	DET
cblr-9109	413	21	intraday	intraday	NOUN
cblr-9109	413	22	behavior	behavior	NOUN
cblr-9109	413	23	of	of	ADP
cblr-9109	413	24	bid	bid	NOUN
cblr-9109	413	25	-	-	PUNCT
cblr-9109	413	26	ask	ask	NOUN
cblr-9109	413	27	spreads	spread	NOUN
cblr-9109	413	28	)	)	PUNCT
cblr-9109	413	29	;	;	PUNCT
cblr-9109	413	30	lawrence	lawrence	PROPN
cblr-9109	413	31	r.	r.	PROPN
cblr-9109	413	32	glosten	glosten	PROPN
cblr-9109	413	33	&	&	CCONJ
cblr-9109	413	34	lawrence	lawrence	PROPN
cblr-9109	413	35	e.	e.	PROPN
cblr-9109	413	36	harris	harris	PROPN
cblr-9109	413	37	,	,	PUNCT
cblr-9109	413	38	estimating	estimate	VERB
cblr-9109	413	39	the	the	DET
cblr-9109	413	40	components	component	NOUN
cblr-9109	413	41	of	of	ADP
cblr-9109	413	42	the	the	DET
cblr-9109	413	43	bid	bid	NOUN
cblr-9109	413	44	-	-	PUNCT
cblr-9109	413	45	ask	ask	NOUN
cblr-9109	413	46	spread	spread	NOUN
cblr-9109	413	47	,	,	PUNCT
cblr-9109	413	48	21	21	NUM
cblr-9109	413	49	j.	j.	PROPN
cblr-9109	413	50	fin	fin	PROPN
cblr-9109	413	51	.	.	PUNCT
cblr-9109	413	52	econ	econ	PROPN
cblr-9109	413	53	.	.	PUNCT
cblr-9109	414	1	123	123	NUM
cblr-9109	414	2	(	(	PUNCT
cblr-9109	414	3	1988	1988	NUM
cblr-9109	414	4	)	)	PUNCT
cblr-9109	414	5	(	(	PUNCT
cblr-9109	414	6	developing	develop	VERB
cblr-9109	414	7	a	a	DET
cblr-9109	414	8	model	model	NOUN
cblr-9109	414	9	in	in	ADP
cblr-9109	414	10	which	which	PRON
cblr-9109	414	11	the	the	DET
cblr-9109	414	12	bid	bid	NOUN
cblr-9109	414	13	-	-	PUNCT
cblr-9109	414	14	ask	ask	NOUN
cblr-9109	414	15	spread	spread	NOUN
cblr-9109	414	16	is	be	AUX
cblr-9109	414	17	separated	separate	VERB
cblr-9109	414	18	into	into	ADP
cblr-9109	414	19	an	an	DET
cblr-9109	414	20	adverse	adverse	ADJ
cblr-9109	414	21	selection	selection	NOUN
cblr-9109	414	22	component	component	NOUN
cblr-9109	414	23	and	and	CCONJ
cblr-9109	414	24	a	a	DET
cblr-9109	414	25	transitory	transitory	ADJ
cblr-9109	414	26	component	component	NOUN
cblr-9109	414	27	due	due	ADP
cblr-9109	414	28	to	to	ADP
cblr-9109	414	29	inventory	inventory	NOUN
cblr-9109	414	30	costs	cost	NOUN
cblr-9109	414	31	,	,	PUNCT
cblr-9109	414	32	clearing	clear	VERB
cblr-9109	414	33	costs	cost	NOUN
cblr-9109	414	34	,	,	PUNCT
cblr-9109	414	35	and	and	CCONJ
cblr-9109	414	36	other	other	ADJ
cblr-9109	414	37	factors	factor	NOUN
cblr-9109	414	38	)	)	PUNCT
cblr-9109	414	39	.	.	PUNCT
cblr-9109	415	1	no	no	INTJ
cblr-9109	415	2	.	.	PUNCT
cblr-9109	416	1	3:1244	3:1244	NUM
cblr-9109	416	2	]	]	X
cblr-9109	416	3	spoofing	spoofing	NOUN
cblr-9109	416	4	and	and	CCONJ
cblr-9109	416	5	its	its	PRON
cblr-9109	416	6	regulation	regulation	NOUN
cblr-9109	416	7	1273	1273	NUM
cblr-9109	416	8	some	some	PRON
cblr-9109	416	9	of	of	ADP
cblr-9109	416	10	the	the	DET
cblr-9109	416	11	traders	trader	NOUN
cblr-9109	416	12	who	who	PRON
cblr-9109	416	13	submit	submit	VERB
cblr-9109	416	14	non	non	ADJ
cblr-9109	416	15	-	-	ADJ
cblr-9109	416	16	marketable	marketable	ADJ
cblr-9109	416	17	limit	limit	NOUN
cblr-9109	416	18	orders	order	NOUN
cblr-9109	416	19	—	—	PUNCT
cblr-9109	416	20	i.e.	i.e.	X
cblr-9109	416	21	,	,	PUNCT
cblr-9109	416	22	submit	submit	VERB
cblr-9109	416	23	quotes	quote	NOUN
cblr-9109	416	24	—	—	PUNCT
cblr-9109	416	25	are	be	AUX
cblr-9109	416	26	spoofers	spoofer	NOUN
cblr-9109	416	27	.	.	PUNCT
cblr-9109	417	1	v.	v.	ADP
cblr-9109	417	2	spoofing	spoof	VERB
cblr-9109	417	3	recall	recall	NOUN
cblr-9109	417	4	that	that	SCONJ
cblr-9109	417	5	spoofing	spoofing	NOUN
cblr-9109	417	6	involves	involve	VERB
cblr-9109	417	7	submitting	submit	VERB
cblr-9109	417	8	one	one	NUM
cblr-9109	417	9	or	or	CCONJ
cblr-9109	417	10	more	more	ADJ
cblr-9109	417	11	quotes	quote	NOUN
cblr-9109	417	12	to	to	ADP
cblr-9109	417	13	an	an	DET
cblr-9109	417	14	exchange	exchange	NOUN
cblr-9109	417	15	,	,	PUNCT
cblr-9109	417	16	each	each	PRON
cblr-9109	417	17	quote	quote	VERB
cblr-9109	417	18	for	for	ADP
cblr-9109	417	19	a	a	DET
cblr-9109	417	20	large	large	ADJ
cblr-9109	417	21	number	number	NOUN
cblr-9109	417	22	of	of	ADP
cblr-9109	417	23	shares	share	NOUN
cblr-9109	417	24	at	at	ADP
cblr-9109	417	25	a	a	DET
cblr-9109	417	26	price	price	NOUN
cblr-9109	417	27	equal	equal	ADJ
cblr-9109	417	28	to	to	ADP
cblr-9109	417	29	,	,	PUNCT
cblr-9109	417	30	or	or	CCONJ
cblr-9109	417	31	less	less	ADV
cblr-9109	417	32	favorable	favorable	ADJ
cblr-9109	417	33	than	than	ADP
cblr-9109	417	34	,	,	PUNCT
cblr-9109	417	35	the	the	DET
cblr-9109	417	36	pre	pre	ADJ
cblr-9109	417	37	-	-	ADJ
cblr-9109	417	38	existing	exist	VERB
cblr-9109	417	39	best	good	ADJ
cblr-9109	417	40	quote	quote	NOUN
cblr-9109	417	41	in	in	ADP
cblr-9109	417	42	the	the	DET
cblr-9109	417	43	market.98	market.98	NOUN
cblr-9109	417	44	the	the	DET
cblr-9109	417	45	practice	practice	NOUN
cblr-9109	417	46	is	be	AUX
cblr-9109	417	47	based	base	VERB
cblr-9109	417	48	on	on	ADP
cblr-9109	417	49	the	the	DET
cblr-9109	417	50	observation	observation	NOUN
cblr-9109	417	51	,	,	PUNCT
cblr-9109	417	52	confirmed	confirm	VERB
cblr-9109	417	53	by	by	ADP
cblr-9109	417	54	empirical	empirical	ADJ
cblr-9109	417	55	studies	study	NOUN
cblr-9109	417	56	,	,	PUNCT
cblr-9109	417	57	that	that	SCONJ
cblr-9109	417	58	the	the	DET
cblr-9109	417	59	arrival	arrival	NOUN
cblr-9109	417	60	of	of	ADP
cblr-9109	417	61	an	an	DET
cblr-9109	417	62	offer	offer	NOUN
cblr-9109	417	63	for	for	ADP
cblr-9109	417	64	a	a	DET
cblr-9109	417	65	large	large	ADJ
cblr-9109	417	66	number	number	NOUN
cblr-9109	417	67	of	of	ADP
cblr-9109	417	68	shares	share	NOUN
cblr-9109	417	69	at	at	ADP
cblr-9109	417	70	a	a	DET
cblr-9109	417	71	price	price	NOUN
cblr-9109	417	72	equal	equal	ADJ
cblr-9109	417	73	to	to	ADP
cblr-9109	417	74	,	,	PUNCT
cblr-9109	417	75	or	or	CCONJ
cblr-9109	417	76	higher	high	ADJ
cblr-9109	417	77	than	than	ADP
cblr-9109	417	78	,	,	PUNCT
cblr-9109	417	79	the	the	DET
cblr-9109	417	80	pre	pre	ADJ
cblr-9109	417	81	-	-	ADJ
cblr-9109	417	82	existing	exist	VERB
cblr-9109	417	83	nbo	nbo	NOUN
cblr-9109	417	84	,	,	PUNCT
cblr-9109	417	85	is	be	AUX
cblr-9109	417	86	followed	follow	VERB
cblr-9109	417	87	by	by	ADP
cblr-9109	417	88	market	market	NOUN
cblr-9109	417	89	participants	participant	NOUN
cblr-9109	417	90	acting	act	VERB
cblr-9109	417	91	in	in	ADP
cblr-9109	417	92	the	the	DET
cblr-9109	417	93	same	same	ADJ
cblr-9109	417	94	manner	manner	NOUN
cblr-9109	417	95	as	as	SCONJ
cblr-9109	417	96	if	if	SCONJ
cblr-9109	417	97	bad	bad	ADJ
cblr-9109	417	98	news	news	NOUN
cblr-9109	417	99	had	have	AUX
cblr-9109	417	100	arrived	arrive	VERB
cblr-9109	417	101	about	about	ADP
cblr-9109	417	102	the	the	DET
cblr-9109	417	103	issuer	issuer	NOUN
cblr-9109	417	104	;	;	PUNCT
cblr-9109	417	105	and	and	CCONJ
cblr-9109	417	106	the	the	DET
cblr-9109	417	107	observation	observation	NOUN
cblr-9109	417	108	that	that	SCONJ
cblr-9109	417	109	the	the	DET
cblr-9109	417	110	arrival	arrival	NOUN
cblr-9109	417	111	of	of	ADP
cblr-9109	417	112	a	a	DET
cblr-9109	417	113	bid	bid	NOUN
cblr-9109	417	114	for	for	ADP
cblr-9109	417	115	a	a	DET
cblr-9109	417	116	large	large	ADJ
cblr-9109	417	117	number	number	NOUN
cblr-9109	417	118	of	of	ADP
cblr-9109	417	119	shares	share	NOUN
cblr-9109	417	120	at	at	ADP
cblr-9109	417	121	a	a	DET
cblr-9109	417	122	price	price	NOUN
cblr-9109	417	123	equal	equal	ADJ
cblr-9109	417	124	to	to	ADP
cblr-9109	417	125	,	,	PUNCT
cblr-9109	417	126	or	or	CCONJ
cblr-9109	417	127	lower	low	ADJ
cblr-9109	417	128	than	than	ADP
cblr-9109	417	129	,	,	PUNCT
cblr-9109	417	130	the	the	DET
cblr-9109	417	131	nbb	nbb	NOUN
cblr-9109	417	132	,	,	PUNCT
cblr-9109	417	133	is	be	AUX
cblr-9109	417	134	followed	follow	VERB
cblr-9109	417	135	by	by	ADP
cblr-9109	417	136	market	market	NOUN
cblr-9109	417	137	participants	participant	NOUN
cblr-9109	417	138	acting	act	VERB
cblr-9109	417	139	in	in	ADP
cblr-9109	417	140	the	the	DET
cblr-9109	417	141	same	same	ADJ
cblr-9109	417	142	manner	manner	NOUN
cblr-9109	417	143	as	as	SCONJ
cblr-9109	417	144	if	if	SCONJ
cblr-9109	417	145	good	good	ADJ
cblr-9109	417	146	news	news	NOUN
cblr-9109	417	147	arrived	arrive	VERB
cblr-9109	417	148	about	about	ADP
cblr-9109	417	149	the	the	DET
cblr-9109	417	150	issuer.99	issuer.99	NOUN
cblr-9109	417	151	the	the	DET
cblr-9109	417	152	analysis	analysis	NOUN
cblr-9109	417	153	below	below	ADV
cblr-9109	417	154	suggests	suggest	VERB
cblr-9109	417	155	that	that	SCONJ
cblr-9109	417	156	spoofing	spoofing	NOUN
cblr-9109	417	157	is	be	AUX
cblr-9109	417	158	a	a	DET
cblr-9109	417	159	market	market	NOUN
cblr-9109	417	160	practice	practice	NOUN
cblr-9109	417	161	that	that	PRON
cblr-9109	417	162	gives	give	VERB
cblr-9109	417	163	rise	rise	NOUN
cblr-9109	417	164	to	to	ADP
cblr-9109	417	165	an	an	DET
cblr-9109	417	166	affirmative	affirmative	ADJ
cblr-9109	417	167	answer	answer	NOUN
cblr-9109	417	168	to	to	ADP
cblr-9109	417	169	each	each	PRON
cblr-9109	417	170	of	of	ADP
cblr-9109	417	171	the	the	DET
cblr-9109	417	172	four	four	NUM
cblr-9109	417	173	foundational	foundational	ADJ
cblr-9109	417	174	questions	question	NOUN
cblr-9109	417	175	posed	pose	VERB
cblr-9109	417	176	at	at	ADP
cblr-9109	417	177	the	the	DET
cblr-9109	417	178	beginning	beginning	NOUN
cblr-9109	417	179	,	,	PUNCT
cblr-9109	417	180	and	and	CCONJ
cblr-9109	417	181	hence	hence	ADV
cblr-9109	417	182	is	be	AUX
cblr-9109	417	183	an	an	DET
cblr-9109	417	184	appropriate	appropriate	ADJ
cblr-9109	417	185	target	target	NOUN
cblr-9109	417	186	of	of	ADP
cblr-9109	417	187	a	a	DET
cblr-9109	417	188	ban	ban	NOUN
cblr-9109	417	189	under	under	ADP
cblr-9109	417	190	the	the	DET
cblr-9109	417	191	exchange	exchange	NOUN
cblr-9109	417	192	act	act	PROPN
cblr-9109	417	193	.	.	PUNCT
cblr-9109	418	1	it	it	PRON
cblr-9109	418	2	is	be	AUX
cblr-9109	418	3	socially	socially	ADV
cblr-9109	418	4	harmful	harmful	ADJ
cblr-9109	418	5	in	in	ADP
cblr-9109	418	6	a	a	DET
cblr-9109	418	7	way	way	NOUN
cblr-9109	418	8	that	that	PRON
cblr-9109	418	9	makes	make	VERB
cblr-9109	418	10	it	it	PRON
cblr-9109	418	11	distinguishable	distinguishable	ADJ
cblr-9109	418	12	as	as	ADP
cblr-9109	418	13	a	a	DET
cblr-9109	418	14	conceptual	conceptual	ADJ
cblr-9109	418	15	matter	matter	NOUN
cblr-9109	418	16	from	from	ADP
cblr-9109	418	17	other	other	ADJ
cblr-9109	418	18	trading	trading	NOUN
cblr-9109	418	19	strategies	strategy	NOUN
cblr-9109	418	20	.	.	PUNCT
cblr-9109	419	1	it	it	PRON
cblr-9109	419	2	fits	fit	VERB
cblr-9109	419	3	under	under	ADP
cblr-9109	419	4	a	a	DET
cblr-9109	419	5	broad	broad	ADJ
cblr-9109	419	6	dictionary	dictionary	ADJ
cblr-9109	419	7	meaning	meaning	NOUN
cblr-9109	419	8	of	of	ADP
cblr-9109	419	9	the	the	DET
cblr-9109	419	10	word	word	NOUN
cblr-9109	419	11	“	"	PUNCT
cblr-9109	419	12	manipulation	manipulation	NOUN
cblr-9109	419	13	.	.	PUNCT
cblr-9109	419	14	”	"	PUNCT
cblr-9109	420	1	the	the	DET
cblr-9109	420	2	practice	practice	NOUN
cblr-9109	420	3	can	can	AUX
cblr-9109	420	4	yield	yield	VERB
cblr-9109	420	5	positive	positive	ADJ
cblr-9109	420	6	expected	expect	VERB
cblr-9109	420	7	profits	profit	NOUN
cblr-9109	420	8	.	.	PUNCT
cblr-9109	421	1	and	and	CCONJ
cblr-9109	421	2	there	there	PRON
cblr-9109	421	3	are	be	VERB
cblr-9109	421	4	identifiable	identifiable	ADJ
cblr-9109	421	5	,	,	PUNCT
cblr-9109	421	6	objectively	objectively	ADV
cblr-9109	421	7	observable	observable	ADJ
cblr-9109	421	8	factors	factor	NOUN
cblr-9109	421	9	that	that	PRON
cblr-9109	421	10	can	can	AUX
cblr-9109	421	11	serve	serve	VERB
cblr-9109	421	12	as	as	ADP
cblr-9109	421	13	a	a	DET
cblr-9109	421	14	condition	condition	NOUN
cblr-9109	421	15	for	for	ADP
cblr-9109	421	16	imposing	impose	VERB
cblr-9109	421	17	legal	legal	ADJ
cblr-9109	421	18	sanctions	sanction	NOUN
cblr-9109	421	19	on	on	ADP
cblr-9109	421	20	undesirable	undesirable	ADJ
cblr-9109	421	21	quotes	quote	NOUN
cblr-9109	421	22	while	while	SCONJ
cblr-9109	421	23	minimizing	minimize	VERB
cblr-9109	421	24	prosecution	prosecution	NOUN
cblr-9109	421	25	of	of	ADP
cblr-9109	421	26	socially	socially	ADV
cblr-9109	421	27	desirable	desirable	ADJ
cblr-9109	421	28	quotes	quote	NOUN
cblr-9109	421	29	.	.	PUNCT
cblr-9109	422	1	our	our	PRON
cblr-9109	422	2	analysis	analysis	NOUN
cblr-9109	422	3	backing	back	VERB
cblr-9109	422	4	up	up	ADP
cblr-9109	422	5	these	these	DET
cblr-9109	422	6	conclusions	conclusion	NOUN
cblr-9109	422	7	,	,	PUNCT
cblr-9109	422	8	set	set	VERB
cblr-9109	422	9	out	out	ADP
cblr-9109	422	10	below	below	ADV
cblr-9109	422	11	,	,	PUNCT
cblr-9109	422	12	is	be	AUX
cblr-9109	422	13	built	build	VERB
cblr-9109	422	14	on	on	ADP
cblr-9109	422	15	the	the	DET
cblr-9109	422	16	atlee	atlee	PROPN
cblr-9109	422	17	example	example	NOUN
cblr-9109	422	18	in	in	ADP
cblr-9109	422	19	part	part	PROPN
cblr-9109	422	20	ii	ii	PROPN
cblr-9109	422	21	.	.	PROPN
cblr-9109	422	22	recall	recall	VERB
cblr-9109	422	23	that	that	SCONJ
cblr-9109	422	24	at	at	ADP
cblr-9109	422	25	the	the	DET
cblr-9109	422	26	start	start	NOUN
cblr-9109	422	27	,	,	PUNCT
cblr-9109	422	28	the	the	DET
cblr-9109	422	29	nbo	nbo	PROPN
cblr-9109	422	30	for	for	ADP
cblr-9109	422	31	abc	abc	PROPN
cblr-9109	422	32	shares	share	NOUN
cblr-9109	422	33	is	be	AUX
cblr-9109	422	34	$	$	SYM
cblr-9109	422	35	10.12	10.12	NUM
cblr-9109	422	36	and	and	CCONJ
cblr-9109	422	37	the	the	DET
cblr-9109	422	38	nbb	nbb	ADJ
cblr-9109	422	39	$	$	SYM
cblr-9109	422	40	10.10	10.10	NUM
cblr-9109	422	41	,	,	PUNCT
cblr-9109	422	42	each	each	PRON
cblr-9109	422	43	for	for	ADP
cblr-9109	422	44	1500	1500	NUM
cblr-9109	422	45	shares	share	NOUN
cblr-9109	422	46	.	.	PUNCT
cblr-9109	423	1	all	all	DET
cblr-9109	423	2	these	these	DET
cblr-9109	423	3	quotes	quote	NOUN
cblr-9109	423	4	were	be	AUX
cblr-9109	423	5	submitted	submit	VERB
cblr-9109	423	6	by	by	ADP
cblr-9109	423	7	liquidity	liquidity	NOUN
cblr-9109	423	8	supplying	supply	VERB
cblr-9109	423	9	hfts	hft	NOUN
cblr-9109	423	10	.	.	PUNCT
cblr-9109	424	1	atlee	atlee	PROPN
cblr-9109	424	2	places	place	VERB
cblr-9109	424	3	ten	ten	NUM
cblr-9109	424	4	100	100	NUM
cblr-9109	424	5	share	share	NOUN
cblr-9109	424	6	nonmarketable	nonmarketable	NOUN
cblr-9109	424	7	buy	buy	VERB
cblr-9109	424	8	orders	order	NOUN
cblr-9109	424	9	at	at	ADP
cblr-9109	424	10	$	$	SYM
cblr-9109	424	11	10.10	10.10	NUM
cblr-9109	424	12	,	,	PUNCT
cblr-9109	424	13	immediately	immediately	ADV
cblr-9109	424	14	followed	follow	VERB
cblr-9109	424	15	by	by	ADP
cblr-9109	424	16	placing	place	VERB
cblr-9109	424	17	a	a	DET
cblr-9109	424	18	5,000	5,000	NUM
cblr-9109	424	19	share	share	NOUN
cblr-9109	424	20	non	non	ADJ
cblr-9109	424	21	-	-	ADJ
cblr-9109	424	22	marketable	marketable	ADJ
cblr-9109	424	23	sell	sell	NOUN
cblr-9109	424	24	limit	limit	NOUN
cblr-9109	424	25	order	order	NOUN
cblr-9109	424	26	at	at	ADP
cblr-9109	424	27	$	$	SYM
cblr-9109	424	28	10.12	10.12	NUM
cblr-9109	424	29	.	.	PUNCT
cblr-9109	425	1	this	this	DET
cblr-9109	425	2	large	large	ADJ
cblr-9109	425	3	order	order	NOUN
cblr-9109	425	4	on	on	ADP
cblr-9109	425	5	the	the	DET
cblr-9109	425	6	offer	offer	NOUN
cblr-9109	425	7	side	side	NOUN
cblr-9109	425	8	induces	induce	VERB
cblr-9109	425	9	the	the	DET
cblr-9109	425	10	hft	hft	NOUN
cblr-9109	425	11	98	98	NUM
cblr-9109	425	12	see	see	VERB
cblr-9109	425	13	supra	supra	PROPN
cblr-9109	425	14	part	part	PROPN
cblr-9109	425	15	ii	ii	PROPN
cblr-9109	425	16	.	.	PROPN
cblr-9109	426	1	99	99	NUM
cblr-9109	426	2	see	see	VERB
cblr-9109	426	3	supra	supra	PROPN
cblr-9109	426	4	note	note	PROPN
cblr-9109	426	5	28	28	NUM
cblr-9109	426	6	and	and	CCONJ
cblr-9109	426	7	accompanying	accompany	VERB
cblr-9109	426	8	text	text	NOUN
cblr-9109	426	9	.	.	PUNCT
cblr-9109	427	1	1274	1274	NUM
cblr-9109	427	2	columbia	columbia	PROPN
cblr-9109	427	3	business	business	NOUN
cblr-9109	427	4	law	law	PROPN
cblr-9109	427	5	review	review	NOUN
cblr-9109	427	6	[	[	X
cblr-9109	427	7	vol	vol	NOUN
cblr-9109	427	8	.	.	NOUN
cblr-9109	427	9	2021	2021	NUM
cblr-9109	427	10	liquidity	liquidity	NOUN
cblr-9109	427	11	suppliers	supplier	NOUN
cblr-9109	427	12	to	to	PART
cblr-9109	427	13	cancel	cancel	VERB
cblr-9109	427	14	all	all	DET
cblr-9109	427	15	their	their	PRON
cblr-9109	427	16	$	$	SYM
cblr-9109	427	17	10.10	10.10	NUM
cblr-9109	427	18	bids	bid	NOUN
cblr-9109	427	19	and	and	CCONJ
cblr-9109	427	20	to	to	PART
cblr-9109	427	21	submit	submit	VERB
cblr-9109	427	22	sell	sell	NOUN
cblr-9109	427	23	limit	limit	NOUN
cblr-9109	427	24	orders	order	NOUN
cblr-9109	427	25	at	at	ADP
cblr-9109	427	26	$	$	SYM
cblr-9109	427	27	10.10	10.10	NUM
cblr-9109	427	28	for	for	ADP
cblr-9109	427	29	1000	1000	NUM
cblr-9109	427	30	shares	share	NOUN
cblr-9109	427	31	.	.	PUNCT
cblr-9109	428	1	these	these	DET
cblr-9109	428	2	moves	move	NOUN
cblr-9109	428	3	reflect	reflect	VERB
cblr-9109	428	4	their	their	PRON
cblr-9109	428	5	belief	belief	NOUN
cblr-9109	428	6	that	that	SCONJ
cblr-9109	428	7	the	the	DET
cblr-9109	428	8	share	share	NOUN
cblr-9109	428	9	price	price	NOUN
cblr-9109	428	10	will	will	AUX
cblr-9109	428	11	fall	fall	VERB
cblr-9109	428	12	and	and	CCONJ
cblr-9109	428	13	,	,	PUNCT
cblr-9109	428	14	consequently	consequently	ADV
cblr-9109	428	15	,	,	PUNCT
cblr-9109	428	16	their	their	PRON
cblr-9109	428	17	desire	desire	NOUN
cblr-9109	428	18	to	to	PART
cblr-9109	428	19	clear	clear	VERB
cblr-9109	428	20	out	out	ADP
cblr-9109	428	21	the	the	DET
cblr-9109	428	22	remaining	remain	VERB
cblr-9109	428	23	bids	bid	NOUN
cblr-9109	428	24	at	at	ADP
cblr-9109	428	25	$	$	SYM
cblr-9109	428	26	10.10	10.10	NUM
cblr-9109	428	27	so	so	SCONJ
cblr-9109	428	28	that	that	SCONJ
cblr-9109	428	29	they	they	PRON
cblr-9109	428	30	can	can	AUX
cblr-9109	428	31	submit	submit	VERB
cblr-9109	428	32	new	new	ADJ
cblr-9109	428	33	offers	offer	NOUN
cblr-9109	428	34	at	at	ADP
cblr-9109	428	35	that	that	DET
cblr-9109	428	36	price	price	NOUN
cblr-9109	428	37	or	or	CCONJ
cblr-9109	428	38	lower	low	ADJ
cblr-9109	428	39	.	.	PUNCT
cblr-9109	429	1	the	the	DET
cblr-9109	429	2	hfts	hft	NOUN
cblr-9109	429	3	’	'	PUNCT
cblr-9109	429	4	marketable	marketable	ADJ
cblr-9109	429	5	sell	sell	NOUN
cblr-9109	429	6	orders	order	NOUN
cblr-9109	429	7	execute	execute	VERB
cblr-9109	429	8	against	against	ADP
cblr-9109	429	9	atlee	atlee	PROPN
cblr-9109	429	10	’s	’s	PART
cblr-9109	429	11	total	total	NOUN
cblr-9109	429	12	of	of	ADP
cblr-9109	429	13	1000	1000	NUM
cblr-9109	429	14	share	share	NOUN
cblr-9109	429	15	bids	bid	NOUN
cblr-9109	429	16	at	at	ADP
cblr-9109	429	17	$	$	SYM
cblr-9109	429	18	10.10	10.10	NUM
cblr-9109	429	19	bid	bid	NOUN
cblr-9109	429	20	.	.	PUNCT
cblr-9109	430	1	atlee	atlee	PROPN
cblr-9109	430	2	immediately	immediately	ADV
cblr-9109	430	3	cancels	cancel	VERB
cblr-9109	430	4	his	his	PRON
cblr-9109	430	5	5,000	5,000	NUM
cblr-9109	430	6	share	share	NOUN
cblr-9109	430	7	$	$	SYM
cblr-9109	430	8	10.12	10.12	NUM
cblr-9109	430	9	offer	offer	NOUN
cblr-9109	430	10	,	,	PUNCT
cblr-9109	430	11	all	all	PRON
cblr-9109	430	12	or	or	CCONJ
cblr-9109	430	13	almost	almost	ADV
cblr-9109	430	14	all	all	PRON
cblr-9109	430	15	of	of	ADP
cblr-9109	430	16	which	which	PRON
cblr-9109	430	17	has	have	AUX
cblr-9109	430	18	not	not	PART
cblr-9109	430	19	been	be	AUX
cblr-9109	430	20	executed	execute	VERB
cblr-9109	430	21	against	against	ADP
cblr-9109	430	22	.	.	PUNCT
cblr-9109	431	1	atlee	atlee	PROPN
cblr-9109	431	2	then	then	ADV
cblr-9109	431	3	enters	enter	VERB
cblr-9109	431	4	into	into	ADP
cblr-9109	431	5	a	a	DET
cblr-9109	431	6	mirror	mirror	NOUN
cblr-9109	431	7	-	-	PUNCT
cblr-9109	431	8	image	image	NOUN
cblr-9109	431	9	set	set	NOUN
cblr-9109	431	10	of	of	ADP
cblr-9109	431	11	actions	action	NOUN
cblr-9109	431	12	.	.	PUNCT
cblr-9109	432	1	in	in	ADP
cblr-9109	432	2	the	the	DET
cblr-9109	432	3	roundtrip	roundtrip	NOUN
cblr-9109	432	4	,	,	PUNCT
cblr-9109	432	5	atlee	atlee	PROPN
cblr-9109	432	6	collected	collect	VERB
cblr-9109	432	7	$	$	SYM
cblr-9109	432	8	20.00	20.00	NUM
cblr-9109	432	9	(	(	PUNCT
cblr-9109	432	10	buying	buy	VERB
cblr-9109	432	11	1000	1000	NUM
cblr-9109	432	12	shares	share	NOUN
cblr-9109	432	13	at	at	ADP
cblr-9109	432	14	$	$	SYM
cblr-9109	432	15	10.10	10.10	NUM
cblr-9109	432	16	and	and	CCONJ
cblr-9109	432	17	selling	sell	VERB
cblr-9109	432	18	them	they	PRON
cblr-9109	432	19	at	at	ADP
cblr-9109	432	20	$	$	SYM
cblr-9109	432	21	10.12	10.12	NUM
cblr-9109	432	22	)	)	PUNCT
cblr-9109	432	23	,	,	PUNCT
cblr-9109	432	24	all	all	PRON
cblr-9109	432	25	in	in	ADP
cblr-9109	432	26	a	a	DET
cblr-9109	432	27	matter	matter	NOUN
cblr-9109	432	28	of	of	ADP
cblr-9109	432	29	milliseconds	millisecond	NOUN
cblr-9109	432	30	.	.	PUNCT
cblr-9109	433	1	atlee	atlee	PROPN
cblr-9109	433	2	has	have	AUX
cblr-9109	433	3	also	also	ADV
cblr-9109	433	4	likely	likely	ADV
cblr-9109	433	5	collected	collect	VERB
cblr-9109	433	6	rebates	rebate	NOUN
cblr-9109	433	7	of	of	ADP
cblr-9109	433	8	about	about	ADV
cblr-9109	433	9	$	$	SYM
cblr-9109	433	10	4.00	4.00	NUM
cblr-9109	433	11	from	from	ADP
cblr-9109	433	12	the	the	DET
cblr-9109	433	13	exchanges	exchange	NOUN
cblr-9109	433	14	for	for	ADP
cblr-9109	433	15	sending	send	VERB
cblr-9109	433	16	them	they	PRON
cblr-9109	433	17	1000	1000	NUM
cblr-9109	433	18	nonmarketable	nonmarketable	NOUN
cblr-9109	433	19	buy	buy	NOUN
cblr-9109	433	20	,	,	PUNCT
cblr-9109	433	21	and	and	CCONJ
cblr-9109	433	22	1000	1000	NUM
cblr-9109	433	23	non	non	ADJ
cblr-9109	433	24	-	-	ADJ
cblr-9109	433	25	marketable	marketable	ADJ
cblr-9109	433	26	sell	sell	NOUN
cblr-9109	433	27	,	,	PUNCT
cblr-9109	433	28	limit	limit	VERB
cblr-9109	433	29	orders	order	VERB
cblr-9109	433	30	$	$	SYM
cblr-9109	433	31	4.00	4.00	NUM
cblr-9109	433	32	(	(	PUNCT
cblr-9109	433	33	$	$	SYM
cblr-9109	433	34	.20	.20	NUM
cblr-9109	433	35	per	per	ADP
cblr-9109	433	36	hundred	hundred	NUM
cblr-9109	433	37	shares	share	NOUN
cblr-9109	433	38	times	time	NOUN
cblr-9109	433	39	2000/100	2000/100	NUM
cblr-9109	433	40	)	)	PUNCT
cblr-9109	433	41	.	.	PUNCT
cblr-9109	434	1	unless	unless	SCONJ
cblr-9109	434	2	there	there	PRON
cblr-9109	434	3	are	be	VERB
cblr-9109	434	4	other	other	ADJ
cblr-9109	434	5	developments	development	NOUN
cblr-9109	434	6	in	in	ADP
cblr-9109	434	7	the	the	DET
cblr-9109	434	8	market	market	NOUN
cblr-9109	434	9	during	during	ADP
cblr-9109	434	10	the	the	DET
cblr-9109	434	11	very	very	ADV
cblr-9109	434	12	brief	brief	ADJ
cblr-9109	434	13	time	time	NOUN
cblr-9109	434	14	of	of	ADP
cblr-9109	434	15	this	this	DET
cblr-9109	434	16	two	two	NUM
cblr-9109	434	17	-	-	PUNCT
cblr-9109	434	18	sided	sided	ADJ
cblr-9109	434	19	manipulation	manipulation	NOUN
cblr-9109	434	20	,	,	PUNCT
cblr-9109	434	21	the	the	DET
cblr-9109	434	22	bid	bid	NOUN
cblr-9109	434	23	and	and	CCONJ
cblr-9109	434	24	offer	offer	NOUN
cblr-9109	434	25	should	should	AUX
cblr-9109	434	26	return	return	VERB
cblr-9109	434	27	very	very	ADV
cblr-9109	434	28	quickly	quickly	ADV
cblr-9109	434	29	to	to	ADP
cblr-9109	434	30	$	$	SYM
cblr-9109	434	31	10.10	10.10	NUM
cblr-9109	434	32	and	and	CCONJ
cblr-9109	434	33	$	$	SYM
cblr-9109	434	34	10.12	10.12	NUM
cblr-9109	434	35	,	,	PUNCT
cblr-9109	434	36	respectively	respectively	ADV
cblr-9109	434	37	.	.	PUNCT
cblr-9109	435	1	below	below	ADV
cblr-9109	435	2	,	,	PUNCT
cblr-9109	435	3	we	we	PRON
cblr-9109	435	4	start	start	VERB
cblr-9109	435	5	by	by	ADP
cblr-9109	435	6	assessing	assess	VERB
cblr-9109	435	7	the	the	DET
cblr-9109	435	8	wealth	wealth	NOUN
cblr-9109	435	9	transfer	transfer	NOUN
cblr-9109	435	10	implications	implication	NOUN
cblr-9109	435	11	of	of	ADP
cblr-9109	435	12	spoofing	spoof	VERB
cblr-9109	435	13	.	.	PUNCT
cblr-9109	436	1	that	that	PRON
cblr-9109	436	2	starts	start	VERB
cblr-9109	436	3	with	with	ADP
cblr-9109	436	4	examining	examine	VERB
cblr-9109	436	5	the	the	DET
cblr-9109	436	6	ex	ex	ADJ
cblr-9109	436	7	post	post	NOUN
cblr-9109	436	8	effects	effect	NOUN
cblr-9109	436	9	of	of	ADP
cblr-9109	436	10	what	what	PRON
cblr-9109	436	11	atlee	atlee	PROPN
cblr-9109	436	12	did	do	AUX
cblr-9109	436	13	.	.	PUNCT
cblr-9109	437	1	making	make	VERB
cblr-9109	437	2	trading	trading	NOUN
cblr-9109	437	3	profits	profit	NOUN
cblr-9109	437	4	is	be	AUX
cblr-9109	437	5	a	a	DET
cblr-9109	437	6	zerosum	zerosum	NOUN
cblr-9109	437	7	game	game	NOUN
cblr-9109	437	8	:	:	PUNCT
cblr-9109	437	9	atlee	atlee	PROPN
cblr-9109	437	10	made	make	VERB
cblr-9109	437	11	positive	positive	ADJ
cblr-9109	437	12	trading	trading	NOUN
cblr-9109	437	13	profits	profit	NOUN
cblr-9109	437	14	so	so	SCONJ
cblr-9109	437	15	someone	someone	PRON
cblr-9109	437	16	else	else	ADV
cblr-9109	437	17	lost	lose	VERB
cblr-9109	437	18	money	money	NOUN
cblr-9109	437	19	.	.	PUNCT
cblr-9109	438	1	after	after	ADP
cblr-9109	438	2	this	this	DET
cblr-9109	438	3	ex	ex	PRON
cblr-9109	438	4	post	post	NOUN
cblr-9109	438	5	analysis	analysis	NOUN
cblr-9109	438	6	,	,	PUNCT
cblr-9109	438	7	we	we	PRON
cblr-9109	438	8	consider	consider	VERB
cblr-9109	438	9	,	,	PUNCT
cblr-9109	438	10	from	from	ADP
cblr-9109	438	11	an	an	DET
cblr-9109	438	12	ex	ex	NOUN
cblr-9109	438	13	ante	ante	NOUN
cblr-9109	438	14	perspective	perspective	NOUN
cblr-9109	438	15	,	,	PUNCT
cblr-9109	438	16	what	what	PRON
cblr-9109	438	17	the	the	DET
cblr-9109	438	18	impact	impact	NOUN
cblr-9109	438	19	of	of	ADP
cblr-9109	438	20	the	the	DET
cblr-9109	438	21	practice	practice	NOUN
cblr-9109	438	22	is	be	AUX
cblr-9109	438	23	as	as	SCONJ
cblr-9109	438	24	a	a	DET
cblr-9109	438	25	generally	generally	ADV
cblr-9109	438	26	known	know	VERB
cblr-9109	438	27	ongoing	ongoing	ADJ
cblr-9109	438	28	phenomenon	phenomenon	NOUN
cblr-9109	438	29	occurring	occur	VERB
cblr-9109	438	30	over	over	ADP
cblr-9109	438	31	the	the	DET
cblr-9109	438	32	longer	long	ADJ
cblr-9109	438	33	run	run	NOUN
cblr-9109	438	34	within	within	ADP
cblr-9109	438	35	a	a	DET
cblr-9109	438	36	competitive	competitive	ADJ
cblr-9109	438	37	environment	environment	NOUN
cblr-9109	438	38	.	.	PUNCT
cblr-9109	439	1	from	from	ADP
cblr-9109	439	2	this	this	PRON
cblr-9109	439	3	,	,	PUNCT
cblr-9109	439	4	we	we	PRON
cblr-9109	439	5	can	can	AUX
cblr-9109	439	6	make	make	VERB
cblr-9109	439	7	conclusions	conclusion	NOUN
cblr-9109	439	8	about	about	ADP
cblr-9109	439	9	the	the	DET
cblr-9109	439	10	efficiency	efficiency	NOUN
cblr-9109	439	11	implications	implication	NOUN
cblr-9109	439	12	of	of	ADP
cblr-9109	439	13	the	the	DET
cblr-9109	439	14	practice	practice	NOUN
cblr-9109	439	15	in	in	ADP
cblr-9109	439	16	terms	term	NOUN
cblr-9109	439	17	of	of	ADP
cblr-9109	439	18	liquidity	liquidity	NOUN
cblr-9109	439	19	and	and	CCONJ
cblr-9109	439	20	share	share	NOUN
cblr-9109	439	21	price	price	NOUN
cblr-9109	439	22	accuracy	accuracy	NOUN
cblr-9109	439	23	,	,	PUNCT
cblr-9109	439	24	as	as	ADV
cblr-9109	439	25	well	well	ADV
cblr-9109	439	26	as	as	ADP
cblr-9109	439	27	the	the	DET
cblr-9109	439	28	fairness	fairness	NOUN
cblr-9109	439	29	of	of	ADP
cblr-9109	439	30	its	its	PRON
cblr-9109	439	31	impact	impact	NOUN
cblr-9109	439	32	on	on	ADP
cblr-9109	439	33	different	different	ADJ
cblr-9109	439	34	members	member	NOUN
cblr-9109	439	35	of	of	ADP
cblr-9109	439	36	society	society	NOUN
cblr-9109	439	37	.	.	PUNCT
cblr-9109	440	1	finally	finally	ADV
cblr-9109	440	2	,	,	PUNCT
cblr-9109	440	3	we	we	PRON
cblr-9109	440	4	consider	consider	VERB
cblr-9109	440	5	whether	whether	SCONJ
cblr-9109	440	6	there	there	PRON
cblr-9109	440	7	are	be	VERB
cblr-9109	440	8	practical	practical	ADJ
cblr-9109	440	9	ways	way	NOUN
cblr-9109	440	10	of	of	ADP
cblr-9109	440	11	deterring	deter	VERB
cblr-9109	440	12	this	this	DET
cblr-9109	440	13	practice	practice	NOUN
cblr-9109	440	14	without	without	ADP
cblr-9109	440	15	at	at	ADP
cblr-9109	440	16	the	the	DET
cblr-9109	440	17	same	same	ADJ
cblr-9109	440	18	time	time	NOUN
cblr-9109	440	19	chilling	chill	VERB
cblr-9109	440	20	a	a	DET
cblr-9109	440	21	significant	significant	ADJ
cblr-9109	440	22	amount	amount	NOUN
cblr-9109	440	23	of	of	ADP
cblr-9109	440	24	socially	socially	ADV
cblr-9109	440	25	useful	useful	ADJ
cblr-9109	440	26	activity	activity	NOUN
cblr-9109	440	27	,	,	PUNCT
cblr-9109	440	28	and	and	CCONJ
cblr-9109	440	29	whether	whether	SCONJ
cblr-9109	440	30	,	,	PUNCT
cblr-9109	440	31	instead	instead	ADV
cblr-9109	440	32	of	of	ADP
cblr-9109	440	33	relying	rely	VERB
cblr-9109	440	34	on	on	ADP
cblr-9109	440	35	a	a	DET
cblr-9109	440	36	legal	legal	ADJ
cblr-9109	440	37	prohibition	prohibition	NOUN
cblr-9109	440	38	,	,	PUNCT
cblr-9109	440	39	there	there	PRON
cblr-9109	440	40	is	be	VERB
cblr-9109	440	41	a	a	DET
cblr-9109	440	42	mechanism	mechanism	NOUN
cblr-9109	440	43	in	in	ADP
cblr-9109	440	44	the	the	DET
cblr-9109	440	45	market	market	NOUN
cblr-9109	440	46	which	which	PRON
cblr-9109	440	47	generates	generate	VERB
cblr-9109	440	48	self	self	NOUN
cblr-9109	440	49	-	-	PUNCT
cblr-9109	440	50	protection	protection	NOUN
cblr-9109	440	51	that	that	PRON
cblr-9109	440	52	would	would	AUX
cblr-9109	440	53	be	be	AUX
cblr-9109	440	54	better	well	ADJ
cblr-9109	440	55	to	to	PART
cblr-9109	440	56	rely	rely	VERB
cblr-9109	440	57	on	on	ADP
cblr-9109	440	58	.	.	PUNCT
cblr-9109	441	1	a.	a.	NOUN
cblr-9109	441	2	why	why	SCONJ
cblr-9109	441	3	does	do	AUX
cblr-9109	441	4	spoofing	spoof	VERB
cblr-9109	441	5	work	work	NOUN
cblr-9109	441	6	?	?	PUNCT
cblr-9109	442	1	the	the	DET
cblr-9109	442	2	question	question	NOUN
cblr-9109	442	3	of	of	ADP
cblr-9109	442	4	why	why	SCONJ
cblr-9109	442	5	spoofing	spoofing	NOUN
cblr-9109	442	6	works	work	NOUN
cblr-9109	442	7	has	have	AUX
cblr-9109	442	8	been	be	AUX
cblr-9109	442	9	explored	explore	VERB
cblr-9109	442	10	in	in	ADP
cblr-9109	442	11	some	some	DET
cblr-9109	442	12	recent	recent	ADJ
cblr-9109	442	13	market	market	NOUN
cblr-9109	442	14	microstructure	microstructure	NOUN
cblr-9109	442	15	theory	theory	NOUN
cblr-9109	442	16	.	.	PUNCT
cblr-9109	443	1	one	one	NUM
cblr-9109	443	2	possible	possible	ADJ
cblr-9109	443	3	no	no	NOUN
cblr-9109	443	4	.	.	PUNCT
cblr-9109	444	1	3:1244	3:1244	NUM
cblr-9109	444	2	]	]	X
cblr-9109	444	3	spoofing	spoofing	NOUN
cblr-9109	444	4	and	and	CCONJ
cblr-9109	444	5	its	its	PRON
cblr-9109	444	6	regulation	regulation	NOUN
cblr-9109	444	7	1275	1275	NUM
cblr-9109	444	8	approach	approach	NOUN
cblr-9109	444	9	goes	go	VERB
cblr-9109	444	10	as	as	SCONJ
cblr-9109	444	11	follows	follow	VERB
cblr-9109	444	12	.	.	PUNCT
cblr-9109	445	1	the	the	DET
cblr-9109	445	2	equilibrium	equilibrium	NOUN
cblr-9109	445	3	in	in	ADP
cblr-9109	445	4	a	a	DET
cblr-9109	445	5	limit	limit	NOUN
cblr-9109	445	6	order	order	NOUN
cblr-9109	445	7	book	book	NOUN
cblr-9109	445	8	derived	derive	VERB
cblr-9109	445	9	in	in	ADP
cblr-9109	445	10	the	the	DET
cblr-9109	445	11	standard	standard	ADJ
cblr-9109	445	12	microstructure	microstructure	ADJ
cblr-9109	445	13	models	model	NOUN
cblr-9109	445	14	assumes	assume	VERB
cblr-9109	445	15	a	a	DET
cblr-9109	445	16	world	world	NOUN
cblr-9109	445	17	with	with	ADP
cblr-9109	445	18	continuous	continuous	ADJ
cblr-9109	445	19	prices.100	prices.100	NOUN
cblr-9109	445	20	real	real	ADJ
cblr-9109	445	21	world	world	NOUN
cblr-9109	445	22	exchanges	exchange	NOUN
cblr-9109	445	23	,	,	PUNCT
cblr-9109	445	24	though	though	ADV
cblr-9109	445	25	,	,	PUNCT
cblr-9109	445	26	have	have	AUX
cblr-9109	445	27	a	a	DET
cblr-9109	445	28	minimum	minimum	ADJ
cblr-9109	445	29	tick	tick	NOUN
cblr-9109	445	30	size	size	NOUN
cblr-9109	445	31	,	,	PUNCT
cblr-9109	445	32	typically	typically	ADV
cblr-9109	445	33	a	a	DET
cblr-9109	445	34	penny,101	penny,101	PROPN
cblr-9109	445	35	and	and	CCONJ
cblr-9109	445	36	use	use	VERB
cblr-9109	445	37	time	time	NOUN
cblr-9109	445	38	priority	priority	NOUN
cblr-9109	445	39	(	(	PUNCT
cblr-9109	445	40	first	first	ADV
cblr-9109	445	41	in	in	ADV
cblr-9109	445	42	,	,	PUNCT
cblr-9109	445	43	first	first	ADV
cblr-9109	445	44	out	out	ADV
cblr-9109	445	45	)	)	PUNCT
cblr-9109	445	46	to	to	PART
cblr-9109	445	47	determine	determine	VERB
cblr-9109	445	48	which	which	DET
cblr-9109	445	49	quotes	quote	VERB
cblr-9109	445	50	at	at	ADP
cblr-9109	445	51	the	the	DET
cblr-9109	445	52	same	same	ADJ
cblr-9109	445	53	price	price	NOUN
cblr-9109	445	54	get	get	AUX
cblr-9109	445	55	executed	execute	VERB
cblr-9109	445	56	against	against	ADP
cblr-9109	445	57	first.102	first.102	PRON
cblr-9109	445	58	a	a	DET
cblr-9109	445	59	limit	limit	NOUN
cblr-9109	445	60	order	order	NOUN
cblr-9109	445	61	book	book	NOUN
cblr-9109	445	62	with	with	ADP
cblr-9109	445	63	these	these	DET
cblr-9109	445	64	features	feature	NOUN
cblr-9109	445	65	will	will	AUX
cblr-9109	445	66	have	have	VERB
cblr-9109	445	67	the	the	DET
cblr-9109	445	68	offer	offer	NOUN
cblr-9109	445	69	side	side	NOUN
cblr-9109	445	70	of	of	ADP
cblr-9109	445	71	the	the	DET
cblr-9109	445	72	book	book	NOUN
cblr-9109	445	73	as	as	ADP
cblr-9109	445	74	an	an	DET
cblr-9109	445	75	upward	upward	ADJ
cblr-9109	445	76	step	step	NOUN
cblr-9109	445	77	function	function	NOUN
cblr-9109	445	78	approximation	approximation	NOUN
cblr-9109	445	79	of	of	ADP
cblr-9109	445	80	a	a	DET
cblr-9109	445	81	market	market	NOUN
cblr-9109	445	82	with	with	ADP
cblr-9109	445	83	a	a	DET
cblr-9109	445	84	continuous	continuous	ADJ
cblr-9109	445	85	price	price	NOUN
cblr-9109	445	86	range	range	NOUN
cblr-9109	445	87	of	of	ADP
cblr-9109	445	88	prices	price	NOUN
cblr-9109	445	89	.	.	PUNCT
cblr-9109	446	1	the	the	DET
cblr-9109	446	2	bid	bid	NOUN
cblr-9109	446	3	side	side	NOUN
cblr-9109	446	4	of	of	ADP
cblr-9109	446	5	the	the	DET
cblr-9109	446	6	book	book	NOUN
cblr-9109	446	7	will	will	AUX
cblr-9109	446	8	be	be	AUX
cblr-9109	446	9	a	a	DET
cblr-9109	446	10	downward	downward	ADJ
cblr-9109	446	11	step	step	NOUN
cblr-9109	446	12	function	function	NOUN
cblr-9109	446	13	approximation	approximation	NOUN
cblr-9109	446	14	of	of	ADP
cblr-9109	446	15	the	the	DET
cblr-9109	446	16	same	same	ADJ
cblr-9109	446	17	market	market	NOUN
cblr-9109	446	18	.	.	PUNCT
cblr-9109	447	1	in	in	ADP
cblr-9109	447	2	this	this	DET
cblr-9109	447	3	world	world	NOUN
cblr-9109	447	4	with	with	ADP
cblr-9109	447	5	a	a	DET
cblr-9109	447	6	penny	penny	NOUN
cblr-9109	447	7	tick	tick	NOUN
cblr-9109	447	8	,	,	PUNCT
cblr-9109	447	9	there	there	PRON
cblr-9109	447	10	would	would	AUX
cblr-9109	447	11	still	still	ADV
cblr-9109	447	12	be	be	AUX
cblr-9109	447	13	a	a	DET
cblr-9109	447	14	consensus	consensus	NOUN
cblr-9109	447	15	as	as	ADP
cblr-9109	447	16	to	to	ADP
cblr-9109	447	17	the	the	DET
cblr-9109	447	18	“	"	PUNCT
cblr-9109	447	19	true	true	ADJ
cblr-9109	447	20	”	"	PUNCT
cblr-9109	447	21	offer	offer	NOUN
cblr-9109	447	22	price	price	NOUN
cblr-9109	447	23	,	,	PUNCT
cblr-9109	447	24	bid	bid	NOUN
cblr-9109	447	25	price	price	NOUN
cblr-9109	447	26	,	,	PUNCT
cblr-9109	447	27	and	and	CCONJ
cblr-9109	447	28	mid	mid	ADJ
cblr-9109	447	29	-	-	NOUN
cblr-9109	447	30	point	point	NOUN
cblr-9109	447	31	price	price	NOUN
cblr-9109	447	32	,	,	PUNCT
cblr-9109	447	33	i.e.	i.e.	X
cblr-9109	447	34	,	,	PUNCT
cblr-9109	447	35	the	the	DET
cblr-9109	447	36	ones	one	NOUN
cblr-9109	447	37	that	that	PRON
cblr-9109	447	38	would	would	AUX
cblr-9109	447	39	have	have	AUX
cblr-9109	447	40	prevailed	prevail	VERB
cblr-9109	447	41	if	if	SCONJ
cblr-9109	447	42	prices	price	NOUN
cblr-9109	447	43	had	have	AUX
cblr-9109	447	44	in	in	ADP
cblr-9109	447	45	fact	fact	NOUN
cblr-9109	447	46	been	be	AUX
cblr-9109	447	47	continuous	continuous	ADJ
cblr-9109	447	48	.	.	PUNCT
cblr-9109	448	1	no	no	DET
cblr-9109	448	2	liquidity	liquidity	NOUN
cblr-9109	448	3	supplier	supplier	NOUN
cblr-9109	448	4	will	will	AUX
cblr-9109	448	5	be	be	AUX
cblr-9109	448	6	willing	willing	ADJ
cblr-9109	448	7	to	to	PART
cblr-9109	448	8	sell	sell	VERB
cblr-9109	448	9	at	at	ADP
cblr-9109	448	10	or	or	CCONJ
cblr-9109	448	11	below	below	ADP
cblr-9109	448	12	this	this	DET
cblr-9109	448	13	true	true	ADJ
cblr-9109	448	14	offer	offer	NOUN
cblr-9109	448	15	price	price	NOUN
cblr-9109	448	16	,	,	PUNCT
cblr-9109	448	17	or	or	CCONJ
cblr-9109	448	18	buy	buy	VERB
cblr-9109	448	19	at	at	ADP
cblr-9109	448	20	or	or	CCONJ
cblr-9109	448	21	above	above	ADP
cblr-9109	448	22	this	this	DET
cblr-9109	448	23	true	true	ADJ
cblr-9109	448	24	bid	bid	NOUN
cblr-9109	448	25	price	price	NOUN
cblr-9109	448	26	.	.	PUNCT
cblr-9109	449	1	as	as	ADP
cblr-9109	449	2	a	a	DET
cblr-9109	449	3	result	result	NOUN
cblr-9109	449	4	,	,	PUNCT
cblr-9109	449	5	if	if	SCONJ
cblr-9109	449	6	the	the	DET
cblr-9109	449	7	true	true	ADJ
cblr-9109	449	8	offer	offer	NOUN
cblr-9109	449	9	price	price	NOUN
cblr-9109	449	10	is	be	AUX
cblr-9109	449	11	close	close	ADJ
cblr-9109	449	12	to	to	ADP
cblr-9109	449	13	,	,	PUNCT
cblr-9109	449	14	but	but	CCONJ
cblr-9109	449	15	below	below	ADV
cblr-9109	449	16	,	,	PUNCT
cblr-9109	449	17	the	the	DET
cblr-9109	449	18	nbo	nbo	PROPN
cblr-9109	449	19	,	,	PUNCT
cblr-9109	449	20	the	the	DET
cblr-9109	449	21	offer	offer	NOUN
cblr-9109	449	22	size	size	NOUN
cblr-9109	449	23	will	will	AUX
cblr-9109	449	24	be	be	AUX
cblr-9109	449	25	small	small	ADJ
cblr-9109	449	26	relative	relative	ADJ
cblr-9109	449	27	to	to	ADP
cblr-9109	449	28	where	where	SCONJ
cblr-9109	449	29	it	it	PRON
cblr-9109	449	30	would	would	AUX
cblr-9109	449	31	have	have	AUX
cblr-9109	449	32	been	be	AUX
cblr-9109	449	33	if	if	SCONJ
cblr-9109	449	34	it	it	PRON
cblr-9109	449	35	were	be	AUX
cblr-9109	449	36	close	close	ADJ
cblr-9109	449	37	to	to	ADP
cblr-9109	449	38	,	,	PUNCT
cblr-9109	449	39	but	but	CCONJ
cblr-9109	449	40	above	above	ADV
cblr-9109	449	41	,	,	PUNCT
cblr-9109	449	42	the	the	DET
cblr-9109	449	43	next	next	ADJ
cblr-9109	449	44	tick	tick	NOUN
cblr-9109	449	45	below	below	ADP
cblr-9109	449	46	the	the	DET
cblr-9109	449	47	nbo	nbo	PROPN
cblr-9109	449	48	.	.	PUNCT
cblr-9109	450	1	conversely	conversely	ADV
cblr-9109	450	2	,	,	PUNCT
cblr-9109	450	3	if	if	SCONJ
cblr-9109	450	4	the	the	DET
cblr-9109	450	5	true	true	ADJ
cblr-9109	450	6	bid	bid	NOUN
cblr-9109	450	7	price	price	NOUN
cblr-9109	450	8	were	be	AUX
cblr-9109	450	9	close	close	ADJ
cblr-9109	450	10	to	to	ADP
cblr-9109	450	11	,	,	PUNCT
cblr-9109	450	12	but	but	CCONJ
cblr-9109	450	13	below	below	ADV
cblr-9109	450	14	,	,	PUNCT
cblr-9109	450	15	the	the	DET
cblr-9109	450	16	next	next	ADJ
cblr-9109	450	17	tick	tick	NOUN
cblr-9109	450	18	above	above	ADP
cblr-9109	450	19	the	the	DET
cblr-9109	450	20	nbb	nbb	PROPN
cblr-9109	450	21	,	,	PUNCT
cblr-9109	450	22	the	the	DET
cblr-9109	450	23	bid	bid	NOUN
cblr-9109	450	24	size	size	NOUN
cblr-9109	450	25	will	will	AUX
cblr-9109	450	26	be	be	AUX
cblr-9109	450	27	large	large	ADJ
cblr-9109	450	28	relative	relative	ADJ
cblr-9109	450	29	to	to	ADP
cblr-9109	450	30	where	where	SCONJ
cblr-9109	450	31	it	it	PRON
cblr-9109	450	32	would	would	AUX
cblr-9109	450	33	have	have	AUX
cblr-9109	450	34	been	be	AUX
cblr-9109	450	35	if	if	SCONJ
cblr-9109	450	36	it	it	PRON
cblr-9109	450	37	were	be	AUX
cblr-9109	450	38	close	close	ADJ
cblr-9109	450	39	to	to	ADP
cblr-9109	450	40	,	,	PUNCT
cblr-9109	450	41	but	but	CCONJ
cblr-9109	450	42	just	just	ADV
cblr-9109	450	43	above	above	ADV
cblr-9109	450	44	,	,	PUNCT
cblr-9109	450	45	the	the	DET
cblr-9109	450	46	nbb	nbb	NOUN
cblr-9109	450	47	.	.	PUNCT
cblr-9109	451	1	to	to	PART
cblr-9109	451	2	illustrate	illustrate	VERB
cblr-9109	451	3	,	,	PUNCT
cblr-9109	451	4	when	when	SCONJ
cblr-9109	451	5	manipulators	manipulator	NOUN
cblr-9109	451	6	such	such	ADJ
cblr-9109	451	7	as	as	ADP
cblr-9109	451	8	atlee	atlee	NOUN
cblr-9109	451	9	are	be	AUX
cblr-9109	451	10	absent	absent	ADJ
cblr-9109	451	11	,	,	PUNCT
cblr-9109	451	12	if	if	SCONJ
cblr-9109	451	13	the	the	DET
cblr-9109	451	14	nbo	nbo	PROPN
cblr-9109	451	15	and	and	CCONJ
cblr-9109	451	16	nbb	nbb	PROPN
cblr-9109	451	17	remain	remain	VERB
cblr-9109	451	18	unchanged	unchanged	ADJ
cblr-9109	451	19	but	but	CCONJ
cblr-9109	451	20	there	there	PRON
cblr-9109	451	21	is	be	VERB
cblr-9109	451	22	an	an	DET
cblr-9109	451	23	increase	increase	NOUN
cblr-9109	451	24	in	in	ADP
cblr-9109	451	25	the	the	DET
cblr-9109	451	26	number	number	NOUN
cblr-9109	451	27	of	of	ADP
cblr-9109	451	28	shares	share	NOUN
cblr-9109	451	29	offered	offer	VERB
cblr-9109	451	30	at	at	ADP
cblr-9109	451	31	the	the	DET
cblr-9109	451	32	nbo	nbo	PROPN
cblr-9109	451	33	relative	relative	ADJ
cblr-9109	451	34	to	to	ADP
cblr-9109	451	35	the	the	DET
cblr-9109	451	36	number	number	NOUN
cblr-9109	451	37	bid	bid	NOUN
cblr-9109	451	38	at	at	ADP
cblr-9109	451	39	the	the	DET
cblr-9109	451	40	nbb	nbb	PROPN
cblr-9109	451	41	,	,	PUNCT
cblr-9109	451	42	this	this	PRON
cblr-9109	451	43	would	would	AUX
cblr-9109	451	44	suggest	suggest	VERB
cblr-9109	451	45	a	a	DET
cblr-9109	451	46	drop	drop	NOUN
cblr-9109	451	47	in	in	ADP
cblr-9109	451	48	the	the	DET
cblr-9109	451	49	true	true	ADJ
cblr-9109	451	50	midpoint	midpoint	NOUN
cblr-9109	451	51	price	price	NOUN
cblr-9109	451	52	.	.	PUNCT
cblr-9109	452	1	consider	consider	VERB
cblr-9109	452	2	the	the	DET
cblr-9109	452	3	following	follow	VERB
cblr-9109	452	4	example	example	NOUN
cblr-9109	452	5	.	.	PUNCT
cblr-9109	453	1	at	at	ADP
cblr-9109	453	2	the	the	DET
cblr-9109	453	3	start	start	NOUN
cblr-9109	453	4	,	,	PUNCT
cblr-9109	453	5	the	the	DET
cblr-9109	453	6	nbo	nbo	PROPN
cblr-9109	453	7	for	for	ADP
cblr-9109	453	8	abc	abc	PROPN
cblr-9109	453	9	shares	share	NOUN
cblr-9109	453	10	is	be	AUX
cblr-9109	453	11	$	$	SYM
cblr-9109	453	12	10.12	10.12	NUM
cblr-9109	453	13	,	,	PUNCT
cblr-9109	453	14	with	with	ADP
cblr-9109	453	15	1500	1500	NUM
cblr-9109	453	16	shares	share	NOUN
cblr-9109	453	17	offered	offer	VERB
cblr-9109	453	18	,	,	PUNCT
cblr-9109	453	19	and	and	CCONJ
cblr-9109	453	20	the	the	DET
cblr-9109	453	21	nbb	nbb	PROPN
cblr-9109	453	22	is	be	AUX
cblr-9109	453	23	$	$	SYM
cblr-9109	453	24	10.10	10.10	NUM
cblr-9109	453	25	,	,	PUNCT
cblr-9109	453	26	with	with	ADP
cblr-9109	453	27	1500	1500	NUM
cblr-9109	453	28	shares	share	NOUN
cblr-9109	453	29	bid	bid	VERB
cblr-9109	453	30	.	.	PUNCT
cblr-9109	454	1	assume	assume	VERB
cblr-9109	454	2	100	100	NUM
cblr-9109	454	3	lawrence	lawrence	PROPN
cblr-9109	454	4	r.	r.	PROPN
cblr-9109	454	5	glosten	glosten	PROPN
cblr-9109	454	6	,	,	PUNCT
cblr-9109	454	7	is	be	AUX
cblr-9109	454	8	the	the	DET
cblr-9109	454	9	electronic	electronic	ADJ
cblr-9109	454	10	open	open	ADJ
cblr-9109	454	11	limit	limit	NOUN
cblr-9109	454	12	order	order	NOUN
cblr-9109	454	13	book	book	NOUN
cblr-9109	454	14	inevitable	inevitable	ADJ
cblr-9109	454	15	?	?	PUNCT
cblr-9109	454	16	,	,	PUNCT
cblr-9109	454	17	49	49	NUM
cblr-9109	454	18	j.	j.	PROPN
cblr-9109	454	19	fin	fin	PROPN
cblr-9109	454	20	.	.	PUNCT
cblr-9109	454	21	1127	1127	NUM
cblr-9109	454	22	,	,	PUNCT
cblr-9109	454	23	1128	1128	NUM
cblr-9109	454	24	(	(	PUNCT
cblr-9109	454	25	1994	1994	NUM
cblr-9109	454	26	)	)	PUNCT
cblr-9109	454	27	.	.	PUNCT
cblr-9109	455	1	101	101	NUM
cblr-9109	455	2	minimum	minimum	ADJ
cblr-9109	455	3	pricing	pricing	NOUN
cblr-9109	455	4	increment	increment	NOUN
cblr-9109	455	5	,	,	PUNCT
cblr-9109	455	6	17	17	NUM
cblr-9109	455	7	c.f.r	c.f.r	NOUN
cblr-9109	455	8	.	.	PUNCT
cblr-9109	456	1	§	§	PROPN
cblr-9109	456	2	242.612	242.612	NUM
cblr-9109	456	3	(	(	PUNCT
cblr-9109	456	4	2021	2021	NUM
cblr-9109	456	5	)	)	PUNCT
cblr-9109	456	6	102	102	NUM
cblr-9109	456	7	explaining	explain	VERB
cblr-9109	456	8	parity	parity	NOUN
cblr-9109	456	9	/	/	SYM
cblr-9109	456	10	priority	priority	NOUN
cblr-9109	456	11	,	,	PUNCT
cblr-9109	456	12	n.y	n.y	PROPN
cblr-9109	456	13	.	.	PROPN
cblr-9109	456	14	stock	stock	PROPN
cblr-9109	456	15	.	.	PUNCT
cblr-9109	457	1	exch	exch	PROPN
cblr-9109	457	2	.	.	PROPN
cblr-9109	457	3	,	,	PUNCT
cblr-9109	458	1	https://www.nyse.com/article/parity-priority-explainer	https://www.nyse.com/article/parity-priority-explainer	PROPN
cblr-9109	459	1	[	[	X
cblr-9109	459	2	https://perma.cc/ugu7-x8jk	https://perma.cc/ugu7-x8jk	X
cblr-9109	459	3	]	]	X
cblr-9109	459	4	(	(	PUNCT
cblr-9109	459	5	last	last	ADV
cblr-9109	459	6	visited	visit	VERB
cblr-9109	459	7	dec	dec	PROPN
cblr-9109	459	8	.	.	PROPN
cblr-9109	459	9	23	23	NUM
cblr-9109	459	10	,	,	PUNCT
cblr-9109	459	11	2021	2021	NUM
cblr-9109	459	12	)	)	PUNCT
cblr-9109	459	13	(	(	PUNCT
cblr-9109	459	14	“	"	PUNCT
cblr-9109	459	15	most	most	ADJ
cblr-9109	459	16	securities	security	NOUN
cblr-9109	459	17	markets	market	NOUN
cblr-9109	459	18	operate	operate	VERB
cblr-9109	459	19	on	on	ADP
cblr-9109	459	20	the	the	DET
cblr-9109	459	21	basis	basis	NOUN
cblr-9109	459	22	of	of	ADP
cblr-9109	459	23	price	price	NOUN
cblr-9109	459	24	/	/	SYM
cblr-9109	459	25	time	time	NOUN
cblr-9109	459	26	priority	priority	NOUN
cblr-9109	459	27	.	.	PUNCT
cblr-9109	460	1	this	this	PRON
cblr-9109	460	2	means	mean	VERB
cblr-9109	460	3	that	that	SCONJ
cblr-9109	460	4	orders	order	NOUN
cblr-9109	460	5	are	be	AUX
cblr-9109	460	6	executed	execute	VERB
cblr-9109	460	7	based	base	VERB
cblr-9109	460	8	on	on	ADP
cblr-9109	460	9	best	good	ADJ
cblr-9109	460	10	price	price	NOUN
cblr-9109	460	11	,	,	PUNCT
cblr-9109	460	12	and	and	CCONJ
cblr-9109	460	13	if	if	SCONJ
cblr-9109	460	14	multiple	multiple	ADJ
cblr-9109	460	15	orders	order	NOUN
cblr-9109	460	16	are	be	AUX
cblr-9109	460	17	at	at	ADP
cblr-9109	460	18	the	the	DET
cblr-9109	460	19	same	same	ADJ
cblr-9109	460	20	price	price	NOUN
cblr-9109	460	21	,	,	PUNCT
cblr-9109	460	22	an	an	DET
cblr-9109	460	23	order	order	NOUN
cblr-9109	460	24	with	with	ADP
cblr-9109	460	25	an	an	DET
cblr-9109	460	26	earlier	early	ADJ
cblr-9109	460	27	time	time	NOUN
cblr-9109	460	28	trades	trade	NOUN
cblr-9109	460	29	first	first	ADV
cblr-9109	460	30	.	.	PUNCT
cblr-9109	460	31	”	"	PUNCT
cblr-9109	460	32	)	)	PUNCT
cblr-9109	460	33	.	.	PUNCT
cblr-9109	461	1	1276	1276	NUM
cblr-9109	461	2	columbia	columbia	PROPN
cblr-9109	461	3	business	business	NOUN
cblr-9109	461	4	law	law	PROPN
cblr-9109	461	5	review	review	NOUN
cblr-9109	461	6	[	[	X
cblr-9109	461	7	vol	vol	NOUN
cblr-9109	461	8	.	.	PUNCT
cblr-9109	461	9	2021	2021	NUM
cblr-9109	461	10	that	that	PRON
cblr-9109	461	11	this	this	PRON
cblr-9109	461	12	reflects	reflect	VERB
cblr-9109	461	13	the	the	DET
cblr-9109	461	14	true	true	ADJ
cblr-9109	461	15	offer	offer	NOUN
cblr-9109	461	16	price	price	NOUN
cblr-9109	461	17	for	for	ADP
cblr-9109	461	18	abc	abc	PROPN
cblr-9109	461	19	shares	share	NOUN
cblr-9109	461	20	being	be	AUX
cblr-9109	461	21	$	$	SYM
cblr-9109	461	22	10.115	10.115	NUM
cblr-9109	461	23	and	and	CCONJ
cblr-9109	461	24	the	the	DET
cblr-9109	461	25	true	true	ADJ
cblr-9109	461	26	bid	bid	NOUN
cblr-9109	461	27	price	price	NOUN
cblr-9109	461	28	being	be	AUX
cblr-9109	461	29	$	$	SYM
cblr-9109	461	30	10.105	10.105	NUM
cblr-9109	461	31	,	,	PUNCT
cblr-9109	461	32	with	with	ADP
cblr-9109	461	33	the	the	DET
cblr-9109	461	34	midpoint	midpoint	NOUN
cblr-9109	461	35	being	be	AUX
cblr-9109	461	36	$	$	SYM
cblr-9109	461	37	10.11	10.11	NUM
cblr-9109	461	38	and	and	CCONJ
cblr-9109	461	39	the	the	DET
cblr-9109	461	40	implied	imply	VERB
cblr-9109	461	41	spread	spread	NOUN
cblr-9109	461	42	in	in	ADP
cblr-9109	461	43	the	the	DET
cblr-9109	461	44	continuous	continuous	ADJ
cblr-9109	461	45	market	market	NOUN
cblr-9109	461	46	being	be	AUX
cblr-9109	461	47	$	$	SYM
cblr-9109	461	48	.01	.01	NUM
cblr-9109	461	49	.	.	PUNCT
cblr-9109	462	1	next	next	ADJ
cblr-9109	462	2	,	,	PUNCT
cblr-9109	462	3	the	the	DET
cblr-9109	462	4	number	number	NOUN
cblr-9109	462	5	of	of	ADP
cblr-9109	462	6	shares	share	NOUN
cblr-9109	462	7	offered	offer	VERB
cblr-9109	462	8	at	at	ADP
cblr-9109	462	9	$	$	SYM
cblr-9109	462	10	10.12	10.12	NUM
cblr-9109	462	11	increases	increase	NOUN
cblr-9109	462	12	relative	relative	ADJ
cblr-9109	462	13	to	to	ADP
cblr-9109	462	14	the	the	DET
cblr-9109	462	15	number	number	NOUN
cblr-9109	462	16	bid	bid	NOUN
cblr-9109	462	17	at	at	ADP
cblr-9109	462	18	$	$	SYM
cblr-9109	462	19	10.00	10.00	NUM
cblr-9109	462	20	.	.	PUNCT
cblr-9109	463	1	these	these	DET
cblr-9109	463	2	respective	respective	ADJ
cblr-9109	463	3	changes	change	NOUN
cblr-9109	463	4	in	in	ADP
cblr-9109	463	5	the	the	DET
cblr-9109	463	6	number	number	NOUN
cblr-9109	463	7	of	of	ADP
cblr-9109	463	8	shares	share	NOUN
cblr-9109	463	9	offered	offer	VERB
cblr-9109	463	10	and	and	CCONJ
cblr-9109	463	11	bid	bid	NOUN
cblr-9109	463	12	would	would	AUX
cblr-9109	463	13	imply	imply	VERB
cblr-9109	463	14	a	a	DET
cblr-9109	463	15	downward	downward	ADJ
cblr-9109	463	16	valuation	valuation	NOUN
cblr-9109	463	17	of	of	ADP
cblr-9109	463	18	abc	abc	PROPN
cblr-9109	463	19	shares	share	NOUN
cblr-9109	463	20	in	in	ADP
cblr-9109	463	21	the	the	DET
cblr-9109	463	22	market	market	NOUN
cblr-9109	463	23	,	,	PUNCT
cblr-9109	463	24	because	because	SCONJ
cblr-9109	463	25	,	,	PUNCT
cblr-9109	463	26	if	if	SCONJ
cblr-9109	463	27	such	such	DET
cblr-9109	463	28	a	a	DET
cblr-9109	463	29	downward	downward	ADJ
cblr-9109	463	30	valuation	valuation	NOUN
cblr-9109	463	31	occurred	occur	VERB
cblr-9109	463	32	,	,	PUNCT
cblr-9109	463	33	it	it	PRON
cblr-9109	463	34	would	would	AUX
cblr-9109	463	35	be	be	AUX
cblr-9109	463	36	attractive	attractive	ADJ
cblr-9109	463	37	to	to	ADP
cblr-9109	463	38	more	more	ADJ
cblr-9109	463	39	people	people	NOUN
cblr-9109	463	40	to	to	PART
cblr-9109	463	41	sell	sell	VERB
cblr-9109	463	42	abc	abc	PROPN
cblr-9109	463	43	shares	share	NOUN
cblr-9109	463	44	at	at	ADP
cblr-9109	463	45	$	$	SYM
cblr-9109	463	46	10.12	10.12	NUM
cblr-9109	463	47	and	and	CCONJ
cblr-9109	463	48	attractive	attractive	ADJ
cblr-9109	463	49	to	to	ADP
cblr-9109	463	50	fewer	few	ADJ
cblr-9109	463	51	of	of	ADP
cblr-9109	463	52	them	they	PRON
cblr-9109	463	53	to	to	PART
cblr-9109	463	54	buy	buy	VERB
cblr-9109	463	55	them	they	PRON
cblr-9109	463	56	at	at	ADP
cblr-9109	463	57	$	$	SYM
cblr-9109	463	58	10.10	10.10	NUM
cblr-9109	463	59	.	.	PUNCT
cblr-9109	464	1	this	this	DET
cblr-9109	464	2	step	step	NOUN
cblr-9109	464	3	-	-	PUNCT
cblr-9109	464	4	function	function	NOUN
cblr-9109	464	5	theory	theory	NOUN
cblr-9109	464	6	can	can	AUX
cblr-9109	464	7	not	not	PART
cblr-9109	464	8	be	be	AUX
cblr-9109	464	9	the	the	DET
cblr-9109	464	10	whole	whole	ADJ
cblr-9109	464	11	story	story	NOUN
cblr-9109	464	12	,	,	PUNCT
cblr-9109	464	13	however	however	ADV
cblr-9109	464	14	.	.	PUNCT
cblr-9109	465	1	first	first	ADV
cblr-9109	465	2	,	,	PUNCT
cblr-9109	465	3	this	this	DET
cblr-9109	465	4	theory	theory	NOUN
cblr-9109	465	5	only	only	ADV
cblr-9109	465	6	relates	relate	VERB
cblr-9109	465	7	to	to	ADP
cblr-9109	465	8	changes	change	NOUN
cblr-9109	465	9	in	in	ADP
cblr-9109	465	10	the	the	DET
cblr-9109	465	11	“	"	PUNCT
cblr-9109	465	12	true	true	ADJ
cblr-9109	465	13	offer	offer	NOUN
cblr-9109	465	14	”	"	PUNCT
cblr-9109	465	15	and	and	CCONJ
cblr-9109	465	16	“	"	PUNCT
cblr-9109	465	17	true	true	ADJ
cblr-9109	465	18	bid	bid	NOUN
cblr-9109	465	19	”	"	PUNCT
cblr-9109	465	20	price	price	NOUN
cblr-9109	465	21	within	within	ADP
cblr-9109	465	22	a	a	DET
cblr-9109	465	23	single	single	ADJ
cblr-9109	465	24	tick	tick	NOUN
cblr-9109	465	25	,	,	PUNCT
cblr-9109	465	26	whereas	whereas	SCONJ
cblr-9109	465	27	the	the	DET
cblr-9109	465	28	hft	hft	PROPN
cblr-9109	465	29	behavior	behavior	NOUN
cblr-9109	465	30	that	that	PRON
cblr-9109	465	31	leads	lead	VERB
cblr-9109	465	32	to	to	ADP
cblr-9109	465	33	spoofing	spoof	VERB
cblr-9109	465	34	yielding	yield	VERB
cblr-9109	465	35	expected	expect	VERB
cblr-9109	465	36	profits	profit	NOUN
cblr-9109	465	37	depends	depend	VERB
cblr-9109	465	38	on	on	ADP
cblr-9109	465	39	hfts	hft	NOUN
cblr-9109	465	40	inferring	infer	VERB
cblr-9109	465	41	,	,	PUNCT
cblr-9109	465	42	from	from	ADP
cblr-9109	465	43	changes	change	NOUN
cblr-9109	465	44	in	in	ADP
cblr-9109	465	45	size	size	NOUN
cblr-9109	465	46	at	at	ADP
cblr-9109	465	47	the	the	DET
cblr-9109	465	48	nbo	nbo	PROPN
cblr-9109	465	49	or	or	CCONJ
cblr-9109	465	50	nbb	nbb	PROPN
cblr-9109	465	51	,	,	PUNCT
cblr-9109	465	52	changes	change	NOUN
cblr-9109	465	53	in	in	ADP
cblr-9109	465	54	valuation	valuation	NOUN
cblr-9109	465	55	greater	great	ADJ
cblr-9109	465	56	than	than	ADP
cblr-9109	465	57	just	just	ADV
cblr-9109	465	58	within	within	ADP
cblr-9109	465	59	a	a	DET
cblr-9109	465	60	single	single	ADJ
cblr-9109	465	61	tick.103	tick.103	NOUN
cblr-9109	465	62	second	second	ADJ
cblr-9109	465	63	,	,	PUNCT
cblr-9109	465	64	at	at	ADV
cblr-9109	465	65	least	least	ADV
cblr-9109	465	66	two	two	NUM
cblr-9109	465	67	empirical	empirical	ADJ
cblr-9109	465	68	studies	study	NOUN
cblr-9109	465	69	suggest	suggest	VERB
cblr-9109	465	70	that	that	SCONJ
cblr-9109	465	71	extra	extra	ADJ
cblr-9109	465	72	size	size	NOUN
cblr-9109	465	73	at	at	ADP
cblr-9109	465	74	a	a	DET
cblr-9109	465	75	tick	tick	NOUN
cblr-9109	465	76	above	above	ADP
cblr-9109	465	77	the	the	DET
cblr-9109	465	78	nbo	nbo	PROPN
cblr-9109	465	79	also	also	ADV
cblr-9109	465	80	leads	lead	VERB
cblr-9109	465	81	to	to	ADP
cblr-9109	465	82	a	a	DET
cblr-9109	465	83	subsequent	subsequent	ADJ
cblr-9109	465	84	decrease	decrease	NOUN
cblr-9109	465	85	on	on	ADP
cblr-9109	465	86	average	average	NOUN
cblr-9109	465	87	in	in	ADP
cblr-9109	465	88	the	the	DET
cblr-9109	465	89	nbo	nbo	PROPN
cblr-9109	465	90	and	and	CCONJ
cblr-9109	465	91	nbb	nbb	PROPN
cblr-9109	465	92	,	,	PUNCT
cblr-9109	465	93	and	and	CCONJ
cblr-9109	465	94	the	the	DET
cblr-9109	465	95	reverse	reverse	NOUN
cblr-9109	465	96	for	for	ADP
cblr-9109	465	97	extra	extra	ADJ
cblr-9109	465	98	size	size	NOUN
cblr-9109	465	99	a	a	DET
cblr-9109	465	100	tick	tick	NOUN
cblr-9109	465	101	below	below	ADP
cblr-9109	465	102	the	the	DET
cblr-9109	465	103	nbb	nbb	PROPN
cblr-9109	465	104	.	.	PUNCT
cblr-9109	466	1	104	104	NUM
cblr-9109	467	1	the	the	DET
cblr-9109	467	2	step	step	NOUN
cblr-9109	467	3	function	function	NOUN
cblr-9109	467	4	theory	theory	NOUN
cblr-9109	467	5	103	103	NUM
cblr-9109	467	6	hautsch	hautsch	NOUN
cblr-9109	467	7	and	and	CCONJ
cblr-9109	467	8	huang	huang	PROPN
cblr-9109	467	9	,	,	PUNCT
cblr-9109	467	10	based	base	VERB
cblr-9109	467	11	on	on	ADP
cblr-9109	467	12	euronext	euronext	PROPN
cblr-9109	467	13	amsterdam	amsterdam	PROPN
cblr-9109	467	14	data	data	PROPN
cblr-9109	467	15	,	,	PUNCT
cblr-9109	467	16	estimate	estimate	VERB
cblr-9109	467	17	that	that	SCONJ
cblr-9109	467	18	a	a	DET
cblr-9109	467	19	50	50	NUM
cblr-9109	467	20	%	%	NOUN
cblr-9109	467	21	increase	increase	NOUN
cblr-9109	467	22	in	in	ADP
cblr-9109	467	23	the	the	DET
cblr-9109	467	24	size	size	NOUN
cblr-9109	467	25	at	at	ADP
cblr-9109	467	26	the	the	DET
cblr-9109	467	27	offer	offer	NOUN
cblr-9109	467	28	leads	lead	VERB
cblr-9109	467	29	on	on	ADP
cblr-9109	467	30	average	average	ADJ
cblr-9109	467	31	to	to	ADP
cblr-9109	467	32	a	a	DET
cblr-9109	467	33	half	half	ADJ
cblr-9109	467	34	basis	basis	NOUN
cblr-9109	467	35	point	point	NOUN
cblr-9109	467	36	decrease	decrease	NOUN
cblr-9109	467	37	in	in	ADP
cblr-9109	467	38	the	the	DET
cblr-9109	467	39	nbb	nbb	NOUN
cblr-9109	467	40	and	and	CCONJ
cblr-9109	467	41	nbo	nbo	PROPN
cblr-9109	467	42	(	(	PUNCT
cblr-9109	467	43	and	and	CCONJ
cblr-9109	467	44	the	the	DET
cblr-9109	467	45	opposite	opposite	ADJ
cblr-9109	467	46	reaction	reaction	NOUN
cblr-9109	467	47	to	to	ADP
cblr-9109	467	48	a	a	DET
cblr-9109	467	49	comparable	comparable	ADJ
cblr-9109	467	50	increase	increase	NOUN
cblr-9109	467	51	at	at	ADP
cblr-9109	467	52	the	the	DET
cblr-9109	467	53	bid	bid	NOUN
cblr-9109	467	54	)	)	PUNCT
cblr-9109	467	55	within	within	ADP
cblr-9109	467	56	about	about	ADV
cblr-9109	467	57	10	10	NUM
cblr-9109	467	58	units	unit	NOUN
cblr-9109	467	59	of	of	ADP
cblr-9109	467	60	event	event	NOUN
cblr-9109	467	61	time	time	NOUN
cblr-9109	467	62	(	(	PUNCT
cblr-9109	467	63	i.e.	i.e.	X
cblr-9109	467	64	10	10	NUM
cblr-9109	467	65	order	order	NOUN
cblr-9109	467	66	arrivals	arrival	NOUN
cblr-9109	467	67	)	)	PUNCT
cblr-9109	467	68	.	.	PUNCT
cblr-9109	468	1	this	this	PRON
cblr-9109	468	2	is	be	AUX
cblr-9109	468	3	half	half	NOUN
cblr-9109	468	4	of	of	ADP
cblr-9109	468	5	a	a	DET
cblr-9109	468	6	tick	tick	NOUN
cblr-9109	468	7	for	for	ADP
cblr-9109	468	8	a	a	DET
cblr-9109	468	9	$	$	SYM
cblr-9109	468	10	100	100	NUM
cblr-9109	468	11	stock	stock	NOUN
cblr-9109	468	12	.	.	PUNCT
cblr-9109	469	1	in	in	ADP
cblr-9109	469	2	contrast	contrast	NOUN
cblr-9109	469	3	,	,	PUNCT
cblr-9109	469	4	a	a	DET
cblr-9109	469	5	comparable	comparable	ADJ
cblr-9109	469	6	increase	increase	NOUN
cblr-9109	469	7	in	in	ADP
cblr-9109	469	8	marketable	marketable	ADJ
cblr-9109	469	9	orders	order	NOUN
cblr-9109	469	10	(	(	PUNCT
cblr-9109	469	11	sell	sell	VERB
cblr-9109	469	12	orders	order	NOUN
cblr-9109	469	13	at	at	ADP
cblr-9109	469	14	the	the	DET
cblr-9109	469	15	nbb	nbb	ADJ
cblr-9109	469	16	and	and	CCONJ
cblr-9109	469	17	buy	buy	VERB
cblr-9109	469	18	orders	order	NOUN
cblr-9109	469	19	at	at	ADP
cblr-9109	469	20	the	the	DET
cblr-9109	469	21	nbo	nbo	NOUN
cblr-9109	469	22	)	)	PUNCT
cblr-9109	469	23	has	have	VERB
cblr-9109	469	24	about	about	ADP
cblr-9109	469	25	a	a	DET
cblr-9109	469	26	2.5	2.5	NUM
cblr-9109	469	27	basis	basis	NOUN
cblr-9109	469	28	point	point	NOUN
cblr-9109	469	29	effect	effect	NOUN
cblr-9109	469	30	on	on	ADP
cblr-9109	469	31	the	the	DET
cblr-9109	469	32	price	price	NOUN
cblr-9109	469	33	.	.	PUNCT
cblr-9109	470	1	hautsch	hautsch	PROPN
cblr-9109	470	2	&	&	CCONJ
cblr-9109	470	3	huang	huang	PROPN
cblr-9109	470	4	,	,	PUNCT
cblr-9109	470	5	supra	supra	PROPN
cblr-9109	470	6	note	note	PROPN
cblr-9109	470	7	40	40	NUM
cblr-9109	470	8	,	,	PUNCT
cblr-9109	470	9	at	at	ADP
cblr-9109	470	10	513	513	NUM
cblr-9109	470	11	.	.	PUNCT
cblr-9109	471	1	104	104	NUM
cblr-9109	471	2	early	early	ADJ
cblr-9109	471	3	studies	study	NOUN
cblr-9109	471	4	,	,	PUNCT
cblr-9109	471	5	huang	huang	PROPN
cblr-9109	471	6	&	&	CCONJ
cblr-9109	471	7	stoll	stoll	PROPN
cblr-9109	471	8	,	,	PUNCT
cblr-9109	471	9	supra	supra	PROPN
cblr-9109	471	10	note	note	PROPN
cblr-9109	471	11	40	40	NUM
cblr-9109	471	12	,	,	PUNCT
cblr-9109	471	13	were	be	AUX
cblr-9109	471	14	constrained	constrain	VERB
cblr-9109	471	15	by	by	ADP
cblr-9109	471	16	the	the	DET
cblr-9109	471	17	fact	fact	NOUN
cblr-9109	471	18	that	that	SCONJ
cblr-9109	471	19	the	the	DET
cblr-9109	471	20	authors	author	NOUN
cblr-9109	471	21	did	do	AUX
cblr-9109	471	22	not	not	PART
cblr-9109	471	23	have	have	AUX
cblr-9109	471	24	access	access	NOUN
cblr-9109	471	25	to	to	ADP
cblr-9109	471	26	necessary	necessary	ADJ
cblr-9109	471	27	data	datum	NOUN
cblr-9109	471	28	concerning	concern	VERB
cblr-9109	471	29	quote	quote	INTJ
cblr-9109	471	30	away	away	ADV
cblr-9109	471	31	from	from	ADP
cblr-9109	471	32	the	the	DET
cblr-9109	471	33	nbbo	nbbo	NOUN
cblr-9109	471	34	.	.	PUNCT
cblr-9109	472	1	more	more	ADV
cblr-9109	472	2	recently	recently	ADV
cblr-9109	472	3	,	,	PUNCT
cblr-9109	472	4	data	datum	NOUN
cblr-9109	472	5	has	have	AUX
cblr-9109	472	6	become	become	VERB
cblr-9109	472	7	available	available	ADJ
cblr-9109	472	8	from	from	ADP
cblr-9109	472	9	euronext	euronext	PROPN
cblr-9109	472	10	and	and	CCONJ
cblr-9109	472	11	the	the	DET
cblr-9109	472	12	australian	australian	ADJ
cblr-9109	472	13	stock	stock	NOUN
cblr-9109	472	14	exchange	exchange	NOUN
cblr-9109	472	15	.	.	PUNCT
cblr-9109	473	1	see	see	VERB
cblr-9109	473	2	hautsch	hautsch	PROPN
cblr-9109	473	3	&	&	CCONJ
cblr-9109	473	4	huang	huang	PROPN
cblr-9109	473	5	,	,	PUNCT
cblr-9109	473	6	supra	supra	PROPN
cblr-9109	473	7	note	note	NOUN
cblr-9109	473	8	39	39	NUM
cblr-9109	473	9	(	(	PUNCT
cblr-9109	473	10	euronext	euronext	PROPN
cblr-9109	473	11	amsterdam	amsterdam	PROPN
cblr-9109	473	12	)	)	PUNCT
cblr-9109	473	13	;	;	PUNCT
cblr-9109	473	14	see	see	VERB
cblr-9109	473	15	also	also	ADV
cblr-9109	473	16	cao	cao	PROPN
cblr-9109	473	17	et	et	PROPN
cblr-9109	473	18	al	al	PROPN
cblr-9109	473	19	.	.	PROPN
cblr-9109	473	20	,	,	PUNCT
cblr-9109	473	21	supra	supra	PROPN
cblr-9109	473	22	note	note	NOUN
cblr-9109	473	23	40	40	NUM
cblr-9109	473	24	(	(	PUNCT
cblr-9109	473	25	australian	australian	ADJ
cblr-9109	473	26	stock	stock	NOUN
cblr-9109	473	27	exchange	exchange	PROPN
cblr-9109	473	28	)	)	PUNCT
cblr-9109	473	29	.	.	PUNCT
cblr-9109	474	1	both	both	DET
cblr-9109	474	2	papers	paper	NOUN
cblr-9109	474	3	agree	agree	VERB
cblr-9109	474	4	with	with	ADP
cblr-9109	474	5	the	the	DET
cblr-9109	474	6	results	result	NOUN
cblr-9109	474	7	of	of	ADP
cblr-9109	474	8	the	the	DET
cblr-9109	474	9	earlier	early	ADJ
cblr-9109	474	10	studies	study	NOUN
cblr-9109	474	11	,	,	PUNCT
cblr-9109	474	12	huang	huang	PROPN
cblr-9109	474	13	&	&	CCONJ
cblr-9109	474	14	stoll	stoll	PROPN
cblr-9109	474	15	,	,	PUNCT
cblr-9109	474	16	supra	supra	PROPN
cblr-9109	474	17	note	note	PROPN
cblr-9109	474	18	40	40	NUM
cblr-9109	474	19	,	,	PUNCT
cblr-9109	474	20	that	that	DET
cblr-9109	474	21	added	add	VERB
cblr-9109	474	22	size	size	NOUN
cblr-9109	474	23	at	at	ADP
cblr-9109	474	24	the	the	DET
cblr-9109	474	25	nbo	nbo	PROPN
cblr-9109	474	26	leads	lead	VERB
cblr-9109	474	27	on	on	ADP
cblr-9109	474	28	average	average	ADJ
cblr-9109	474	29	to	to	ADP
cblr-9109	474	30	a	a	DET
cblr-9109	474	31	subsequent	subsequent	ADJ
cblr-9109	474	32	decrease	decrease	NOUN
cblr-9109	474	33	in	in	ADP
cblr-9109	474	34	the	the	DET
cblr-9109	474	35	nbo	nbo	PROPN
cblr-9109	474	36	and	and	CCONJ
cblr-9109	474	37	nbb	nbb	PROPN
cblr-9109	474	38	,	,	PUNCT
cblr-9109	474	39	and	and	CCONJ
cblr-9109	474	40	added	add	VERB
cblr-9109	474	41	size	size	NOUN
cblr-9109	474	42	nbb	nbb	PROPN
cblr-9109	474	43	leads	lead	VERB
cblr-9109	474	44	to	to	ADP
cblr-9109	474	45	the	the	DET
cblr-9109	474	46	opposite	opposite	ADJ
cblr-9109	474	47	result	result	NOUN
cblr-9109	474	48	.	.	PUNCT
cblr-9109	475	1	see	see	VERB
cblr-9109	475	2	hautsch	hautsch	PROPN
cblr-9109	475	3	&	&	CCONJ
cblr-9109	475	4	huang	huang	PROPN
cblr-9109	475	5	,	,	PUNCT
cblr-9109	475	6	supra	supra	PROPN
cblr-9109	475	7	note	note	PROPN
cblr-9109	475	8	40	40	NUM
cblr-9109	475	9	,	,	PUNCT
cblr-9109	475	10	at	at	ADP
cblr-9109	475	11	511	511	NUM
cblr-9109	475	12	;	;	PUNCT
cblr-9109	475	13	cao	cao	PROPN
cblr-9109	475	14	et	et	PROPN
cblr-9109	475	15	al	al	PROPN
cblr-9109	475	16	.	.	PROPN
cblr-9109	475	17	,	,	PUNCT
cblr-9109	475	18	supra	supra	PROPN
cblr-9109	475	19	note	note	PROPN
cblr-9109	475	20	40	40	NUM
cblr-9109	475	21	,	,	PUNCT
cblr-9109	475	22	at	at	ADP
cblr-9109	475	23	125	125	NUM
cblr-9109	475	24	,	,	PUNCT
cblr-9109	475	25	127	127	NUM
cblr-9109	475	26	.	.	PUNCT
cblr-9109	476	1	but	but	CCONJ
cblr-9109	476	2	,	,	PUNCT
cblr-9109	476	3	more	more	ADJ
cblr-9109	476	4	to	to	ADP
cblr-9109	476	5	the	the	DET
cblr-9109	476	6	point	point	NOUN
cblr-9109	476	7	,	,	PUNCT
cblr-9109	476	8	these	these	DET
cblr-9109	476	9	two	two	NUM
cblr-9109	476	10	newer	new	ADJ
cblr-9109	476	11	papers	paper	NOUN
cblr-9109	476	12	also	also	ADV
cblr-9109	476	13	agree	agree	VERB
cblr-9109	476	14	with	with	ADP
cblr-9109	476	15	each	each	DET
cblr-9109	476	16	other	other	ADJ
cblr-9109	476	17	that	that	SCONJ
cblr-9109	476	18	,	,	PUNCT
cblr-9109	476	19	extra	extra	ADJ
cblr-9109	476	20	size	size	NOUN
cblr-9109	476	21	placed	place	VERB
cblr-9109	476	22	one	one	NUM
cblr-9109	476	23	tick	tick	NOUN
cblr-9109	476	24	above	above	ADP
cblr-9109	476	25	the	the	DET
cblr-9109	476	26	nbo	nbo	NOUN
cblr-9109	476	27	,	,	PUNCT
cblr-9109	476	28	or	or	CCONJ
cblr-9109	476	29	below	below	ADP
cblr-9109	476	30	the	the	DET
cblr-9109	476	31	nbb	nbb	PROPN
cblr-9109	476	32	has	have	VERB
cblr-9109	476	33	a	a	DET
cblr-9109	476	34	smaller	small	ADJ
cblr-9109	476	35	,	,	PUNCT
cblr-9109	476	36	but	but	CCONJ
cblr-9109	476	37	still	still	ADV
cblr-9109	476	38	significant	significant	ADJ
cblr-9109	476	39	impact	impact	NOUN
cblr-9109	476	40	on	on	ADP
cblr-9109	476	41	the	the	DET
cblr-9109	476	42	no	no	NOUN
cblr-9109	476	43	.	.	PUNCT
cblr-9109	477	1	3:1244	3:1244	NUM
cblr-9109	477	2	]	]	X
cblr-9109	477	3	spoofing	spoofing	NOUN
cblr-9109	477	4	and	and	CCONJ
cblr-9109	477	5	its	its	PRON
cblr-9109	477	6	regulation	regulation	NOUN
cblr-9109	477	7	1277	1277	NUM
cblr-9109	477	8	has	have	VERB
cblr-9109	477	9	nothing	nothing	PRON
cblr-9109	477	10	to	to	PART
cblr-9109	477	11	say	say	VERB
cblr-9109	477	12	about	about	ADP
cblr-9109	477	13	these	these	DET
cblr-9109	477	14	results	result	NOUN
cblr-9109	477	15	.	.	PUNCT
cblr-9109	478	1	in	in	ADP
cblr-9109	478	2	this	this	DET
cblr-9109	478	3	connection	connection	NOUN
cblr-9109	478	4	,	,	PUNCT
cblr-9109	478	5	cases	case	NOUN
cblr-9109	478	6	brought	bring	VERB
cblr-9109	478	7	against	against	ADP
cblr-9109	478	8	some	some	DET
cblr-9109	478	9	alleged	allege	VERB
cblr-9109	478	10	manipulators	manipulator	NOUN
cblr-9109	478	11	who	who	PRON
cblr-9109	478	12	have	have	AUX
cblr-9109	478	13	reaped	reap	VERB
cblr-9109	478	14	substantial	substantial	ADJ
cblr-9109	478	15	gains	gain	NOUN
cblr-9109	478	16	from	from	ADP
cblr-9109	478	17	their	their	PRON
cblr-9109	478	18	pattern	pattern	NOUN
cblr-9109	478	19	of	of	ADP
cblr-9109	478	20	quoting	quote	VERB
cblr-9109	478	21	and	and	CCONJ
cblr-9109	478	22	trading	trading	NOUN
cblr-9109	478	23	have	have	AUX
cblr-9109	478	24	,	,	PUNCT
cblr-9109	478	25	as	as	ADP
cblr-9109	478	26	part	part	NOUN
cblr-9109	478	27	of	of	ADP
cblr-9109	478	28	this	this	DET
cblr-9109	478	29	pattern	pattern	NOUN
cblr-9109	478	30	,	,	PUNCT
cblr-9109	478	31	substantial	substantial	ADJ
cblr-9109	478	32	additions	addition	NOUN
cblr-9109	478	33	to	to	ADP
cblr-9109	478	34	quotes	quote	NOUN
cblr-9109	478	35	above	above	ADP
cblr-9109	478	36	the	the	DET
cblr-9109	478	37	nbo	nbo	NOUN
cblr-9109	478	38	and	and	CCONJ
cblr-9109	478	39	below	below	ADP
cblr-9109	478	40	the	the	DET
cblr-9109	478	41	nbb	nbb	PROPN
cblr-9109	478	42	,	,	PUNCT
cblr-9109	478	43	not	not	PART
cblr-9109	478	44	just	just	ADV
cblr-9109	478	45	at	at	ADP
cblr-9109	478	46	the	the	DET
cblr-9109	478	47	nbo	nbo	PROPN
cblr-9109	478	48	and	and	CCONJ
cblr-9109	478	49	nbb.105	nbb.105	NOUN
cblr-9109	478	50	this	this	PRON
cblr-9109	478	51	suggests	suggest	VERB
cblr-9109	478	52	that	that	SCONJ
cblr-9109	478	53	the	the	DET
cblr-9109	478	54	alleged	allege	VERB
cblr-9109	478	55	quote	quote	NOUN
cblr-9109	478	56	manipulators	manipulator	NOUN
cblr-9109	478	57	believed	believe	VERB
cblr-9109	478	58	that	that	SCONJ
cblr-9109	478	59	market	market	NOUN
cblr-9109	478	60	participants	participant	NOUN
cblr-9109	478	61	infer	infer	VERB
cblr-9109	478	62	changes	change	NOUN
cblr-9109	478	63	in	in	ADP
cblr-9109	478	64	the	the	DET
cblr-9109	478	65	value	value	NOUN
cblr-9109	478	66	of	of	ADP
cblr-9109	478	67	securities	security	NOUN
cblr-9109	478	68	from	from	ADP
cblr-9109	478	69	increases	increase	NOUN
cblr-9109	478	70	in	in	ADP
cblr-9109	478	71	the	the	DET
cblr-9109	478	72	size	size	NOUN
cblr-9109	478	73	of	of	ADP
cblr-9109	478	74	quotes	quote	NOUN
cblr-9109	478	75	away	away	ADV
cblr-9109	478	76	from	from	ADP
cblr-9109	478	77	nbo	nbo	PROPN
cblr-9109	478	78	and	and	CCONJ
cblr-9109	478	79	nbb	nbb	PROPN
cblr-9109	478	80	,	,	PUNCT
cblr-9109	478	81	not	not	PART
cblr-9109	478	82	just	just	ADV
cblr-9109	478	83	from	from	ADP
cblr-9109	478	84	increases	increase	NOUN
cblr-9109	478	85	at	at	ADP
cblr-9109	478	86	the	the	DET
cblr-9109	478	87	nbo	nbo	PROPN
cblr-9109	478	88	and	and	CCONJ
cblr-9109	478	89	nbb.106	nbb.106	NOUN
cblr-9109	478	90	we	we	PRON
cblr-9109	478	91	are	be	AUX
cblr-9109	478	92	not	not	PART
cblr-9109	478	93	aware	aware	ADJ
cblr-9109	478	94	of	of	ADP
cblr-9109	478	95	any	any	DET
cblr-9109	478	96	formally	formally	ADV
cblr-9109	478	97	worked	work	VERB
cblr-9109	478	98	out	out	ADP
cblr-9109	478	99	microstructure	microstructure	ADJ
cblr-9109	478	100	theory	theory	NOUN
cblr-9109	478	101	that	that	SCONJ
cblr-9109	478	102	perfectly	perfectly	ADV
cblr-9109	478	103	describes	describe	VERB
cblr-9109	478	104	why	why	SCONJ
cblr-9109	478	105	,	,	PUNCT
cblr-9109	478	106	in	in	ADP
cblr-9109	478	107	a	a	DET
cblr-9109	478	108	market	market	NOUN
cblr-9109	478	109	with	with	ADP
cblr-9109	478	110	a	a	DET
cblr-9109	478	111	minimum	minimum	ADJ
cblr-9109	478	112	tick	tick	NOUN
cblr-9109	478	113	size	size	NOUN
cblr-9109	478	114	,	,	PUNCT
cblr-9109	478	115	added	add	VERB
cblr-9109	478	116	size	size	NOUN
cblr-9109	478	117	away	away	ADV
cblr-9109	478	118	from	from	ADP
cblr-9109	478	119	the	the	DET
cblr-9109	478	120	nbo	nbo	PROPN
cblr-9109	478	121	or	or	CCONJ
cblr-9109	478	122	nbb	nbb	PROPN
cblr-9109	478	123	has	have	VERB
cblr-9109	478	124	predictive	predictive	ADJ
cblr-9109	478	125	power	power	NOUN
cblr-9109	478	126	as	as	ADP
cblr-9109	478	127	to	to	ADP
cblr-9109	478	128	the	the	DET
cblr-9109	478	129	value	value	NOUN
cblr-9109	478	130	of	of	ADP
cblr-9109	478	131	the	the	DET
cblr-9109	478	132	security	security	NOUN
cblr-9109	478	133	in	in	ADP
cblr-9109	478	134	the	the	DET
cblr-9109	478	135	direction	direction	NOUN
cblr-9109	478	136	indicated	indicate	VERB
cblr-9109	478	137	both	both	CCONJ
cblr-9109	478	138	by	by	ADP
cblr-9109	478	139	the	the	DET
cblr-9109	478	140	empirical	empirical	ADJ
cblr-9109	478	141	literature	literature	NOUN
cblr-9109	478	142	and	and	CCONJ
cblr-9109	478	143	by	by	ADP
cblr-9109	478	144	the	the	DET
cblr-9109	478	145	profitable	profitable	ADJ
cblr-9109	478	146	actions	action	NOUN
cblr-9109	478	147	of	of	ADP
cblr-9109	478	148	spoofers	spoofer	NOUN
cblr-9109	478	149	themselves	themselves	PRON
cblr-9109	478	150	.	.	PUNCT
cblr-9109	479	1	we	we	PRON
cblr-9109	479	2	can	can	AUX
cblr-9109	479	3	,	,	PUNCT
cblr-9109	479	4	however	however	ADV
cblr-9109	479	5	,	,	PUNCT
cblr-9109	479	6	make	make	VERB
cblr-9109	479	7	a	a	DET
cblr-9109	479	8	few	few	ADJ
cblr-9109	479	9	observations	observation	NOUN
cblr-9109	479	10	that	that	PRON
cblr-9109	479	11	together	together	ADV
cblr-9109	479	12	can	can	AUX
cblr-9109	479	13	help	help	VERB
cblr-9109	479	14	understand	understand	VERB
cblr-9109	479	15	what	what	PRON
cblr-9109	479	16	is	be	AUX
cblr-9109	479	17	going	go	VERB
cblr-9109	479	18	on	on	ADP
cblr-9109	479	19	.	.	PUNCT
cblr-9109	480	1	on	on	ADP
cblr-9109	480	2	the	the	DET
cblr-9109	480	3	one	one	NUM
cblr-9109	480	4	hand	hand	NOUN
cblr-9109	480	5	,	,	PUNCT
cblr-9109	480	6	a	a	DET
cblr-9109	480	7	trader	trader	NOUN
cblr-9109	480	8	with	with	ADP
cblr-9109	480	9	negative	negative	ADJ
cblr-9109	480	10	private	private	ADJ
cblr-9109	480	11	information	information	NOUN
cblr-9109	480	12	would	would	AUX
cblr-9109	480	13	rather	rather	ADV
cblr-9109	480	14	sell	sell	VERB
cblr-9109	480	15	for	for	ADP
cblr-9109	480	16	more	more	ADJ
cblr-9109	480	17	than	than	ADP
cblr-9109	480	18	for	for	ADP
cblr-9109	480	19	less	less	ADJ
cblr-9109	480	20	,	,	PUNCT
cblr-9109	480	21	which	which	PRON
cblr-9109	480	22	,	,	PUNCT
cblr-9109	480	23	in	in	ADP
cblr-9109	480	24	isolation	isolation	NOUN
cblr-9109	480	25	,	,	PUNCT
cblr-9109	480	26	could	could	AUX
cblr-9109	480	27	explain	explain	VERB
cblr-9109	480	28	why	why	SCONJ
cblr-9109	480	29	the	the	DET
cblr-9109	480	30	trader	trader	NOUN
cblr-9109	480	31	might	might	AUX
cblr-9109	480	32	post	post	VERB
cblr-9109	480	33	non	non	ADJ
cblr-9109	480	34	-	-	ADJ
cblr-9109	480	35	marketable	marketable	ADJ
cblr-9109	480	36	limit	limit	NOUN
cblr-9109	480	37	orders	order	NOUN
cblr-9109	480	38	both	both	CCONJ
cblr-9109	480	39	at	at	ADP
cblr-9109	480	40	and	and	CCONJ
cblr-9109	480	41	above	above	ADP
cblr-9109	480	42	the	the	DET
cblr-9109	480	43	nbo	nbo	NOUN
cblr-9109	480	44	,	,	PUNCT
cblr-9109	480	45	and	and	CCONJ
cblr-9109	480	46	not	not	PART
cblr-9109	480	47	just	just	ADV
cblr-9109	480	48	submit	submit	VERB
cblr-9109	480	49	marketable	marketable	ADJ
cblr-9109	480	50	orders	order	NOUN
cblr-9109	480	51	at	at	ADP
cblr-9109	480	52	the	the	DET
cblr-9109	480	53	nbb	nbb	NOUN
cblr-9109	480	54	(	(	PUNCT
cblr-9109	480	55	as	as	ADV
cblr-9109	480	56	well	well	ADV
cblr-9109	480	57	as	as	ADP
cblr-9109	480	58	the	the	DET
cblr-9109	480	59	mirror	mirror	NOUN
cblr-9109	480	60	image	image	NOUN
cblr-9109	480	61	of	of	ADP
cblr-9109	480	62	this	this	PRON
cblr-9109	480	63	for	for	ADP
cblr-9109	480	64	a	a	DET
cblr-9109	480	65	trader	trader	NOUN
cblr-9109	480	66	with	with	ADP
cblr-9109	480	67	positive	positive	ADJ
cblr-9109	480	68	private	private	ADJ
cblr-9109	480	69	information	information	NOUN
cblr-9109	480	70	)	)	PUNCT
cblr-9109	480	71	.	.	PUNCT
cblr-9109	481	1	on	on	ADP
cblr-9109	481	2	the	the	DET
cblr-9109	481	3	other	other	ADJ
cblr-9109	481	4	hand	hand	NOUN
cblr-9109	481	5	,	,	PUNCT
cblr-9109	481	6	an	an	DET
cblr-9109	481	7	offer	offer	NOUN
cblr-9109	481	8	to	to	PART
cblr-9109	481	9	sell	sell	VERB
cblr-9109	481	10	at	at	ADP
cblr-9109	481	11	nbo	nbo	PROPN
cblr-9109	481	12	and	and	CCONJ
cblr-9109	481	13	nbb	nbb	PROPN
cblr-9109	481	14	in	in	ADP
cblr-9109	481	15	the	the	DET
cblr-9109	481	16	same	same	ADJ
cblr-9109	481	17	directions	direction	NOUN
cblr-9109	481	18	,	,	PUNCT
cblr-9109	481	19	respectively	respectively	ADV
cblr-9109	481	20	,	,	PUNCT
cblr-9109	481	21	as	as	ADP
cblr-9109	481	22	added	add	VERB
cblr-9109	481	23	size	size	NOUN
cblr-9109	481	24	at	at	ADP
cblr-9109	481	25	the	the	DET
cblr-9109	481	26	nbo	nbo	PROPN
cblr-9109	481	27	or	or	CCONJ
cblr-9109	481	28	nbb	nbb	PROPN
cblr-9109	481	29	.	.	PUNCT
cblr-9109	482	1	see	see	VERB
cblr-9109	482	2	hautsch	hautsch	PROPN
cblr-9109	482	3	&	&	CCONJ
cblr-9109	482	4	huang	huang	PROPN
cblr-9109	482	5	,	,	PUNCT
cblr-9109	482	6	supra	supra	PROPN
cblr-9109	482	7	note	note	PROPN
cblr-9109	482	8	40	40	NUM
cblr-9109	482	9	,	,	PUNCT
cblr-9109	482	10	at	at	ADP
cblr-9109	482	11	511	511	NUM
cblr-9109	482	12	;	;	PUNCT
cblr-9109	482	13	cao	cao	PROPN
cblr-9109	482	14	et	et	PROPN
cblr-9109	482	15	al	al	PROPN
cblr-9109	482	16	.	.	PROPN
cblr-9109	482	17	,	,	PUNCT
cblr-9109	482	18	supra	supra	PROPN
cblr-9109	482	19	note	note	PROPN
cblr-9109	482	20	40	40	NUM
cblr-9109	482	21	,	,	PUNCT
cblr-9109	482	22	at	at	ADP
cblr-9109	482	23	136	136	NUM
cblr-9109	482	24	tbl.8	tbl.8	PROPN
cblr-9109	482	25	.	.	PUNCT
cblr-9109	483	1	the	the	DET
cblr-9109	483	2	papers	paper	NOUN
cblr-9109	483	3	’	’	PART
cblr-9109	483	4	respective	respective	ADJ
cblr-9109	483	5	results	result	NOUN
cblr-9109	483	6	for	for	ADP
cblr-9109	483	7	an	an	DET
cblr-9109	483	8	increase	increase	NOUN
cblr-9109	483	9	in	in	ADP
cblr-9109	483	10	size	size	NOUN
cblr-9109	483	11	two	two	NUM
cblr-9109	483	12	ticks	tick	NOUN
cblr-9109	483	13	or	or	CCONJ
cblr-9109	483	14	more	more	ADJ
cblr-9109	483	15	from	from	ADP
cblr-9109	483	16	the	the	DET
cblr-9109	483	17	nbo	nbo	PROPN
cblr-9109	483	18	or	or	CCONJ
cblr-9109	483	19	nbb	nbb	PROPN
cblr-9109	483	20	are	be	AUX
cblr-9109	483	21	more	more	ADV
cblr-9109	483	22	mixed	mixed	ADJ
cblr-9109	483	23	.	.	PUNCT
cblr-9109	484	1	hautsch	hautsch	PROPN
cblr-9109	484	2	and	and	CCONJ
cblr-9109	484	3	huang	huang	PROPN
cblr-9109	484	4	show	show	VERB
cblr-9109	484	5	that	that	SCONJ
cblr-9109	484	6	such	such	ADJ
cblr-9109	484	7	additions	addition	NOUN
cblr-9109	484	8	to	to	PART
cblr-9109	484	9	size	size	NOUN
cblr-9109	484	10	predict	predict	VERB
cblr-9109	484	11	a	a	DET
cblr-9109	484	12	statistically	statistically	ADV
cblr-9109	484	13	positive	positive	ADJ
cblr-9109	484	14	,	,	PUNCT
cblr-9109	484	15	but	but	CCONJ
cblr-9109	484	16	economically	economically	ADV
cblr-9109	484	17	insignificant	insignificant	ADJ
cblr-9109	484	18	,	,	PUNCT
cblr-9109	484	19	change	change	NOUN
cblr-9109	484	20	in	in	ADP
cblr-9109	484	21	the	the	DET
cblr-9109	484	22	nbb	nbb	NOUN
cblr-9109	484	23	and	and	CCONJ
cblr-9109	484	24	nbo	nbo	PROPN
cblr-9109	484	25	in	in	ADP
cblr-9109	484	26	the	the	DET
cblr-9109	484	27	same	same	ADJ
cblr-9109	484	28	direction	direction	NOUN
cblr-9109	484	29	as	as	ADP
cblr-9109	484	30	an	an	DET
cblr-9109	484	31	increase	increase	NOUN
cblr-9109	484	32	in	in	ADP
cblr-9109	484	33	size	size	NOUN
cblr-9109	484	34	at	at	ADP
cblr-9109	484	35	the	the	DET
cblr-9109	484	36	nbo	nbo	PROPN
cblr-9109	484	37	or	or	CCONJ
cblr-9109	484	38	nbb	nbb	PROPN
cblr-9109	484	39	or	or	CCONJ
cblr-9109	484	40	at	at	ADP
cblr-9109	484	41	one	one	NUM
cblr-9109	484	42	tick	tick	NOUN
cblr-9109	484	43	away	away	ADV
cblr-9109	484	44	of	of	ADP
cblr-9109	484	45	either	either	ADV
cblr-9109	484	46	.	.	PUNCT
cblr-9109	485	1	see	see	VERB
cblr-9109	485	2	hautsch	hautsch	PROPN
cblr-9109	485	3	&	&	CCONJ
cblr-9109	485	4	huang	huang	PROPN
cblr-9109	485	5	,	,	PUNCT
cblr-9109	485	6	supra	supra	PROPN
cblr-9109	485	7	note	note	PROPN
cblr-9109	485	8	40	40	NUM
cblr-9109	485	9	,	,	PUNCT
cblr-9109	485	10	at	at	ADP
cblr-9109	485	11	513	513	NUM
cblr-9109	485	12	.	.	PUNCT
cblr-9109	486	1	however	however	ADV
cblr-9109	486	2	,	,	PUNCT
cblr-9109	486	3	cao	cao	PROPN
cblr-9109	486	4	et	et	PROPN
cblr-9109	486	5	al	al	PROPN
cblr-9109	486	6	.	.	PROPN
cblr-9109	486	7	show	show	VERB
cblr-9109	486	8	that	that	SCONJ
cblr-9109	486	9	in	in	ADP
cblr-9109	486	10	a	a	DET
cblr-9109	486	11	sample	sample	NOUN
cblr-9109	486	12	of	of	ADP
cblr-9109	486	13	100	100	NUM
cblr-9109	486	14	stocks	stock	NOUN
cblr-9109	486	15	,	,	PUNCT
cblr-9109	486	16	30	30	NUM
cblr-9109	486	17	%	%	NOUN
cblr-9109	486	18	or	or	CCONJ
cblr-9109	486	19	less	less	ADJ
cblr-9109	486	20	of	of	ADP
cblr-9109	486	21	the	the	DET
cblr-9109	486	22	estimated	estimate	VERB
cblr-9109	486	23	coefficients	coefficient	NOUN
cblr-9109	486	24	for	for	ADP
cblr-9109	486	25	two	two	NUM
cblr-9109	486	26	ticks	tick	NOUN
cblr-9109	486	27	away	away	ADV
cblr-9109	486	28	have	have	VERB
cblr-9109	486	29	the	the	DET
cblr-9109	486	30	“	"	PUNCT
cblr-9109	486	31	anticipated	anticipated	ADJ
cblr-9109	486	32	”	"	PUNCT
cblr-9109	486	33	sign	sign	NOUN
cblr-9109	486	34	(	(	PUNCT
cblr-9109	486	35	that	that	PRON
cblr-9109	486	36	is	be	AUX
cblr-9109	486	37	an	an	DET
cblr-9109	486	38	increase	increase	NOUN
cblr-9109	486	39	in	in	ADP
cblr-9109	486	40	size	size	NOUN
cblr-9109	486	41	two	two	NUM
cblr-9109	486	42	ticks	tick	NOUN
cblr-9109	486	43	above	above	ADP
cblr-9109	486	44	the	the	DET
cblr-9109	486	45	best	good	ADJ
cblr-9109	486	46	offer	offer	NOUN
cblr-9109	486	47	leading	lead	VERB
cblr-9109	486	48	to	to	ADP
cblr-9109	486	49	price	price	NOUN
cblr-9109	486	50	decreases	decrease	NOUN
cblr-9109	486	51	and	and	CCONJ
cblr-9109	486	52	an	an	DET
cblr-9109	486	53	increase	increase	NOUN
cblr-9109	486	54	in	in	ADP
cblr-9109	486	55	size	size	NOUN
cblr-9109	486	56	two	two	NUM
cblr-9109	486	57	ticks	tick	NOUN
cblr-9109	486	58	below	below	ADP
cblr-9109	486	59	the	the	DET
cblr-9109	486	60	best	good	ADJ
cblr-9109	486	61	bid	bid	NOUN
cblr-9109	486	62	leading	lead	VERB
cblr-9109	486	63	to	to	ADP
cblr-9109	486	64	price	price	NOUN
cblr-9109	486	65	increases	increase	NOUN
cblr-9109	486	66	)	)	PUNCT
cblr-9109	486	67	.	.	PUNCT
cblr-9109	487	1	see	see	VERB
cblr-9109	487	2	cao	cao	PROPN
cblr-9109	487	3	et	et	PROPN
cblr-9109	487	4	al	al	PROPN
cblr-9109	487	5	.	.	PROPN
cblr-9109	487	6	,	,	PUNCT
cblr-9109	487	7	supra	supra	PROPN
cblr-9109	487	8	note	note	PROPN
cblr-9109	487	9	40	40	NUM
cblr-9109	487	10	,	,	PUNCT
cblr-9109	487	11	at	at	ADP
cblr-9109	487	12	136	136	NUM
cblr-9109	487	13	tbl.8	tbl.8	PROPN
cblr-9109	487	14	.	.	PUNCT
cblr-9109	488	1	105	105	NUM
cblr-9109	488	2	see	see	NOUN
cblr-9109	488	3	complaint	complaint	NOUN
cblr-9109	488	4	,	,	PUNCT
cblr-9109	488	5	sec	sec	PROPN
cblr-9109	488	6	v.	v.	PROPN
cblr-9109	488	7	lek	lek	PROPN
cblr-9109	488	8	sec	sec	PROPN
cblr-9109	488	9	.	.	PROPN
cblr-9109	488	10	corp	corp	PROPN
cblr-9109	488	11	.	.	PROPN
cblr-9109	488	12	,	,	PUNCT
cblr-9109	488	13	no	no	INTJ
cblr-9109	488	14	.	.	PUNCT
cblr-9109	489	1	17cv1789(dlc	17cv1789(dlc	NUM
cblr-9109	489	2	)	)	PUNCT
cblr-9109	489	3	,	,	PUNCT
cblr-9109	489	4	2018	2018	NUM
cblr-9109	489	5	wl	wl	NOUN
cblr-9109	489	6	417596	417596	NUM
cblr-9109	489	7	(	(	PUNCT
cblr-9109	489	8	s.d.n.y	s.d.n.y	PROPN
cblr-9109	489	9	.	.	PUNCT
cblr-9109	489	10	jan	jan	PROPN
cblr-9109	489	11	.	.	PROPN
cblr-9109	489	12	16	16	NUM
cblr-9109	489	13	,	,	PUNCT
cblr-9109	489	14	2018	2018	NUM
cblr-9109	489	15	)	)	PUNCT
cblr-9109	489	16	.	.	PUNCT
cblr-9109	490	1	106	106	NUM
cblr-9109	490	2	see	see	VERB
cblr-9109	490	3	united	united	PROPN
cblr-9109	490	4	states	states	PROPN
cblr-9109	490	5	v.	v.	ADP
cblr-9109	490	6	coscia	coscia	PROPN
cblr-9109	490	7	,	,	PUNCT
cblr-9109	490	8	177	177	NUM
cblr-9109	490	9	f.	f.	PROPN
cblr-9109	490	10	supp	supp	PROPN
cblr-9109	490	11	.	.	PUNCT
cblr-9109	491	1	3d	3d	NUM
cblr-9109	491	2	1087	1087	NUM
cblr-9109	491	3	(	(	PUNCT
cblr-9109	491	4	n.d	n.d	PROPN
cblr-9109	491	5	.	.	PROPN
cblr-9109	491	6	ill	ill	PROPN
cblr-9109	491	7	.	.	PROPN
cblr-9109	491	8	2016	2016	NUM
cblr-9109	491	9	)	)	PUNCT
cblr-9109	491	10	;	;	PUNCT
cblr-9109	491	11	complaint	complaint	VERB
cblr-9109	491	12	at	at	ADP
cblr-9109	491	13	2	2	NUM
cblr-9109	491	14	,	,	PUNCT
cblr-9109	491	15	sec	sec	PROPN
cblr-9109	491	16	v.	v.	ADP
cblr-9109	491	17	milrud	milrud	PROPN
cblr-9109	491	18	,	,	PUNCT
cblr-9109	491	19	no	no	NOUN
cblr-9109	491	20	.	.	NOUN
cblr-9109	491	21	15	15	NUM
cblr-9109	491	22	-	-	NOUN
cblr-9109	491	23	cr-00455	cr-00455	NOUN
cblr-9109	491	24	(	(	PUNCT
cblr-9109	491	25	d.n.j	d.n.j	PROPN
cblr-9109	491	26	.	.	PUNCT
cblr-9109	491	27	jan	jan	PROPN
cblr-9109	491	28	.	.	PROPN
cblr-9109	491	29	13	13	NUM
cblr-9109	491	30	,	,	PUNCT
cblr-9109	491	31	2015	2015	NUM
cblr-9109	491	32	)	)	PUNCT
cblr-9109	491	33	.	.	PUNCT
cblr-9109	492	1	1278	1278	NUM
cblr-9109	492	2	columbia	columbia	PROPN
cblr-9109	492	3	business	business	NOUN
cblr-9109	492	4	law	law	PROPN
cblr-9109	492	5	review	review	NOUN
cblr-9109	492	6	[	[	X
cblr-9109	492	7	vol	vol	NOUN
cblr-9109	492	8	.	.	NOUN
cblr-9109	492	9	2021	2021	NUM
cblr-9109	492	10	above	above	ADP
cblr-9109	492	11	the	the	DET
cblr-9109	492	12	nbo	nbo	PROPN
cblr-9109	492	13	may	may	AUX
cblr-9109	492	14	also	also	ADV
cblr-9109	492	15	suggest	suggest	VERB
cblr-9109	492	16	to	to	ADP
cblr-9109	492	17	the	the	DET
cblr-9109	492	18	market	market	NOUN
cblr-9109	492	19	there	there	PRON
cblr-9109	492	20	is	be	VERB
cblr-9109	492	21	someone	someone	PRON
cblr-9109	492	22	out	out	ADV
cblr-9109	492	23	there	there	ADV
cblr-9109	492	24	who	who	PRON
cblr-9109	492	25	values	value	VERB
cblr-9109	492	26	the	the	DET
cblr-9109	492	27	stock	stock	NOUN
cblr-9109	492	28	for	for	ADP
cblr-9109	492	29	more	more	ADJ
cblr-9109	492	30	than	than	ADP
cblr-9109	492	31	the	the	DET
cblr-9109	492	32	nbo	nbo	NOUN
cblr-9109	492	33	and	and	CCONJ
cblr-9109	492	34	so	so	ADV
cblr-9109	492	35	would	would	AUX
cblr-9109	492	36	only	only	ADV
cblr-9109	492	37	sell	sell	VERB
cblr-9109	492	38	if	if	SCONJ
cblr-9109	492	39	she	she	PRON
cblr-9109	492	40	got	get	VERB
cblr-9109	492	41	some	some	DET
cblr-9109	492	42	higher	high	ADJ
cblr-9109	492	43	price	price	NOUN
cblr-9109	492	44	.	.	PUNCT
cblr-9109	493	1	and	and	CCONJ
cblr-9109	493	2	market	market	NOUN
cblr-9109	493	3	participants	participant	NOUN
cblr-9109	493	4	,	,	PUNCT
cblr-9109	493	5	in	in	ADP
cblr-9109	493	6	assessing	assess	VERB
cblr-9109	493	7	the	the	DET
cblr-9109	493	8	likelihood	likelihood	NOUN
cblr-9109	493	9	as	as	ADP
cblr-9109	493	10	to	to	ADP
cblr-9109	493	11	which	which	PRON
cblr-9109	493	12	of	of	ADP
cblr-9109	493	13	these	these	DET
cblr-9109	493	14	two	two	NUM
cblr-9109	493	15	kinds	kind	NOUN
cblr-9109	493	16	of	of	ADP
cblr-9109	493	17	traders	trader	NOUN
cblr-9109	493	18	put	put	VERB
cblr-9109	493	19	in	in	ADP
cblr-9109	493	20	the	the	DET
cblr-9109	493	21	quote	quote	NOUN
cblr-9109	493	22	,	,	PUNCT
cblr-9109	493	23	will	will	AUX
cblr-9109	493	24	assume	assume	VERB
cblr-9109	493	25	that	that	SCONJ
cblr-9109	493	26	the	the	PRON
cblr-9109	493	27	more	more	ADV
cblr-9109	493	28	the	the	DET
cblr-9109	493	29	quote	quote	NOUN
cblr-9109	493	30	is	be	AUX
cblr-9109	493	31	above	above	ADP
cblr-9109	493	32	the	the	DET
cblr-9109	493	33	nbo	nbo	PROPN
cblr-9109	493	34	,	,	PUNCT
cblr-9109	493	35	the	the	PRON
cblr-9109	493	36	less	less	ADV
cblr-9109	493	37	likely	likely	ADJ
cblr-9109	493	38	it	it	PRON
cblr-9109	493	39	is	be	AUX
cblr-9109	493	40	that	that	SCONJ
cblr-9109	493	41	it	it	PRON
cblr-9109	493	42	was	be	AUX
cblr-9109	493	43	submitted	submit	VERB
cblr-9109	493	44	from	from	ADP
cblr-9109	493	45	a	a	DET
cblr-9109	493	46	negatively	negatively	ADV
cblr-9109	493	47	informed	inform	VERB
cblr-9109	493	48	trader	trader	NOUN
cblr-9109	493	49	.	.	PUNCT
cblr-9109	494	1	this	this	PRON
cblr-9109	494	2	is	be	AUX
cblr-9109	494	3	because	because	SCONJ
cblr-9109	494	4	a	a	DET
cblr-9109	494	5	negatively	negatively	ADV
cblr-9109	494	6	informed	inform	VERB
cblr-9109	494	7	trader	trader	NOUN
cblr-9109	494	8	will	will	AUX
cblr-9109	494	9	know	know	VERB
cblr-9109	494	10	that	that	SCONJ
cblr-9109	494	11	because	because	SCONJ
cblr-9109	494	12	of	of	ADP
cblr-9109	494	13	competition	competition	NOUN
cblr-9109	494	14	among	among	ADP
cblr-9109	494	15	traders	trader	NOUN
cblr-9109	494	16	wishing	wish	VERB
cblr-9109	494	17	to	to	PART
cblr-9109	494	18	sell	sell	VERB
cblr-9109	494	19	,	,	PUNCT
cblr-9109	494	20	the	the	PRON
cblr-9109	494	21	farther	far	ADV
cblr-9109	494	22	a	a	DET
cblr-9109	494	23	quote	quote	NOUN
cblr-9109	494	24	is	be	AUX
cblr-9109	494	25	above	above	ADP
cblr-9109	494	26	the	the	DET
cblr-9109	494	27	nbo	nbo	PROPN
cblr-9109	494	28	,	,	PUNCT
cblr-9109	494	29	the	the	PRON
cblr-9109	494	30	less	less	ADV
cblr-9109	494	31	likely	likely	ADJ
cblr-9109	494	32	it	it	PRON
cblr-9109	494	33	will	will	AUX
cblr-9109	494	34	be	be	AUX
cblr-9109	494	35	executed	execute	VERB
cblr-9109	494	36	against	against	ADP
cblr-9109	494	37	(	(	PUNCT
cblr-9109	494	38	the	the	DET
cblr-9109	494	39	same	same	ADJ
cblr-9109	494	40	proposition	proposition	NOUN
cblr-9109	494	41	being	be	AUX
cblr-9109	494	42	true	true	ADJ
cblr-9109	494	43	in	in	ADP
cblr-9109	494	44	mirror	mirror	NOUN
cblr-9109	494	45	image	image	NOUN
cblr-9109	494	46	fashion	fashion	NOUN
cblr-9109	494	47	for	for	ADP
cblr-9109	494	48	quotes	quote	NOUN
cblr-9109	494	49	below	below	ADP
cblr-9109	494	50	the	the	DET
cblr-9109	494	51	nbb	nbb	NOUN
cblr-9109	494	52	by	by	ADP
cblr-9109	494	53	positively	positively	ADV
cblr-9109	494	54	informed	inform	VERB
cblr-9109	494	55	investors).107	investors).107	NOUN
cblr-9109	494	56	these	these	DET
cblr-9109	494	57	observations	observation	NOUN
cblr-9109	494	58	can	can	AUX
cblr-9109	494	59	be	be	AUX
cblr-9109	494	60	put	put	VERB
cblr-9109	494	61	together	together	ADV
cblr-9109	494	62	to	to	PART
cblr-9109	494	63	tell	tell	VERB
cblr-9109	494	64	the	the	DET
cblr-9109	494	65	following	follow	VERB
cblr-9109	494	66	informal	informal	ADJ
cblr-9109	494	67	but	but	CCONJ
cblr-9109	494	68	plausible	plausible	ADJ
cblr-9109	494	69	story	story	NOUN
cblr-9109	494	70	,	,	PUNCT
cblr-9109	494	71	which	which	PRON
cblr-9109	494	72	both	both	PRON
cblr-9109	494	73	explains	explain	VERB
cblr-9109	494	74	the	the	DET
cblr-9109	494	75	empirical	empirical	ADJ
cblr-9109	494	76	studies	study	NOUN
cblr-9109	494	77	showing	show	VERB
cblr-9109	494	78	that	that	SCONJ
cblr-9109	494	79	large	large	ADJ
cblr-9109	494	80	size	size	NOUN
cblr-9109	494	81	in	in	ADP
cblr-9109	494	82	quotes	quote	NOUN
cblr-9109	494	83	away	away	ADV
cblr-9109	494	84	from	from	ADP
cblr-9109	494	85	the	the	DET
cblr-9109	494	86	best	good	ADJ
cblr-9109	494	87	(	(	PUNCT
cblr-9109	494	88	above	above	ADP
cblr-9109	494	89	the	the	DET
cblr-9109	494	90	nbo	nbo	NOUN
cblr-9109	494	91	or	or	CCONJ
cblr-9109	494	92	below	below	ADP
cblr-9109	494	93	the	the	DET
cblr-9109	494	94	nbb	nbb	NOUN
cblr-9109	494	95	)	)	PUNCT
cblr-9109	494	96	predict	predict	VERB
cblr-9109	494	97	a	a	DET
cblr-9109	494	98	subsequent	subsequent	ADJ
cblr-9109	494	99	change	change	NOUN
cblr-9109	494	100	in	in	ADP
cblr-9109	494	101	the	the	DET
cblr-9109	494	102	nbo	nbo	PROPN
cblr-9109	494	103	and	and	CCONJ
cblr-9109	494	104	nbb	nbb	PROPN
cblr-9109	494	105	and	and	CCONJ
cblr-9109	494	106	provides	provide	VERB
cblr-9109	494	107	a	a	DET
cblr-9109	494	108	supplementary	supplementary	ADJ
cblr-9109	494	109	explanation	explanation	NOUN
cblr-9109	494	110	in	in	ADP
cblr-9109	494	111	addition	addition	NOUN
cblr-9109	494	112	to	to	ADP
cblr-9109	494	113	the	the	DET
cblr-9109	494	114	step	step	NOUN
cblr-9109	494	115	-	-	PUNCT
cblr-9109	494	116	function	function	NOUN
cblr-9109	494	117	theory	theory	NOUN
cblr-9109	494	118	for	for	ADP
cblr-9109	494	119	explaining	explain	VERB
cblr-9109	494	120	as	as	ADV
cblr-9109	494	121	well	well	ADV
cblr-9109	494	122	the	the	DET
cblr-9109	494	123	large	large	ADJ
cblr-9109	494	124	-	-	PUNCT
cblr-9109	494	125	order	order	NOUN
cblr-9109	494	126	-	-	PUNCT
cblr-9109	494	127	at	at	ADP
cblr-9109	494	128	-	-	PUNCT
cblr-9109	494	129	the	the	DET
cblr-9109	494	130	-	-	PUNCT
cblr-9109	494	131	best	good	ADJ
cblr-9109	494	132	-	-	PUNCT
cblr-9109	494	133	quote	quote	NOUN
cblr-9109	494	134	phenomenon	phenomenon	NOUN
cblr-9109	494	135	exemplified	exemplify	VERB
cblr-9109	494	136	by	by	ADP
cblr-9109	494	137	the	the	DET
cblr-9109	494	138	atlee	atlee	PROPN
cblr-9109	494	139	example.108	example.108	NOUN
cblr-9109	494	140	we	we	PRON
cblr-9109	494	141	will	will	AUX
cblr-9109	494	142	tell	tell	VERB
cblr-9109	494	143	this	this	DET
cblr-9109	494	144	story	story	NOUN
cblr-9109	494	145	in	in	ADP
cblr-9109	494	146	terms	term	NOUN
cblr-9109	494	147	of	of	ADP
cblr-9109	494	148	quotes	quote	NOUN
cblr-9109	494	149	above	above	ADP
cblr-9109	494	150	the	the	DET
cblr-9109	494	151	nbo	nbo	NOUN
cblr-9109	494	152	,	,	PUNCT
cblr-9109	494	153	but	but	CCONJ
cblr-9109	494	154	it	it	PRON
cblr-9109	494	155	applies	apply	VERB
cblr-9109	494	156	equally	equally	ADV
cblr-9109	494	157	well	well	ADV
cblr-9109	494	158	for	for	ADP
cblr-9109	494	159	quotes	quote	NOUN
cblr-9109	494	160	below	below	ADP
cblr-9109	494	161	the	the	DET
cblr-9109	494	162	nbb	nbb	PROPN
cblr-9109	494	163	.	.	PUNCT
cblr-9109	495	1	in	in	ADP
cblr-9109	495	2	this	this	DET
cblr-9109	495	3	story	story	NOUN
cblr-9109	495	4	,	,	PUNCT
cblr-9109	495	5	think	think	VERB
cblr-9109	495	6	about	about	ADP
cblr-9109	495	7	a	a	DET
cblr-9109	495	8	trader	trader	NOUN
cblr-9109	495	9	who	who	PRON
cblr-9109	495	10	would	would	AUX
cblr-9109	495	11	prefer	prefer	VERB
cblr-9109	495	12	to	to	PART
cblr-9109	495	13	sell	sell	VERB
cblr-9109	495	14	at	at	ADP
cblr-9109	495	15	the	the	DET
cblr-9109	495	16	nbb	nbb	PROPN
cblr-9109	495	17	(	(	PUNCT
cblr-9109	495	18	i.e.	i.e.	X
cblr-9109	495	19	,	,	PUNCT
cblr-9109	495	20	use	use	VERB
cblr-9109	495	21	a	a	DET
cblr-9109	495	22	marketable	marketable	ADJ
cblr-9109	495	23	order	order	NOUN
cblr-9109	495	24	)	)	PUNCT
cblr-9109	495	25	than	than	SCONJ
cblr-9109	495	26	to	to	PART
cblr-9109	495	27	keep	keep	VERB
cblr-9109	495	28	holding	hold	VERB
cblr-9109	495	29	the	the	DET
cblr-9109	495	30	stock	stock	NOUN
cblr-9109	495	31	in	in	ADP
cblr-9109	495	32	the	the	DET
cblr-9109	495	33	longer	long	ADJ
cblr-9109	495	34	run	run	NOUN
cblr-9109	495	35	,	,	PUNCT
cblr-9109	495	36	but	but	CCONJ
cblr-9109	495	37	who	who	PRON
cblr-9109	495	38	would	would	AUX
cblr-9109	495	39	,	,	PUNCT
cblr-9109	495	40	of	of	ADP
cblr-9109	495	41	course	course	NOUN
cblr-9109	495	42	,	,	PUNCT
cblr-9109	495	43	prefer	prefer	VERB
cblr-9109	495	44	to	to	PART
cblr-9109	495	45	dispose	dispose	VERB
cblr-9109	495	46	of	of	ADP
cblr-9109	495	47	her	her	PRON
cblr-9109	495	48	shares	share	NOUN
cblr-9109	495	49	for	for	ADP
cblr-9109	495	50	some	some	DET
cblr-9109	495	51	higher	high	ADJ
cblr-9109	495	52	price	price	NOUN
cblr-9109	495	53	.	.	PUNCT
cblr-9109	496	1	this	this	DET
cblr-9109	496	2	trader	trader	NOUN
cblr-9109	496	3	might	might	AUX
cblr-9109	496	4	be	be	AUX
cblr-9109	496	5	informed	inform	VERB
cblr-9109	496	6	with	with	ADP
cblr-9109	496	7	negative	negative	ADJ
cblr-9109	496	8	information	information	NOUN
cblr-9109	496	9	,	,	PUNCT
cblr-9109	496	10	or	or	CCONJ
cblr-9109	496	11	she	she	PRON
cblr-9109	496	12	might	might	AUX
cblr-9109	496	13	be	be	AUX
cblr-9109	496	14	uninformed	uninformed	ADJ
cblr-9109	496	15	and	and	CCONJ
cblr-9109	496	16	selling	sell	VERB
cblr-9109	496	17	for	for	ADP
cblr-9109	496	18	idiosyncratic	idiosyncratic	ADJ
cblr-9109	496	19	reasons	reason	NOUN
cblr-9109	496	20	such	such	ADJ
cblr-9109	496	21	as	as	ADP
cblr-9109	496	22	a	a	DET
cblr-9109	496	23	consumption	consumption	NOUN
cblr-9109	496	24	need	need	NOUN
cblr-9109	496	25	or	or	CCONJ
cblr-9109	496	26	portfolio	portfolio	NOUN
cblr-9109	496	27	rebalancing	rebalancing	NOUN
cblr-9109	496	28	.	.	PUNCT
cblr-9109	497	1	suppose	suppose	VERB
cblr-9109	497	2	further	far	ADV
cblr-9109	497	3	that	that	SCONJ
cblr-9109	497	4	the	the	DET
cblr-9109	497	5	trader	trader	NOUN
cblr-9109	497	6	believes	believe	VERB
cblr-9109	497	7	107	107	NUM
cblr-9109	497	8	for	for	ADP
cblr-9109	497	9	a	a	DET
cblr-9109	497	10	model	model	NOUN
cblr-9109	497	11	that	that	PRON
cblr-9109	497	12	does	do	AUX
cblr-9109	497	13	not	not	PART
cblr-9109	497	14	fully	fully	ADV
cblr-9109	497	15	describe	describe	VERB
cblr-9109	497	16	what	what	PRON
cblr-9109	497	17	we	we	PRON
cblr-9109	497	18	observe	observe	VERB
cblr-9109	497	19	empirically	empirically	ADV
cblr-9109	497	20	in	in	ADP
cblr-9109	497	21	real	real	ADJ
cblr-9109	497	22	world	world	NOUN
cblr-9109	497	23	markets	market	NOUN
cblr-9109	497	24	with	with	ADP
cblr-9109	497	25	minimum	minimum	ADJ
cblr-9109	497	26	tick	tick	NOUN
cblr-9109	497	27	sizes	size	NOUN
cblr-9109	497	28	,	,	PUNCT
cblr-9109	497	29	but	but	CCONJ
cblr-9109	497	30	which	which	PRON
cblr-9109	497	31	incorporate	incorporate	VERB
cblr-9109	497	32	some	some	PRON
cblr-9109	497	33	or	or	CCONJ
cblr-9109	497	34	all	all	PRON
cblr-9109	497	35	of	of	ADP
cblr-9109	497	36	these	these	DET
cblr-9109	497	37	observations	observation	NOUN
cblr-9109	497	38	,	,	PUNCT
cblr-9109	497	39	see	see	VERB
cblr-9109	497	40	ronald	ronald	PROPN
cblr-9109	497	41	l.	l.	PROPN
cblr-9109	497	42	goettler	goettler	PROPN
cblr-9109	497	43	,	,	PUNCT
cblr-9109	497	44	christine	christine	PROPN
cblr-9109	497	45	a.	a.	PROPN
cblr-9109	497	46	parlour	parlour	PROPN
cblr-9109	497	47	&	&	CCONJ
cblr-9109	497	48	uday	uday	PROPN
cblr-9109	497	49	rajan	rajan	PROPN
cblr-9109	497	50	,	,	PUNCT
cblr-9109	497	51	informed	inform	VERB
cblr-9109	497	52	traders	trader	NOUN
cblr-9109	497	53	and	and	CCONJ
cblr-9109	497	54	limit	limit	VERB
cblr-9109	497	55	order	order	NOUN
cblr-9109	497	56	markets	market	NOUN
cblr-9109	497	57	,	,	PUNCT
cblr-9109	498	1	93	93	NUM
cblr-9109	498	2	j.	j.	PROPN
cblr-9109	498	3	fin	fin	PROPN
cblr-9109	498	4	.	.	PUNCT
cblr-9109	498	5	econ	econ	PROPN
cblr-9109	498	6	.	.	PUNCT
cblr-9109	499	1	67	67	NUM
cblr-9109	499	2	(	(	PUNCT
cblr-9109	499	3	2009	2009	NUM
cblr-9109	499	4	)	)	PUNCT
cblr-9109	499	5	.	.	PUNCT
cblr-9109	500	1	for	for	ADP
cblr-9109	500	2	a	a	DET
cblr-9109	500	3	model	model	NOUN
cblr-9109	500	4	that	that	SCONJ
cblr-9109	500	5	in	in	ADP
cblr-9109	500	6	fact	fact	NOUN
cblr-9109	500	7	suggests	suggest	VERB
cblr-9109	500	8	behavior	behavior	NOUN
cblr-9109	500	9	contrary	contrary	ADJ
cblr-9109	500	10	to	to	ADP
cblr-9109	500	11	what	what	PRON
cblr-9109	500	12	we	we	PRON
cblr-9109	500	13	observe	observe	VERB
cblr-9109	500	14	in	in	ADP
cblr-9109	500	15	the	the	DET
cblr-9109	500	16	real	real	ADJ
cblr-9109	500	17	world	world	NOUN
cblr-9109	500	18	,	,	PUNCT
cblr-9109	500	19	see	see	VERB
cblr-9109	500	20	michael	michael	PROPN
cblr-9109	500	21	brolley	brolley	PROPN
cblr-9109	500	22	&	&	CCONJ
cblr-9109	500	23	katya	katya	PROPN
cblr-9109	500	24	malinova	malinova	PROPN
cblr-9109	500	25	,	,	PUNCT
cblr-9109	500	26	informed	inform	VERB
cblr-9109	500	27	liquidity	liquidity	NOUN
cblr-9109	500	28	provision	provision	NOUN
cblr-9109	500	29	in	in	ADP
cblr-9109	500	30	a	a	DET
cblr-9109	500	31	limit	limit	NOUN
cblr-9109	500	32	order	order	NOUN
cblr-9109	500	33	market	market	NOUN
cblr-9109	500	34	,	,	PUNCT
cblr-9109	500	35	52	52	NUM
cblr-9109	500	36	j.	j.	PROPN
cblr-9109	500	37	fin	fin	PROPN
cblr-9109	500	38	.	.	PUNCT
cblr-9109	501	1	mkts	mkts	NOUN
cblr-9109	501	2	.	.	PUNCT
cblr-9109	502	1	(	(	PUNCT
cblr-9109	502	2	2021	2021	NUM
cblr-9109	502	3	)	)	PUNCT
cblr-9109	502	4	.	.	PUNCT
cblr-9109	503	1	108	108	NUM
cblr-9109	503	2	we	we	PRON
cblr-9109	503	3	thank	thank	VERB
cblr-9109	503	4	christine	christine	PROPN
cblr-9109	503	5	parlour	parlour	PROPN
cblr-9109	503	6	for	for	ADP
cblr-9109	503	7	helping	help	VERB
cblr-9109	503	8	in	in	ADP
cblr-9109	503	9	our	our	PRON
cblr-9109	503	10	efforts	effort	NOUN
cblr-9109	503	11	to	to	PART
cblr-9109	503	12	understand	understand	VERB
cblr-9109	503	13	this	this	PRON
cblr-9109	503	14	.	.	PUNCT
cblr-9109	504	1	she	she	PRON
cblr-9109	504	2	,	,	PUNCT
cblr-9109	504	3	of	of	ADP
cblr-9109	504	4	course	course	NOUN
cblr-9109	504	5	,	,	PUNCT
cblr-9109	504	6	bears	bear	VERB
cblr-9109	504	7	no	no	DET
cblr-9109	504	8	responsibility	responsibility	NOUN
cblr-9109	504	9	for	for	ADP
cblr-9109	504	10	the	the	DET
cblr-9109	504	11	final	final	ADJ
cblr-9109	504	12	product	product	NOUN
cblr-9109	504	13	.	.	PUNCT
cblr-9109	505	1	no	no	INTJ
cblr-9109	505	2	.	.	PUNCT
cblr-9109	506	1	3:1244	3:1244	NUM
cblr-9109	506	2	]	]	X
cblr-9109	506	3	spoofing	spoofing	NOUN
cblr-9109	506	4	and	and	CCONJ
cblr-9109	506	5	its	its	PRON
cblr-9109	506	6	regulation	regulation	NOUN
cblr-9109	506	7	1279	1279	NUM
cblr-9109	506	8	that	that	SCONJ
cblr-9109	506	9	there	there	PRON
cblr-9109	506	10	is	be	VERB
cblr-9109	506	11	not	not	PART
cblr-9109	506	12	much	much	ADJ
cblr-9109	506	13	competition	competition	NOUN
cblr-9109	506	14	to	to	PART
cblr-9109	506	15	sell	sell	VERB
cblr-9109	506	16	,	,	PUNCT
cblr-9109	506	17	either	either	ADV
cblr-9109	506	18	because	because	SCONJ
cblr-9109	506	19	she	she	PRON
cblr-9109	506	20	is	be	AUX
cblr-9109	506	21	informed	inform	VERB
cblr-9109	506	22	and	and	CCONJ
cblr-9109	506	23	thinks	think	VERB
cblr-9109	506	24	others	other	NOUN
cblr-9109	506	25	will	will	AUX
cblr-9109	506	26	not	not	PART
cblr-9109	506	27	learn	learn	VERB
cblr-9109	506	28	what	what	PRON
cblr-9109	506	29	she	she	PRON
cblr-9109	506	30	knows	know	VERB
cblr-9109	506	31	soon	soon	ADV
cblr-9109	506	32	,	,	PUNCT
cblr-9109	506	33	or	or	CCONJ
cblr-9109	506	34	she	she	PRON
cblr-9109	506	35	is	be	AUX
cblr-9109	506	36	uninformed	uninformed	ADJ
cblr-9109	506	37	and	and	CCONJ
cblr-9109	506	38	does	do	AUX
cblr-9109	506	39	not	not	PART
cblr-9109	506	40	believe	believe	VERB
cblr-9109	506	41	her	her	PRON
cblr-9109	506	42	idiosyncratic	idiosyncratic	ADJ
cblr-9109	506	43	desire	desire	NOUN
cblr-9109	506	44	to	to	PART
cblr-9109	506	45	sell	sell	VERB
cblr-9109	506	46	is	be	AUX
cblr-9109	506	47	felt	feel	VERB
cblr-9109	506	48	at	at	ADP
cblr-9109	506	49	the	the	DET
cblr-9109	506	50	same	same	ADJ
cblr-9109	506	51	time	time	NOUN
cblr-9109	506	52	by	by	ADP
cblr-9109	506	53	many	many	ADJ
cblr-9109	506	54	others	other	NOUN
cblr-9109	506	55	.	.	PUNCT
cblr-9109	507	1	such	such	DET
cblr-9109	507	2	a	a	DET
cblr-9109	507	3	trader	trader	NOUN
cblr-9109	507	4	might	might	AUX
cblr-9109	507	5	try	try	VERB
cblr-9109	507	6	the	the	DET
cblr-9109	507	7	following	follow	VERB
cblr-9109	507	8	strategy	strategy	NOUN
cblr-9109	507	9	.	.	PUNCT
cblr-9109	508	1	first	first	ADV
cblr-9109	508	2	,	,	PUNCT
cblr-9109	508	3	she	she	PRON
cblr-9109	508	4	places	place	VERB
cblr-9109	508	5	a	a	DET
cblr-9109	508	6	sell	sell	NOUN
cblr-9109	508	7	order	order	NOUN
cblr-9109	508	8	a	a	DET
cblr-9109	508	9	tick	tick	NOUN
cblr-9109	508	10	away	away	ADV
cblr-9109	508	11	from	from	ADP
cblr-9109	508	12	the	the	DET
cblr-9109	508	13	market	market	NOUN
cblr-9109	508	14	.	.	PUNCT
cblr-9109	509	1	if	if	SCONJ
cblr-9109	509	2	that	that	DET
cblr-9109	509	3	order	order	NOUN
cblr-9109	509	4	does	do	AUX
cblr-9109	509	5	not	not	PART
cblr-9109	509	6	execute	execute	VERB
cblr-9109	509	7	fairly	fairly	ADV
cblr-9109	509	8	quickly	quickly	ADV
cblr-9109	509	9	,	,	PUNCT
cblr-9109	509	10	she	she	PRON
cblr-9109	509	11	cancels	cancel	VERB
cblr-9109	509	12	it	it	PRON
cblr-9109	509	13	and	and	CCONJ
cblr-9109	509	14	replaces	replace	VERB
cblr-9109	509	15	it	it	PRON
cblr-9109	509	16	with	with	ADP
cblr-9109	509	17	a	a	DET
cblr-9109	509	18	non	non	ADJ
cblr-9109	509	19	-	-	ADJ
cblr-9109	509	20	marketable	marketable	ADJ
cblr-9109	509	21	limit	limit	NOUN
cblr-9109	509	22	order	order	NOUN
cblr-9109	509	23	at	at	ADP
cblr-9109	509	24	the	the	DET
cblr-9109	509	25	nbo	nbo	PROPN
cblr-9109	509	26	.	.	PUNCT
cblr-9109	510	1	finally	finally	ADV
cblr-9109	510	2	,	,	PUNCT
cblr-9109	510	3	if	if	SCONJ
cblr-9109	510	4	that	that	DET
cblr-9109	510	5	order	order	NOUN
cblr-9109	510	6	does	do	AUX
cblr-9109	510	7	not	not	PART
cblr-9109	510	8	execute	execute	VERB
cblr-9109	510	9	,	,	PUNCT
cblr-9109	510	10	she	she	PRON
cblr-9109	510	11	cancels	cancel	VERB
cblr-9109	510	12	it	it	PRON
cblr-9109	510	13	and	and	CCONJ
cblr-9109	510	14	submits	submit	VERB
cblr-9109	510	15	a	a	DET
cblr-9109	510	16	marketable	marketable	ADJ
cblr-9109	510	17	sell	sell	NOUN
cblr-9109	510	18	order	order	NOUN
cblr-9109	510	19	at	at	ADP
cblr-9109	510	20	the	the	DET
cblr-9109	510	21	nbb	nbb	PROPN
cblr-9109	510	22	.	.	PUNCT
cblr-9109	511	1	if	if	SCONJ
cblr-9109	511	2	everyone	everyone	PRON
cblr-9109	511	3	followed	follow	VERB
cblr-9109	511	4	this	this	DET
cblr-9109	511	5	strategy	strategy	NOUN
cblr-9109	511	6	all	all	DET
cblr-9109	511	7	the	the	DET
cblr-9109	511	8	time	time	NOUN
cblr-9109	511	9	,	,	PUNCT
cblr-9109	511	10	then	then	ADV
cblr-9109	511	11	one	one	PRON
cblr-9109	511	12	would	would	AUX
cblr-9109	511	13	expect	expect	VERB
cblr-9109	511	14	that	that	SCONJ
cblr-9109	511	15	the	the	DET
cblr-9109	511	16	informational	informational	ADJ
cblr-9109	511	17	content	content	NOUN
cblr-9109	511	18	of	of	ADP
cblr-9109	511	19	the	the	DET
cblr-9109	511	20	tick	tick	NOUN
cblr-9109	511	21	away	away	ADV
cblr-9109	511	22	orders	order	NOUN
cblr-9109	511	23	would	would	AUX
cblr-9109	511	24	be	be	AUX
cblr-9109	511	25	roughly	roughly	ADV
cblr-9109	511	26	the	the	DET
cblr-9109	511	27	same	same	ADJ
cblr-9109	511	28	as	as	ADP
cblr-9109	511	29	at	at	ADP
cblr-9109	511	30	the	the	DET
cblr-9109	511	31	market	market	NOUN
cblr-9109	511	32	orders	order	NOUN
cblr-9109	511	33	and	and	CCONJ
cblr-9109	511	34	marketable	marketable	ADJ
cblr-9109	511	35	orders	order	NOUN
cblr-9109	511	36	.	.	PUNCT
cblr-9109	512	1	however	however	ADV
cblr-9109	512	2	,	,	PUNCT
cblr-9109	512	3	empirical	empirical	ADJ
cblr-9109	512	4	studies	study	NOUN
cblr-9109	512	5	based	base	VERB
cblr-9109	512	6	on	on	ADP
cblr-9109	512	7	euronext	euronext	PROPN
cblr-9109	512	8	amsterdam	amsterdam	PROPN
cblr-9109	512	9	data	data	PROPN
cblr-9109	512	10	suggest	suggest	VERB
cblr-9109	512	11	that	that	SCONJ
cblr-9109	512	12	the	the	DET
cblr-9109	512	13	effect	effect	NOUN
cblr-9109	512	14	of	of	ADP
cblr-9109	512	15	a	a	DET
cblr-9109	512	16	50	50	NUM
cblr-9109	512	17	%	%	NOUN
cblr-9109	512	18	increase	increase	NOUN
cblr-9109	512	19	in	in	ADP
cblr-9109	512	20	marketable	marketable	ADJ
cblr-9109	512	21	orders	order	NOUN
cblr-9109	512	22	is	be	AUX
cblr-9109	512	23	on	on	ADP
cblr-9109	512	24	average	average	ADJ
cblr-9109	512	25	a	a	DET
cblr-9109	512	26	roughly	roughly	ADV
cblr-9109	512	27	2	2	NUM
cblr-9109	512	28	basis	basis	NOUN
cblr-9109	512	29	point	point	NOUN
cblr-9109	512	30	(	(	PUNCT
cblr-9109	512	31	bps	bps	NOUN
cblr-9109	512	32	)	)	PUNCT
cblr-9109	512	33	subsequent	subsequent	ADJ
cblr-9109	512	34	change	change	NOUN
cblr-9109	512	35	in	in	ADP
cblr-9109	512	36	the	the	DET
cblr-9109	512	37	nbo	nbo	NOUN
cblr-9109	512	38	and	and	CCONJ
cblr-9109	512	39	nbb.109	nbb.109	VERB
cblr-9109	512	40	the	the	DET
cblr-9109	512	41	comparable	comparable	ADJ
cblr-9109	512	42	effect	effect	NOUN
cblr-9109	512	43	for	for	ADP
cblr-9109	512	44	non	non	ADJ
cblr-9109	512	45	-	-	ADJ
cblr-9109	512	46	marketable	marketable	ADJ
cblr-9109	512	47	orders	order	NOUN
cblr-9109	512	48	at	at	ADP
cblr-9109	512	49	the	the	DET
cblr-9109	512	50	nbo	nbo	PROPN
cblr-9109	512	51	is	be	AUX
cblr-9109	512	52	about	about	ADV
cblr-9109	512	53	.5	.5	NUM
cblr-9109	512	54	bps	bps	NOUN
cblr-9109	512	55	,	,	PUNCT
cblr-9109	512	56	the	the	DET
cblr-9109	512	57	comparable	comparable	ADJ
cblr-9109	512	58	effect	effect	NOUN
cblr-9109	512	59	at	at	ADP
cblr-9109	512	60	one	one	NUM
cblr-9109	512	61	tick	tick	NOUN
cblr-9109	512	62	above	above	ADP
cblr-9109	512	63	the	the	DET
cblr-9109	512	64	nbo	nbo	PROPN
cblr-9109	512	65	is	be	AUX
cblr-9109	512	66	about	about	ADV
cblr-9109	512	67	.2	.2	NUM
cblr-9109	512	68	bps	bps	NOUN
cblr-9109	512	69	,	,	PUNCT
cblr-9109	512	70	and	and	CCONJ
cblr-9109	512	71	the	the	DET
cblr-9109	512	72	comparable	comparable	ADJ
cblr-9109	512	73	effect	effect	NOUN
cblr-9109	512	74	at	at	ADP
cblr-9109	512	75	two	two	NUM
cblr-9109	512	76	ticks	tick	NOUN
cblr-9109	512	77	above	above	ADP
cblr-9109	512	78	the	the	DET
cblr-9109	512	79	nbo	nbo	PROPN
cblr-9109	512	80	is	be	AUX
cblr-9109	512	81	about	about	ADP
cblr-9109	512	82	zero.110	zero.110	PROPN
cblr-9109	512	83	we	we	PRON
cblr-9109	512	84	suspect	suspect	VERB
cblr-9109	512	85	that	that	SCONJ
cblr-9109	512	86	this	this	DET
cblr-9109	512	87	pattern	pattern	NOUN
cblr-9109	512	88	is	be	AUX
cblr-9109	512	89	in	in	ADP
cblr-9109	512	90	part	part	NOUN
cblr-9109	512	91	the	the	DET
cblr-9109	512	92	product	product	NOUN
cblr-9109	512	93	both	both	PRON
cblr-9109	512	94	of	of	ADP
cblr-9109	512	95	the	the	DET
cblr-9109	512	96	fact	fact	NOUN
cblr-9109	512	97	that	that	SCONJ
cblr-9109	512	98	some	some	DET
cblr-9109	512	99	sellers	seller	NOUN
cblr-9109	512	100	are	be	AUX
cblr-9109	512	101	more	more	ADV
cblr-9109	512	102	anxious	anxious	ADJ
cblr-9109	512	103	to	to	PART
cblr-9109	512	104	sell	sell	VERB
cblr-9109	512	105	than	than	ADP
cblr-9109	512	106	our	our	PRON
cblr-9109	512	107	hypothetical	hypothetical	ADJ
cblr-9109	512	108	seller	seller	NOUN
cblr-9109	512	109	described	describe	VERB
cblr-9109	512	110	above	above	ADV
cblr-9109	512	111	,	,	PUNCT
cblr-9109	512	112	with	with	ADP
cblr-9109	512	113	one	one	NUM
cblr-9109	512	114	reason	reason	NOUN
cblr-9109	512	115	being	be	AUX
cblr-9109	512	116	that	that	SCONJ
cblr-9109	512	117	they	they	PRON
cblr-9109	512	118	are	be	AUX
cblr-9109	512	119	informed	inform	VERB
cblr-9109	512	120	traders	trader	NOUN
cblr-9109	512	121	with	with	ADP
cblr-9109	512	122	information	information	NOUN
cblr-9109	512	123	that	that	PRON
cblr-9109	512	124	is	be	AUX
cblr-9109	512	125	particularly	particularly	ADV
cblr-9109	512	126	negative	negative	ADJ
cblr-9109	512	127	or	or	CCONJ
cblr-9109	512	128	not	not	PART
cblr-9109	512	129	likely	likely	ADJ
cblr-9109	512	130	to	to	PART
cblr-9109	512	131	stay	stay	VERB
cblr-9109	512	132	private	private	ADJ
cblr-9109	512	133	for	for	ADP
cblr-9109	512	134	long	long	ADJ
cblr-9109	512	135	.	.	PUNCT
cblr-9109	513	1	the	the	DET
cblr-9109	513	2	pattern	pattern	NOUN
cblr-9109	513	3	is	be	AUX
cblr-9109	513	4	in	in	ADP
cblr-9109	513	5	part	part	NOUN
cblr-9109	513	6	also	also	ADV
cblr-9109	513	7	probably	probably	ADV
cblr-9109	513	8	due	due	ADJ
cblr-9109	513	9	to	to	ADP
cblr-9109	513	10	the	the	DET
cblr-9109	513	11	fact	fact	NOUN
cblr-9109	513	12	that	that	SCONJ
cblr-9109	513	13	for	for	ADP
cblr-9109	513	14	some	some	DET
cblr-9109	513	15	persons	person	NOUN
cblr-9109	513	16	who	who	PRON
cblr-9109	513	17	submit	submit	VERB
cblr-9109	513	18	quotes	quote	VERB
cblr-9109	513	19	a	a	DET
cblr-9109	513	20	tick	tick	NOUN
cblr-9109	513	21	or	or	CCONJ
cblr-9109	513	22	more	more	ADJ
cblr-9109	513	23	above	above	ADP
cblr-9109	513	24	the	the	DET
cblr-9109	513	25	nbo	nbo	NOUN
cblr-9109	513	26	,	,	PUNCT
cblr-9109	513	27	it	it	PRON
cblr-9109	513	28	is	be	AUX
cblr-9109	513	29	because	because	SCONJ
cblr-9109	513	30	they	they	PRON
cblr-9109	513	31	value	value	VERB
cblr-9109	513	32	the	the	DET
cblr-9109	513	33	stock	stock	NOUN
cblr-9109	513	34	for	for	ADP
cblr-9109	513	35	more	more	ADJ
cblr-9109	513	36	than	than	ADP
cblr-9109	513	37	the	the	DET
cblr-9109	513	38	nbo	nbo	PROPN
cblr-9109	513	39	.	.	PUNCT
cblr-9109	514	1	in	in	ADP
cblr-9109	514	2	any	any	DET
cblr-9109	514	3	event	event	NOUN
cblr-9109	514	4	,	,	PUNCT
cblr-9109	514	5	whether	whether	SCONJ
cblr-9109	514	6	the	the	DET
cblr-9109	514	7	step	step	NOUN
cblr-9109	514	8	function	function	NOUN
cblr-9109	514	9	theory	theory	NOUN
cblr-9109	514	10	and	and	CCONJ
cblr-9109	514	11	our	our	PRON
cblr-9109	514	12	suggestive	suggestive	ADJ
cblr-9109	514	13	story	story	NOUN
cblr-9109	514	14	are	be	AUX
cblr-9109	514	15	correct	correct	ADJ
cblr-9109	514	16	explanations	explanation	NOUN
cblr-9109	514	17	of	of	ADP
cblr-9109	514	18	the	the	DET
cblr-9109	514	19	market	market	NOUN
cblr-9109	514	20	’s	’s	PART
cblr-9109	514	21	response	response	NOUN
cblr-9109	514	22	to	to	ADP
cblr-9109	514	23	a	a	DET
cblr-9109	514	24	large	large	ADJ
cblr-9109	514	25	order	order	NOUN
cblr-9109	514	26	at	at	ADP
cblr-9109	514	27	or	or	CCONJ
cblr-9109	514	28	away	away	ADV
cblr-9109	514	29	from	from	ADP
cblr-9109	514	30	the	the	DET
cblr-9109	514	31	nbo	nbo	PROPN
cblr-9109	514	32	,	,	PUNCT
cblr-9109	514	33	market	market	NOUN
cblr-9109	514	34	participants	participant	NOUN
cblr-9109	514	35	act	act	VERB
cblr-9109	514	36	as	as	SCONJ
cblr-9109	514	37	though	though	SCONJ
cblr-9109	514	38	someone	someone	PRON
cblr-9109	514	39	has	have	VERB
cblr-9109	514	40	new	new	ADJ
cblr-9109	514	41	negative	negative	ADJ
cblr-9109	514	42	information	information	NOUN
cblr-9109	514	43	about	about	ADP
cblr-9109	514	44	the	the	DET
cblr-9109	514	45	issuer	issuer	NOUN
cblr-9109	514	46	,	,	PUNCT
cblr-9109	514	47	and	and	CCONJ
cblr-9109	514	48	this	this	PRON
cblr-9109	514	49	strongly	strongly	ADV
cblr-9109	514	50	suggests	suggest	VERB
cblr-9109	514	51	that	that	SCONJ
cblr-9109	514	52	in	in	ADP
cblr-9109	514	53	fact	fact	NOUN
cblr-9109	514	54	such	such	ADJ
cblr-9109	514	55	orders	order	NOUN
cblr-9109	514	56	are	be	AUX
cblr-9109	514	57	signals	signal	NOUN
cblr-9109	514	58	that	that	SCONJ
cblr-9109	514	59	this	this	PRON
cblr-9109	514	60	is	be	AUX
cblr-9109	514	61	the	the	DET
cblr-9109	514	62	case	case	NOUN
cblr-9109	514	63	.	.	PUNCT
cblr-9109	515	1	109	109	NUM
cblr-9109	515	2	hautsch	hautsch	PROPN
cblr-9109	515	3	&	&	CCONJ
cblr-9109	515	4	huang	huang	PROPN
cblr-9109	515	5	,	,	PUNCT
cblr-9109	515	6	supra	supra	PROPN
cblr-9109	515	7	note	note	PROPN
cblr-9109	515	8	40	40	NUM
cblr-9109	515	9	,	,	PUNCT
cblr-9109	515	10	at	at	ADP
cblr-9109	515	11	513	513	NUM
cblr-9109	515	12	.	.	PUNCT
cblr-9109	516	1	110	110	NUM
cblr-9109	516	2	i	i	PROPN
cblr-9109	516	3	d.	d.	PROPN
cblr-9109	516	4	1280	1280	NUM
cblr-9109	516	5	columbia	columbia	PROPN
cblr-9109	516	6	business	business	NOUN
cblr-9109	516	7	law	law	PROPN
cblr-9109	516	8	review	review	NOUN
cblr-9109	516	9	[	[	X
cblr-9109	516	10	vol	vol	NOUN
cblr-9109	516	11	.	.	PUNCT
cblr-9109	516	12	2021	2021	NUM
cblr-9109	516	13	b.	b.	PROPN
cblr-9109	516	14	wealth	wealth	NOUN
cblr-9109	516	15	transfers	transfer	NOUN
cblr-9109	516	16	:	:	PUNCT
cblr-9109	516	17	fairness	fairness	NOUN
cblr-9109	516	18	and	and	CCONJ
cblr-9109	516	19	efficiency	efficiency	NOUN
cblr-9109	516	20	considering	consider	VERB
cblr-9109	516	21	the	the	DET
cblr-9109	516	22	fairness	fairness	NOUN
cblr-9109	516	23	and	and	CCONJ
cblr-9109	516	24	efficiency	efficiency	NOUN
cblr-9109	516	25	effects	effect	NOUN
cblr-9109	516	26	of	of	ADP
cblr-9109	516	27	spoofing	spoof	VERB
cblr-9109	516	28	starts	start	VERB
cblr-9109	516	29	with	with	ADP
cblr-9109	516	30	examining	examine	VERB
cblr-9109	516	31	the	the	DET
cblr-9109	516	32	ex	ex	ADJ
cblr-9109	516	33	post	post	NOUN
cblr-9109	516	34	effects	effect	NOUN
cblr-9109	516	35	of	of	ADP
cblr-9109	516	36	what	what	PRON
cblr-9109	516	37	atlee	atlee	PROPN
cblr-9109	516	38	did	do	AUX
cblr-9109	516	39	.	.	PUNCT
cblr-9109	517	1	this	this	PRON
cblr-9109	517	2	is	be	AUX
cblr-9109	517	3	followed	follow	VERB
cblr-9109	517	4	by	by	ADP
cblr-9109	517	5	a	a	DET
cblr-9109	517	6	look	look	NOUN
cblr-9109	517	7	at	at	ADP
cblr-9109	517	8	the	the	DET
cblr-9109	517	9	practice	practice	NOUN
cblr-9109	517	10	from	from	ADP
cblr-9109	517	11	an	an	DET
cblr-9109	517	12	ex	ex	NOUN
cblr-9109	517	13	ante	ante	NOUN
cblr-9109	517	14	perspective	perspective	NOUN
cblr-9109	517	15	,	,	PUNCT
cblr-9109	517	16	considering	consider	VERB
cblr-9109	517	17	the	the	DET
cblr-9109	517	18	impact	impact	NOUN
cblr-9109	517	19	of	of	ADP
cblr-9109	517	20	the	the	DET
cblr-9109	517	21	practice	practice	NOUN
cblr-9109	517	22	as	as	ADP
cblr-9109	517	23	a	a	DET
cblr-9109	517	24	generally	generally	ADV
cblr-9109	517	25	known	know	VERB
cblr-9109	517	26	ongoing	ongoing	ADJ
cblr-9109	517	27	phenomenon	phenomenon	NOUN
cblr-9109	517	28	occurring	occur	VERB
cblr-9109	517	29	over	over	ADP
cblr-9109	517	30	the	the	DET
cblr-9109	517	31	long	long	ADJ
cblr-9109	517	32	run	run	NOUN
cblr-9109	517	33	within	within	ADP
cblr-9109	517	34	a	a	DET
cblr-9109	517	35	competitive	competitive	ADJ
cblr-9109	517	36	environment	environment	NOUN
cblr-9109	517	37	.	.	PUNCT
cblr-9109	518	1	we	we	PRON
cblr-9109	518	2	can	can	AUX
cblr-9109	518	3	then	then	ADV
cblr-9109	518	4	draw	draw	VERB
cblr-9109	518	5	conclusions	conclusion	NOUN
cblr-9109	518	6	both	both	CCONJ
cblr-9109	518	7	about	about	ADP
cblr-9109	518	8	the	the	DET
cblr-9109	518	9	efficiency	efficiency	NOUN
cblr-9109	518	10	implications	implication	NOUN
cblr-9109	518	11	of	of	ADP
cblr-9109	518	12	the	the	DET
cblr-9109	518	13	practice	practice	NOUN
cblr-9109	518	14	in	in	ADP
cblr-9109	518	15	terms	term	NOUN
cblr-9109	518	16	of	of	ADP
cblr-9109	518	17	liquidity	liquidity	NOUN
cblr-9109	518	18	and	and	CCONJ
cblr-9109	518	19	share	share	NOUN
cblr-9109	518	20	price	price	NOUN
cblr-9109	518	21	accuracy	accuracy	NOUN
cblr-9109	518	22	and	and	CCONJ
cblr-9109	518	23	the	the	DET
cblr-9109	518	24	fairness	fairness	NOUN
cblr-9109	518	25	of	of	ADP
cblr-9109	518	26	its	its	PRON
cblr-9109	518	27	impact	impact	NOUN
cblr-9109	518	28	on	on	ADP
cblr-9109	518	29	different	different	ADJ
cblr-9109	518	30	members	member	NOUN
cblr-9109	518	31	of	of	ADP
cblr-9109	518	32	society	society	NOUN
cblr-9109	518	33	.	.	PUNCT
cblr-9109	519	1	1	1	X
cblr-9109	519	2	.	.	X
cblr-9109	519	3	assessing	assess	VERB
cblr-9109	519	4	the	the	DET
cblr-9109	519	5	impact	impact	NOUN
cblr-9109	519	6	of	of	ADP
cblr-9109	519	7	the	the	DET
cblr-9109	519	8	practice	practice	NOUN
cblr-9109	519	9	from	from	ADP
cblr-9109	519	10	an	an	DET
cblr-9109	519	11	ex	ex	ADJ
cblr-9109	519	12	post	post	NOUN
cblr-9109	519	13	perspective	perspective	NOUN
cblr-9109	519	14	the	the	DET
cblr-9109	519	15	distributive	distributive	ADJ
cblr-9109	519	16	question	question	NOUN
cblr-9109	519	17	is	be	AUX
cblr-9109	519	18	—	—	PUNCT
cblr-9109	519	19	who	who	PRON
cblr-9109	519	20	has	have	AUX
cblr-9109	519	21	benefited	benefit	VERB
cblr-9109	519	22	from	from	ADP
cblr-9109	519	23	this	this	DET
cblr-9109	519	24	activity	activity	NOUN
cblr-9109	519	25	and	and	CCONJ
cblr-9109	519	26	who	who	PRON
cblr-9109	519	27	has	have	AUX
cblr-9109	519	28	been	be	AUX
cblr-9109	519	29	harmed	harm	VERB
cblr-9109	519	30	?	?	PUNCT
cblr-9109	520	1	since	since	SCONJ
cblr-9109	520	2	secondary	secondary	ADJ
cblr-9109	520	3	market	market	NOUN
cblr-9109	520	4	trading	trading	NOUN
cblr-9109	520	5	in	in	ADP
cblr-9109	520	6	pursuit	pursuit	NOUN
cblr-9109	520	7	of	of	ADP
cblr-9109	520	8	profits	profit	NOUN
cblr-9109	520	9	is	be	AUX
cblr-9109	520	10	a	a	DET
cblr-9109	520	11	zero	zero	NUM
cblr-9109	520	12	-	-	PUNCT
cblr-9109	520	13	sum	sum	NOUN
cblr-9109	520	14	game,111	game,111	NOUN
cblr-9109	520	15	gains	gain	NOUN
cblr-9109	520	16	and	and	CCONJ
cblr-9109	520	17	losses	loss	NOUN
cblr-9109	520	18	by	by	ADP
cblr-9109	520	19	different	different	ADJ
cblr-9109	520	20	market	market	NOUN
cblr-9109	520	21	participants	participant	NOUN
cblr-9109	520	22	are	be	AUX
cblr-9109	520	23	mirror	mirror	NOUN
cblr-9109	520	24	images	image	NOUN
cblr-9109	520	25	of	of	ADP
cblr-9109	520	26	each	each	DET
cblr-9109	520	27	other	other	ADJ
cblr-9109	520	28	and	and	CCONJ
cblr-9109	520	29	must	must	AUX
cblr-9109	520	30	sum	sum	VERB
cblr-9109	520	31	to	to	ADP
cblr-9109	520	32	zero	zero	NUM
cblr-9109	520	33	.	.	PUNCT
cblr-9109	521	1	atlee	atlee	PROPN
cblr-9109	521	2	made	make	VERB
cblr-9109	521	3	$	$	SYM
cblr-9109	521	4	20	20	NUM
cblr-9109	521	5	in	in	ADP
cblr-9109	521	6	trading	trading	NOUN
cblr-9109	521	7	profits	profit	NOUN
cblr-9109	521	8	.	.	PUNCT
cblr-9109	522	1	he	he	PRON
cblr-9109	522	2	purchased	purchase	VERB
cblr-9109	522	3	1000	1000	NUM
cblr-9109	522	4	shares	share	NOUN
cblr-9109	522	5	for	for	ADP
cblr-9109	522	6	$	$	SYM
cblr-9109	522	7	10.10	10.10	NUM
cblr-9109	522	8	and	and	CCONJ
cblr-9109	522	9	sold	sell	VERB
cblr-9109	522	10	them	they	PRON
cblr-9109	522	11	for	for	ADP
cblr-9109	522	12	$	$	SYM
cblr-9109	522	13	10.12	10.12	NUM
cblr-9109	522	14	.	.	PUNCT
cblr-9109	523	1	the	the	DET
cblr-9109	523	2	losers	loser	NOUN
cblr-9109	523	3	were	be	AUX
cblr-9109	523	4	hfts	hft	NOUN
cblr-9109	523	5	,	,	PUNCT
cblr-9109	523	6	that	that	SCONJ
cblr-9109	523	7	,	,	PUNCT
cblr-9109	523	8	as	as	ADP
cblr-9109	523	9	a	a	DET
cblr-9109	523	10	group	group	NOUN
cblr-9109	523	11	,	,	PUNCT
cblr-9109	523	12	lost	lose	VERB
cblr-9109	523	13	$	$	SYM
cblr-9109	523	14	20	20	NUM
cblr-9109	523	15	.	.	PUNCT
cblr-9109	524	1	they	they	PRON
cblr-9109	524	2	were	be	AUX
cblr-9109	524	3	induced	induce	VERB
cblr-9109	524	4	into	into	ADP
cblr-9109	524	5	selling	sell	VERB
cblr-9109	524	6	1000	1000	NUM
cblr-9109	524	7	shares	share	NOUN
cblr-9109	524	8	for	for	ADP
cblr-9109	524	9	$	$	SYM
cblr-9109	524	10	10.10	10.10	NUM
cblr-9109	524	11	and	and	CCONJ
cblr-9109	524	12	buying	buy	VERB
cblr-9109	524	13	1000	1000	NUM
cblr-9109	524	14	shares	share	NOUN
cblr-9109	524	15	at	at	ADP
cblr-9109	524	16	$	$	SYM
cblr-9109	524	17	10.12	10.12	NUM
cblr-9109	524	18	when	when	SCONJ
cblr-9109	524	19	they	they	PRON
cblr-9109	524	20	otherwise	otherwise	ADV
cblr-9109	524	21	would	would	AUX
cblr-9109	524	22	not	not	PART
cblr-9109	524	23	have	have	VERB
cblr-9109	524	24	.	.	PUNCT
cblr-9109	525	1	no	no	DET
cblr-9109	525	2	one	one	NOUN
cblr-9109	525	3	else	else	ADV
cblr-9109	525	4	is	be	AUX
cblr-9109	525	5	affected	affect	VERB
cblr-9109	525	6	in	in	ADP
cblr-9109	525	7	this	this	DET
cblr-9109	525	8	simple	simple	ADJ
cblr-9109	525	9	story.112	story.112	PROPN
cblr-9109	525	10	111	111	NUM
cblr-9109	525	11	see	see	NOUN
cblr-9109	525	12	larry	larry	PROPN
cblr-9109	525	13	harris	harris	PROPN
cblr-9109	525	14	,	,	PUNCT
cblr-9109	525	15	trading	trading	NOUN
cblr-9109	525	16	and	and	CCONJ
cblr-9109	525	17	electronic	electronic	ADJ
cblr-9109	525	18	markets	market	NOUN
cblr-9109	525	19	:	:	PUNCT
cblr-9109	525	20	what	what	PRON
cblr-9109	525	21	investment	investment	NOUN
cblr-9109	525	22	professionals	professional	NOUN
cblr-9109	525	23	need	need	VERB
cblr-9109	525	24	to	to	PART
cblr-9109	525	25	know	know	VERB
cblr-9109	525	26	2	2	NUM
cblr-9109	525	27	(	(	PUNCT
cblr-9109	525	28	2015	2015	NUM
cblr-9109	525	29	)	)	PUNCT
cblr-9109	525	30	(	(	PUNCT
cblr-9109	525	31	suggesting	suggest	VERB
cblr-9109	525	32	that	that	SCONJ
cblr-9109	525	33	“	"	PUNCT
cblr-9109	525	34	[	[	X
cblr-9109	525	35	t]rading	t]rading	NOUN
cblr-9109	525	36	is	be	AUX
cblr-9109	525	37	a	a	DET
cblr-9109	525	38	zero	zero	NUM
cblr-9109	525	39	-	-	PUNCT
cblr-9109	525	40	sum	sum	NOUN
cblr-9109	525	41	game	game	NOUN
cblr-9109	525	42	when	when	SCONJ
cblr-9109	525	43	gains	gain	NOUN
cblr-9109	525	44	and	and	CCONJ
cblr-9109	525	45	losses	loss	NOUN
cblr-9109	525	46	are	be	AUX
cblr-9109	525	47	measured	measure	VERB
cblr-9109	525	48	relative	relative	ADJ
cblr-9109	525	49	to	to	ADP
cblr-9109	525	50	the	the	DET
cblr-9109	525	51	market	market	NOUN
cblr-9109	525	52	index	index	NOUN
cblr-9109	525	53	”	"	PUNCT
cblr-9109	525	54	)	)	PUNCT
cblr-9109	525	55	.	.	PUNCT
cblr-9109	526	1	112	112	NUM
cblr-9109	526	2	in	in	ADP
cblr-9109	526	3	our	our	PRON
cblr-9109	526	4	simple	simple	ADJ
cblr-9109	526	5	story	story	NOUN
cblr-9109	526	6	,	,	PUNCT
cblr-9109	526	7	no	no	DET
cblr-9109	526	8	one	one	NOUN
cblr-9109	526	9	else	else	ADV
cblr-9109	526	10	is	be	AUX
cblr-9109	526	11	affected	affect	VERB
cblr-9109	526	12	.	.	PUNCT
cblr-9109	527	1	it	it	PRON
cblr-9109	527	2	is	be	AUX
cblr-9109	527	3	,	,	PUNCT
cblr-9109	527	4	of	of	ADP
cblr-9109	527	5	course	course	NOUN
cblr-9109	527	6	,	,	PUNCT
cblr-9109	527	7	possible	possible	ADJ
cblr-9109	527	8	,	,	PUNCT
cblr-9109	527	9	for	for	ADP
cblr-9109	527	10	example	example	NOUN
cblr-9109	527	11	,	,	PUNCT
cblr-9109	527	12	that	that	SCONJ
cblr-9109	527	13	some	some	DET
cblr-9109	527	14	marketable	marketable	ADJ
cblr-9109	527	15	sell	sell	NOUN
cblr-9109	527	16	orders	order	NOUN
cblr-9109	527	17	submitted	submit	VERB
cblr-9109	527	18	by	by	ADP
cblr-9109	527	19	ordinary	ordinary	ADJ
cblr-9109	527	20	traders	trader	NOUN
cblr-9109	527	21	by	by	ADP
cblr-9109	527	22	chance	chance	NOUN
cblr-9109	527	23	arrive	arrive	NOUN
cblr-9109	527	24	in	in	ADP
cblr-9109	527	25	the	the	DET
cblr-9109	527	26	very	very	ADV
cblr-9109	527	27	brief	brief	ADJ
cblr-9109	527	28	time	time	NOUN
cblr-9109	527	29	before	before	SCONJ
cblr-9109	527	30	the	the	DET
cblr-9109	527	31	hfts	hft	NOUN
cblr-9109	527	32	execute	execute	VERB
cblr-9109	527	33	against	against	ADP
cblr-9109	527	34	atlee	atlee	PROPN
cblr-9109	527	35	’s	’s	PART
cblr-9109	527	36	$	$	SYM
cblr-9109	527	37	10.10	10.10	NUM
cblr-9109	527	38	bid	bid	NOUN
cblr-9109	527	39	,	,	PUNCT
cblr-9109	527	40	but	but	CCONJ
cblr-9109	527	41	that	that	PRON
cblr-9109	527	42	would	would	AUX
cblr-9109	527	43	just	just	ADV
cblr-9109	527	44	dilute	dilute	VERB
cblr-9109	527	45	the	the	DET
cblr-9109	527	46	effect	effect	NOUN
cblr-9109	527	47	of	of	ADP
cblr-9109	527	48	atlee	atlee	PROPN
cblr-9109	527	49	’s	’s	PART
cblr-9109	527	50	manipulation	manipulation	NOUN
cblr-9109	527	51	since	since	SCONJ
cblr-9109	527	52	he	he	PRON
cblr-9109	527	53	would	would	AUX
cblr-9109	527	54	simply	simply	ADV
cblr-9109	527	55	be	be	AUX
cblr-9109	527	56	providing	provide	VERB
cblr-9109	527	57	liquidity	liquidity	NOUN
cblr-9109	527	58	to	to	ADP
cblr-9109	527	59	these	these	DET
cblr-9109	527	60	sellers	seller	NOUN
cblr-9109	527	61	at	at	ADP
cblr-9109	527	62	the	the	DET
cblr-9109	527	63	price	price	NOUN
cblr-9109	527	64	that	that	PRON
cblr-9109	527	65	the	the	DET
cblr-9109	527	66	non	non	ADJ
cblr-9109	527	67	-	-	ADJ
cblr-9109	527	68	manipulated	manipulated	ADJ
cblr-9109	527	69	market	market	NOUN
cblr-9109	527	70	suggested	suggest	VERB
cblr-9109	527	71	was	be	AUX
cblr-9109	527	72	appropriate	appropriate	ADJ
cblr-9109	527	73	.	.	PUNCT
cblr-9109	528	1	there	there	PRON
cblr-9109	528	2	also	also	ADV
cblr-9109	528	3	could	could	AUX
cblr-9109	528	4	be	be	AUX
cblr-9109	528	5	,	,	PUNCT
cblr-9109	528	6	in	in	ADP
cblr-9109	528	7	addition	addition	NOUN
cblr-9109	528	8	to	to	ADP
cblr-9109	528	9	atlee	atlee	PROPN
cblr-9109	528	10	’s	’s	PART
cblr-9109	528	11	bids	bid	NOUN
cblr-9109	528	12	at	at	ADP
cblr-9109	528	13	$	$	SYM
cblr-9109	528	14	10.10	10.10	NUM
cblr-9109	528	15	,	,	PUNCT
cblr-9109	528	16	other	other	ADJ
cblr-9109	528	17	bids	bid	NOUN
cblr-9109	528	18	submitted	submit	VERB
cblr-9109	528	19	by	by	ADP
cblr-9109	528	20	ordinary	ordinary	ADJ
cblr-9109	528	21	traders	trader	NOUN
cblr-9109	528	22	willing	willing	ADJ
cblr-9109	528	23	to	to	PART
cblr-9109	528	24	be	be	AUX
cblr-9109	528	25	patient	patient	ADJ
cblr-9109	528	26	in	in	ADP
cblr-9109	528	27	hopes	hope	NOUN
cblr-9109	528	28	of	of	ADP
cblr-9109	528	29	being	be	AUX
cblr-9109	528	30	able	able	ADJ
cblr-9109	528	31	to	to	PART
cblr-9109	528	32	buy	buy	VERB
cblr-9109	528	33	at	at	ADP
cblr-9109	528	34	a	a	DET
cblr-9109	528	35	lower	low	ADJ
cblr-9109	528	36	price	price	NOUN
cblr-9109	528	37	than	than	ADP
cblr-9109	528	38	the	the	DET
cblr-9109	528	39	offer	offer	NOUN
cblr-9109	528	40	.	.	PUNCT
cblr-9109	529	1	these	these	DET
cblr-9109	529	2	traders	trader	NOUN
cblr-9109	529	3	,	,	PUNCT
cblr-9109	529	4	who	who	PRON
cblr-9109	529	5	move	move	VERB
cblr-9109	529	6	more	more	ADV
cblr-9109	529	7	slowly	slowly	ADV
cblr-9109	529	8	than	than	ADP
cblr-9109	529	9	hfts	hft	NOUN
cblr-9109	529	10	and	and	CCONJ
cblr-9109	529	11	thus	thus	ADV
cblr-9109	529	12	would	would	AUX
cblr-9109	529	13	not	not	PART
cblr-9109	529	14	cancel	cancel	VERB
cblr-9109	529	15	their	their	PRON
cblr-9109	529	16	bids	bid	NOUN
cblr-9109	529	17	,	,	PUNCT
cblr-9109	529	18	would	would	AUX
cblr-9109	529	19	,	,	PUNCT
cblr-9109	529	20	in	in	ADP
cblr-9109	529	21	the	the	DET
cblr-9109	529	22	end	end	NOUN
cblr-9109	529	23	,	,	PUNCT
cblr-9109	529	24	be	be	AUX
cblr-9109	529	25	happy	happy	ADJ
cblr-9109	529	26	to	to	PART
cblr-9109	529	27	have	have	VERB
cblr-9109	529	28	their	their	PRON
cblr-9109	529	29	bids	bid	NOUN
cblr-9109	529	30	executed	execute	VERB
cblr-9109	529	31	against	against	ADP
cblr-9109	529	32	,	,	PUNCT
cblr-9109	529	33	but	but	CCONJ
cblr-9109	529	34	selling	sell	VERB
cblr-9109	529	35	to	to	ADP
cblr-9109	529	36	these	these	DET
cblr-9109	529	37	ordinary	ordinary	ADJ
cblr-9109	529	38	investors	investor	NOUN
cblr-9109	529	39	just	just	ADV
cblr-9109	529	40	adds	add	VERB
cblr-9109	529	41	to	to	ADP
cblr-9109	529	42	the	the	DET
cblr-9109	529	43	losses	loss	NOUN
cblr-9109	529	44	that	that	PRON
cblr-9109	529	45	the	the	DET
cblr-9109	529	46	hfts	hft	NOUN
cblr-9109	529	47	will	will	AUX
cblr-9109	529	48	suffer	suffer	VERB
cblr-9109	529	49	from	from	ADP
cblr-9109	529	50	the	the	DET
cblr-9109	529	51	manipulation	manipulation	NOUN
cblr-9109	529	52	,	,	PUNCT
cblr-9109	529	53	no	no	INTJ
cblr-9109	529	54	.	.	PUNCT
cblr-9109	530	1	3:1244	3:1244	NUM
cblr-9109	530	2	]	]	X
cblr-9109	530	3	spoofing	spoofing	NOUN
cblr-9109	530	4	and	and	CCONJ
cblr-9109	530	5	its	its	PRON
cblr-9109	530	6	regulation	regulation	NOUN
cblr-9109	530	7	1281	1281	NUM
cblr-9109	530	8	2	2	NUM
cblr-9109	530	9	.	.	PUNCT
cblr-9109	531	1	ex	ex	PRON
cblr-9109	531	2	ante	ante	PROPN
cblr-9109	531	3	perspective	perspective	NOUN
cblr-9109	531	4	now	now	ADV
cblr-9109	531	5	assume	assume	VERB
cblr-9109	531	6	—	—	PUNCT
cblr-9109	531	7	not	not	PART
cblr-9109	531	8	unrealistically	unrealistically	ADV
cblr-9109	531	9	—	—	PUNCT
cblr-9109	531	10	that	that	SCONJ
cblr-9109	531	11	all	all	DET
cblr-9109	531	12	the	the	DET
cblr-9109	531	13	players	player	NOUN
cblr-9109	531	14	have	have	VERB
cblr-9109	531	15	unbiased	unbiased	ADJ
cblr-9109	531	16	(	(	PUNCT
cblr-9109	531	17	though	though	SCONJ
cblr-9109	531	18	not	not	PART
cblr-9109	531	19	necessarily	necessarily	ADV
cblr-9109	531	20	accurate	accurate	ADJ
cblr-9109	531	21	)	)	PUNCT
cblr-9109	531	22	expectations	expectation	NOUN
cblr-9109	531	23	concerning	concern	VERB
cblr-9109	531	24	the	the	DET
cblr-9109	531	25	prevalence	prevalence	NOUN
cblr-9109	531	26	of	of	ADP
cblr-9109	531	27	successful	successful	ADJ
cblr-9109	531	28	spoofing	spoofing	NOUN
cblr-9109	531	29	,	,	PUNCT
cblr-9109	531	30	and	and	CCONJ
cblr-9109	531	31	that	that	SCONJ
cblr-9109	531	32	all	all	DET
cblr-9109	531	33	the	the	DET
cblr-9109	531	34	players	player	NOUN
cblr-9109	531	35	operate	operate	VERB
cblr-9109	531	36	within	within	ADP
cblr-9109	531	37	a	a	DET
cblr-9109	531	38	competitive	competitive	ADJ
cblr-9109	531	39	environment	environment	NOUN
cblr-9109	531	40	.	.	PUNCT
cblr-9109	532	1	we	we	PRON
cblr-9109	532	2	want	want	VERB
cblr-9109	532	3	to	to	PART
cblr-9109	532	4	compare	compare	VERB
cblr-9109	532	5	what	what	PRON
cblr-9109	532	6	the	the	DET
cblr-9109	532	7	long	long	ADJ
cblr-9109	532	8	run	run	NOUN
cblr-9109	532	9	equilibrium	equilibrium	NOUN
cblr-9109	532	10	would	would	AUX
cblr-9109	532	11	look	look	VERB
cblr-9109	532	12	like	like	ADP
cblr-9109	532	13	in	in	ADP
cblr-9109	532	14	a	a	DET
cblr-9109	532	15	world	world	NOUN
cblr-9109	532	16	where	where	SCONJ
cblr-9109	532	17	such	such	DET
cblr-9109	532	18	a	a	DET
cblr-9109	532	19	quoting	quote	VERB
cblr-9109	532	20	strategy	strategy	NOUN
cblr-9109	532	21	is	be	AUX
cblr-9109	532	22	occurring	occur	VERB
cblr-9109	532	23	freely	freely	ADV
cblr-9109	532	24	with	with	ADP
cblr-9109	532	25	a	a	DET
cblr-9109	532	26	world	world	NOUN
cblr-9109	532	27	where	where	SCONJ
cblr-9109	532	28	it	it	PRON
cblr-9109	532	29	is	be	AUX
cblr-9109	532	30	somehow	somehow	ADV
cblr-9109	532	31	blocked	block	VERB
cblr-9109	532	32	.	.	PUNCT
cblr-9109	533	1	the	the	DET
cblr-9109	533	2	object	object	NOUN
cblr-9109	533	3	is	be	AUX
cblr-9109	533	4	to	to	PART
cblr-9109	533	5	see	see	VERB
cblr-9109	533	6	how	how	SCONJ
cblr-9109	533	7	the	the	DET
cblr-9109	533	8	availability	availability	NOUN
cblr-9109	533	9	of	of	ADP
cblr-9109	533	10	the	the	DET
cblr-9109	533	11	practice	practice	NOUN
cblr-9109	533	12	affects	affect	VERB
cblr-9109	533	13	the	the	DET
cblr-9109	533	14	wealth	wealth	NOUN
cblr-9109	533	15	positions	position	NOUN
cblr-9109	533	16	of	of	ADP
cblr-9109	533	17	the	the	DET
cblr-9109	533	18	various	various	ADJ
cblr-9109	533	19	participants	participant	NOUN
cblr-9109	533	20	and	and	CCONJ
cblr-9109	533	21	the	the	DET
cblr-9109	533	22	implications	implication	NOUN
cblr-9109	533	23	of	of	ADP
cblr-9109	533	24	these	these	DET
cblr-9109	533	25	effects	effect	NOUN
cblr-9109	533	26	in	in	ADP
cblr-9109	533	27	terms	term	NOUN
cblr-9109	533	28	of	of	ADP
cblr-9109	533	29	fairness	fairness	NOUN
cblr-9109	533	30	and	and	CCONJ
cblr-9109	533	31	,	,	PUNCT
cblr-9109	533	32	through	through	ADP
cblr-9109	533	33	the	the	DET
cblr-9109	533	34	incentives	incentive	NOUN
cblr-9109	533	35	they	they	PRON
cblr-9109	533	36	create	create	VERB
cblr-9109	533	37	,	,	PUNCT
cblr-9109	533	38	on	on	ADP
cblr-9109	533	39	efficiency	efficiency	NOUN
cblr-9109	533	40	.	.	PUNCT
cblr-9109	534	1	a.	a.	NOUN
cblr-9109	534	2	spoofers	spoofer	NOUN
cblr-9109	534	3	spoofers	spoofer	NOUN
cblr-9109	534	4	will	will	AUX
cblr-9109	534	5	generate	generate	VERB
cblr-9109	534	6	positive	positive	ADJ
cblr-9109	534	7	trading	trading	NOUN
cblr-9109	534	8	profits	profit	NOUN
cblr-9109	534	9	from	from	ADP
cblr-9109	534	10	engaging	engage	VERB
cblr-9109	534	11	in	in	ADP
cblr-9109	534	12	the	the	DET
cblr-9109	534	13	practice	practice	NOUN
cblr-9109	534	14	.	.	PUNCT
cblr-9109	535	1	the	the	DET
cblr-9109	535	2	resources	resource	NOUN
cblr-9109	535	3	necessary	necessary	ADJ
cblr-9109	535	4	to	to	PART
cblr-9109	535	5	conduct	conduct	VERB
cblr-9109	535	6	such	such	DET
cblr-9109	535	7	a	a	DET
cblr-9109	535	8	business	business	NOUN
cblr-9109	535	9	are	be	AUX
cblr-9109	535	10	a	a	DET
cblr-9109	535	11	combination	combination	NOUN
cblr-9109	535	12	of	of	ADP
cblr-9109	535	13	ordinary	ordinary	ADJ
cblr-9109	535	14	and	and	CCONJ
cblr-9109	535	15	specialized	specialized	ADJ
cblr-9109	535	16	inputs	input	NOUN
cblr-9109	535	17	.	.	PUNCT
cblr-9109	536	1	the	the	DET
cblr-9109	536	2	ordinary	ordinary	ADJ
cblr-9109	536	3	inputs	input	NOUN
cblr-9109	536	4	are	be	AUX
cblr-9109	536	5	physical	physical	ADJ
cblr-9109	536	6	,	,	PUNCT
cblr-9109	536	7	organizational	organizational	ADJ
cblr-9109	536	8	,	,	PUNCT
cblr-9109	536	9	and	and	CCONJ
cblr-9109	536	10	financial	financial	ADJ
cblr-9109	536	11	assets	asset	NOUN
cblr-9109	536	12	that	that	PRON
cblr-9109	536	13	could	could	AUX
cblr-9109	536	14	equally	equally	ADV
cblr-9109	536	15	as	as	ADV
cblr-9109	536	16	usefully	usefully	ADV
cblr-9109	536	17	be	be	AUX
cblr-9109	536	18	utilized	utilize	VERB
cblr-9109	536	19	elsewhere	elsewhere	ADV
cblr-9109	536	20	in	in	ADP
cblr-9109	536	21	the	the	DET
cblr-9109	536	22	economy	economy	NOUN
cblr-9109	536	23	.	.	PUNCT
cblr-9109	537	1	the	the	DET
cblr-9109	537	2	specialized	specialized	ADJ
cblr-9109	537	3	inputs	input	NOUN
cblr-9109	537	4	are	be	AUX
cblr-9109	537	5	the	the	DET
cblr-9109	537	6	efforts	effort	NOUN
cblr-9109	537	7	of	of	ADP
cblr-9109	537	8	persons	person	NOUN
cblr-9109	537	9	who	who	PRON
cblr-9109	537	10	have	have	VERB
cblr-9109	537	11	abilities	ability	NOUN
cblr-9109	537	12	and	and	CCONJ
cblr-9109	537	13	skills	skill	NOUN
cblr-9109	537	14	uniquely	uniquely	ADV
cblr-9109	537	15	suitable	suitable	ADJ
cblr-9109	537	16	for	for	ADP
cblr-9109	537	17	predicting	predict	VERB
cblr-9109	537	18	and	and	CCONJ
cblr-9109	537	19	acting	act	VERB
cblr-9109	537	20	on	on	ADP
cblr-9109	537	21	such	such	ADJ
cblr-9109	537	22	situations	situation	NOUN
cblr-9109	537	23	.	.	PUNCT
cblr-9109	538	1	all	all	PRON
cblr-9109	538	2	of	of	ADP
cblr-9109	538	3	these	these	DET
cblr-9109	538	4	inputs	input	NOUN
cblr-9109	538	5	will	will	AUX
cblr-9109	538	6	be	be	AUX
cblr-9109	538	7	put	put	VERB
cblr-9109	538	8	into	into	ADP
cblr-9109	538	9	this	this	DET
cblr-9109	538	10	business	business	NOUN
cblr-9109	538	11	up	up	ADP
cblr-9109	538	12	to	to	ADP
cblr-9109	538	13	the	the	DET
cblr-9109	538	14	point	point	NOUN
cblr-9109	538	15	where	where	SCONJ
cblr-9109	538	16	,	,	PUNCT
cblr-9109	538	17	at	at	ADP
cblr-9109	538	18	the	the	DET
cblr-9109	538	19	margin	margin	NOUN
cblr-9109	538	20	,	,	PUNCT
cblr-9109	538	21	the	the	DET
cblr-9109	538	22	expected	expect	VERB
cblr-9109	538	23	profits	profit	NOUN
cblr-9109	538	24	from	from	ADP
cblr-9109	538	25	successfully	successfully	ADV
cblr-9109	538	26	predicting	predict	VERB
cblr-9109	538	27	and	and	CCONJ
cblr-9109	538	28	acting	act	VERB
cblr-9109	538	29	on	on	ADP
cblr-9109	538	30	such	such	ADJ
cblr-9109	538	31	situations	situation	NOUN
cblr-9109	538	32	are	be	AUX
cblr-9109	538	33	equal	equal	ADJ
cblr-9109	538	34	to	to	ADP
cblr-9109	538	35	the	the	DET
cblr-9109	538	36	costs	cost	NOUN
cblr-9109	538	37	of	of	ADP
cblr-9109	538	38	paying	pay	VERB
cblr-9109	538	39	for	for	ADP
cblr-9109	538	40	the	the	DET
cblr-9109	538	41	inputs	input	NOUN
cblr-9109	538	42	.	.	PUNCT
cblr-9109	539	1	this	this	DET
cblr-9109	539	2	activity	activity	NOUN
cblr-9109	539	3	occurs	occur	VERB
cblr-9109	539	4	in	in	ADP
cblr-9109	539	5	an	an	DET
cblr-9109	539	6	openly	openly	ADV
cblr-9109	539	7	competitive	competitive	ADJ
cblr-9109	539	8	environment	environment	NOUN
cblr-9109	539	9	;	;	PUNCT
cblr-9109	539	10	so	so	CCONJ
cblr-9109	539	11	the	the	DET
cblr-9109	539	12	suppliers	supplier	NOUN
cblr-9109	539	13	of	of	ADP
cblr-9109	539	14	the	the	DET
cblr-9109	539	15	ordinary	ordinary	ADJ
cblr-9109	539	16	inputs	input	NOUN
cblr-9109	539	17	will	will	AUX
cblr-9109	539	18	be	be	AUX
cblr-9109	539	19	paid	pay	VERB
cblr-9109	539	20	a	a	DET
cblr-9109	539	21	market	market	NOUN
cblr-9109	539	22	return	return	NOUN
cblr-9109	539	23	comparable	comparable	ADJ
cblr-9109	539	24	to	to	ADP
cblr-9109	539	25	what	what	PRON
cblr-9109	539	26	they	they	PRON
cblr-9109	539	27	would	would	AUX
cblr-9109	539	28	earn	earn	VERB
cblr-9109	539	29	if	if	SCONJ
cblr-9109	539	30	the	the	DET
cblr-9109	539	31	resources	resource	NOUN
cblr-9109	539	32	they	they	PRON
cblr-9109	539	33	supplied	supply	VERB
cblr-9109	539	34	were	be	AUX
cblr-9109	539	35	utilized	utilize	VERB
cblr-9109	539	36	elsewhere	elsewhere	ADV
cblr-9109	539	37	.	.	PUNCT
cblr-9109	540	1	thus	thus	ADV
cblr-9109	540	2	,	,	PUNCT
cblr-9109	540	3	whether	whether	SCONJ
cblr-9109	540	4	spoofing	spoof	VERB
cblr-9109	540	5	occurs	occur	VERB
cblr-9109	540	6	freely	freely	ADV
cblr-9109	540	7	or	or	CCONJ
cblr-9109	540	8	not	not	PART
cblr-9109	540	9	has	have	VERB
cblr-9109	540	10	no	no	DET
cblr-9109	540	11	effect	effect	NOUN
cblr-9109	540	12	on	on	ADP
cblr-9109	540	13	their	their	PRON
cblr-9109	540	14	wealth	wealth	NOUN
cblr-9109	540	15	positions	position	NOUN
cblr-9109	540	16	.	.	PUNCT
cblr-9109	541	1	the	the	DET
cblr-9109	541	2	persons	person	NOUN
cblr-9109	541	3	with	with	ADP
cblr-9109	541	4	uniquely	uniquely	ADV
cblr-9109	541	5	useful	useful	ADJ
cblr-9109	541	6	abilities	ability	NOUN
cblr-9109	541	7	and	and	CCONJ
cblr-9109	541	8	skills	skill	NOUN
cblr-9109	541	9	will	will	AUX
cblr-9109	541	10	be	be	AUX
cblr-9109	541	11	paid	pay	VERB
cblr-9109	541	12	greater	great	ADJ
cblr-9109	541	13	rents	rent	NOUN
cblr-9109	541	14	than	than	ADP
cblr-9109	541	15	they	they	PRON
cblr-9109	541	16	since	since	SCONJ
cblr-9109	541	17	they	they	PRON
cblr-9109	541	18	would	would	AUX
cblr-9109	541	19	need	need	VERB
cblr-9109	541	20	to	to	PART
cblr-9109	541	21	clear	clear	VERB
cblr-9109	541	22	out	out	ADP
cblr-9109	541	23	these	these	DET
cblr-9109	541	24	bids	bid	NOUN
cblr-9109	541	25	as	as	ADV
cblr-9109	541	26	well	well	ADV
cblr-9109	541	27	as	as	ADP
cblr-9109	541	28	those	those	PRON
cblr-9109	541	29	of	of	ADP
cblr-9109	541	30	atlee	atlee	PROPN
cblr-9109	541	31	in	in	ADP
cblr-9109	541	32	order	order	NOUN
cblr-9109	541	33	to	to	PART
cblr-9109	541	34	be	be	AUX
cblr-9109	541	35	able	able	ADJ
cblr-9109	541	36	to	to	PART
cblr-9109	541	37	submit	submit	VERB
cblr-9109	541	38	offers	offer	NOUN
cblr-9109	541	39	at	at	ADP
cblr-9109	541	40	or	or	CCONJ
cblr-9109	541	41	below	below	ADP
cblr-9109	541	42	$	$	SYM
cblr-9109	541	43	10.10	10.10	NUM
cblr-9109	541	44	.	.	PUNCT
cblr-9109	542	1	it	it	PRON
cblr-9109	542	2	is	be	AUX
cblr-9109	542	3	also	also	ADV
cblr-9109	542	4	possible	possible	ADJ
cblr-9109	542	5	that	that	SCONJ
cblr-9109	542	6	the	the	DET
cblr-9109	542	7	nbb	nbb	PROPN
cblr-9109	542	8	would	would	AUX
cblr-9109	542	9	decline	decline	VERB
cblr-9109	542	10	very	very	ADV
cblr-9109	542	11	,	,	PUNCT
cblr-9109	542	12	very	very	ADV
cblr-9109	542	13	briefly	briefly	ADV
cblr-9109	542	14	before	before	ADP
cblr-9109	542	15	atlee	atlee	PROPN
cblr-9109	542	16	’s	’s	PART
cblr-9109	542	17	mirror	mirror	NOUN
cblr-9109	542	18	set	set	NOUN
cblr-9109	542	19	of	of	ADP
cblr-9109	542	20	actions	action	NOUN
cblr-9109	542	21	but	but	CCONJ
cblr-9109	542	22	,	,	PUNCT
cblr-9109	542	23	in	in	ADP
cblr-9109	542	24	that	that	DET
cblr-9109	542	25	case	case	NOUN
cblr-9109	542	26	,	,	PUNCT
cblr-9109	542	27	so	so	ADV
cblr-9109	542	28	would	would	AUX
cblr-9109	542	29	the	the	DET
cblr-9109	542	30	offer	offer	NOUN
cblr-9109	542	31	.	.	PUNCT
cblr-9109	543	1	so	so	ADV
cblr-9109	543	2	,	,	PUNCT
cblr-9109	543	3	a	a	DET
cblr-9109	543	4	few	few	ADJ
cblr-9109	543	5	ordinary	ordinary	ADJ
cblr-9109	543	6	trader	trader	NOUN
cblr-9109	543	7	sellers	seller	NOUN
cblr-9109	543	8	might	might	AUX
cblr-9109	543	9	suffer	suffer	VERB
cblr-9109	543	10	ex	ex	PRON
cblr-9109	543	11	post	post	NOUN
cblr-9109	543	12	losses	loss	NOUN
cblr-9109	543	13	,	,	PUNCT
cblr-9109	543	14	but	but	CCONJ
cblr-9109	543	15	a	a	DET
cblr-9109	543	16	few	few	ADJ
cblr-9109	543	17	buyers	buyer	NOUN
cblr-9109	543	18	would	would	AUX
cblr-9109	543	19	enjoy	enjoy	VERB
cblr-9109	543	20	ex	ex	PRON
cblr-9109	543	21	post	post	NOUN
cblr-9109	543	22	gains	gain	NOUN
cblr-9109	543	23	of	of	ADP
cblr-9109	543	24	a	a	DET
cblr-9109	543	25	comparable	comparable	ADJ
cblr-9109	543	26	amount	amount	NOUN
cblr-9109	543	27	.	.	PUNCT
cblr-9109	544	1	the	the	DET
cblr-9109	544	2	mirror	mirror	NOUN
cblr-9109	544	3	set	set	NOUN
cblr-9109	544	4	of	of	ADP
cblr-9109	544	5	actions	action	NOUN
cblr-9109	544	6	will	will	AUX
cblr-9109	544	7	have	have	VERB
cblr-9109	544	8	the	the	DET
cblr-9109	544	9	opposite	opposite	ADJ
cblr-9109	544	10	effects	effect	NOUN
cblr-9109	544	11	.	.	PUNCT
cblr-9109	545	1	1282	1282	NUM
cblr-9109	545	2	columbia	columbia	PROPN
cblr-9109	545	3	business	business	NOUN
cblr-9109	545	4	law	law	PROPN
cblr-9109	545	5	review	review	NOUN
cblr-9109	545	6	[	[	X
cblr-9109	545	7	vol	vol	NOUN
cblr-9109	545	8	.	.	PUNCT
cblr-9109	545	9	2021	2021	NUM
cblr-9109	545	10	would	would	AUX
cblr-9109	545	11	otherwise	otherwise	ADV
cblr-9109	545	12	be	be	AUX
cblr-9109	545	13	paid	pay	VERB
cblr-9109	545	14	if	if	SCONJ
cblr-9109	545	15	they	they	PRON
cblr-9109	545	16	had	have	VERB
cblr-9109	545	17	to	to	PART
cblr-9109	545	18	work	work	VERB
cblr-9109	545	19	in	in	ADP
cblr-9109	545	20	a	a	DET
cblr-9109	545	21	different	different	ADJ
cblr-9109	545	22	business	business	NOUN
cblr-9109	545	23	because	because	SCONJ
cblr-9109	545	24	spoofing	spoof	VERB
cblr-9109	545	25	was	be	AUX
cblr-9109	545	26	somehow	somehow	ADV
cblr-9109	545	27	prohibited	prohibit	VERB
cblr-9109	545	28	.	.	PUNCT
cblr-9109	546	1	thus	thus	ADV
cblr-9109	546	2	,	,	PUNCT
cblr-9109	546	3	their	their	PRON
cblr-9109	546	4	wealth	wealth	NOUN
cblr-9109	546	5	positions	position	NOUN
cblr-9109	546	6	will	will	AUX
cblr-9109	546	7	be	be	AUX
cblr-9109	546	8	enhanced	enhance	VERB
cblr-9109	546	9	if	if	SCONJ
cblr-9109	546	10	spoofing	spoofing	NOUN
cblr-9109	546	11	is	be	AUX
cblr-9109	546	12	allowed	allow	VERB
cblr-9109	546	13	to	to	PART
cblr-9109	546	14	occur	occur	VERB
cblr-9109	546	15	freely.113	freely.113	PROPN
cblr-9109	546	16	b.	b.	PROPN
cblr-9109	546	17	liquidity	liquidity	NOUN
cblr-9109	546	18	suppliers	supplier	NOUN
cblr-9109	546	19	viewing	view	VERB
cblr-9109	546	20	the	the	DET
cblr-9109	546	21	effects	effect	NOUN
cblr-9109	546	22	of	of	ADP
cblr-9109	546	23	spoofing	spoof	VERB
cblr-9109	546	24	on	on	ADP
cblr-9109	546	25	liquidity	liquidity	NOUN
cblr-9109	546	26	suppliers	supplier	NOUN
cblr-9109	546	27	from	from	ADP
cblr-9109	546	28	an	an	DET
cblr-9109	546	29	exante	exante	NOUN
cblr-9109	546	30	perspective	perspective	NOUN
cblr-9109	546	31	requires	require	VERB
cblr-9109	546	32	attention	attention	NOUN
cblr-9109	546	33	to	to	ADP
cblr-9109	546	34	two	two	NUM
cblr-9109	546	35	different	different	ADJ
cblr-9109	546	36	phenomena	phenomenon	NOUN
cblr-9109	546	37	.	.	PUNCT
cblr-9109	547	1	one	one	NUM
cblr-9109	547	2	is	be	AUX
cblr-9109	547	3	the	the	DET
cblr-9109	547	4	trading	trading	NOUN
cblr-9109	547	5	losses	loss	NOUN
cblr-9109	547	6	that	that	PRON
cblr-9109	547	7	the	the	DET
cblr-9109	547	8	suppliers	supplier	NOUN
cblr-9109	547	9	sustain	sustain	VERB
cblr-9109	547	10	when	when	SCONJ
cblr-9109	547	11	they	they	PRON
cblr-9109	547	12	sell	sell	VERB
cblr-9109	547	13	at	at	ADP
cblr-9109	547	14	a	a	DET
cblr-9109	547	15	price	price	NOUN
cblr-9109	547	16	equal	equal	ADJ
cblr-9109	547	17	to	to	ADP
cblr-9109	547	18	the	the	DET
cblr-9109	547	19	pre	pre	ADJ
cblr-9109	547	20	-	-	ADJ
cblr-9109	547	21	existing	exist	VERB
cblr-9109	547	22	bid	bid	NOUN
cblr-9109	547	23	and	and	CCONJ
cblr-9109	547	24	buy	buy	VERB
cblr-9109	547	25	back	back	ADV
cblr-9109	547	26	at	at	ADP
cblr-9109	547	27	one	one	NUM
cblr-9109	547	28	equal	equal	ADJ
cblr-9109	547	29	to	to	ADP
cblr-9109	547	30	the	the	DET
cblr-9109	547	31	pre	pre	ADJ
cblr-9109	547	32	-	-	ADJ
cblr-9109	547	33	existing	existing	ADJ
cblr-9109	547	34	offer	offer	NOUN
cblr-9109	547	35	.	.	PUNCT
cblr-9109	548	1	the	the	DET
cblr-9109	548	2	other	other	ADJ
cblr-9109	548	3	is	be	AUX
cblr-9109	548	4	the	the	DET
cblr-9109	548	5	damage	damage	NOUN
cblr-9109	548	6	that	that	PRON
cblr-9109	548	7	the	the	DET
cblr-9109	548	8	manipulation	manipulation	NOUN
cblr-9109	548	9	does	do	VERB
cblr-9109	548	10	to	to	ADP
cblr-9109	548	11	the	the	DET
cblr-9109	548	12	information	information	NOUN
cblr-9109	548	13	environment	environment	NOUN
cblr-9109	548	14	that	that	PRON
cblr-9109	548	15	liquidity	liquidity	NOUN
cblr-9109	548	16	suppliers	supplier	NOUN
cblr-9109	548	17	use	use	VERB
cblr-9109	548	18	to	to	PART
cblr-9109	548	19	protect	protect	VERB
cblr-9109	548	20	themselves	themselves	PRON
cblr-9109	548	21	in	in	ADP
cblr-9109	548	22	their	their	PRON
cblr-9109	548	23	quoting	quote	VERB
cblr-9109	548	24	activity	activity	NOUN
cblr-9109	548	25	against	against	ADP
cblr-9109	548	26	adverse	adverse	ADJ
cblr-9109	548	27	selection	selection	NOUN
cblr-9109	548	28	by	by	ADP
cblr-9109	548	29	informed	informed	ADJ
cblr-9109	548	30	traders	trader	NOUN
cblr-9109	548	31	.	.	PUNCT
cblr-9109	549	1	i.	i.	PROPN
cblr-9109	549	2	trading	trading	NOUN
cblr-9109	549	3	losses	loss	NOUN
cblr-9109	549	4	as	as	SCONJ
cblr-9109	549	5	we	we	PRON
cblr-9109	549	6	have	have	AUX
cblr-9109	549	7	seen	see	VERB
cblr-9109	549	8	from	from	ADP
cblr-9109	549	9	the	the	DET
cblr-9109	549	10	example	example	NOUN
cblr-9109	549	11	,	,	PUNCT
cblr-9109	549	12	ex	ex	X
cblr-9109	549	13	post	post	NOUN
cblr-9109	549	14	,	,	PUNCT
cblr-9109	549	15	liquidity	liquidity	NOUN
cblr-9109	549	16	suppliers	supplier	NOUN
cblr-9109	549	17	will	will	AUX
cblr-9109	549	18	lose	lose	VERB
cblr-9109	549	19	in	in	ADP
cblr-9109	549	20	their	their	PRON
cblr-9109	549	21	transactions	transaction	NOUN
cblr-9109	549	22	with	with	ADP
cblr-9109	549	23	a	a	DET
cblr-9109	549	24	successful	successful	ADJ
cblr-9109	549	25	spoofer	spoofer	NOUN
cblr-9109	549	26	because	because	SCONJ
cblr-9109	549	27	the	the	DET
cblr-9109	549	28	reversing	reverse	VERB
cblr-9109	549	29	purchases	purchase	NOUN
cblr-9109	549	30	from	from	ADP
cblr-9109	549	31	the	the	DET
cblr-9109	549	32	manipulators	manipulator	NOUN
cblr-9109	549	33	are	be	AUX
cblr-9109	549	34	at	at	ADP
cblr-9109	549	35	higher	high	ADJ
cblr-9109	549	36	prices	price	NOUN
cblr-9109	549	37	than	than	ADP
cblr-9109	549	38	the	the	DET
cblr-9109	549	39	initial	initial	ADJ
cblr-9109	549	40	sales	sale	NOUN
cblr-9109	549	41	.	.	PUNCT
cblr-9109	550	1	who	who	PRON
cblr-9109	550	2	ultimately	ultimately	ADV
cblr-9109	550	3	bears	bear	VERB
cblr-9109	550	4	these	these	DET
cblr-9109	550	5	costs	cost	NOUN
cblr-9109	550	6	,	,	PUNCT
cblr-9109	550	7	however	however	ADV
cblr-9109	550	8	,	,	PUNCT
cblr-9109	550	9	is	be	AUX
cblr-9109	550	10	an	an	DET
cblr-9109	550	11	interesting	interesting	ADJ
cblr-9109	550	12	question	question	NOUN
cblr-9109	550	13	.	.	PUNCT
cblr-9109	551	1	for	for	ADP
cblr-9109	551	2	the	the	DET
cblr-9109	551	3	hfts	hft	NOUN
cblr-9109	551	4	,	,	PUNCT
cblr-9109	551	5	these	these	PRON
cblr-9109	551	6	are	be	AUX
cblr-9109	551	7	not	not	PART
cblr-9109	551	8	ordinary	ordinary	ADJ
cblr-9109	551	9	adverse	adverse	ADJ
cblr-9109	551	10	selection	selection	NOUN
cblr-9109	551	11	costs	cost	NOUN
cblr-9109	551	12	that	that	PRON
cblr-9109	551	13	arise	arise	VERB
cblr-9109	551	14	from	from	ADP
cblr-9109	551	15	liquidity	liquidity	NOUN
cblr-9109	551	16	supply	supply	NOUN
cblr-9109	551	17	,	,	PUNCT
cblr-9109	551	18	selling	sell	VERB
cblr-9109	551	19	to	to	ADP
cblr-9109	551	20	investors	investor	NOUN
cblr-9109	551	21	with	with	ADP
cblr-9109	551	22	private	private	ADJ
cblr-9109	551	23	positive	positive	ADJ
cblr-9109	551	24	information	information	NOUN
cblr-9109	551	25	and	and	CCONJ
cblr-9109	551	26	buying	buying	NOUN
cblr-9109	551	27	from	from	ADP
cblr-9109	551	28	ones	one	NOUN
cblr-9109	551	29	with	with	ADP
cblr-9109	551	30	private	private	ADJ
cblr-9109	551	31	negative	negative	ADJ
cblr-9109	551	32	information	information	NOUN
cblr-9109	551	33	.	.	PUNCT
cblr-9109	552	1	this	this	DET
cblr-9109	552	2	point	point	NOUN
cblr-9109	552	3	is	be	AUX
cblr-9109	552	4	best	well	ADV
cblr-9109	552	5	understood	understand	VERB
cblr-9109	552	6	by	by	ADP
cblr-9109	552	7	considering	consider	VERB
cblr-9109	552	8	an	an	DET
cblr-9109	552	9	alternative	alternative	ADJ
cblr-9109	552	10	scenario	scenario	NOUN
cblr-9109	552	11	where	where	SCONJ
cblr-9109	552	12	atlee	atlee	PROPN
cblr-9109	552	13	would	would	AUX
cblr-9109	552	14	be	be	AUX
cblr-9109	552	15	creating	create	VERB
cblr-9109	552	16	adverse	adverse	ADJ
cblr-9109	552	17	selection	selection	NOUN
cblr-9109	552	18	costs	cost	NOUN
cblr-9109	552	19	through	through	ADP
cblr-9109	552	20	his	his	PRON
cblr-9109	552	21	manipulation	manipulation	NOUN
cblr-9109	552	22	.	.	PUNCT
cblr-9109	553	1	suppose	suppose	VERB
cblr-9109	553	2	atlee	atlee	PROPN
cblr-9109	553	3	did	do	AUX
cblr-9109	553	4	not	not	PART
cblr-9109	553	5	put	put	VERB
cblr-9109	553	6	in	in	ADP
cblr-9109	553	7	his	his	PRON
cblr-9109	553	8	bids	bid	NOUN
cblr-9109	553	9	totaling	total	VERB
cblr-9109	553	10	1000	1000	NUM
cblr-9109	553	11	shares	share	NOUN
cblr-9109	553	12	at	at	ADP
cblr-9109	553	13	$	$	SYM
cblr-9109	553	14	10.10	10.10	NUM
cblr-9109	553	15	,	,	PUNCT
cblr-9109	553	16	but	but	CCONJ
cblr-9109	553	17	did	do	AUX
cblr-9109	553	18	put	put	VERB
cblr-9109	553	19	in	in	ADP
cblr-9109	553	20	his	his	PRON
cblr-9109	553	21	large	large	ADJ
cblr-9109	553	22	quote	quote	NOUN
cblr-9109	553	23	at	at	ADP
cblr-9109	553	24	$	$	SYM
cblr-9109	553	25	10.12	10.12	NUM
cblr-9109	553	26	.	.	PUNCT
cblr-9109	554	1	the	the	DET
cblr-9109	554	2	large	large	ADJ
cblr-9109	554	3	quote	quote	INTJ
cblr-9109	554	4	sent	send	VERB
cblr-9109	554	5	a	a	DET
cblr-9109	554	6	sufficiently	sufficiently	ADV
cblr-9109	554	7	negative	negative	ADJ
cblr-9109	554	8	signal	signal	NOUN
cblr-9109	554	9	that	that	SCONJ
cblr-9109	554	10	it	it	PRON
cblr-9109	554	11	pushed	push	VERB
cblr-9109	554	12	prices	price	NOUN
cblr-9109	554	13	down	down	ADP
cblr-9109	554	14	by	by	ADP
cblr-9109	554	15	more	more	ADJ
cblr-9109	554	16	than	than	ADP
cblr-9109	554	17	the	the	DET
cblr-9109	554	18	spread	spread	NOUN
cblr-9109	554	19	so	so	SCONJ
cblr-9109	554	20	that	that	SCONJ
cblr-9109	554	21	the	the	DET
cblr-9109	554	22	new	new	PROPN
cblr-9109	554	23	nbo	nbo	PROPN
cblr-9109	554	24	,	,	PUNCT
cblr-9109	554	25	say	say	VERB
cblr-9109	554	26	$	$	SYM
cblr-9109	554	27	10.09	10.09	NUM
cblr-9109	554	28	,	,	PUNCT
cblr-9109	554	29	was	be	AUX
cblr-9109	554	30	below	below	ADP
cblr-9109	554	31	the	the	DET
cblr-9109	554	32	pre	pre	ADJ
cblr-9109	554	33	-	-	ADJ
cblr-9109	554	34	existing	exist	VERB
cblr-9109	554	35	nbb	nbb	NOUN
cblr-9109	554	36	of	of	ADP
cblr-9109	554	37	$	$	SYM
cblr-9109	554	38	10.10	10.10	NUM
cblr-9109	554	39	.	.	PUNCT
cblr-9109	555	1	in	in	ADP
cblr-9109	555	2	this	this	DET
cblr-9109	555	3	scenario	scenario	NOUN
cblr-9109	555	4	,	,	PUNCT
cblr-9109	555	5	atlee	atlee	PROPN
cblr-9109	555	6	then	then	ADV
cblr-9109	555	7	buys	buy	VERB
cblr-9109	555	8	at	at	ADP
cblr-9109	555	9	the	the	DET
cblr-9109	555	10	new	new	ADJ
cblr-9109	555	11	offer	offer	NOUN
cblr-9109	555	12	.	.	PUNCT
cblr-9109	556	1	after	after	ADP
cblr-9109	556	2	113	113	NUM
cblr-9109	556	3	this	this	PRON
cblr-9109	556	4	is	be	AUX
cblr-9109	556	5	the	the	DET
cblr-9109	556	6	same	same	ADJ
cblr-9109	556	7	analysis	analysis	NOUN
cblr-9109	556	8	that	that	SCONJ
cblr-9109	556	9	two	two	NUM
cblr-9109	556	10	us	we	PRON
cblr-9109	556	11	have	have	AUX
cblr-9109	556	12	previously	previously	ADV
cblr-9109	556	13	applied	apply	VERB
cblr-9109	556	14	to	to	ADP
cblr-9109	556	15	naked	naked	ADJ
cblr-9109	556	16	open	open	ADJ
cblr-9109	556	17	market	market	NOUN
cblr-9109	556	18	manipulation	manipulation	NOUN
cblr-9109	556	19	.	.	PUNCT
cblr-9109	557	1	see	see	VERB
cblr-9109	557	2	fox	fox	PROPN
cblr-9109	557	3	et	et	PROPN
cblr-9109	557	4	al	al	PROPN
cblr-9109	557	5	.	.	PROPN
cblr-9109	557	6	,	,	PUNCT
cblr-9109	557	7	manipulation	manipulation	NOUN
cblr-9109	557	8	.	.	PUNCT
cblr-9109	558	1	no	no	INTJ
cblr-9109	558	2	.	.	PUNCT
cblr-9109	559	1	3:1244	3:1244	NUM
cblr-9109	559	2	]	]	X
cblr-9109	559	3	spoofing	spoofing	NOUN
cblr-9109	559	4	and	and	CCONJ
cblr-9109	559	5	its	its	PRON
cblr-9109	559	6	regulation	regulation	NOUN
cblr-9109	559	7	1283	1283	NUM
cblr-9109	559	8	canceling	cancel	VERB
cblr-9109	559	9	the	the	DET
cblr-9109	559	10	large	large	ADJ
cblr-9109	559	11	quote	quote	NOUN
cblr-9109	559	12	,	,	PUNCT
cblr-9109	559	13	the	the	DET
cblr-9109	559	14	bid	bid	NOUN
cblr-9109	559	15	returns	return	VERB
cblr-9109	559	16	to	to	ADP
cblr-9109	559	17	$	$	SYM
cblr-9109	559	18	10.10	10.10	NUM
cblr-9109	559	19	,	,	PUNCT
cblr-9109	559	20	and	and	CCONJ
cblr-9109	559	21	atlee	atlee	PROPN
cblr-9109	559	22	sells	sell	VERB
cblr-9109	559	23	the	the	DET
cblr-9109	559	24	shares	share	NOUN
cblr-9109	559	25	for	for	ADP
cblr-9109	559	26	$	$	SYM
cblr-9109	559	27	10.10	10.10	NUM
cblr-9109	559	28	that	that	PRON
cblr-9109	559	29	he	he	PRON
cblr-9109	559	30	bought	buy	VERB
cblr-9109	559	31	for	for	ADP
cblr-9109	559	32	$	$	SYM
cblr-9109	559	33	10.09	10.09	NUM
cblr-9109	559	34	.	.	PUNCT
cblr-9109	560	1	in	in	ADP
cblr-9109	560	2	this	this	DET
cblr-9109	560	3	alternative	alternative	ADJ
cblr-9109	560	4	scenario	scenario	NOUN
cblr-9109	560	5	,	,	PUNCT
cblr-9109	560	6	atlee	atlee	PROPN
cblr-9109	560	7	would	would	AUX
cblr-9109	560	8	,	,	PUNCT
cblr-9109	560	9	in	in	ADP
cblr-9109	560	10	essence	essence	NOUN
cblr-9109	560	11	,	,	PUNCT
cblr-9109	560	12	be	be	AUX
cblr-9109	560	13	an	an	DET
cblr-9109	560	14	informed	informed	ADJ
cblr-9109	560	15	trader	trader	NOUN
cblr-9109	560	16	because	because	SCONJ
cblr-9109	560	17	he	he	PRON
cblr-9109	560	18	would	would	AUX
cblr-9109	560	19	know	know	VERB
cblr-9109	560	20	that	that	SCONJ
cblr-9109	560	21	the	the	DET
cblr-9109	560	22	large	large	ADJ
cblr-9109	560	23	quote	quote	NOUN
cblr-9109	560	24	at	at	ADP
cblr-9109	560	25	the	the	DET
cblr-9109	560	26	nbo	nbo	PROPN
cblr-9109	560	27	did	do	AUX
cblr-9109	560	28	not	not	PART
cblr-9109	560	29	represent	represent	VERB
cblr-9109	560	30	bad	bad	ADJ
cblr-9109	560	31	news	news	NOUN
cblr-9109	560	32	when	when	SCONJ
cblr-9109	560	33	predictably	predictably	ADV
cblr-9109	560	34	other	other	ADJ
cblr-9109	560	35	market	market	NOUN
cblr-9109	560	36	players	player	NOUN
cblr-9109	560	37	would	would	AUX
cblr-9109	560	38	think	think	VERB
cblr-9109	560	39	that	that	SCONJ
cblr-9109	560	40	it	it	PRON
cblr-9109	560	41	did	do	VERB
cblr-9109	560	42	.	.	PUNCT
cblr-9109	561	1	from	from	ADP
cblr-9109	561	2	the	the	DET
cblr-9109	561	3	ex	ex	PROPN
cblr-9109	561	4	ante	ante	NOUN
cblr-9109	561	5	perspective	perspective	NOUN
cblr-9109	561	6	,	,	PUNCT
cblr-9109	561	7	losses	loss	NOUN
cblr-9109	561	8	of	of	ADP
cblr-9109	561	9	that	that	DET
cblr-9109	561	10	sort	sort	NOUN
cblr-9109	561	11	would	would	AUX
cblr-9109	561	12	be	be	AUX
cblr-9109	561	13	passed	pass	VERB
cblr-9109	561	14	on	on	ADP
cblr-9109	561	15	by	by	ADP
cblr-9109	561	16	the	the	DET
cblr-9109	561	17	liquidity	liquidity	NOUN
cblr-9109	561	18	suppliers	supplier	NOUN
cblr-9109	561	19	to	to	ADP
cblr-9109	561	20	the	the	DET
cblr-9109	561	21	other	other	ADJ
cblr-9109	561	22	traders	trader	NOUN
cblr-9109	561	23	in	in	ADP
cblr-9109	561	24	the	the	DET
cblr-9109	561	25	market	market	NOUN
cblr-9109	561	26	.	.	PUNCT
cblr-9109	562	1	in	in	ADP
cblr-9109	562	2	a	a	DET
cblr-9109	562	3	simple	simple	ADJ
cblr-9109	562	4	model	model	NOUN
cblr-9109	562	5	,	,	PUNCT
cblr-9109	562	6	like	like	ADP
cblr-9109	562	7	that	that	PRON
cblr-9109	562	8	set	set	VERB
cblr-9109	562	9	out	out	ADP
cblr-9109	562	10	in	in	ADP
cblr-9109	562	11	part	part	NOUN
cblr-9109	562	12	iv	iv	NOUN
cblr-9109	562	13	,	,	PUNCT
cblr-9109	562	14	where	where	SCONJ
cblr-9109	562	15	the	the	DET
cblr-9109	562	16	only	only	ADJ
cblr-9109	562	17	cost	cost	NOUN
cblr-9109	562	18	to	to	ADP
cblr-9109	562	19	liquidity	liquidity	NOUN
cblr-9109	562	20	supply	supply	NOUN
cblr-9109	562	21	is	be	AUX
cblr-9109	562	22	adverse	adverse	ADJ
cblr-9109	562	23	selection	selection	NOUN
cblr-9109	562	24	,	,	PUNCT
cblr-9109	562	25	to	to	PART
cblr-9109	562	26	survive	survive	VERB
cblr-9109	562	27	in	in	ADP
cblr-9109	562	28	a	a	DET
cblr-9109	562	29	competitive	competitive	ADJ
cblr-9109	562	30	market	market	NOUN
cblr-9109	562	31	,	,	PUNCT
cblr-9109	562	32	a	a	DET
cblr-9109	562	33	liquidity	liquidity	NOUN
cblr-9109	562	34	supplier	supplier	NOUN
cblr-9109	562	35	must	must	AUX
cblr-9109	562	36	set	set	VERB
cblr-9109	562	37	its	its	PRON
cblr-9109	562	38	bids	bid	NOUN
cblr-9109	562	39	and	and	CCONJ
cblr-9109	562	40	offers	offer	VERB
cblr-9109	562	41	so	so	SCONJ
cblr-9109	562	42	that	that	SCONJ
cblr-9109	562	43	these	these	DET
cblr-9109	562	44	losses	loss	NOUN
cblr-9109	562	45	and	and	CCONJ
cblr-9109	562	46	gains	gain	NOUN
cblr-9109	562	47	balance	balance	NOUN
cblr-9109	562	48	out.114	out.114	NOUN
cblr-9109	562	49	if	if	SCONJ
cblr-9109	562	50	its	its	PRON
cblr-9109	562	51	spreads	spread	NOUN
cblr-9109	562	52	are	be	AUX
cblr-9109	562	53	wider	wide	ADJ
cblr-9109	562	54	than	than	ADP
cblr-9109	562	55	this	this	PRON
cblr-9109	562	56	,	,	PUNCT
cblr-9109	562	57	it	it	PRON
cblr-9109	562	58	will	will	AUX
cblr-9109	562	59	not	not	PART
cblr-9109	562	60	attract	attract	VERB
cblr-9109	562	61	orders	order	NOUN
cblr-9109	562	62	because	because	SCONJ
cblr-9109	562	63	they	they	PRON
cblr-9109	562	64	will	will	AUX
cblr-9109	562	65	be	be	AUX
cblr-9109	562	66	undercut	undercut	VERB
cblr-9109	562	67	by	by	ADP
cblr-9109	562	68	other	other	ADJ
cblr-9109	562	69	liquidity	liquidity	NOUN
cblr-9109	562	70	suppliers	supplier	NOUN
cblr-9109	562	71	.	.	PUNCT
cblr-9109	563	1	if	if	SCONJ
cblr-9109	563	2	they	they	PRON
cblr-9109	563	3	are	be	AUX
cblr-9109	563	4	narrower	narrow	ADJ
cblr-9109	563	5	than	than	ADP
cblr-9109	563	6	this	this	PRON
cblr-9109	563	7	,	,	PUNCT
cblr-9109	563	8	at	at	ADP
cblr-9109	563	9	least	least	ADJ
cblr-9109	563	10	some	some	PRON
cblr-9109	563	11	of	of	ADP
cblr-9109	563	12	its	its	PRON
cblr-9109	563	13	inputs	input	NOUN
cblr-9109	563	14	will	will	AUX
cblr-9109	563	15	be	be	AUX
cblr-9109	563	16	receiving	receive	VERB
cblr-9109	563	17	less	less	ADJ
cblr-9109	563	18	than	than	ADP
cblr-9109	563	19	a	a	DET
cblr-9109	563	20	market	market	NOUN
cblr-9109	563	21	return	return	NOUN
cblr-9109	563	22	,	,	PUNCT
cblr-9109	563	23	and	and	CCONJ
cblr-9109	563	24	thus	thus	ADV
cblr-9109	563	25	the	the	DET
cblr-9109	563	26	business	business	NOUN
cblr-9109	563	27	will	will	AUX
cblr-9109	563	28	not	not	PART
cblr-9109	563	29	be	be	AUX
cblr-9109	563	30	able	able	ADJ
cblr-9109	563	31	to	to	PART
cblr-9109	563	32	survive	survive	VERB
cblr-9109	563	33	in	in	ADP
cblr-9109	563	34	the	the	DET
cblr-9109	563	35	longer	long	ADJ
cblr-9109	563	36	run	run	NOUN
cblr-9109	563	37	.	.	PUNCT
cblr-9109	564	1	in	in	ADP
cblr-9109	564	2	contrast	contrast	NOUN
cblr-9109	564	3	,	,	PUNCT
cblr-9109	564	4	in	in	ADP
cblr-9109	564	5	the	the	DET
cblr-9109	564	6	atlee	atlee	PROPN
cblr-9109	564	7	scenario	scenario	NOUN
cblr-9109	564	8	that	that	PRON
cblr-9109	564	9	is	be	AUX
cblr-9109	564	10	,	,	PUNCT
cblr-9109	564	11	in	in	ADP
cblr-9109	564	12	fact	fact	NOUN
cblr-9109	564	13	,	,	PUNCT
cblr-9109	564	14	our	our	PRON
cblr-9109	564	15	focus	focus	NOUN
cblr-9109	564	16	,	,	PUNCT
cblr-9109	564	17	where	where	SCONJ
cblr-9109	564	18	he	he	PRON
cblr-9109	564	19	does	do	AUX
cblr-9109	564	20	submit	submit	VERB
cblr-9109	564	21	the	the	DET
cblr-9109	564	22	ten	ten	NUM
cblr-9109	564	23	100	100	NUM
cblr-9109	564	24	share	share	NOUN
cblr-9109	564	25	bids	bid	NOUN
cblr-9109	564	26	at	at	ADP
cblr-9109	564	27	$	$	SYM
cblr-9109	564	28	10.10	10.10	NUM
cblr-9109	564	29	,	,	PUNCT
cblr-9109	564	30	the	the	DET
cblr-9109	564	31	hfts	hft	NOUN
cblr-9109	564	32	’	'	PUNCT
cblr-9109	564	33	losses	loss	NOUN
cblr-9109	564	34	,	,	PUNCT
cblr-9109	564	35	rather	rather	ADV
cblr-9109	564	36	than	than	ADP
cblr-9109	564	37	coming	come	VERB
cblr-9109	564	38	directly	directly	ADV
cblr-9109	564	39	from	from	ADP
cblr-9109	564	40	their	their	PRON
cblr-9109	564	41	liquidity	liquidity	NOUN
cblr-9109	564	42	supplying	supplying	NOUN
cblr-9109	564	43	activity	activity	NOUN
cblr-9109	564	44	,	,	PUNCT
cblr-9109	564	45	arise	arise	VERB
cblr-9109	564	46	because	because	SCONJ
cblr-9109	564	47	the	the	DET
cblr-9109	564	48	hfts	hft	NOUN
cblr-9109	564	49	choose	choose	VERB
cblr-9109	564	50	not	not	PART
cblr-9109	564	51	to	to	PART
cblr-9109	564	52	wait	wait	VERB
cblr-9109	564	53	until	until	ADP
cblr-9109	564	54	marketable	marketable	ADJ
cblr-9109	564	55	sell	sell	NOUN
cblr-9109	564	56	orders	order	NOUN
cblr-9109	564	57	by	by	ADP
cblr-9109	564	58	ordinary	ordinary	ADJ
cblr-9109	564	59	investors	investor	NOUN
cblr-9109	564	60	executed	execute	VERB
cblr-9109	564	61	against	against	ADP
cblr-9109	564	62	the	the	DET
cblr-9109	564	63	bids	bid	NOUN
cblr-9109	564	64	in	in	ADP
cblr-9109	564	65	the	the	DET
cblr-9109	564	66	market	market	NOUN
cblr-9109	564	67	at	at	ADP
cblr-9109	564	68	$	$	SYM
cblr-9109	564	69	10.10	10.10	NUM
cblr-9109	564	70	submitted	submit	VERB
cblr-9109	564	71	by	by	ADP
cblr-9109	564	72	persons	person	NOUN
cblr-9109	564	73	whom	whom	PRON
cblr-9109	564	74	the	the	DET
cblr-9109	564	75	hfts	hft	NOUN
cblr-9109	564	76	(	(	PUNCT
cblr-9109	564	77	incorrectly	incorrectly	ADV
cblr-9109	564	78	)	)	PUNCT
cblr-9109	564	79	thought	thought	NOUN
cblr-9109	564	80	were	be	AUX
cblr-9109	564	81	just	just	ADV
cblr-9109	564	82	ordinary	ordinary	ADJ
cblr-9109	564	83	traders	trader	NOUN
cblr-9109	564	84	(	(	PUNCT
cblr-9109	564	85	not	not	PART
cblr-9109	564	86	professional	professional	ADJ
cblr-9109	564	87	liquidity	liquidity	NOUN
cblr-9109	564	88	suppliers	supplier	NOUN
cblr-9109	564	89	)	)	PUNCT
cblr-9109	564	90	who	who	PRON
cblr-9109	564	91	had	have	AUX
cblr-9109	564	92	submitted	submit	VERB
cblr-9109	564	93	non	non	ADJ
cblr-9109	564	94	-	-	ADJ
cblr-9109	564	95	marketable	marketable	ADJ
cblr-9109	564	96	buy	buy	NOUN
cblr-9109	564	97	orders	order	NOUN
cblr-9109	564	98	at	at	ADP
cblr-9109	564	99	$	$	SYM
cblr-9109	564	100	10.10	10.10	NUM
cblr-9109	564	101	and	and	CCONJ
cblr-9109	564	102	failed	fail	VERB
cblr-9109	564	103	to	to	PART
cblr-9109	564	104	cancel	cancel	VERB
cblr-9109	564	105	because	because	SCONJ
cblr-9109	564	106	they	they	PRON
cblr-9109	564	107	were	be	AUX
cblr-9109	564	108	unaware	unaware	ADJ
cblr-9109	564	109	of	of	ADP
cblr-9109	564	110	atlee	atlee	PROPN
cblr-9109	564	111	’s	’s	PART
cblr-9109	564	112	large	large	ADJ
cblr-9109	564	113	order	order	NOUN
cblr-9109	564	114	at	at	ADP
cblr-9109	564	115	the	the	DET
cblr-9109	564	116	pre	pre	ADJ
cblr-9109	564	117	-	-	ADJ
cblr-9109	564	118	existing	exist	VERB
cblr-9109	564	119	nbo	nbo	NOUN
cblr-9109	564	120	and	and	CCONJ
cblr-9109	564	121	its	its	PRON
cblr-9109	564	122	negative	negative	ADJ
cblr-9109	564	123	implications	implication	NOUN
cblr-9109	564	124	.	.	PUNCT
cblr-9109	565	1	the	the	DET
cblr-9109	565	2	hfts	hft	NOUN
cblr-9109	565	3	make	make	VERB
cblr-9109	565	4	this	this	DET
cblr-9109	565	5	choice	choice	NOUN
cblr-9109	565	6	to	to	PART
cblr-9109	565	7	clear	clear	VERB
cblr-9109	565	8	the	the	DET
cblr-9109	565	9	market	market	NOUN
cblr-9109	565	10	themselves	themselves	PRON
cblr-9109	565	11	in	in	ADP
cblr-9109	565	12	these	these	DET
cblr-9109	565	13	kinds	kind	NOUN
cblr-9109	565	14	of	of	ADP
cblr-9109	565	15	situations	situation	NOUN
cblr-9109	565	16	in	in	ADP
cblr-9109	565	17	essence	essence	NOUN
cblr-9109	565	18	as	as	ADP
cblr-9109	565	19	an	an	DET
cblr-9109	565	20	opportunity	opportunity	NOUN
cblr-9109	565	21	to	to	PART
cblr-9109	565	22	expand	expand	VERB
cblr-9109	565	23	their	their	PRON
cblr-9109	565	24	businesses	business	NOUN
cblr-9109	565	25	by	by	ADP
cblr-9109	565	26	quoting	quote	VERB
cblr-9109	565	27	during	during	ADP
cblr-9109	565	28	a	a	DET
cblr-9109	565	29	period	period	NOUN
cblr-9109	565	30	of	of	ADP
cblr-9109	565	31	time	time	NOUN
cblr-9109	565	32	that	that	PRON
cblr-9109	565	33	they	they	PRON
cblr-9109	565	34	otherwise	otherwise	ADV
cblr-9109	565	35	would	would	AUX
cblr-9109	565	36	not	not	PART
cblr-9109	565	37	have	have	AUX
cblr-9109	565	38	been	be	AUX
cblr-9109	565	39	because	because	SCONJ
cblr-9109	565	40	there	there	PRON
cblr-9109	565	41	would	would	AUX
cblr-9109	565	42	still	still	ADV
cblr-9109	565	43	be	be	AUX
cblr-9109	565	44	bids	bid	NOUN
cblr-9109	565	45	at	at	ADP
cblr-9109	565	46	or	or	CCONJ
cblr-9109	565	47	above	above	ADP
cblr-9109	565	48	the	the	DET
cblr-9109	565	49	price	price	NOUN
cblr-9109	565	50	at	at	ADP
cblr-9109	565	51	which	which	PRON
cblr-9109	565	52	they	they	PRON
cblr-9109	565	53	wish	wish	VERB
cblr-9109	565	54	to	to	PART
cblr-9109	565	55	quote	quote	VERB
cblr-9109	565	56	offers	offer	NOUN
cblr-9109	565	57	.	.	PUNCT
cblr-9109	566	1	so	so	ADV
cblr-9109	566	2	,	,	PUNCT
cblr-9109	566	3	the	the	DET
cblr-9109	566	4	choice	choice	NOUN
cblr-9109	566	5	by	by	ADP
cblr-9109	566	6	an	an	DET
cblr-9109	566	7	hft	hft	NOUN
cblr-9109	566	8	to	to	PART
cblr-9109	566	9	engage	engage	VERB
cblr-9109	566	10	in	in	ADP
cblr-9109	566	11	this	this	DET
cblr-9109	566	12	kind	kind	NOUN
cblr-9109	566	13	of	of	ADP
cblr-9109	566	14	activity	activity	NOUN
cblr-9109	566	15	is	be	AUX
cblr-9109	566	16	more	more	ADV
cblr-9109	566	17	like	like	ADP
cblr-9109	566	18	a	a	DET
cblr-9109	566	19	larger	large	ADJ
cblr-9109	566	20	overall	overall	ADJ
cblr-9109	566	21	cost	cost	NOUN
cblr-9109	566	22	of	of	ADP
cblr-9109	566	23	business	business	NOUN
cblr-9109	566	24	-	-	PUNCT
cblr-9109	566	25	related	relate	VERB
cblr-9109	566	26	to	to	ADP
cblr-9109	566	27	how	how	SCONJ
cblr-9109	566	28	much	much	ADJ
cblr-9109	566	29	quoting	quote	VERB
cblr-9109	566	30	they	they	PRON
cblr-9109	566	31	can	can	AUX
cblr-9109	566	32	provide	provide	VERB
cblr-9109	566	33	during	during	ADP
cblr-9109	566	34	the	the	DET
cblr-9109	566	35	year	year	NOUN
cblr-9109	566	36	.	.	PUNCT
cblr-9109	567	1	114	114	NUM
cblr-9109	567	2	see	see	VERB
cblr-9109	567	3	supra	supra	PROPN
cblr-9109	567	4	section	section	NOUN
cblr-9109	567	5	iv.c	iv.c	PROPN
cblr-9109	567	6	.	.	PUNCT
cblr-9109	568	1	1284	1284	NUM
cblr-9109	568	2	columbia	columbia	PROPN
cblr-9109	568	3	business	business	NOUN
cblr-9109	568	4	law	law	PROPN
cblr-9109	568	5	review	review	NOUN
cblr-9109	568	6	[	[	X
cblr-9109	568	7	vol	vol	NOUN
cblr-9109	568	8	.	.	PUNCT
cblr-9109	568	9	2021	2021	NUM
cblr-9109	568	10	the	the	DET
cblr-9109	568	11	existence	existence	NOUN
cblr-9109	568	12	of	of	ADP
cblr-9109	568	13	spoofing	spoof	VERB
cblr-9109	568	14	is	be	AUX
cblr-9109	568	15	thus	thus	ADV
cblr-9109	568	16	more	more	ADV
cblr-9109	568	17	like	like	ADP
cblr-9109	568	18	other	other	ADJ
cblr-9109	568	19	real	real	ADJ
cblr-9109	568	20	-	-	PUNCT
cblr-9109	568	21	world	world	NOUN
cblr-9109	568	22	costs	cost	NOUN
cblr-9109	568	23	of	of	ADP
cblr-9109	568	24	being	be	AUX
cblr-9109	568	25	in	in	ADP
cblr-9109	568	26	the	the	DET
cblr-9109	568	27	liquidity	liquidity	NOUN
cblr-9109	568	28	supply	supply	NOUN
cblr-9109	568	29	business	business	NOUN
cblr-9109	568	30	not	not	PART
cblr-9109	568	31	captured	capture	VERB
cblr-9109	568	32	by	by	ADP
cblr-9109	568	33	the	the	DET
cblr-9109	568	34	simple	simple	ADJ
cblr-9109	568	35	,	,	PUNCT
cblr-9109	568	36	pure	pure	ADJ
cblr-9109	568	37	adverse	adverse	ADJ
cblr-9109	568	38	selection	selection	NOUN
cblr-9109	568	39	model	model	NOUN
cblr-9109	568	40	.	.	PUNCT
cblr-9109	569	1	these	these	PRON
cblr-9109	569	2	would	would	AUX
cblr-9109	569	3	include	include	VERB
cblr-9109	569	4	what	what	PRON
cblr-9109	569	5	must	must	AUX
cblr-9109	569	6	be	be	AUX
cblr-9109	569	7	paid	pay	VERB
cblr-9109	569	8	to	to	ADP
cblr-9109	569	9	personnel	personnel	NOUN
cblr-9109	569	10	,	,	PUNCT
cblr-9109	569	11	a	a	DET
cblr-9109	569	12	market	market	NOUN
cblr-9109	569	13	return	return	NOUN
cblr-9109	569	14	on	on	ADP
cblr-9109	569	15	the	the	DET
cblr-9109	569	16	capital	capital	NOUN
cblr-9109	569	17	needed	need	VERB
cblr-9109	569	18	for	for	ADP
cblr-9109	569	19	acquiring	acquire	VERB
cblr-9109	569	20	real	real	ADJ
cblr-9109	569	21	estate	estate	NOUN
cblr-9109	569	22	and	and	CCONJ
cblr-9109	569	23	equipment	equipment	NOUN
cblr-9109	569	24	and	and	CCONJ
cblr-9109	569	25	for	for	ADP
cblr-9109	569	26	engaging	engage	VERB
cblr-9109	569	27	in	in	ADP
cblr-9109	569	28	the	the	DET
cblr-9109	569	29	trading	trading	NOUN
cblr-9109	569	30	itself	itself	PRON
cblr-9109	569	31	,	,	PUNCT
cblr-9109	569	32	and	and	CCONJ
cblr-9109	569	33	compensation	compensation	NOUN
cblr-9109	569	34	for	for	ADP
cblr-9109	569	35	the	the	DET
cblr-9109	569	36	undiversified	undiversified	ADJ
cblr-9109	569	37	nature	nature	NOUN
cblr-9109	569	38	of	of	ADP
cblr-9109	569	39	the	the	DET
cblr-9109	569	40	portfolio	portfolio	NOUN
cblr-9109	569	41	that	that	SCONJ
cblr-9109	569	42	the	the	DET
cblr-9109	569	43	business	business	NOUN
cblr-9109	569	44	will	will	AUX
cblr-9109	569	45	be	be	AUX
cblr-9109	569	46	holding	hold	VERB
cblr-9109	569	47	most	most	ADJ
cblr-9109	569	48	of	of	ADP
cblr-9109	569	49	the	the	DET
cblr-9109	569	50	time	time	NOUN
cblr-9109	569	51	.	.	PUNCT
cblr-9109	570	1	at	at	ADV
cblr-9109	570	2	least	least	ADJ
cblr-9109	570	3	over	over	ADP
cblr-9109	570	4	the	the	DET
cblr-9109	570	5	long	long	ADJ
cblr-9109	570	6	run	run	NOUN
cblr-9109	570	7	,	,	PUNCT
cblr-9109	570	8	the	the	DET
cblr-9109	570	9	spread	spread	NOUN
cblr-9109	570	10	must	must	AUX
cblr-9109	570	11	be	be	AUX
cblr-9109	570	12	wide	wide	ADJ
cblr-9109	570	13	enough	enough	ADV
cblr-9109	570	14	to	to	PART
cblr-9109	570	15	cover	cover	VERB
cblr-9109	570	16	these	these	DET
cblr-9109	570	17	costs	cost	NOUN
cblr-9109	570	18	as	as	ADV
cblr-9109	570	19	well	well	ADV
cblr-9109	570	20	for	for	SCONJ
cblr-9109	570	21	liquidity	liquidity	NOUN
cblr-9109	570	22	suppliers	supplier	NOUN
cblr-9109	570	23	to	to	PART
cblr-9109	570	24	stay	stay	VERB
cblr-9109	570	25	in	in	ADP
cblr-9109	570	26	business	business	NOUN
cblr-9109	570	27	and	and	CCONJ
cblr-9109	570	28	provide	provide	VERB
cblr-9109	570	29	liquidity	liquidity	NOUN
cblr-9109	570	30	at	at	ADP
cblr-9109	570	31	the	the	DET
cblr-9109	570	32	level	level	NOUN
cblr-9109	570	33	they	they	PRON
cblr-9109	570	34	do	do	VERB
cblr-9109	570	35	,	,	PUNCT
cblr-9109	570	36	or	or	CCONJ
cblr-9109	570	37	it	it	PRON
cblr-9109	570	38	must	must	AUX
cblr-9109	570	39	erode	erode	VERB
cblr-9109	570	40	what	what	PRON
cblr-9109	570	41	are	be	AUX
cblr-9109	570	42	still	still	ADV
cblr-9109	570	43	positive	positive	ADJ
cblr-9109	570	44	rents	rent	NOUN
cblr-9109	570	45	for	for	ADP
cblr-9109	570	46	particular	particular	ADJ
cblr-9109	570	47	inputs	input	NOUN
cblr-9109	570	48	into	into	ADP
cblr-9109	570	49	what	what	PRON
cblr-9109	570	50	is	be	AUX
cblr-9109	570	51	a	a	DET
cblr-9109	570	52	competitive	competitive	ADJ
cblr-9109	570	53	business	business	NOUN
cblr-9109	570	54	.	.	PUNCT
cblr-9109	571	1	in	in	ADP
cblr-9109	571	2	other	other	ADJ
cblr-9109	571	3	words	word	NOUN
cblr-9109	571	4	,	,	PUNCT
cblr-9109	571	5	spoofing	spoof	VERB
cblr-9109	571	6	is	be	AUX
cblr-9109	571	7	a	a	DET
cblr-9109	571	8	cost	cost	NOUN
cblr-9109	571	9	of	of	ADP
cblr-9109	571	10	providing	provide	VERB
cblr-9109	571	11	liquidity	liquidity	NOUN
cblr-9109	571	12	at	at	ADP
cblr-9109	571	13	this	this	DET
cblr-9109	571	14	level	level	NOUN
cblr-9109	571	15	,	,	PUNCT
cblr-9109	571	16	which	which	PRON
cblr-9109	571	17	may	may	AUX
cblr-9109	571	18	or	or	CCONJ
cblr-9109	571	19	may	may	AUX
cblr-9109	571	20	not	not	PART
cblr-9109	571	21	be	be	AUX
cblr-9109	571	22	passed	pass	VERB
cblr-9109	571	23	on	on	ADP
cblr-9109	571	24	through	through	ADP
cblr-9109	571	25	a	a	DET
cblr-9109	571	26	wider	wide	ADJ
cblr-9109	571	27	spread	spread	NOUN
cblr-9109	571	28	.	.	PUNCT
cblr-9109	572	1	ii	ii	X
cblr-9109	572	2	.	.	PUNCT
cblr-9109	573	1	detecting	detect	VERB
cblr-9109	573	2	informed	informed	ADJ
cblr-9109	573	3	trading	trade	VERB
cblr-9109	573	4	the	the	DET
cblr-9109	573	5	presence	presence	NOUN
cblr-9109	573	6	of	of	ADP
cblr-9109	573	7	spoofing	spoof	VERB
cblr-9109	573	8	in	in	ADP
cblr-9109	573	9	the	the	DET
cblr-9109	573	10	market	market	NOUN
cblr-9109	573	11	has	have	VERB
cblr-9109	573	12	a	a	DET
cblr-9109	573	13	more	more	ADV
cblr-9109	573	14	indirect	indirect	ADJ
cblr-9109	573	15	effect	effect	NOUN
cblr-9109	573	16	on	on	ADP
cblr-9109	573	17	liquidity	liquidity	NOUN
cblr-9109	573	18	suppliers	supplier	NOUN
cblr-9109	573	19	,	,	PUNCT
cblr-9109	573	20	however	however	ADV
cblr-9109	573	21	,	,	PUNCT
cblr-9109	573	22	because	because	SCONJ
cblr-9109	573	23	it	it	PRON
cblr-9109	573	24	makes	make	VERB
cblr-9109	573	25	the	the	DET
cblr-9109	573	26	incidence	incidence	NOUN
cblr-9109	573	27	of	of	ADP
cblr-9109	573	28	informed	informed	ADJ
cblr-9109	573	29	trading	trading	NOUN
cblr-9109	573	30	harder	hard	ADV
cblr-9109	573	31	to	to	PART
cblr-9109	573	32	detect	detect	VERB
cblr-9109	573	33	.	.	PUNCT
cblr-9109	574	1	although	although	SCONJ
cblr-9109	574	2	,	,	PUNCT
cblr-9109	574	3	as	as	SCONJ
cblr-9109	574	4	noted	note	VERB
cblr-9109	574	5	above	above	ADV
cblr-9109	574	6	,	,	PUNCT
cblr-9109	574	7	we	we	PRON
cblr-9109	574	8	are	be	AUX
cblr-9109	574	9	not	not	PART
cblr-9109	574	10	sure	sure	ADJ
cblr-9109	574	11	of	of	ADP
cblr-9109	574	12	the	the	DET
cblr-9109	574	13	exact	exact	ADJ
cblr-9109	574	14	mechanisms	mechanism	NOUN
cblr-9109	574	15	,	,	PUNCT
cblr-9109	574	16	the	the	DET
cblr-9109	574	17	very	very	ADJ
cblr-9109	574	18	fact	fact	NOUN
cblr-9109	574	19	that	that	SCONJ
cblr-9109	574	20	large	large	ADJ
cblr-9109	574	21	orders	order	NOUN
cblr-9109	574	22	at	at	ADP
cblr-9109	574	23	or	or	CCONJ
cblr-9109	574	24	away	away	ADV
cblr-9109	574	25	from	from	ADP
cblr-9109	574	26	the	the	DET
cblr-9109	574	27	best	good	ADJ
cblr-9109	574	28	quote	quote	INTJ
cblr-9109	574	29	predict	predict	VERB
cblr-9109	574	30	price	price	NOUN
cblr-9109	574	31	changes	change	NOUN
cblr-9109	574	32	indicates	indicate	VERB
cblr-9109	574	33	that	that	SCONJ
cblr-9109	574	34	such	such	ADJ
cblr-9109	574	35	orders	order	NOUN
cblr-9109	574	36	are	be	AUX
cblr-9109	574	37	a	a	DET
cblr-9109	574	38	signal	signal	NOUN
cblr-9109	574	39	that	that	SCONJ
cblr-9109	574	40	informed	informed	ADJ
cblr-9109	574	41	trading	trading	NOUN
cblr-9109	574	42	is	be	AUX
cblr-9109	574	43	going	go	VERB
cblr-9109	574	44	on	on	ADP
cblr-9109	574	45	.	.	PUNCT
cblr-9109	575	1	if	if	SCONJ
cblr-9109	575	2	spoofing	spoofing	NOUN
cblr-9109	575	3	is	be	AUX
cblr-9109	575	4	occurring	occur	VERB
cblr-9109	575	5	from	from	ADP
cblr-9109	575	6	time	time	NOUN
cblr-9109	575	7	to	to	ADP
cblr-9109	575	8	time	time	NOUN
cblr-9109	575	9	in	in	ADP
cblr-9109	575	10	the	the	DET
cblr-9109	575	11	market	market	NOUN
cblr-9109	575	12	,	,	PUNCT
cblr-9109	575	13	this	this	DET
cblr-9109	575	14	signal	signal	NOUN
cblr-9109	575	15	gets	get	AUX
cblr-9109	575	16	muddied	muddy	VERB
cblr-9109	575	17	.	.	PUNCT
cblr-9109	576	1	when	when	SCONJ
cblr-9109	576	2	the	the	DET
cblr-9109	576	3	liquidity	liquidity	NOUN
cblr-9109	576	4	supplier	supplier	NOUN
cblr-9109	576	5	sees	see	VERB
cblr-9109	576	6	a	a	DET
cblr-9109	576	7	large	large	ADJ
cblr-9109	576	8	quote	quote	NOUN
cblr-9109	576	9	at	at	ADP
cblr-9109	576	10	or	or	CCONJ
cblr-9109	576	11	above	above	ADP
cblr-9109	576	12	the	the	DET
cblr-9109	576	13	nbo	nbo	PROPN
cblr-9109	576	14	(	(	PUNCT
cblr-9109	576	15	or	or	CCONJ
cblr-9109	576	16	at	at	ADP
cblr-9109	576	17	or	or	CCONJ
cblr-9109	576	18	below	below	ADP
cblr-9109	576	19	the	the	DET
cblr-9109	576	20	nbb	nbb	NOUN
cblr-9109	576	21	)	)	PUNCT
cblr-9109	576	22	,	,	PUNCT
cblr-9109	576	23	it	it	PRON
cblr-9109	576	24	can	can	AUX
cblr-9109	576	25	not	not	PART
cblr-9109	576	26	be	be	AUX
cblr-9109	576	27	sure	sure	ADJ
cblr-9109	576	28	whether	whether	SCONJ
cblr-9109	576	29	this	this	PRON
cblr-9109	576	30	is	be	AUX
cblr-9109	576	31	due	due	ADJ
cblr-9109	576	32	to	to	ADP
cblr-9109	576	33	informed	inform	VERB
cblr-9109	576	34	trading	trading	NOUN
cblr-9109	576	35	or	or	CCONJ
cblr-9109	576	36	manipulation	manipulation	NOUN
cblr-9109	576	37	.	.	PUNCT
cblr-9109	577	1	the	the	DET
cblr-9109	577	2	worse	bad	ADJ
cblr-9109	577	3	liquidity	liquidity	NOUN
cblr-9109	577	4	suppliers	supplier	NOUN
cblr-9109	577	5	are	be	AUX
cblr-9109	577	6	at	at	ADP
cblr-9109	577	7	detecting	detect	VERB
cblr-9109	577	8	the	the	DET
cblr-9109	577	9	incidence	incidence	NOUN
cblr-9109	577	10	of	of	ADP
cblr-9109	577	11	informed	informed	ADJ
cblr-9109	577	12	trading	trading	NOUN
cblr-9109	577	13	,	,	PUNCT
cblr-9109	577	14	the	the	PRON
cblr-9109	577	15	less	less	ADV
cblr-9109	577	16	able	able	ADJ
cblr-9109	577	17	they	they	PRON
cblr-9109	577	18	are	be	AUX
cblr-9109	577	19	to	to	PART
cblr-9109	577	20	protect	protect	VERB
cblr-9109	577	21	themselves	themselves	PRON
cblr-9109	577	22	against	against	ADP
cblr-9109	577	23	adverse	adverse	ADJ
cblr-9109	577	24	selection	selection	NOUN
cblr-9109	577	25	losses	loss	NOUN
cblr-9109	577	26	by	by	ADP
cblr-9109	577	27	changing	change	VERB
cblr-9109	577	28	their	their	PRON
cblr-9109	577	29	quotes	quote	NOUN
cblr-9109	577	30	in	in	ADP
cblr-9109	577	31	response	response	NOUN
cblr-9109	577	32	to	to	ADP
cblr-9109	577	33	what	what	PRON
cblr-9109	577	34	they	they	PRON
cblr-9109	577	35	learn.115	learn.115	VERB
cblr-9109	577	36	this	this	PRON
cblr-9109	577	37	means	mean	VERB
cblr-9109	577	38	that	that	SCONJ
cblr-9109	577	39	the	the	DET
cblr-9109	577	40	spread	spread	NOUN
cblr-9109	577	41	is	be	AUX
cblr-9109	577	42	wider	wide	ADJ
cblr-9109	577	43	because	because	SCONJ
cblr-9109	577	44	liquidity	liquidity	NOUN
cblr-9109	577	45	suppliers	supplier	NOUN
cblr-9109	577	46	anticipate	anticipate	VERB
cblr-9109	577	47	more	more	ADV
cblr-9109	577	48	in	in	ADP
cblr-9109	577	49	the	the	DET
cblr-9109	577	50	way	way	NOUN
cblr-9109	577	51	of	of	ADP
cblr-9109	577	52	adverse	adverse	ADJ
cblr-9109	577	53	selection	selection	NOUN
cblr-9109	577	54	losses	loss	NOUN
cblr-9109	577	55	.	.	PUNCT
cblr-9109	578	1	in	in	ADP
cblr-9109	578	2	accordance	accordance	NOUN
cblr-9109	578	3	with	with	ADP
cblr-9109	578	4	the	the	DET
cblr-9109	578	5	simple	simple	ADJ
cblr-9109	578	6	model	model	NOUN
cblr-9109	578	7	in	in	ADP
cblr-9109	578	8	part	part	NOUN
cblr-9109	578	9	iv	iv	NUM
cblr-9109	578	10	,	,	PUNCT
cblr-9109	578	11	this	this	PRON
cblr-9109	578	12	clearly	clearly	ADV
cblr-9109	578	13	will	will	AUX
cblr-9109	578	14	be	be	AUX
cblr-9109	578	15	a	a	DET
cblr-9109	578	16	cost	cost	NOUN
cblr-9109	578	17	that	that	PRON
cblr-9109	578	18	will	will	AUX
cblr-9109	578	19	be	be	AUX
cblr-9109	578	20	passed	pass	VERB
cblr-9109	578	21	on	on	ADP
cblr-9109	578	22	to	to	ADP
cblr-9109	578	23	traders	trader	NOUN
cblr-9109	578	24	in	in	ADP
cblr-9109	578	25	the	the	DET
cblr-9109	578	26	form	form	NOUN
cblr-9109	578	27	of	of	ADP
cblr-9109	578	28	a	a	DET
cblr-9109	578	29	wider	wide	ADJ
cblr-9109	578	30	spread	spread	NOUN
cblr-9109	578	31	.	.	PUNCT
cblr-9109	579	1	iii	iii	X
cblr-9109	579	2	.	.	PUNCT
cblr-9109	580	1	ultimate	ultimate	ADJ
cblr-9109	580	2	incidence	incidence	NOUN
cblr-9109	580	3	of	of	ADP
cblr-9109	580	4	the	the	DET
cblr-9109	580	5	negative	negative	ADJ
cblr-9109	580	6	115	115	NUM
cblr-9109	580	7	fox	fox	NOUN
cblr-9109	580	8	et	et	PROPN
cblr-9109	580	9	al	al	PROPN
cblr-9109	580	10	.	.	PROPN
cblr-9109	580	11	,	,	PUNCT
cblr-9109	580	12	the	the	DET
cblr-9109	580	13	new	new	ADJ
cblr-9109	580	14	stock	stock	NOUN
cblr-9109	580	15	market	market	NOUN
cblr-9109	580	16	,	,	PUNCT
cblr-9109	580	17	supra	supra	PROPN
cblr-9109	580	18	note	note	NOUN
cblr-9109	580	19	3	3	NUM
cblr-9109	580	20	,	,	PUNCT
cblr-9109	580	21	at	at	ADP
cblr-9109	580	22	65–75	65–75	NUM
cblr-9109	580	23	.	.	PUNCT
cblr-9109	581	1	no	no	INTJ
cblr-9109	581	2	.	.	PUNCT
cblr-9109	582	1	3:1244	3:1244	NUM
cblr-9109	582	2	]	]	X
cblr-9109	582	3	spoofing	spoofing	NOUN
cblr-9109	582	4	and	and	CCONJ
cblr-9109	582	5	its	its	PRON
cblr-9109	582	6	regulation	regulation	NOUN
cblr-9109	582	7	1285	1285	NUM
cblr-9109	582	8	effects	effect	NOUN
cblr-9109	582	9	on	on	ADP
cblr-9109	582	10	liquidity	liquidity	NOUN
cblr-9109	582	11	suppliers	supplier	NOUN
cblr-9109	582	12	to	to	ADP
cblr-9109	582	13	the	the	DET
cblr-9109	582	14	extent	extent	NOUN
cblr-9109	582	15	,	,	PUNCT
cblr-9109	582	16	if	if	SCONJ
cblr-9109	582	17	any	any	PRON
cblr-9109	582	18	,	,	PUNCT
cblr-9109	582	19	that	that	SCONJ
cblr-9109	582	20	the	the	DET
cblr-9109	582	21	trading	trading	NOUN
cblr-9109	582	22	losses	loss	NOUN
cblr-9109	582	23	associated	associate	VERB
cblr-9109	582	24	with	with	ADP
cblr-9109	582	25	spoofing	spoofing	NOUN
cblr-9109	582	26	can	can	AUX
cblr-9109	582	27	not	not	PART
cblr-9109	582	28	be	be	AUX
cblr-9109	582	29	passed	pass	VERB
cblr-9109	582	30	on	on	ADP
cblr-9109	582	31	to	to	ADP
cblr-9109	582	32	traders	trader	NOUN
cblr-9109	582	33	in	in	ADP
cblr-9109	582	34	the	the	DET
cblr-9109	582	35	form	form	NOUN
cblr-9109	582	36	of	of	ADP
cblr-9109	582	37	a	a	DET
cblr-9109	582	38	higher	high	ADJ
cblr-9109	582	39	spread	spread	NOUN
cblr-9109	582	40	,	,	PUNCT
cblr-9109	582	41	they	they	PRON
cblr-9109	582	42	will	will	AUX
cblr-9109	582	43	have	have	VERB
cblr-9109	582	44	a	a	DET
cblr-9109	582	45	direct	direct	ADJ
cblr-9109	582	46	negative	negative	ADJ
cblr-9109	582	47	effect	effect	NOUN
cblr-9109	582	48	on	on	ADP
cblr-9109	582	49	persons	person	NOUN
cblr-9109	582	50	associated	associate	VERB
cblr-9109	582	51	with	with	ADP
cblr-9109	582	52	the	the	DET
cblr-9109	582	53	business	business	NOUN
cblr-9109	582	54	by	by	ADP
cblr-9109	582	55	reducing	reduce	VERB
cblr-9109	582	56	the	the	DET
cblr-9109	582	57	rents	rent	NOUN
cblr-9109	582	58	they	they	PRON
cblr-9109	582	59	receive	receive	VERB
cblr-9109	582	60	for	for	ADP
cblr-9109	582	61	their	their	PRON
cblr-9109	582	62	participation	participation	NOUN
cblr-9109	582	63	.	.	PUNCT
cblr-9109	583	1	to	to	ADP
cblr-9109	583	2	the	the	DET
cblr-9109	583	3	extent	extent	NOUN
cblr-9109	583	4	that	that	SCONJ
cblr-9109	583	5	liquidity	liquidity	NOUN
cblr-9109	583	6	suppliers	supplier	NOUN
cblr-9109	583	7	can	can	AUX
cblr-9109	583	8	pass	pass	VERB
cblr-9109	583	9	on	on	ADP
cblr-9109	583	10	—	—	PUNCT
cblr-9109	583	11	through	through	ADP
cblr-9109	583	12	a	a	DET
cblr-9109	583	13	wider	wide	ADJ
cblr-9109	583	14	spread	spread	NOUN
cblr-9109	583	15	—	—	PUNCT
cblr-9109	583	16	the	the	DET
cblr-9109	583	17	trading	trading	NOUN
cblr-9109	583	18	costs	cost	NOUN
cblr-9109	583	19	to	to	ADP
cblr-9109	583	20	them	they	PRON
cblr-9109	583	21	associated	associate	VERB
cblr-9109	583	22	with	with	ADP
cblr-9109	583	23	spoofing	spoof	VERB
cblr-9109	583	24	,	,	PUNCT
cblr-9109	583	25	they	they	PRON
cblr-9109	583	26	will	will	AUX
cblr-9109	583	27	still	still	ADV
cblr-9109	583	28	have	have	VERB
cblr-9109	583	29	a	a	DET
cblr-9109	583	30	negative	negative	ADJ
cblr-9109	583	31	effect	effect	NOUN
cblr-9109	583	32	on	on	ADP
cblr-9109	583	33	the	the	DET
cblr-9109	583	34	wealth	wealth	NOUN
cblr-9109	583	35	positions	position	NOUN
cblr-9109	583	36	of	of	ADP
cblr-9109	583	37	certain	certain	ADJ
cblr-9109	583	38	persons	person	NOUN
cblr-9109	583	39	associated	associate	VERB
cblr-9109	583	40	with	with	ADP
cblr-9109	583	41	the	the	DET
cblr-9109	583	42	liquidity	liquidity	NOUN
cblr-9109	583	43	supply	supply	NOUN
cblr-9109	583	44	business	business	NOUN
cblr-9109	583	45	,	,	PUNCT
cblr-9109	583	46	but	but	CCONJ
cblr-9109	583	47	only	only	ADV
cblr-9109	583	48	indirectly	indirectly	ADV
cblr-9109	583	49	.	.	PUNCT
cblr-9109	584	1	the	the	DET
cblr-9109	584	2	same	same	ADJ
cblr-9109	584	3	goes	go	VERB
cblr-9109	584	4	for	for	ADP
cblr-9109	584	5	the	the	DET
cblr-9109	584	6	negative	negative	ADJ
cblr-9109	584	7	effect	effect	NOUN
cblr-9109	584	8	of	of	ADP
cblr-9109	584	9	the	the	DET
cblr-9109	584	10	manipulation	manipulation	NOUN
cblr-9109	584	11	on	on	ADP
cblr-9109	584	12	liquidity	liquidity	NOUN
cblr-9109	584	13	suppliers	supplier	NOUN
cblr-9109	584	14	’	'	PUNCT
cblr-9109	584	15	ability	ability	NOUN
cblr-9109	584	16	to	to	PART
cblr-9109	584	17	detect	detect	VERB
cblr-9109	584	18	informed	informed	ADJ
cblr-9109	584	19	trading	trading	NOUN
cblr-9109	584	20	and	and	CCONJ
cblr-9109	584	21	protect	protect	VERB
cblr-9109	584	22	themselves	themselves	PRON
cblr-9109	584	23	in	in	ADP
cblr-9109	584	24	their	their	PRON
cblr-9109	584	25	quoting	quote	VERB
cblr-9109	584	26	activity.116	activity.116	PRON
cblr-9109	584	27	a	a	DET
cblr-9109	584	28	wider	wide	ADJ
cblr-9109	584	29	spread	spread	NOUN
cblr-9109	584	30	increases	increase	VERB
cblr-9109	584	31	the	the	DET
cblr-9109	584	32	cost	cost	NOUN
cblr-9109	584	33	of	of	ADP
cblr-9109	584	34	trading.117	trading.117	NOUN
cblr-9109	584	35	this	this	PRON
cblr-9109	584	36	means	mean	VERB
cblr-9109	584	37	that	that	SCONJ
cblr-9109	584	38	less	less	ADJ
cblr-9109	584	39	trading	trading	NOUN
cblr-9109	584	40	occurs.118	occurs.118	NOUN
cblr-9109	584	41	less	less	ADJ
cblr-9109	584	42	trading	trading	NOUN
cblr-9109	584	43	means	mean	VERB
cblr-9109	584	44	less	less	ADJ
cblr-9109	584	45	of	of	ADP
cblr-9109	584	46	both	both	DET
cblr-9109	584	47	their	their	PRON
cblr-9109	584	48	ordinary	ordinary	ADJ
cblr-9109	584	49	and	and	CCONJ
cblr-9109	584	50	specialized	specialized	ADJ
cblr-9109	584	51	inputs	input	NOUN
cblr-9109	584	52	will	will	AUX
cblr-9109	584	53	be	be	AUX
cblr-9109	584	54	pulled	pull	VERB
cblr-9109	584	55	into	into	ADP
cblr-9109	584	56	the	the	DET
cblr-9109	584	57	business.119	business.119	PROPN
cblr-9109	584	58	suppliers	supplier	NOUN
cblr-9109	584	59	of	of	ADP
cblr-9109	584	60	the	the	DET
cblr-9109	584	61	ordinary	ordinary	ADJ
cblr-9109	584	62	inputs	input	NOUN
cblr-9109	584	63	will	will	AUX
cblr-9109	584	64	earn	earn	VERB
cblr-9109	584	65	the	the	DET
cblr-9109	584	66	same	same	ADJ
cblr-9109	584	67	ordinary	ordinary	ADJ
cblr-9109	584	68	market	market	NOUN
cblr-9109	584	69	return	return	NOUN
cblr-9109	584	70	whatever	whatever	PRON
cblr-9109	584	71	the	the	DET
cblr-9109	584	72	level	level	NOUN
cblr-9109	584	73	of	of	ADP
cblr-9109	584	74	liquidity	liquidity	NOUN
cblr-9109	584	75	supply	supply	NOUN
cblr-9109	584	76	activity.120	activity.120	NOUN
cblr-9109	584	77	for	for	ADP
cblr-9109	584	78	persons	person	NOUN
cblr-9109	584	79	with	with	ADP
cblr-9109	584	80	abilities	ability	NOUN
cblr-9109	584	81	and	and	CCONJ
cblr-9109	584	82	skills	skill	NOUN
cblr-9109	584	83	uniquely	uniquely	ADV
cblr-9109	584	84	useful	useful	ADJ
cblr-9109	584	85	for	for	ADP
cblr-9109	584	86	liquidity	liquidity	NOUN
cblr-9109	584	87	supply	supply	NOUN
cblr-9109	584	88	,	,	PUNCT
cblr-9109	584	89	however	however	ADV
cblr-9109	584	90	,	,	PUNCT
cblr-9109	584	91	they	they	PRON
cblr-9109	584	92	will	will	AUX
cblr-9109	584	93	be	be	AUX
cblr-9109	584	94	paid	pay	VERB
cblr-9109	584	95	less	less	ADJ
cblr-9109	584	96	in	in	ADP
cblr-9109	584	97	rents	rent	NOUN
cblr-9109	584	98	and	and	CCONJ
cblr-9109	584	99	so	so	ADV
cblr-9109	584	100	their	their	PRON
cblr-9109	584	101	wealth	wealth	NOUN
cblr-9109	584	102	positions	position	NOUN
cblr-9109	584	103	will	will	AUX
cblr-9109	584	104	be	be	AUX
cblr-9109	584	105	negatively	negatively	ADV
cblr-9109	584	106	affected	affect	VERB
cblr-9109	584	107	by	by	ADP
cblr-9109	584	108	the	the	DET
cblr-9109	584	109	prospect	prospect	NOUN
cblr-9109	584	110	of	of	ADP
cblr-9109	584	111	successful	successful	ADJ
cblr-9109	584	112	manipulation	manipulation	NOUN
cblr-9109	584	113	of	of	ADP
cblr-9109	584	114	this	this	DET
cblr-9109	584	115	type.121	type.121	NOUN
cblr-9109	584	116	c.	c.	PROPN
cblr-9109	584	117	uninformed	uninformed	ADJ
cblr-9109	584	118	traders	trader	NOUN
cblr-9109	584	119	in	in	ADP
cblr-9109	584	120	the	the	DET
cblr-9109	584	121	simple	simple	ADJ
cblr-9109	584	122	story	story	NOUN
cblr-9109	584	123	that	that	PRON
cblr-9109	584	124	we	we	PRON
cblr-9109	584	125	tell	tell	VERB
cblr-9109	584	126	in	in	ADP
cblr-9109	584	127	the	the	DET
cblr-9109	584	128	atlee	atlee	PROPN
cblr-9109	584	129	example	example	NOUN
cblr-9109	584	130	,	,	PUNCT
cblr-9109	584	131	uninformed	uninformed	ADJ
cblr-9109	584	132	investors	investor	NOUN
cblr-9109	584	133	are	be	AUX
cblr-9109	584	134	not	not	PART
cblr-9109	584	135	directly	directly	ADV
cblr-9109	584	136	involved	involve	VERB
cblr-9109	584	137	because	because	SCONJ
cblr-9109	584	138	the	the	DET
cblr-9109	584	139	whole	whole	ADJ
cblr-9109	584	140	manipulation	manipulation	NOUN
cblr-9109	584	141	takes	take	VERB
cblr-9109	584	142	so	so	ADV
cblr-9109	584	143	little	little	ADJ
cblr-9109	584	144	time	time	NOUN
cblr-9109	584	145	.	.	PUNCT
cblr-9109	585	1	thus	thus	ADV
cblr-9109	585	2	,	,	PUNCT
cblr-9109	585	3	few	few	ADJ
cblr-9109	585	4	if	if	SCONJ
cblr-9109	585	5	any	any	PRON
cblr-9109	585	6	of	of	ADP
cblr-9109	585	7	their	their	PRON
cblr-9109	585	8	marketable	marketable	ADJ
cblr-9109	585	9	orders	order	NOUN
cblr-9109	585	10	would	would	AUX
cblr-9109	585	11	,	,	PUNCT
cblr-9109	585	12	for	for	ADP
cblr-9109	585	13	example	example	NOUN
cblr-9109	585	14	,	,	PUNCT
cblr-9109	585	15	execute	execute	VERB
cblr-9109	585	16	against	against	ADP
cblr-9109	585	17	atlee	atlee	PROPN
cblr-9109	585	18	’s	’s	PART
cblr-9109	585	19	$	$	SYM
cblr-9109	585	20	10.10	10.10	NUM
cblr-9109	585	21	bids	bid	NOUN
cblr-9109	585	22	and	and	CCONJ
cblr-9109	585	23	if	if	SCONJ
cblr-9109	585	24	any	any	PRON
cblr-9109	585	25	did	do	VERB
cblr-9109	585	26	,	,	PUNCT
cblr-9109	585	27	they	they	PRON
cblr-9109	585	28	would	would	AUX
cblr-9109	585	29	receive	receive	VERB
cblr-9109	585	30	the	the	DET
cblr-9109	585	31	same	same	ADJ
cblr-9109	585	32	price	price	NOUN
cblr-9109	585	33	as	as	SCONJ
cblr-9109	585	34	if	if	SCONJ
cblr-9109	585	35	the	the	DET
cblr-9109	585	36	manipulation	manipulation	NOUN
cblr-9109	585	37	had	have	AUX
cblr-9109	585	38	not	not	PART
cblr-9109	585	39	occurred	occur	VERB
cblr-9109	585	40	.	.	PUNCT
cblr-9109	586	1	it	it	PRON
cblr-9109	586	2	is	be	AUX
cblr-9109	586	3	possible	possible	ADJ
cblr-9109	586	4	116	116	NUM
cblr-9109	586	5	see	see	NOUN
cblr-9109	586	6	supra	supra	PROPN
cblr-9109	586	7	section	section	PROPN
cblr-9109	586	8	v.c.2.b.ii	v.c.2.b.ii	PROPN
cblr-9109	586	9	.	.	PUNCT
cblr-9109	587	1	117	117	NUM
cblr-9109	587	2	fox	fox	NOUN
cblr-9109	587	3	et	et	PROPN
cblr-9109	587	4	al	al	PROPN
cblr-9109	587	5	.	.	PROPN
cblr-9109	587	6	,	,	PUNCT
cblr-9109	587	7	the	the	DET
cblr-9109	587	8	new	new	ADJ
cblr-9109	587	9	stock	stock	NOUN
cblr-9109	587	10	market	market	NOUN
cblr-9109	587	11	,	,	PUNCT
cblr-9109	587	12	supra	supra	PROPN
cblr-9109	587	13	note	note	NOUN
cblr-9109	587	14	3	3	NUM
cblr-9109	587	15	,	,	PUNCT
cblr-9109	587	16	at	at	ADP
cblr-9109	587	17	54	54	NUM
cblr-9109	587	18	.	.	PUNCT
cblr-9109	588	1	118	118	NUM
cblr-9109	589	1	i	i	NOUN
cblr-9109	589	2	d.	d.	PROPN
cblr-9109	589	3	119	119	NUM
cblr-9109	589	4	see	see	VERB
cblr-9109	589	5	i	i	PRON
cblr-9109	589	6	d.	d.	PROPN
cblr-9109	589	7	120	120	NUM
cblr-9109	590	1	i	i	PROPN
cblr-9109	590	2	d.	d.	PROPN
cblr-9109	590	3	121	121	NUM
cblr-9109	590	4	see	see	VERB
cblr-9109	590	5	supra	supra	PROPN
cblr-9109	590	6	section	section	NOUN
cblr-9109	590	7	iv.a.4	iv.a.4	NOUN
cblr-9109	590	8	.	.	PUNCT
cblr-9109	591	1	1286	1286	NUM
cblr-9109	591	2	columbia	columbia	PROPN
cblr-9109	591	3	business	business	NOUN
cblr-9109	591	4	law	law	PROPN
cblr-9109	591	5	review	review	NOUN
cblr-9109	591	6	[	[	X
cblr-9109	591	7	vol	vol	NOUN
cblr-9109	591	8	.	.	NOUN
cblr-9109	591	9	2021	2021	NUM
cblr-9109	591	10	that	that	PRON
cblr-9109	591	11	the	the	DET
cblr-9109	591	12	nbb	nbb	PROPN
cblr-9109	591	13	would	would	AUX
cblr-9109	591	14	decline	decline	VERB
cblr-9109	591	15	briefly	briefly	ADV
cblr-9109	591	16	before	before	ADP
cblr-9109	591	17	atlee	atlee	PROPN
cblr-9109	591	18	’s	’s	PART
cblr-9109	591	19	mirror	mirror	NOUN
cblr-9109	591	20	set	set	NOUN
cblr-9109	591	21	of	of	ADP
cblr-9109	591	22	actions	action	NOUN
cblr-9109	591	23	but	but	CCONJ
cblr-9109	591	24	,	,	PUNCT
cblr-9109	591	25	in	in	ADP
cblr-9109	591	26	that	that	DET
cblr-9109	591	27	case	case	NOUN
cblr-9109	591	28	,	,	PUNCT
cblr-9109	591	29	so	so	ADV
cblr-9109	591	30	would	would	AUX
cblr-9109	591	31	the	the	DET
cblr-9109	591	32	nbo	nbo	PROPN
cblr-9109	591	33	.	.	PUNCT
cblr-9109	592	1	therefore	therefore	ADV
cblr-9109	592	2	,	,	PUNCT
cblr-9109	592	3	where	where	SCONJ
cblr-9109	592	4	sellers	seller	NOUN
cblr-9109	592	5	might	might	AUX
cblr-9109	592	6	lose	lose	VERB
cblr-9109	592	7	,	,	PUNCT
cblr-9109	592	8	buyers	buyer	NOUN
cblr-9109	592	9	would	would	AUX
cblr-9109	592	10	win	win	VERB
cblr-9109	592	11	by	by	ADP
cblr-9109	592	12	a	a	DET
cblr-9109	592	13	comparable	comparable	ADJ
cblr-9109	592	14	amount	amount	NOUN
cblr-9109	592	15	.	.	PUNCT
cblr-9109	593	1	from	from	ADP
cblr-9109	593	2	an	an	DET
cblr-9109	593	3	ex	ex	NOUN
cblr-9109	593	4	ante	ante	NOUN
cblr-9109	593	5	point	point	NOUN
cblr-9109	593	6	of	of	ADP
cblr-9109	593	7	view	view	NOUN
cblr-9109	593	8	,	,	PUNCT
cblr-9109	593	9	an	an	DET
cblr-9109	593	10	uninformed	uninformed	ADJ
cblr-9109	593	11	investor	investor	NOUN
cblr-9109	593	12	is	be	AUX
cblr-9109	593	13	as	as	ADV
cblr-9109	593	14	likely	likely	ADJ
cblr-9109	593	15	to	to	PART
cblr-9109	593	16	be	be	AUX
cblr-9109	593	17	a	a	DET
cblr-9109	593	18	buyer	buyer	NOUN
cblr-9109	593	19	as	as	ADP
cblr-9109	593	20	a	a	DET
cblr-9109	593	21	seller	seller	NOUN
cblr-9109	593	22	,	,	PUNCT
cblr-9109	593	23	hence	hence	ADV
cblr-9109	593	24	,	,	PUNCT
cblr-9109	593	25	on	on	ADP
cblr-9109	593	26	an	an	DET
cblr-9109	593	27	expected	expect	VERB
cblr-9109	593	28	basis	basis	NOUN
cblr-9109	593	29	the	the	DET
cblr-9109	593	30	impact	impact	NOUN
cblr-9109	593	31	to	to	ADP
cblr-9109	593	32	uninformed	uninformed	ADJ
cblr-9109	593	33	investors	investor	NOUN
cblr-9109	593	34	of	of	ADP
cblr-9109	593	35	manipulation	manipulation	NOUN
cblr-9109	593	36	is	be	AUX
cblr-9109	593	37	zero	zero	NUM
cblr-9109	593	38	.	.	PUNCT
cblr-9109	594	1	moreover	moreover	ADV
cblr-9109	594	2	,	,	PUNCT
cblr-9109	594	3	the	the	DET
cblr-9109	594	4	mirror	mirror	NOUN
cblr-9109	594	5	set	set	NOUN
cblr-9109	594	6	of	of	ADP
cblr-9109	594	7	actions	action	NOUN
cblr-9109	594	8	will	will	AUX
cblr-9109	594	9	have	have	VERB
cblr-9109	594	10	the	the	DET
cblr-9109	594	11	opposite	opposite	ADJ
cblr-9109	594	12	effects	effect	NOUN
cblr-9109	594	13	on	on	ADP
cblr-9109	594	14	buyers	buyer	NOUN
cblr-9109	594	15	versus	versus	ADP
cblr-9109	594	16	sellers	seller	NOUN
cblr-9109	594	17	,	,	PUNCT
cblr-9109	594	18	but	but	CCONJ
cblr-9109	594	19	again	again	ADV
cblr-9109	594	20	,	,	PUNCT
cblr-9109	594	21	there	there	PRON
cblr-9109	594	22	is	be	VERB
cblr-9109	594	23	no	no	DET
cblr-9109	594	24	impact	impact	NOUN
cblr-9109	594	25	on	on	ADP
cblr-9109	594	26	an	an	DET
cblr-9109	594	27	expected	expect	VERB
cblr-9109	594	28	basis	basis	NOUN
cblr-9109	594	29	.	.	PUNCT
cblr-9109	595	1	the	the	DET
cblr-9109	595	2	expected	expect	VERB
cblr-9109	595	3	cost	cost	NOUN
cblr-9109	595	4	to	to	ADP
cblr-9109	595	5	uninformed	uninformed	ADJ
cblr-9109	595	6	traders	trader	NOUN
cblr-9109	595	7	from	from	ADP
cblr-9109	595	8	spoofing	spoof	VERB
cblr-9109	595	9	is	be	AUX
cblr-9109	595	10	instead	instead	ADV
cblr-9109	595	11	indirect	indirect	ADJ
cblr-9109	595	12	.	.	PUNCT
cblr-9109	596	1	it	it	PRON
cblr-9109	596	2	arises	arise	VERB
cblr-9109	596	3	from	from	ADP
cblr-9109	596	4	the	the	DET
cblr-9109	596	5	need	need	NOUN
cblr-9109	596	6	,	,	PUNCT
cblr-9109	596	7	in	in	ADP
cblr-9109	596	8	the	the	DET
cblr-9109	596	9	cycle	cycle	NOUN
cblr-9109	596	10	of	of	ADP
cblr-9109	596	11	a	a	DET
cblr-9109	596	12	purchase	purchase	NOUN
cblr-9109	596	13	and	and	CCONJ
cblr-9109	596	14	sale	sale	NOUN
cblr-9109	596	15	,	,	PUNCT
cblr-9109	596	16	to	to	PART
cblr-9109	596	17	pay	pay	VERB
cblr-9109	596	18	any	any	DET
cblr-9109	596	19	increase	increase	NOUN
cblr-9109	596	20	in	in	ADP
cblr-9109	596	21	spread	spread	NOUN
cblr-9109	596	22	because	because	SCONJ
cblr-9109	596	23	this	this	DET
cblr-9109	596	24	kind	kind	NOUN
cblr-9109	596	25	of	of	ADP
cblr-9109	596	26	manipulation	manipulation	NOUN
cblr-9109	596	27	is	be	AUX
cblr-9109	596	28	occurring	occur	VERB
cblr-9109	596	29	.	.	PUNCT
cblr-9109	597	1	they	they	PRON
cblr-9109	597	2	will	will	AUX
cblr-9109	597	3	purchase	purchase	VERB
cblr-9109	597	4	at	at	ADP
cblr-9109	597	5	the	the	DET
cblr-9109	597	6	offer	offer	NOUN
cblr-9109	597	7	but	but	CCONJ
cblr-9109	597	8	only	only	ADV
cblr-9109	597	9	be	be	AUX
cblr-9109	597	10	able	able	ADJ
cblr-9109	597	11	to	to	PART
cblr-9109	597	12	sell	sell	VERB
cblr-9109	597	13	at	at	ADP
cblr-9109	597	14	the	the	DET
cblr-9109	597	15	bid	bid	NOUN
cblr-9109	597	16	.	.	PUNCT
cblr-9109	598	1	calculating	calculate	VERB
cblr-9109	598	2	the	the	DET
cblr-9109	598	3	ultimate	ultimate	ADJ
cblr-9109	598	4	incidence	incidence	NOUN
cblr-9109	598	5	of	of	ADP
cblr-9109	598	6	this	this	DET
cblr-9109	598	7	cost	cost	NOUN
cblr-9109	598	8	on	on	ADP
cblr-9109	598	9	uninformed	uninformed	ADJ
cblr-9109	598	10	traders	trader	NOUN
cblr-9109	598	11	is	be	AUX
cblr-9109	598	12	a	a	DET
cblr-9109	598	13	bit	bit	NOUN
cblr-9109	598	14	complicated	complicated	ADJ
cblr-9109	598	15	,	,	PUNCT
cblr-9109	598	16	however	however	ADV
cblr-9109	598	17	.	.	PUNCT
cblr-9109	599	1	when	when	SCONJ
cblr-9109	599	2	an	an	DET
cblr-9109	599	3	issuer	issuer	NOUN
cblr-9109	599	4	’s	’s	PART
cblr-9109	599	5	entrepreneurs	entrepreneur	NOUN
cblr-9109	599	6	and	and	CCONJ
cblr-9109	599	7	initial	initial	ADJ
cblr-9109	599	8	investors	investor	NOUN
cblr-9109	599	9	engage	engage	VERB
cblr-9109	599	10	in	in	ADP
cblr-9109	599	11	an	an	DET
cblr-9109	599	12	initial	initial	ADJ
cblr-9109	599	13	public	public	ADJ
cblr-9109	599	14	offering	offering	NOUN
cblr-9109	599	15	,	,	PUNCT
cblr-9109	599	16	the	the	DET
cblr-9109	599	17	shares	share	NOUN
cblr-9109	599	18	they	they	PRON
cblr-9109	599	19	are	be	AUX
cblr-9109	599	20	offering	offer	VERB
cblr-9109	599	21	will	will	AUX
cblr-9109	599	22	be	be	AUX
cblr-9109	599	23	discounted	discount	VERB
cblr-9109	599	24	to	to	PART
cblr-9109	599	25	reflect	reflect	VERB
cblr-9109	599	26	the	the	DET
cblr-9109	599	27	prospect	prospect	NOUN
cblr-9109	599	28	that	that	SCONJ
cblr-9109	599	29	the	the	DET
cblr-9109	599	30	spread	spread	NOUN
cblr-9109	599	31	must	must	AUX
cblr-9109	599	32	be	be	AUX
cblr-9109	599	33	paid	pay	VERB
cblr-9109	599	34	with	with	ADP
cblr-9109	599	35	each	each	DET
cblr-9109	599	36	subsequent	subsequent	ADJ
cblr-9109	599	37	sale	sale	NOUN
cblr-9109	599	38	and	and	CCONJ
cblr-9109	599	39	purchase	purchase	NOUN
cblr-9109	599	40	in	in	ADP
cblr-9109	599	41	the	the	DET
cblr-9109	599	42	secondary	secondary	ADJ
cblr-9109	599	43	market	market	NOUN
cblr-9109	599	44	as	as	ADV
cblr-9109	599	45	well	well	ADV
cblr-9109	599	46	as	as	ADP
cblr-9109	599	47	the	the	DET
cblr-9109	599	48	prospect	prospect	NOUN
cblr-9109	599	49	that	that	SCONJ
cblr-9109	599	50	any	any	DET
cblr-9109	599	51	future	future	ADJ
cblr-9109	599	52	equity	equity	NOUN
cblr-9109	599	53	offerings	offering	NOUN
cblr-9109	599	54	by	by	ADP
cblr-9109	599	55	the	the	DET
cblr-9109	599	56	issuer	issuer	NOUN
cblr-9109	599	57	over	over	ADP
cblr-9109	599	58	time	time	NOUN
cblr-9109	599	59	will	will	AUX
cblr-9109	599	60	be	be	AUX
cblr-9109	599	61	similarly	similarly	ADV
cblr-9109	599	62	discounted.122	discounted.122	PROPN
cblr-9109	599	63	thus	thus	ADV
cblr-9109	599	64	,	,	PUNCT
cblr-9109	599	65	the	the	DET
cblr-9109	599	66	entrepreneurs	entrepreneur	NOUN
cblr-9109	599	67	and	and	CCONJ
cblr-9109	599	68	early	early	ADJ
cblr-9109	599	69	investors	investor	NOUN
cblr-9109	599	70	receive	receive	VERB
cblr-9109	599	71	less	less	ADJ
cblr-9109	599	72	than	than	SCONJ
cblr-9109	599	73	if	if	SCONJ
cblr-9109	599	74	there	there	PRON
cblr-9109	599	75	were	be	VERB
cblr-9109	599	76	no	no	DET
cblr-9109	599	77	impact	impact	NOUN
cblr-9109	599	78	on	on	ADP
cblr-9109	599	79	the	the	DET
cblr-9109	599	80	spread	spread	NOUN
cblr-9109	599	81	by	by	ADP
cblr-9109	599	82	this	this	DET
cblr-9109	599	83	kind	kind	NOUN
cblr-9109	599	84	of	of	ADP
cblr-9109	599	85	manipulation	manipulation	NOUN
cblr-9109	599	86	.	.	PUNCT
cblr-9109	600	1	this	this	DET
cblr-9109	600	2	discount	discount	NOUN
cblr-9109	600	3	continues	continue	VERB
cblr-9109	600	4	at	at	ADP
cblr-9109	600	5	the	the	DET
cblr-9109	600	6	same	same	ADJ
cblr-9109	600	7	level	level	NOUN
cblr-9109	600	8	for	for	ADP
cblr-9109	600	9	as	as	ADV
cblr-9109	600	10	long	long	ADV
cblr-9109	600	11	as	as	SCONJ
cblr-9109	600	12	the	the	DET
cblr-9109	600	13	firm	firm	NOUN
cblr-9109	600	14	appears	appear	VERB
cblr-9109	600	15	to	to	PART
cblr-9109	600	16	have	have	VERB
cblr-9109	600	17	a	a	DET
cblr-9109	600	18	long	long	ADJ
cblr-9109	600	19	run	run	NOUN
cblr-9109	600	20	future	future	NOUN
cblr-9109	600	21	.	.	PUNCT
cblr-9109	601	1	for	for	ADP
cblr-9109	601	2	uninformed	uninformed	ADJ
cblr-9109	601	3	investors	investor	NOUN
cblr-9109	601	4	who	who	PRON
cblr-9109	601	5	buy	buy	VERB
cblr-9109	601	6	and	and	CCONJ
cblr-9109	601	7	sell	sell	VERB
cblr-9109	601	8	less	less	ADV
cblr-9109	601	9	frequently	frequently	ADV
cblr-9109	601	10	than	than	ADP
cblr-9109	601	11	average	average	ADJ
cblr-9109	601	12	,	,	PUNCT
cblr-9109	601	13	this	this	DET
cblr-9109	601	14	discount	discount	NOUN
cblr-9109	601	15	makes	make	VERB
cblr-9109	601	16	the	the	DET
cblr-9109	601	17	purchase	purchase	NOUN
cblr-9109	601	18	a	a	DET
cblr-9109	601	19	bargain	bargain	NOUN
cblr-9109	601	20	and	and	CCONJ
cblr-9109	601	21	so	so	ADV
cblr-9109	601	22	they	they	PRON
cblr-9109	601	23	are	be	AUX
cblr-9109	601	24	gainers	gainer	NOUN
cblr-9109	601	25	from	from	ADP
cblr-9109	601	26	spoofing	spoof	VERB
cblr-9109	601	27	.	.	PUNCT
cblr-9109	602	1	those	those	PRON
cblr-9109	602	2	who	who	PRON
cblr-9109	602	3	buy	buy	VERB
cblr-9109	602	4	and	and	CCONJ
cblr-9109	602	5	sell	sell	VERB
cblr-9109	602	6	more	more	ADV
cblr-9109	602	7	frequently	frequently	ADV
cblr-9109	602	8	than	than	SCONJ
cblr-9109	602	9	average123	average123	PROPN
cblr-9109	602	10	are	be	AUX
cblr-9109	602	11	hurt	hurt	VERB
cblr-9109	602	12	by	by	ADP
cblr-9109	602	13	repeatedly	repeatedly	ADV
cblr-9109	602	14	paying	pay	VERB
cblr-9109	602	15	the	the	DET
cblr-9109	602	16	spread	spread	NOUN
cblr-9109	602	17	more	more	ADV
cblr-9109	602	18	than	than	SCONJ
cblr-9109	602	19	they	they	PRON
cblr-9109	602	20	benefit	benefit	VERB
cblr-9109	602	21	from	from	ADP
cblr-9109	602	22	the	the	DET
cblr-9109	602	23	discount	discount	NOUN
cblr-9109	602	24	,	,	PUNCT
cblr-9109	602	25	and	and	CCONJ
cblr-9109	602	26	so	so	ADV
cblr-9109	602	27	they	they	PRON
cblr-9109	602	28	are	be	AUX
cblr-9109	602	29	losers	loser	NOUN
cblr-9109	602	30	from	from	ADP
cblr-9109	602	31	the	the	DET
cblr-9109	602	32	practice	practice	NOUN
cblr-9109	602	33	.	.	PUNCT
cblr-9109	603	1	122	122	NUM
cblr-9109	603	2	fox	fox	NOUN
cblr-9109	603	3	et	et	PROPN
cblr-9109	603	4	al	al	PROPN
cblr-9109	603	5	.	.	PROPN
cblr-9109	603	6	,	,	PUNCT
cblr-9109	603	7	the	the	DET
cblr-9109	603	8	new	new	ADJ
cblr-9109	603	9	stock	stock	NOUN
cblr-9109	603	10	market	market	NOUN
cblr-9109	603	11	,	,	PUNCT
cblr-9109	603	12	supra	supra	PROPN
cblr-9109	603	13	note	note	NOUN
cblr-9109	603	14	3	3	NUM
cblr-9109	603	15	,	,	PUNCT
cblr-9109	603	16	at	at	ADP
cblr-9109	603	17	44–45	44–45	NUM
cblr-9109	603	18	,	,	PUNCT
cblr-9109	603	19	138	138	NUM
cblr-9109	603	20	.	.	PUNCT
cblr-9109	604	1	123	123	NUM
cblr-9109	604	2	see	see	VERB
cblr-9109	604	3	brad	brad	PROPN
cblr-9109	604	4	m.	m.	PROPN
cblr-9109	604	5	barber	barber	PROPN
cblr-9109	604	6	&	&	CCONJ
cblr-9109	604	7	terrance	terrance	PROPN
cblr-9109	604	8	odean	odean	PROPN
cblr-9109	604	9	,	,	PUNCT
cblr-9109	604	10	the	the	DET
cblr-9109	604	11	behavior	behavior	NOUN
cblr-9109	604	12	of	of	ADP
cblr-9109	604	13	individual	individual	ADJ
cblr-9109	604	14	investors	investor	NOUN
cblr-9109	604	15	,	,	PUNCT
cblr-9109	604	16	in	in	ADP
cblr-9109	604	17	handbook	handbook	NOUN
cblr-9109	604	18	of	of	ADP
cblr-9109	604	19	the	the	DET
cblr-9109	604	20	economics	economic	NOUN
cblr-9109	604	21	of	of	ADP
cblr-9109	604	22	finance	finance	NOUN
cblr-9109	604	23	1533	1533	NUM
cblr-9109	604	24	,	,	PUNCT
cblr-9109	604	25	1534	1534	NUM
cblr-9109	604	26	(	(	PUNCT
cblr-9109	604	27	george	george	PROPN
cblr-9109	604	28	m.	m.	NOUN
cblr-9109	604	29	constantinides	constantinide	VERB
cblr-9109	604	30	,	,	PUNCT
cblr-9109	604	31	milton	milton	PROPN
cblr-9109	604	32	harris	harris	PROPN
cblr-9109	604	33	&	&	CCONJ
cblr-9109	604	34	rene	rene	PROPN
cblr-9109	604	35	m.	m.	PROPN
cblr-9109	604	36	stulz	stulz	PROPN
cblr-9109	604	37	eds	eds	PROPN
cblr-9109	604	38	.	.	PROPN
cblr-9109	604	39	,	,	PUNCT
cblr-9109	604	40	2013	2013	NUM
cblr-9109	604	41	)	)	PUNCT
cblr-9109	604	42	(	(	PUNCT
cblr-9109	604	43	“	"	PUNCT
cblr-9109	604	44	many	many	ADJ
cblr-9109	604	45	apparently	apparently	ADV
cblr-9109	604	46	uninformed	uninformed	ADJ
cblr-9109	604	47	investors	investor	NOUN
cblr-9109	604	48	trade	trade	VERB
cblr-9109	604	49	actively	actively	ADV
cblr-9109	604	50	,	,	PUNCT
cblr-9109	604	51	speculatively	speculatively	ADV
cblr-9109	604	52	,	,	PUNCT
cblr-9109	604	53	and	and	CCONJ
cblr-9109	604	54	to	to	ADP
cblr-9109	604	55	their	their	PRON
cblr-9109	604	56	detriment	detriment	NOUN
cblr-9109	604	57	.	.	PUNCT
cblr-9109	604	58	”	"	PUNCT
cblr-9109	604	59	)	)	PUNCT
cblr-9109	604	60	.	.	PUNCT
cblr-9109	605	1	no	no	INTJ
cblr-9109	605	2	.	.	PUNCT
cblr-9109	606	1	3:1244	3:1244	NUM
cblr-9109	606	2	]	]	X
cblr-9109	606	3	spoofing	spoofing	NOUN
cblr-9109	606	4	and	and	CCONJ
cblr-9109	606	5	its	its	PRON
cblr-9109	606	6	regulation	regulation	NOUN
cblr-9109	606	7	1287	1287	NUM
cblr-9109	606	8	d.	d.	PROPN
cblr-9109	606	9	informed	inform	VERB
cblr-9109	606	10	traders	trader	NOUN
cblr-9109	606	11	informed	inform	VERB
cblr-9109	606	12	traders	trader	NOUN
cblr-9109	606	13	of	of	ADP
cblr-9109	606	14	each	each	DET
cblr-9109	606	15	kind	kind	NOUN
cblr-9109	606	16	pay	pay	VERB
cblr-9109	606	17	the	the	DET
cblr-9109	606	18	same	same	ADJ
cblr-9109	606	19	increased	increase	VERB
cblr-9109	606	20	spread	spread	NOUN
cblr-9109	606	21	due	due	ADP
cblr-9109	606	22	to	to	ADP
cblr-9109	606	23	the	the	DET
cblr-9109	606	24	presence	presence	NOUN
cblr-9109	606	25	of	of	ADP
cblr-9109	606	26	spoofing	spoof	VERB
cblr-9109	606	27	that	that	PRON
cblr-9109	606	28	uninformed	uninformed	ADJ
cblr-9109	606	29	traders	trader	NOUN
cblr-9109	606	30	do	do	VERB
cblr-9109	606	31	.	.	PUNCT
cblr-9109	607	1	this	this	DET
cblr-9109	607	2	increase	increase	NOUN
cblr-9109	607	3	in	in	ADP
cblr-9109	607	4	their	their	PRON
cblr-9109	607	5	cost	cost	NOUN
cblr-9109	607	6	of	of	ADP
cblr-9109	607	7	doing	do	VERB
cblr-9109	607	8	business	business	NOUN
cblr-9109	607	9	has	have	VERB
cblr-9109	607	10	a	a	DET
cblr-9109	607	11	depressing	depressing	ADJ
cblr-9109	607	12	effect	effect	NOUN
cblr-9109	607	13	on	on	ADP
cblr-9109	607	14	the	the	DET
cblr-9109	607	15	level	level	NOUN
cblr-9109	607	16	of	of	ADP
cblr-9109	607	17	each	each	PRON
cblr-9109	607	18	of	of	ADP
cblr-9109	607	19	the	the	DET
cblr-9109	607	20	kinds	kind	NOUN
cblr-9109	607	21	of	of	ADP
cblr-9109	607	22	informed	informed	ADJ
cblr-9109	607	23	activity	activity	NOUN
cblr-9109	607	24	.	.	PUNCT
cblr-9109	608	1	this	this	PRON
cblr-9109	608	2	decreases	decrease	VERB
cblr-9109	608	3	the	the	DET
cblr-9109	608	4	level	level	NOUN
cblr-9109	608	5	of	of	ADP
cblr-9109	608	6	resources	resource	NOUN
cblr-9109	608	7	going	go	VERB
cblr-9109	608	8	into	into	ADP
cblr-9109	608	9	each	each	PRON
cblr-9109	608	10	of	of	ADP
cblr-9109	608	11	these	these	DET
cblr-9109	608	12	activities	activity	NOUN
cblr-9109	608	13	,	,	PUNCT
cblr-9109	608	14	which	which	PRON
cblr-9109	608	15	has	have	VERB
cblr-9109	608	16	a	a	DET
cblr-9109	608	17	negative	negative	ADJ
cblr-9109	608	18	impact	impact	NOUN
cblr-9109	608	19	on	on	ADP
cblr-9109	608	20	the	the	DET
cblr-9109	608	21	wealth	wealth	NOUN
cblr-9109	608	22	of	of	ADP
cblr-9109	608	23	the	the	DET
cblr-9109	608	24	suppliers	supplier	NOUN
cblr-9109	608	25	of	of	ADP
cblr-9109	608	26	the	the	DET
cblr-9109	608	27	specialized	specialized	ADJ
cblr-9109	608	28	inputs	input	NOUN
cblr-9109	608	29	.	.	PUNCT
cblr-9109	609	1	3	3	X
cblr-9109	609	2	.	.	X
cblr-9109	609	3	fairness	fairness	NOUN
cblr-9109	609	4	considerations	consideration	NOUN
cblr-9109	609	5	based	base	VERB
cblr-9109	609	6	on	on	ADP
cblr-9109	609	7	the	the	DET
cblr-9109	609	8	survey	survey	NOUN
cblr-9109	609	9	above	above	ADV
cblr-9109	609	10	,	,	PUNCT
cblr-9109	609	11	we	we	PRON
cblr-9109	609	12	can	can	AUX
cblr-9109	609	13	see	see	VERB
cblr-9109	609	14	that	that	PRON
cblr-9109	609	15	freely	freely	ADV
cblr-9109	609	16	occurring	occur	VERB
cblr-9109	609	17	spoofing	spoofing	NOUN
cblr-9109	609	18	will	will	AUX
cblr-9109	609	19	not	not	PART
cblr-9109	609	20	affect	affect	VERB
cblr-9109	609	21	the	the	DET
cblr-9109	609	22	wealth	wealth	NOUN
cblr-9109	609	23	position	position	NOUN
cblr-9109	609	24	of	of	ADP
cblr-9109	609	25	uninformed	uninformed	ADJ
cblr-9109	609	26	traders	trader	NOUN
cblr-9109	609	27	from	from	ADP
cblr-9109	609	28	an	an	DET
cblr-9109	609	29	ex	ex	NOUN
cblr-9109	609	30	ante	ante	NOUN
cblr-9109	609	31	point	point	NOUN
cblr-9109	609	32	of	of	ADP
cblr-9109	609	33	view	view	NOUN
cblr-9109	609	34	because	because	SCONJ
cblr-9109	609	35	it	it	PRON
cblr-9109	609	36	is	be	AUX
cblr-9109	609	37	unlikely	unlikely	ADJ
cblr-9109	609	38	that	that	SCONJ
cblr-9109	609	39	the	the	DET
cblr-9109	609	40	spoofing	spoofing	NOUN
cblr-9109	609	41	will	will	AUX
cblr-9109	609	42	affect	affect	VERB
cblr-9109	609	43	the	the	DET
cblr-9109	609	44	price	price	NOUN
cblr-9109	609	45	at	at	ADP
cblr-9109	609	46	which	which	PRON
cblr-9109	609	47	they	they	PRON
cblr-9109	609	48	transact	transact	VERB
cblr-9109	609	49	and	and	CCONJ
cblr-9109	609	50	if	if	SCONJ
cblr-9109	609	51	it	it	PRON
cblr-9109	609	52	does	do	VERB
cblr-9109	609	53	,	,	PUNCT
cblr-9109	609	54	they	they	PRON
cblr-9109	609	55	are	be	AUX
cblr-9109	609	56	as	as	ADV
cblr-9109	609	57	likely	likely	ADJ
cblr-9109	609	58	to	to	PART
cblr-9109	609	59	benefit	benefit	VERB
cblr-9109	609	60	as	as	SCONJ
cblr-9109	609	61	to	to	PART
cblr-9109	609	62	be	be	AUX
cblr-9109	609	63	hurt	hurt	VERB
cblr-9109	609	64	.	.	PUNCT
cblr-9109	610	1	it	it	PRON
cblr-9109	610	2	may	may	AUX
cblr-9109	610	3	add	add	VERB
cblr-9109	610	4	to	to	ADP
cblr-9109	610	5	the	the	DET
cblr-9109	610	6	riskiness	riskiness	NOUN
cblr-9109	610	7	of	of	ADP
cblr-9109	610	8	their	their	PRON
cblr-9109	610	9	trading	trading	NOUN
cblr-9109	610	10	,	,	PUNCT
cblr-9109	610	11	but	but	CCONJ
cblr-9109	610	12	this	this	PRON
cblr-9109	610	13	is	be	AUX
cblr-9109	610	14	a	a	DET
cblr-9109	610	15	risk	risk	NOUN
cblr-9109	610	16	that	that	PRON
cblr-9109	610	17	can	can	AUX
cblr-9109	610	18	typically	typically	ADV
cblr-9109	610	19	be	be	AUX
cblr-9109	610	20	eliminated	eliminate	VERB
cblr-9109	610	21	by	by	ADP
cblr-9109	610	22	holding	hold	VERB
cblr-9109	610	23	a	a	DET
cblr-9109	610	24	diversified	diversified	ADJ
cblr-9109	610	25	portfolio	portfolio	NOUN
cblr-9109	610	26	.	.	PUNCT
cblr-9109	611	1	they	they	PRON
cblr-9109	611	2	will	will	AUX
cblr-9109	611	3	face	face	VERB
cblr-9109	611	4	an	an	DET
cblr-9109	611	5	increase	increase	NOUN
cblr-9109	611	6	in	in	ADP
cblr-9109	611	7	the	the	DET
cblr-9109	611	8	bid	bid	NOUN
cblr-9109	611	9	-	-	PUNCT
cblr-9109	611	10	ask	ask	NOUN
cblr-9109	611	11	spread	spread	NOUN
cblr-9109	611	12	,	,	PUNCT
cblr-9109	611	13	but	but	CCONJ
cblr-9109	611	14	on	on	ADP
cblr-9109	611	15	average	average	ADJ
cblr-9109	611	16	this	this	PRON
cblr-9109	611	17	will	will	AUX
cblr-9109	611	18	be	be	AUX
cblr-9109	611	19	compensated	compensate	VERB
cblr-9109	611	20	by	by	ADP
cblr-9109	611	21	the	the	DET
cblr-9109	611	22	lower	low	ADJ
cblr-9109	611	23	cost	cost	NOUN
cblr-9109	611	24	of	of	ADP
cblr-9109	611	25	buying	buy	VERB
cblr-9109	611	26	shares	share	NOUN
cblr-9109	611	27	that	that	PRON
cblr-9109	611	28	generate	generate	VERB
cblr-9109	611	29	a	a	DET
cblr-9109	611	30	given	give	VERB
cblr-9109	611	31	expected	expect	VERB
cblr-9109	611	32	future	future	ADJ
cblr-9109	611	33	cash	cash	NOUN
cblr-9109	611	34	flow	flow	NOUN
cblr-9109	611	35	.	.	PUNCT
cblr-9109	612	1	any	any	DET
cblr-9109	612	2	wider	wide	ADJ
cblr-9109	612	3	bid	bid	NOUN
cblr-9109	612	4	-	-	PUNCT
cblr-9109	612	5	ask	ask	NOUN
cblr-9109	612	6	spread	spread	NOUN
cblr-9109	612	7	will	will	AUX
cblr-9109	612	8	result	result	VERB
cblr-9109	612	9	in	in	ADP
cblr-9109	612	10	fewer	few	ADJ
cblr-9109	612	11	resources	resource	NOUN
cblr-9109	612	12	being	be	AUX
cblr-9109	612	13	drawn	draw	VERB
cblr-9109	612	14	into	into	ADP
cblr-9109	612	15	the	the	DET
cblr-9109	612	16	businesses	business	NOUN
cblr-9109	612	17	of	of	ADP
cblr-9109	612	18	liquidity	liquidity	NOUN
cblr-9109	612	19	supply	supply	NOUN
cblr-9109	612	20	and	and	CCONJ
cblr-9109	612	21	fundamental	fundamental	ADJ
cblr-9109	612	22	-	-	PUNCT
cblr-9109	612	23	value	value	NOUN
cblr-9109	612	24	informed	inform	VERB
cblr-9109	612	25	trading	trading	NOUN
cblr-9109	612	26	,	,	PUNCT
cblr-9109	612	27	thereby	thereby	ADV
cblr-9109	612	28	decreasing	decrease	VERB
cblr-9109	612	29	the	the	DET
cblr-9109	612	30	wealth	wealth	NOUN
cblr-9109	612	31	positions	position	NOUN
cblr-9109	612	32	of	of	ADP
cblr-9109	612	33	their	their	PRON
cblr-9109	612	34	specialized	specialized	ADJ
cblr-9109	612	35	input	input	NOUN
cblr-9109	612	36	suppliers.124	suppliers.124	PROPN
cblr-9109	612	37	a	a	DET
cblr-9109	612	38	prospective	prospective	ADJ
cblr-9109	612	39	flow	flow	NOUN
cblr-9109	612	40	of	of	ADP
cblr-9109	612	41	rents	rent	NOUN
cblr-9109	612	42	is	be	AUX
cblr-9109	612	43	not	not	PART
cblr-9109	612	44	an	an	DET
cblr-9109	612	45	entitlement	entitlement	NOUN
cblr-9109	612	46	,	,	PUNCT
cblr-9109	612	47	however	however	ADV
cblr-9109	612	48	.	.	PUNCT
cblr-9109	613	1	in	in	ADP
cblr-9109	613	2	a	a	DET
cblr-9109	613	3	market	market	NOUN
cblr-9109	613	4	economy	economy	NOUN
cblr-9109	613	5	,	,	PUNCT
cblr-9109	613	6	the	the	DET
cblr-9109	613	7	offer	offer	NOUN
cblr-9109	613	8	of	of	ADP
cblr-9109	613	9	rents	rent	NOUN
cblr-9109	613	10	to	to	PART
cblr-9109	613	11	prompt	prompt	VERB
cblr-9109	613	12	the	the	DET
cblr-9109	613	13	suppliers	supplier	NOUN
cblr-9109	613	14	of	of	ADP
cblr-9109	613	15	specialized	specialized	ADJ
cblr-9109	613	16	inputs	input	NOUN
cblr-9109	613	17	to	to	PART
cblr-9109	613	18	come	come	VERB
cblr-9109	613	19	forward	forward	ADV
cblr-9109	613	20	is	be	AUX
cblr-9109	613	21	simply	simply	ADV
cblr-9109	613	22	the	the	DET
cblr-9109	613	23	mechanism	mechanism	NOUN
cblr-9109	613	24	by	by	ADP
cblr-9109	613	25	which	which	PRON
cblr-9109	613	26	these	these	DET
cblr-9109	613	27	resources	resource	NOUN
cblr-9109	613	28	get	get	AUX
cblr-9109	613	29	directed	direct	VERB
cblr-9109	613	30	to	to	ADP
cblr-9109	613	31	the	the	DET
cblr-9109	613	32	activity	activity	NOUN
cblr-9109	613	33	for	for	ADP
cblr-9109	613	34	which	which	PRON
cblr-9109	613	35	they	they	PRON
cblr-9109	613	36	are	be	AUX
cblr-9109	613	37	most	most	ADV
cblr-9109	613	38	particularly	particularly	ADV
cblr-9109	613	39	suited.125	suited.125	ADP
cblr-9109	613	40	the	the	DET
cblr-9109	613	41	effects	effect	NOUN
cblr-9109	613	42	on	on	ADP
cblr-9109	613	43	the	the	DET
cblr-9109	613	44	rents	rent	NOUN
cblr-9109	613	45	being	be	AUX
cblr-9109	613	46	paid	pay	VERB
cblr-9109	613	47	in	in	ADP
cblr-9109	613	48	the	the	DET
cblr-9109	613	49	case	case	NOUN
cblr-9109	613	50	of	of	ADP
cblr-9109	613	51	the	the	DET
cblr-9109	613	52	businesses	business	NOUN
cblr-9109	613	53	being	be	AUX
cblr-9109	613	54	considered	consider	VERB
cblr-9109	613	55	here	here	ADV
cblr-9109	613	56	do	do	AUX
cblr-9109	613	57	not	not	PART
cblr-9109	613	58	raise	raise	VERB
cblr-9109	613	59	any	any	DET
cblr-9109	613	60	greater	great	ADJ
cblr-9109	613	61	fairness	fairness	NOUN
cblr-9109	613	62	issues	issue	NOUN
cblr-9109	613	63	than	than	SCONJ
cblr-9109	613	64	do	do	VERB
cblr-9109	613	65	the	the	DET
cblr-9109	613	66	rents	rent	NOUN
cblr-9109	613	67	paid	pay	VERB
cblr-9109	613	68	persons	person	NOUN
cblr-9109	613	69	with	with	ADP
cblr-9109	613	70	special	special	ADJ
cblr-9109	613	71	abilities	ability	NOUN
cblr-9109	613	72	and	and	CCONJ
cblr-9109	613	73	skills	skill	NOUN
cblr-9109	613	74	across	across	ADP
cblr-9109	613	75	the	the	DET
cblr-9109	613	76	whole	whole	ADJ
cblr-9109	613	77	market	market	NOUN
cblr-9109	613	78	-	-	PUNCT
cblr-9109	613	79	based	base	VERB
cblr-9109	613	80	part	part	NOUN
cblr-9109	613	81	of	of	ADP
cblr-9109	613	82	our	our	PRON
cblr-9109	613	83	economy	economy	NOUN
cblr-9109	613	84	.	.	PUNCT
cblr-9109	614	1	124	124	NUM
cblr-9109	614	2	see	see	VERB
cblr-9109	614	3	supra	supra	PROPN
cblr-9109	614	4	section	section	PROPN
cblr-9109	614	5	iv.c.1	iv.c.1	PROPN
cblr-9109	614	6	.	.	PUNCT
cblr-9109	615	1	125	125	NUM
cblr-9109	615	2	see	see	VERB
cblr-9109	615	3	fox	fox	PROPN
cblr-9109	615	4	et	et	PROPN
cblr-9109	615	5	al	al	PROPN
cblr-9109	615	6	.	.	PROPN
cblr-9109	615	7	,	,	PUNCT
cblr-9109	615	8	the	the	DET
cblr-9109	615	9	new	new	ADJ
cblr-9109	615	10	stock	stock	NOUN
cblr-9109	615	11	market	market	NOUN
cblr-9109	615	12	,	,	PUNCT
cblr-9109	615	13	supra	supra	PROPN
cblr-9109	615	14	note	note	NOUN
cblr-9109	615	15	3	3	NUM
cblr-9109	615	16	,	,	PUNCT
cblr-9109	615	17	at	at	ADP
cblr-9109	615	18	54	54	NUM
cblr-9109	615	19	,	,	PUNCT
cblr-9109	615	20	1288	1288	NUM
cblr-9109	615	21	columbia	columbia	PROPN
cblr-9109	615	22	business	business	NOUN
cblr-9109	615	23	law	law	PROPN
cblr-9109	615	24	review	review	NOUN
cblr-9109	616	1	[	[	X
cblr-9109	616	2	vol	vol	NOUN
cblr-9109	616	3	.	.	PUNCT
cblr-9109	616	4	2021	2021	NUM
cblr-9109	616	5	the	the	DET
cblr-9109	616	6	bottom	bottom	ADJ
cblr-9109	616	7	line	line	NOUN
cblr-9109	616	8	is	be	AUX
cblr-9109	616	9	that	that	SCONJ
cblr-9109	616	10	the	the	DET
cblr-9109	616	11	more	more	ADV
cblr-9109	616	12	serious	serious	ADJ
cblr-9109	616	13	normative	normative	ADJ
cblr-9109	616	14	question	question	NOUN
cblr-9109	616	15	concerning	concern	VERB
cblr-9109	616	16	spoofing	spoof	VERB
cblr-9109	616	17	is	be	AUX
cblr-9109	616	18	whether	whether	SCONJ
cblr-9109	616	19	its	its	PRON
cblr-9109	616	20	effect	effect	NOUN
cblr-9109	616	21	on	on	ADP
cblr-9109	616	22	the	the	DET
cblr-9109	616	23	allocation	allocation	NOUN
cblr-9109	616	24	of	of	ADP
cblr-9109	616	25	resources	resource	NOUN
cblr-9109	616	26	enhances	enhance	NOUN
cblr-9109	616	27	or	or	CCONJ
cblr-9109	616	28	decreases	decrease	VERB
cblr-9109	616	29	efficiency	efficiency	NOUN
cblr-9109	616	30	.	.	PUNCT
cblr-9109	617	1	4	4	X
cblr-9109	617	2	.	.	X
cblr-9109	617	3	efficiency	efficiency	NOUN
cblr-9109	617	4	considerations	consideration	NOUN
cblr-9109	617	5	from	from	ADP
cblr-9109	617	6	an	an	DET
cblr-9109	617	7	efficiency	efficiency	NOUN
cblr-9109	617	8	point	point	NOUN
cblr-9109	617	9	of	of	ADP
cblr-9109	617	10	view	view	NOUN
cblr-9109	617	11	,	,	PUNCT
cblr-9109	617	12	spoofing	spoof	VERB
cblr-9109	617	13	has	have	VERB
cblr-9109	617	14	no	no	DET
cblr-9109	617	15	redeeming	redeem	VERB
cblr-9109	617	16	virtues	virtue	NOUN
cblr-9109	617	17	.	.	PUNCT
cblr-9109	618	1	although	although	SCONJ
cblr-9109	618	2	it	it	PRON
cblr-9109	618	3	will	will	AUX
cblr-9109	618	4	not	not	PART
cblr-9109	618	5	directly	directly	ADV
cblr-9109	618	6	affect	affect	VERB
cblr-9109	618	7	price	price	NOUN
cblr-9109	618	8	accuracy	accuracy	NOUN
cblr-9109	618	9	in	in	ADP
cblr-9109	618	10	any	any	DET
cblr-9109	618	11	important	important	ADJ
cblr-9109	618	12	way	way	NOUN
cblr-9109	618	13	,	,	PUNCT
cblr-9109	618	14	it	it	PRON
cblr-9109	618	15	consumes	consume	VERB
cblr-9109	618	16	resources	resource	NOUN
cblr-9109	618	17	that	that	PRON
cblr-9109	618	18	could	could	AUX
cblr-9109	618	19	be	be	AUX
cblr-9109	618	20	usefully	usefully	ADV
cblr-9109	618	21	employed	employ	VERB
cblr-9109	618	22	elsewhere	elsewhere	ADV
cblr-9109	618	23	in	in	ADP
cblr-9109	618	24	the	the	DET
cblr-9109	618	25	economy	economy	NOUN
cblr-9109	618	26	and	and	CCONJ
cblr-9109	618	27	it	it	PRON
cblr-9109	618	28	has	have	VERB
cblr-9109	618	29	a	a	DET
cblr-9109	618	30	negative	negative	ADJ
cblr-9109	618	31	impact	impact	NOUN
cblr-9109	618	32	on	on	ADP
cblr-9109	618	33	liquidity	liquidity	NOUN
cblr-9109	618	34	.	.	PUNCT
cblr-9109	619	1	this	this	PRON
cblr-9109	619	2	in	in	ADP
cblr-9109	619	3	turn	turn	NOUN
cblr-9109	619	4	can	can	AUX
cblr-9109	619	5	indirectly	indirectly	ADV
cblr-9109	619	6	hurt	hurt	VERB
cblr-9109	619	7	price	price	NOUN
cblr-9109	619	8	accuracy	accuracy	NOUN
cblr-9109	619	9	in	in	ADP
cblr-9109	619	10	ways	way	NOUN
cblr-9109	619	11	that	that	PRON
cblr-9109	619	12	are	be	AUX
cblr-9109	619	13	socially	socially	ADV
cblr-9109	619	14	harmful	harmful	ADJ
cblr-9109	619	15	.	.	PUNCT
cblr-9109	620	1	a.	a.	NOUN
cblr-9109	620	2	price	price	NOUN
cblr-9109	620	3	accuracy	accuracy	NOUN
cblr-9109	620	4	as	as	ADP
cblr-9109	620	5	our	our	PRON
cblr-9109	620	6	discussion	discussion	NOUN
cblr-9109	620	7	of	of	ADP
cblr-9109	620	8	the	the	DET
cblr-9109	620	9	mechanisms	mechanism	NOUN
cblr-9109	620	10	of	of	ADP
cblr-9109	620	11	the	the	DET
cblr-9109	620	12	market	market	NOUN
cblr-9109	620	13	shows	show	NOUN
cblr-9109	620	14	,	,	PUNCT
cblr-9109	620	15	in	in	ADP
cblr-9109	620	16	the	the	DET
cblr-9109	620	17	absence	absence	NOUN
cblr-9109	620	18	of	of	ADP
cblr-9109	620	19	manipulation	manipulation	NOUN
cblr-9109	620	20	,	,	PUNCT
cblr-9109	620	21	market	market	NOUN
cblr-9109	620	22	prices	price	NOUN
cblr-9109	620	23	have	have	VERB
cblr-9109	620	24	the	the	DET
cblr-9109	620	25	remarkable	remarkable	ADJ
cblr-9109	620	26	quality	quality	NOUN
cblr-9109	620	27	of	of	ADP
cblr-9109	620	28	reflecting	reflect	VERB
cblr-9109	620	29	a	a	DET
cblr-9109	620	30	large	large	ADJ
cblr-9109	620	31	amount	amount	NOUN
cblr-9109	620	32	of	of	ADP
cblr-9109	620	33	information	information	NOUN
cblr-9109	620	34	relevant	relevant	ADJ
cblr-9109	620	35	to	to	ADP
cblr-9109	620	36	predicting	predict	VERB
cblr-9109	620	37	an	an	DET
cblr-9109	620	38	issuer	issuer	NOUN
cblr-9109	620	39	’s	’s	PART
cblr-9109	620	40	future	future	ADJ
cblr-9109	620	41	cash	cash	NOUN
cblr-9109	620	42	flows	flow	NOUN
cblr-9109	620	43	.	.	PUNCT
cblr-9109	621	1	spoofing	spoof	VERB
cblr-9109	621	2	,	,	PUNCT
cblr-9109	621	3	in	in	ADP
cblr-9109	621	4	its	its	PRON
cblr-9109	621	5	direct	direct	ADJ
cblr-9109	621	6	effects	effect	NOUN
cblr-9109	621	7	,	,	PUNCT
cblr-9109	621	8	is	be	AUX
cblr-9109	621	9	unlikely	unlikely	ADJ
cblr-9109	621	10	to	to	PART
cblr-9109	621	11	move	move	VERB
cblr-9109	621	12	price	price	NOUN
cblr-9109	621	13	away	away	ADV
cblr-9109	621	14	from	from	ADP
cblr-9109	621	15	where	where	SCONJ
cblr-9109	621	16	it	it	PRON
cblr-9109	621	17	otherwise	otherwise	ADV
cblr-9109	621	18	would	would	AUX
cblr-9109	621	19	be	be	AUX
cblr-9109	621	20	.	.	PUNCT
cblr-9109	622	1	even	even	ADV
cblr-9109	622	2	if	if	SCONJ
cblr-9109	622	3	it	it	PRON
cblr-9109	622	4	does	do	VERB
cblr-9109	622	5	,	,	PUNCT
cblr-9109	622	6	the	the	DET
cblr-9109	622	7	dislocation	dislocation	NOUN
cblr-9109	622	8	will	will	AUX
cblr-9109	622	9	be	be	AUX
cblr-9109	622	10	so	so	ADV
cblr-9109	622	11	brief	brief	ADJ
cblr-9109	622	12	as	as	SCONJ
cblr-9109	622	13	to	to	PART
cblr-9109	622	14	have	have	VERB
cblr-9109	622	15	no	no	DET
cblr-9109	622	16	real	real	ADJ
cblr-9109	622	17	economic	economic	ADJ
cblr-9109	622	18	efficiency	efficiency	NOUN
cblr-9109	622	19	implications	implication	NOUN
cblr-9109	622	20	.	.	PUNCT
cblr-9109	623	1	therefore	therefore	ADV
cblr-9109	623	2	,	,	PUNCT
cblr-9109	623	3	interestingly	interestingly	ADV
cblr-9109	623	4	,	,	PUNCT
cblr-9109	623	5	although	although	SCONJ
cblr-9109	623	6	most	most	ADJ
cblr-9109	623	7	commentators	commentator	NOUN
cblr-9109	623	8	and	and	CCONJ
cblr-9109	623	9	jurists	jurist	NOUN
cblr-9109	623	10	focus	focus	VERB
cblr-9109	623	11	on	on	ADP
cblr-9109	623	12	the	the	DET
cblr-9109	623	13	price	price	NOUN
cblr-9109	623	14	distortion	distortion	NOUN
cblr-9109	623	15	effects	effect	NOUN
cblr-9109	623	16	of	of	ADP
cblr-9109	623	17	manipulation	manipulation	NOUN
cblr-9109	623	18	of	of	ADP
cblr-9109	623	19	all	all	DET
cblr-9109	623	20	kinds	kind	NOUN
cblr-9109	623	21	,	,	PUNCT
cblr-9109	623	22	reduced	reduce	VERB
cblr-9109	623	23	price	price	NOUN
cblr-9109	623	24	accuracy	accuracy	NOUN
cblr-9109	623	25	is	be	AUX
cblr-9109	623	26	not	not	PART
cblr-9109	623	27	an	an	DET
cblr-9109	623	28	important	important	ADJ
cblr-9109	623	29	direct	direct	ADJ
cblr-9109	623	30	consequence	consequence	NOUN
cblr-9109	623	31	of	of	ADP
cblr-9109	623	32	spoofing.126	spoofing.126	NOUN
cblr-9109	623	33	recall	recall	VERB
cblr-9109	623	34	that	that	SCONJ
cblr-9109	623	35	accurate	accurate	ADJ
cblr-9109	623	36	prices	price	NOUN
cblr-9109	623	37	benefit	benefit	VERB
cblr-9109	623	38	the	the	DET
cblr-9109	623	39	economy	economy	NOUN
cblr-9109	623	40	by	by	ADP
cblr-9109	623	41	helping	help	VERB
cblr-9109	623	42	allocate	allocate	VERB
cblr-9109	623	43	the	the	DET
cblr-9109	623	44	economy	economy	NOUN
cblr-9109	623	45	’s	’s	PART
cblr-9109	623	46	scarce	scarce	ADJ
cblr-9109	623	47	capital	capital	NOUN
cblr-9109	623	48	to	to	ADP
cblr-9109	623	49	the	the	DET
cblr-9109	623	50	potentially	potentially	ADV
cblr-9109	623	51	most	most	ADV
cblr-9109	623	52	promising	promising	ADJ
cblr-9109	623	53	real	real	ADJ
cblr-9109	623	54	investment	investment	NOUN
cblr-9109	623	55	projects.127	projects.127	NOUN
cblr-9109	623	56	accurate	accurate	ADJ
cblr-9109	623	57	prices	price	NOUN
cblr-9109	623	58	also	also	ADV
cblr-9109	623	59	improve	improve	VERB
cblr-9109	623	60	the	the	DET
cblr-9109	623	61	utilization	utilization	NOUN
cblr-9109	623	62	of	of	ADP
cblr-9109	623	63	the	the	DET
cblr-9109	623	64	economy	economy	NOUN
cblr-9109	623	65	’s	’s	PART
cblr-9109	623	66	existing	exist	VERB
cblr-9109	623	67	productive	productive	ADJ
cblr-9109	623	68	capacity	capacity	NOUN
cblr-9109	623	69	by	by	ADP
cblr-9109	623	70	optimizing	optimize	VERB
cblr-9109	623	71	the	the	DET
cblr-9109	623	72	signals	signal	NOUN
cblr-9109	623	73	provided	provide	VERB
cblr-9109	623	74	to	to	ADP
cblr-9109	623	75	management	management	NOUN
cblr-9109	623	76	about	about	ADP
cblr-9109	623	77	investment	investment	NOUN
cblr-9109	623	78	decisions	decision	NOUN
cblr-9109	623	79	and	and	CCONJ
cblr-9109	623	80	the	the	DET
cblr-9109	623	81	signals	signal	NOUN
cblr-9109	623	82	given	give	VERB
cblr-9109	623	83	to	to	ADP
cblr-9109	623	84	boards	board	NOUN
cblr-9109	623	85	and	and	CCONJ
cblr-9109	623	86	shareholders	shareholder	NOUN
cblr-9109	623	87	about	about	ADP
cblr-9109	623	88	the	the	DET
cblr-9109	623	89	quality	quality	NOUN
cblr-9109	623	90	of	of	ADP
cblr-9109	623	91	management	management	NOUN
cblr-9109	623	92	decisions.128	decisions.128	NOUN
cblr-9109	623	93	this	this	DET
cblr-9109	623	94	form	form	NOUN
cblr-9109	623	95	of	of	ADP
cblr-9109	623	96	manipulation	manipulation	NOUN
cblr-9109	623	97	will	will	AUX
cblr-9109	623	98	either	either	CCONJ
cblr-9109	623	99	have	have	VERB
cblr-9109	623	100	no	no	DET
cblr-9109	623	101	direct	direct	ADJ
cblr-9109	623	102	effect	effect	NOUN
cblr-9109	623	103	on	on	ADP
cblr-9109	623	104	prices	price	NOUN
cblr-9109	623	105	or	or	CCONJ
cblr-9109	623	106	will	will	AUX
cblr-9109	623	107	only	only	ADV
cblr-9109	623	108	directly	directly	ADV
cblr-9109	623	109	affect	affect	VERB
cblr-9109	623	110	prices	price	NOUN
cblr-9109	623	111	for	for	ADP
cblr-9109	623	112	a	a	DET
cblr-9109	623	113	very	very	ADV
cblr-9109	623	114	brief	brief	ADJ
cblr-9109	623	115	period	period	NOUN
cblr-9109	623	116	of	of	ADP
cblr-9109	623	117	time	time	NOUN
cblr-9109	623	118	.	.	PUNCT
cblr-9109	624	1	very	very	ADV
cblr-9109	624	2	short	short	ADJ
cblr-9109	624	3	run	run	NOUN
cblr-9109	624	4	distortions	distortion	NOUN
cblr-9109	624	5	in	in	ADP
cblr-9109	624	6	price	price	NOUN
cblr-9109	624	7	of	of	ADP
cblr-9109	624	8	the	the	DET
cblr-9109	624	9	kind	kind	NOUN
cblr-9109	624	10	that	that	PRON
cblr-9109	624	11	will	will	AUX
cblr-9109	624	12	typically	typically	ADV
cblr-9109	624	13	occur	occur	VERB
cblr-9109	624	14	with	with	ADP
cblr-9109	624	15	126	126	NUM
cblr-9109	624	16	see	see	NOUN
cblr-9109	624	17	infra	infra	NOUN
cblr-9109	624	18	section	section	NOUN
cblr-9109	624	19	vi	vi	PROPN
cblr-9109	624	20	.	.	PROPN
cblr-9109	624	21	127	127	NUM
cblr-9109	624	22	see	see	VERB
cblr-9109	624	23	supra	supra	PROPN
cblr-9109	624	24	section	section	PROPN
cblr-9109	624	25	iii.c.1	iii.c.1	PROPN
cblr-9109	624	26	.	.	PROPN
cblr-9109	625	1	128	128	NUM
cblr-9109	625	2	see	see	VERB
cblr-9109	625	3	i	i	PRON
cblr-9109	625	4	d.	d.	PROPN
cblr-9109	625	5	no	no	INTJ
cblr-9109	625	6	.	.	PUNCT
cblr-9109	626	1	3:1244	3:1244	NUM
cblr-9109	626	2	]	]	X
cblr-9109	626	3	spoofing	spoofing	NOUN
cblr-9109	626	4	and	and	CCONJ
cblr-9109	626	5	its	its	PRON
cblr-9109	626	6	regulation	regulation	NOUN
cblr-9109	626	7	1289	1289	NUM
cblr-9109	626	8	spoofing	spoofing	NOUN
cblr-9109	626	9	will	will	AUX
cblr-9109	626	10	not	not	PART
cblr-9109	626	11	seriously	seriously	ADV
cblr-9109	626	12	undermine	undermine	VERB
cblr-9109	626	13	the	the	DET
cblr-9109	626	14	role	role	NOUN
cblr-9109	626	15	that	that	PRON
cblr-9109	626	16	share	share	VERB
cblr-9109	626	17	prices	price	NOUN
cblr-9109	626	18	play	play	VERB
cblr-9109	626	19	in	in	ADP
cblr-9109	626	20	guiding	guide	VERB
cblr-9109	626	21	the	the	DET
cblr-9109	626	22	real	real	ADJ
cblr-9109	626	23	economy	economy	NOUN
cblr-9109	626	24	in	in	ADP
cblr-9109	626	25	these	these	DET
cblr-9109	626	26	ways	way	NOUN
cblr-9109	626	27	.	.	PUNCT
cblr-9109	627	1	however	however	ADV
cblr-9109	627	2	,	,	PUNCT
cblr-9109	627	3	this	this	DET
cblr-9109	627	4	form	form	NOUN
cblr-9109	627	5	of	of	ADP
cblr-9109	627	6	manipulation	manipulation	NOUN
cblr-9109	627	7	can	can	AUX
cblr-9109	627	8	have	have	VERB
cblr-9109	627	9	an	an	DET
cblr-9109	627	10	indirect	indirect	ADJ
cblr-9109	627	11	effect	effect	NOUN
cblr-9109	627	12	on	on	ADP
cblr-9109	627	13	longer	long	ADJ
cblr-9109	627	14	run	run	VERB
cblr-9109	627	15	price	price	NOUN
cblr-9109	627	16	accuracy	accuracy	NOUN
cblr-9109	627	17	in	in	ADP
cblr-9109	627	18	ways	way	NOUN
cblr-9109	627	19	that	that	PRON
cblr-9109	627	20	can	can	AUX
cblr-9109	627	21	be	be	AUX
cblr-9109	627	22	important	important	ADJ
cblr-9109	627	23	to	to	ADP
cblr-9109	627	24	the	the	DET
cblr-9109	627	25	real	real	ADJ
cblr-9109	627	26	economy	economy	NOUN
cblr-9109	627	27	through	through	ADP
cblr-9109	627	28	its	its	PRON
cblr-9109	627	29	impact	impact	NOUN
cblr-9109	627	30	on	on	ADP
cblr-9109	627	31	liquidity	liquidity	NOUN
cblr-9109	627	32	and	and	CCONJ
cblr-9109	627	33	among	among	ADP
cblr-9109	627	34	the	the	DET
cblr-9109	627	35	various	various	ADJ
cblr-9109	627	36	kinds	kind	NOUN
cblr-9109	627	37	of	of	ADP
cblr-9109	627	38	informed	informed	ADJ
cblr-9109	627	39	trading	trading	NOUN
cblr-9109	627	40	.	.	PUNCT
cblr-9109	628	1	the	the	DET
cblr-9109	628	2	level	level	NOUN
cblr-9109	628	3	of	of	ADP
cblr-9109	628	4	fundamental	fundamental	ADJ
cblr-9109	628	5	-	-	PUNCT
cblr-9109	628	6	value	value	NOUN
cblr-9109	628	7	informed	inform	VERB
cblr-9109	628	8	trading	trading	NOUN
cblr-9109	628	9	will	will	AUX
cblr-9109	628	10	be	be	AUX
cblr-9109	628	11	most	most	ADV
cblr-9109	628	12	sensitive	sensitive	ADJ
cblr-9109	628	13	to	to	ADP
cblr-9109	628	14	this	this	DET
cblr-9109	628	15	increase	increase	NOUN
cblr-9109	628	16	in	in	ADP
cblr-9109	628	17	cost	cost	NOUN
cblr-9109	628	18	.	.	PUNCT
cblr-9109	629	1	this	this	PRON
cblr-9109	629	2	is	be	AUX
cblr-9109	629	3	because	because	SCONJ
cblr-9109	629	4	fundamental	fundamental	ADJ
cblr-9109	629	5	-	-	PUNCT
cblr-9109	629	6	value	value	NOUN
cblr-9109	629	7	informed	inform	VERB
cblr-9109	629	8	traders	trader	NOUN
cblr-9109	629	9	create	create	VERB
cblr-9109	629	10	,	,	PUNCT
cblr-9109	629	11	at	at	ADP
cblr-9109	629	12	a	a	DET
cblr-9109	629	13	cost	cost	NOUN
cblr-9109	629	14	to	to	ADP
cblr-9109	629	15	them	they	PRON
cblr-9109	629	16	,	,	PUNCT
cblr-9109	629	17	the	the	DET
cblr-9109	629	18	information	information	NOUN
cblr-9109	629	19	on	on	ADP
cblr-9109	629	20	which	which	PRON
cblr-9109	629	21	they	they	PRON
cblr-9109	629	22	trade	trade	VERB
cblr-9109	629	23	.	.	PUNCT
cblr-9109	630	1	a	a	DET
cblr-9109	630	2	wider	wide	ADJ
cblr-9109	630	3	spread	spread	NOUN
cblr-9109	630	4	means	mean	VERB
cblr-9109	630	5	their	their	PRON
cblr-9109	630	6	trading	trading	NOUN
cblr-9109	630	7	will	will	AUX
cblr-9109	630	8	be	be	AUX
cblr-9109	630	9	less	less	ADV
cblr-9109	630	10	profitable	profitable	ADJ
cblr-9109	630	11	and	and	CCONJ
cblr-9109	630	12	so	so	ADV
cblr-9109	630	13	they	they	PRON
cblr-9109	630	14	will	will	AUX
cblr-9109	630	15	have	have	VERB
cblr-9109	630	16	less	less	ADJ
cblr-9109	630	17	incentive	incentive	NOUN
cblr-9109	630	18	to	to	PART
cblr-9109	630	19	create	create	VERB
cblr-9109	630	20	information.129	information.129	PROPN
cblr-9109	630	21	in	in	ADP
cblr-9109	630	22	contrast	contrast	NOUN
cblr-9109	630	23	,	,	PUNCT
cblr-9109	630	24	the	the	DET
cblr-9109	630	25	level	level	NOUN
cblr-9109	630	26	of	of	ADP
cblr-9109	630	27	issuer	issuer	ADJ
cblr-9109	630	28	insider	insider	NOUN
cblr-9109	630	29	and	and	CCONJ
cblr-9109	630	30	nonissuer	nonissuer	NOUN
cblr-9109	630	31	insider	insider	NOUN
cblr-9109	630	32	informed	inform	VERB
cblr-9109	630	33	trading	trading	NOUN
cblr-9109	630	34	and	and	CCONJ
cblr-9109	630	35	trading	trading	NOUN
cblr-9109	630	36	based	base	VERB
cblr-9109	630	37	on	on	ADP
cblr-9109	630	38	the	the	DET
cblr-9109	630	39	tips	tip	NOUN
cblr-9109	630	40	of	of	ADP
cblr-9109	630	41	such	such	ADJ
cblr-9109	630	42	insiders	insider	NOUN
cblr-9109	630	43	depends	depend	VERB
cblr-9109	630	44	mostly	mostly	ADV
cblr-9109	630	45	on	on	ADP
cblr-9109	630	46	the	the	DET
cblr-9109	630	47	opportunities	opportunity	NOUN
cblr-9109	630	48	that	that	PRON
cblr-9109	630	49	the	the	DET
cblr-9109	630	50	insiders	insider	NOUN
cblr-9109	630	51	encounter	encounter	VERB
cblr-9109	630	52	in	in	ADP
cblr-9109	630	53	their	their	PRON
cblr-9109	630	54	employment.130	employment.130	NOUN
cblr-9109	630	55	the	the	DET
cblr-9109	630	56	decrease	decrease	NOUN
cblr-9109	630	57	in	in	ADP
cblr-9109	630	58	the	the	DET
cblr-9109	630	59	level	level	NOUN
cblr-9109	630	60	of	of	ADP
cblr-9109	630	61	fundamental	fundamental	ADJ
cblr-9109	630	62	-	-	PUNCT
cblr-9109	630	63	value	value	NOUN
cblr-9109	630	64	informed	inform	VERB
cblr-9109	630	65	trading	trading	NOUN
cblr-9109	630	66	is	be	AUX
cblr-9109	630	67	unfortunate	unfortunate	ADJ
cblr-9109	630	68	because	because	SCONJ
cblr-9109	630	69	the	the	DET
cblr-9109	630	70	social	social	ADJ
cblr-9109	630	71	gain	gain	NOUN
cblr-9109	630	72	from	from	ADP
cblr-9109	630	73	its	its	PRON
cblr-9109	630	74	contribution	contribution	NOUN
cblr-9109	630	75	to	to	ADP
cblr-9109	630	76	long	long	ADJ
cblr-9109	630	77	run	run	NOUN
cblr-9109	630	78	price	price	NOUN
cblr-9109	630	79	accuracy	accuracy	NOUN
cblr-9109	630	80	exceeds	exceed	VERB
cblr-9109	630	81	the	the	DET
cblr-9109	630	82	social	social	ADJ
cblr-9109	630	83	costs	cost	NOUN
cblr-9109	630	84	of	of	ADP
cblr-9109	630	85	the	the	DET
cblr-9109	630	86	activity.131	activity.131	PROPN
cblr-9109	630	87	thus	thus	ADV
cblr-9109	630	88	,	,	PUNCT
cblr-9109	630	89	the	the	DET
cblr-9109	630	90	social	social	ADJ
cblr-9109	630	91	disadvantage	disadvantage	NOUN
cblr-9109	630	92	from	from	ADP
cblr-9109	630	93	a	a	DET
cblr-9109	630	94	lower	low	ADJ
cblr-9109	630	95	level	level	NOUN
cblr-9109	630	96	of	of	ADP
cblr-9109	630	97	fundamental	fundamental	ADJ
cblr-9109	630	98	-	-	PUNCT
cblr-9109	630	99	value	value	NOUN
cblr-9109	630	100	informed	inform	VERB
cblr-9109	630	101	trading	trading	NOUN
cblr-9109	630	102	is	be	AUX
cblr-9109	630	103	likely	likely	ADJ
cblr-9109	630	104	to	to	PART
cblr-9109	630	105	dominate	dominate	VERB
cblr-9109	630	106	the	the	DET
cblr-9109	630	107	advantage	advantage	NOUN
cblr-9109	630	108	from	from	ADP
cblr-9109	630	109	the	the	DET
cblr-9109	630	110	likely	likely	ADV
cblr-9109	630	111	smaller	small	ADJ
cblr-9109	630	112	decrease	decrease	NOUN
cblr-9109	630	113	in	in	ADP
cblr-9109	630	114	the	the	DET
cblr-9109	630	115	other	other	ADJ
cblr-9109	630	116	,	,	PUNCT
cblr-9109	630	117	socially	socially	ADV
cblr-9109	630	118	undesirable	undesirable	ADJ
cblr-9109	630	119	,	,	PUNCT
cblr-9109	630	120	forms	form	NOUN
cblr-9109	630	121	of	of	ADP
cblr-9109	630	122	informed	informed	ADJ
cblr-9109	630	123	trading	trading	NOUN
cblr-9109	630	124	.	.	PUNCT
cblr-9109	631	1	b.	b.	PROPN
cblr-9109	631	2	liquidity	liquidity	PROPN
cblr-9109	631	3	the	the	DET
cblr-9109	631	4	prospect	prospect	NOUN
cblr-9109	631	5	of	of	ADP
cblr-9109	631	6	freely	freely	ADV
cblr-9109	631	7	occurring	occur	VERB
cblr-9109	631	8	spoofing	spoofing	NOUN
cblr-9109	631	9	will	will	AUX
cblr-9109	631	10	lessen	lessen	VERB
cblr-9109	631	11	liquidity	liquidity	NOUN
cblr-9109	631	12	.	.	PUNCT
cblr-9109	632	1	it	it	PRON
cblr-9109	632	2	will	will	AUX
cblr-9109	632	3	definitely	definitely	ADV
cblr-9109	632	4	do	do	VERB
cblr-9109	632	5	so	so	ADV
cblr-9109	632	6	,	,	PUNCT
cblr-9109	632	7	through	through	ADP
cblr-9109	632	8	its	its	PRON
cblr-9109	632	9	muddying	muddying	NOUN
cblr-9109	632	10	of	of	ADP
cblr-9109	632	11	the	the	DET
cblr-9109	632	12	signal	signal	NOUN
cblr-9109	632	13	of	of	ADP
cblr-9109	632	14	quotes	quote	NOUN
cblr-9109	632	15	at	at	ADP
cblr-9109	632	16	or	or	CCONJ
cblr-9109	632	17	slightly	slightly	ADV
cblr-9109	632	18	less	less	ADV
cblr-9109	632	19	favorable	favorable	ADJ
cblr-9109	632	20	than	than	ADP
cblr-9109	632	21	the	the	DET
cblr-9109	632	22	nbbo	nbbo	NOUN
cblr-9109	632	23	and	and	CCONJ
cblr-9109	632	24	the	the	DET
cblr-9109	632	25	consequent	consequent	ADJ
cblr-9109	632	26	widening	widening	NOUN
cblr-9109	632	27	of	of	ADP
cblr-9109	632	28	spreads	spread	NOUN
cblr-9109	632	29	.	.	PUNCT
cblr-9109	633	1	although	although	SCONJ
cblr-9109	633	2	it	it	PRON
cblr-9109	633	3	is	be	AUX
cblr-9109	633	4	considerably	considerably	ADV
cblr-9109	633	5	less	less	ADV
cblr-9109	633	6	clear	clear	ADJ
cblr-9109	633	7	,	,	PUNCT
cblr-9109	633	8	the	the	DET
cblr-9109	633	9	trading	trading	NOUN
cblr-9109	633	10	costs	cost	NOUN
cblr-9109	633	11	associated	associate	VERB
cblr-9109	633	12	with	with	ADP
cblr-9109	633	13	selling	sell	VERB
cblr-9109	633	14	at	at	ADP
cblr-9109	633	15	what	what	PRON
cblr-9109	633	16	had	have	AUX
cblr-9109	633	17	been	be	AUX
cblr-9109	633	18	the	the	DET
cblr-9109	633	19	bid	bid	NOUN
cblr-9109	633	20	and	and	CCONJ
cblr-9109	633	21	buying	buying	NOUN
cblr-9109	633	22	at	at	ADP
cblr-9109	633	23	what	what	PRON
cblr-9109	633	24	had	have	AUX
cblr-9109	633	25	been	be	AUX
cblr-9109	633	26	the	the	DET
cblr-9109	633	27	offer	offer	NOUN
cblr-9109	633	28	may	may	AUX
cblr-9109	633	29	also	also	ADV
cblr-9109	633	30	widen	widen	VERB
cblr-9109	633	31	spreads	spread	NOUN
cblr-9109	633	32	.	.	PUNCT
cblr-9109	634	1	it	it	PRON
cblr-9109	634	2	should	should	AUX
cblr-9109	634	3	be	be	AUX
cblr-9109	634	4	noted	note	VERB
cblr-9109	634	5	that	that	SCONJ
cblr-9109	634	6	by	by	ADP
cblr-9109	634	7	increasing	increase	VERB
cblr-9109	634	8	the	the	DET
cblr-9109	634	9	cost	cost	NOUN
cblr-9109	634	10	of	of	ADP
cblr-9109	634	11	supplying	supply	VERB
cblr-9109	634	12	liquidity	liquidity	NOUN
cblr-9109	634	13	,	,	PUNCT
cblr-9109	634	14	spoofing	spoof	VERB
cblr-9109	634	15	might	might	AUX
cblr-9109	634	16	reduce	reduce	VERB
cblr-9109	634	17	the	the	DET
cblr-9109	634	18	number	number	NOUN
cblr-9109	634	19	of	of	ADP
cblr-9109	634	20	hft	hft	NOUN
cblr-9109	634	21	firms	firm	NOUN
cblr-9109	634	22	that	that	PRON
cblr-9109	634	23	would	would	AUX
cblr-9109	634	24	find	find	VERB
cblr-9109	634	25	it	it	PRON
cblr-9109	634	26	profitable	profitable	ADJ
cblr-9109	634	27	to	to	PART
cblr-9109	634	28	compete	compete	VERB
cblr-9109	634	29	.	.	PUNCT
cblr-9109	635	1	this	this	DET
cblr-9109	635	2	reduction	reduction	NOUN
cblr-9109	635	3	in	in	ADP
cblr-9109	635	4	the	the	DET
cblr-9109	635	5	129	129	NUM
cblr-9109	635	6	see	see	NOUN
cblr-9109	635	7	supra	supra	PROPN
cblr-9109	635	8	section	section	PROPN
cblr-9109	635	9	v.2.b.iii	v.2.b.iii	PROPN
cblr-9109	635	10	.	.	PUNCT
cblr-9109	635	11	130	130	NUM
cblr-9109	635	12	fox	fox	NOUN
cblr-9109	635	13	et	et	PROPN
cblr-9109	635	14	al	al	PROPN
cblr-9109	635	15	.	.	PROPN
cblr-9109	635	16	,	,	PUNCT
cblr-9109	635	17	the	the	DET
cblr-9109	635	18	new	new	ADJ
cblr-9109	635	19	stock	stock	NOUN
cblr-9109	635	20	market	market	NOUN
cblr-9109	635	21	,	,	PUNCT
cblr-9109	635	22	supra	supra	PROPN
cblr-9109	635	23	note	note	NOUN
cblr-9109	635	24	3	3	NUM
cblr-9109	635	25	,	,	PUNCT
cblr-9109	635	26	at	at	ADP
cblr-9109	635	27	145	145	NUM
cblr-9109	635	28	,	,	PUNCT
cblr-9109	635	29	156	156	NUM
cblr-9109	635	30	.	.	PUNCT
cblr-9109	636	1	131	131	NUM
cblr-9109	636	2	see	see	VERB
cblr-9109	636	3	fox	fox	PROPN
cblr-9109	636	4	et	et	PROPN
cblr-9109	636	5	al	al	PROPN
cblr-9109	636	6	.	.	PROPN
cblr-9109	636	7	,	,	PUNCT
cblr-9109	636	8	informed	inform	VERB
cblr-9109	636	9	trading	trading	NOUN
cblr-9109	636	10	,	,	PUNCT
cblr-9109	636	11	supra	supra	PROPN
cblr-9109	636	12	note	note	NOUN
cblr-9109	636	13	32	32	NUM
cblr-9109	636	14	.	.	SYM
cblr-9109	636	15	1290	1290	NUM
cblr-9109	636	16	columbia	columbia	PROPN
cblr-9109	636	17	business	business	PROPN
cblr-9109	636	18	law	law	PROPN
cblr-9109	636	19	review	review	NOUN
cblr-9109	637	1	[	[	X
cblr-9109	637	2	vol	vol	NOUN
cblr-9109	637	3	.	.	NOUN
cblr-9109	637	4	2021	2021	NUM
cblr-9109	637	5	number	number	NOUN
cblr-9109	637	6	of	of	ADP
cblr-9109	637	7	strategic	strategic	ADJ
cblr-9109	637	8	competitors	competitor	NOUN
cblr-9109	637	9	can	can	AUX
cblr-9109	637	10	lead	lead	VERB
cblr-9109	637	11	to	to	ADP
cblr-9109	637	12	a	a	DET
cblr-9109	637	13	reduction	reduction	NOUN
cblr-9109	637	14	in	in	ADP
cblr-9109	637	15	the	the	DET
cblr-9109	637	16	amount	amount	NOUN
cblr-9109	637	17	of	of	ADP
cblr-9109	637	18	liquidity	liquidity	NOUN
cblr-9109	637	19	supplied.132	supplied.132	NOUN
cblr-9109	637	20	as	as	SCONJ
cblr-9109	637	21	discussed	discuss	VERB
cblr-9109	637	22	in	in	ADP
cblr-9109	637	23	part	part	NOUN
cblr-9109	637	24	iii	iii	NOUN
cblr-9109	637	25	,	,	PUNCT
cblr-9109	637	26	less	less	ADJ
cblr-9109	637	27	liquidity	liquidity	NOUN
cblr-9109	637	28	reduces	reduce	VERB
cblr-9109	637	29	social	social	ADJ
cblr-9109	637	30	welfare	welfare	NOUN
cblr-9109	637	31	because	because	SCONJ
cblr-9109	637	32	of	of	ADP
cblr-9109	637	33	the	the	DET
cblr-9109	637	34	resulting	result	VERB
cblr-9109	637	35	misallocation	misallocation	NOUN
cblr-9109	637	36	of	of	ADP
cblr-9109	637	37	resources	resource	NOUN
cblr-9109	637	38	over	over	ADP
cblr-9109	637	39	time	time	NOUN
cblr-9109	637	40	and	and	CCONJ
cblr-9109	637	41	misallocation	misallocation	NOUN
cblr-9109	637	42	of	of	ADP
cblr-9109	637	43	risk	risk	NOUN
cblr-9109	637	44	.	.	PUNCT
cblr-9109	638	1	socially	socially	ADV
cblr-9109	638	2	beneficial	beneficial	ADJ
cblr-9109	638	3	transactions	transaction	NOUN
cblr-9109	638	4	fail	fail	VERB
cblr-9109	638	5	to	to	PART
cblr-9109	638	6	occur	occur	VERB
cblr-9109	638	7	,	,	PUNCT
cblr-9109	638	8	leaving	leave	VERB
cblr-9109	638	9	investors	investor	NOUN
cblr-9109	638	10	with	with	ADP
cblr-9109	638	11	suboptimal	suboptimal	ADJ
cblr-9109	638	12	,	,	PUNCT
cblr-9109	638	13	riskier	risky	ADJ
cblr-9109	638	14	portfolios	portfolio	NOUN
cblr-9109	638	15	and	and	CCONJ
cblr-9109	638	16	driving	drive	VERB
cblr-9109	638	17	up	up	ADP
cblr-9109	638	18	the	the	DET
cblr-9109	638	19	cost	cost	NOUN
cblr-9109	638	20	of	of	ADP
cblr-9109	638	21	capital	capital	NOUN
cblr-9109	638	22	for	for	ADP
cblr-9109	638	23	firms.133	firms.133	NOUN
cblr-9109	638	24	by	by	ADP
cblr-9109	638	25	raising	raise	VERB
cblr-9109	638	26	the	the	DET
cblr-9109	638	27	costs	cost	NOUN
cblr-9109	638	28	of	of	ADP
cblr-9109	638	29	fundamental	fundamental	ADJ
cblr-9109	638	30	-	-	PUNCT
cblr-9109	638	31	value	value	NOUN
cblr-9109	638	32	informed	inform	VERB
cblr-9109	638	33	trading	trading	NOUN
cblr-9109	638	34	and	and	CCONJ
cblr-9109	638	35	thereby	thereby	ADV
cblr-9109	638	36	lessening	lessen	VERB
cblr-9109	638	37	the	the	DET
cblr-9109	638	38	incentives	incentive	NOUN
cblr-9109	638	39	to	to	PART
cblr-9109	638	40	search	search	VERB
cblr-9109	638	41	out	out	ADP
cblr-9109	638	42	and	and	CCONJ
cblr-9109	638	43	trade	trade	VERB
cblr-9109	638	44	on	on	ADP
cblr-9109	638	45	new	new	ADJ
cblr-9109	638	46	information	information	NOUN
cblr-9109	638	47	,	,	PUNCT
cblr-9109	638	48	less	less	ADJ
cblr-9109	638	49	liquidity	liquidity	NOUN
cblr-9109	638	50	also	also	ADV
cblr-9109	638	51	reduces	reduce	VERB
cblr-9109	638	52	longer	long	ADV
cblr-9109	638	53	run	run	VERB
cblr-9109	638	54	share	share	NOUN
cblr-9109	638	55	price	price	NOUN
cblr-9109	638	56	accuracy.134	accuracy.134	PROPN
cblr-9109	638	57	c.	c.	NOUN
cblr-9109	638	58	resource	resource	NOUN
cblr-9109	638	59	misallocation	misallocation	NOUN
cblr-9109	638	60	if	if	SCONJ
cblr-9109	638	61	spoofing	spoof	VERB
cblr-9109	638	62	were	be	AUX
cblr-9109	638	63	freely	freely	ADV
cblr-9109	638	64	permitted	permit	VERB
cblr-9109	638	65	,	,	PUNCT
cblr-9109	638	66	it	it	PRON
cblr-9109	638	67	would	would	AUX
cblr-9109	638	68	pull	pull	VERB
cblr-9109	638	69	resources	resource	NOUN
cblr-9109	638	70	into	into	ADP
cblr-9109	638	71	a	a	DET
cblr-9109	638	72	socially	socially	ADV
cblr-9109	638	73	useless	useless	ADJ
cblr-9109	638	74	business	business	NOUN
cblr-9109	638	75	.	.	PUNCT
cblr-9109	639	1	if	if	SCONJ
cblr-9109	639	2	not	not	PART
cblr-9109	639	3	,	,	PUNCT
cblr-9109	639	4	these	these	DET
cblr-9109	639	5	extra	extra	ADJ
cblr-9109	639	6	resources	resource	NOUN
cblr-9109	639	7	would	would	AUX
cblr-9109	639	8	be	be	AUX
cblr-9109	639	9	used	use	VERB
cblr-9109	639	10	elsewhere	elsewhere	ADV
cblr-9109	639	11	in	in	ADP
cblr-9109	639	12	the	the	DET
cblr-9109	639	13	economy	economy	NOUN
cblr-9109	639	14	,	,	PUNCT
cblr-9109	639	15	positively	positively	ADV
cblr-9109	639	16	contributing	contribute	VERB
cblr-9109	639	17	to	to	ADP
cblr-9109	639	18	the	the	DET
cblr-9109	639	19	production	production	NOUN
cblr-9109	639	20	of	of	ADP
cblr-9109	639	21	goods	good	NOUN
cblr-9109	639	22	and	and	CCONJ
cblr-9109	639	23	services	service	NOUN
cblr-9109	639	24	.	.	PUNCT
cblr-9109	640	1	d.	d.	NOUN
cblr-9109	640	2	market	market	NOUN
cblr-9109	640	3	confidence	confidence	NOUN
cblr-9109	640	4	there	there	PRON
cblr-9109	640	5	is	be	VERB
cblr-9109	640	6	one	one	NUM
cblr-9109	640	7	more	more	ADJ
cblr-9109	640	8	,	,	PUNCT
cblr-9109	640	9	rather	rather	ADV
cblr-9109	640	10	nebulous	nebulous	ADJ
cblr-9109	640	11	efficiency	efficiency	NOUN
cblr-9109	640	12	consideration	consideration	NOUN
cblr-9109	640	13	:	:	PUNCT
cblr-9109	640	14	market	market	NOUN
cblr-9109	640	15	confidence	confidence	NOUN
cblr-9109	640	16	.	.	PUNCT
cblr-9109	641	1	this	this	PRON
cblr-9109	641	2	goes	go	VERB
cblr-9109	641	3	to	to	ADP
cblr-9109	641	4	investors	investor	NOUN
cblr-9109	641	5	’	'	PUNCT
cblr-9109	641	6	sense	sense	NOUN
cblr-9109	641	7	that	that	SCONJ
cblr-9109	641	8	the	the	DET
cblr-9109	641	9	market	market	NOUN
cblr-9109	641	10	is	be	AUX
cblr-9109	641	11	fair	fair	ADJ
cblr-9109	641	12	,	,	PUNCT
cblr-9109	641	13	which	which	PRON
cblr-9109	641	14	is	be	AUX
cblr-9109	641	15	part	part	NOUN
cblr-9109	641	16	of	of	ADP
cblr-9109	641	17	the	the	DET
cblr-9109	641	18	fifth	fifth	ADJ
cblr-9109	641	19	basic	basic	ADJ
cblr-9109	641	20	social	social	ADJ
cblr-9109	641	21	goal	goal	NOUN
cblr-9109	641	22	discussed	discuss	VERB
cblr-9109	641	23	above	above	ADV
cblr-9109	641	24	.	.	PUNCT
cblr-9109	642	1	even	even	ADV
cblr-9109	642	2	if	if	SCONJ
cblr-9109	642	3	spoofing	spoofing	NOUN
cblr-9109	642	4	does	do	AUX
cblr-9109	642	5	not	not	PART
cblr-9109	642	6	actually	actually	ADV
cblr-9109	642	7	decrease	decrease	VERB
cblr-9109	642	8	the	the	DET
cblr-9109	642	9	wealth	wealth	NOUN
cblr-9109	642	10	position	position	NOUN
cblr-9109	642	11	of	of	ADP
cblr-9109	642	12	ordinary	ordinary	ADJ
cblr-9109	642	13	investors	investor	NOUN
cblr-9109	642	14	,	,	PUNCT
cblr-9109	642	15	and	and	CCONJ
cblr-9109	642	16	any	any	DET
cblr-9109	642	17	additional	additional	ADJ
cblr-9109	642	18	risk	risk	NOUN
cblr-9109	642	19	that	that	SCONJ
cblr-9109	642	20	it	it	PRON
cblr-9109	642	21	creates	create	VERB
cblr-9109	642	22	can	can	AUX
cblr-9109	642	23	be	be	AUX
cblr-9109	642	24	diversified	diversify	VERB
cblr-9109	642	25	away	away	ADV
cblr-9109	642	26	,	,	PUNCT
cblr-9109	642	27	public	public	ADJ
cblr-9109	642	28	awareness	awareness	NOUN
cblr-9109	642	29	that	that	SCONJ
cblr-9109	642	30	spoofing	spoof	VERB
cblr-9109	642	31	occurs	occur	VERB
cblr-9109	642	32	may	may	AUX
cblr-9109	642	33	harm	harm	VERB
cblr-9109	642	34	everyday	everyday	ADJ
cblr-9109	642	35	investors	investor	NOUN
cblr-9109	642	36	’	'	PUNCT
cblr-9109	642	37	“	"	PUNCT
cblr-9109	642	38	confidence	confidence	NOUN
cblr-9109	642	39	”	"	PUNCT
cblr-9109	642	40	in	in	ADP
cblr-9109	642	41	the	the	DET
cblr-9109	642	42	stock	stock	NOUN
cblr-9109	642	43	market	market	NOUN
cblr-9109	642	44	.	.	PUNCT
cblr-9109	643	1	the	the	DET
cblr-9109	643	2	public	public	NOUN
cblr-9109	643	3	may	may	AUX
cblr-9109	643	4	view	view	VERB
cblr-9109	643	5	such	such	ADJ
cblr-9109	643	6	manipulations	manipulation	NOUN
cblr-9109	643	7	as	as	ADP
cblr-9109	643	8	improper	improper	ADJ
cblr-9109	643	9	or	or	CCONJ
cblr-9109	643	10	harmful	harmful	ADJ
cblr-9109	643	11	and	and	CCONJ
cblr-9109	643	12	hence	hence	ADV
cblr-9109	643	13	unfair	unfair	ADJ
cblr-9109	643	14	.	.	PUNCT
cblr-9109	644	1	as	as	ADP
cblr-9109	644	2	a	a	DET
cblr-9109	644	3	result	result	NOUN
cblr-9109	644	4	,	,	PUNCT
cblr-9109	644	5	to	to	ADP
cblr-9109	644	6	their	their	PRON
cblr-9109	644	7	own	own	ADJ
cblr-9109	644	8	and	and	CCONJ
cblr-9109	644	9	others	other	NOUN
cblr-9109	644	10	’	'	PUNCT
cblr-9109	644	11	detriment	detriment	NOUN
cblr-9109	644	12	,	,	PUNCT
cblr-9109	644	13	they	they	PRON
cblr-9109	644	14	may	may	AUX
cblr-9109	644	15	reduce	reduce	VERB
cblr-9109	644	16	their	their	PRON
cblr-9109	644	17	participation	participation	NOUN
cblr-9109	644	18	in	in	ADP
cblr-9109	644	19	the	the	DET
cblr-9109	644	20	stock	stock	NOUN
cblr-9109	644	21	market.135	market.135	NOUN
cblr-9109	644	22	typically	typically	ADV
cblr-9109	644	23	,	,	PUNCT
cblr-9109	644	24	the	the	DET
cblr-9109	644	25	most	most	ADV
cblr-9109	644	26	132	132	NUM
cblr-9109	644	27	see	see	VERB
cblr-9109	644	28	shmuel	shmuel	PROPN
cblr-9109	644	29	baruch	baruch	PROPN
cblr-9109	644	30	&	&	CCONJ
cblr-9109	644	31	lawrence	lawrence	PROPN
cblr-9109	644	32	r.	r.	PROPN
cblr-9109	644	33	glosten	glosten	PROPN
cblr-9109	644	34	,	,	PUNCT
cblr-9109	644	35	tail	tail	NOUN
cblr-9109	644	36	expectation	expectation	NOUN
cblr-9109	644	37	and	and	CCONJ
cblr-9109	644	38	imperfect	imperfect	ADJ
cblr-9109	644	39	competition	competition	NOUN
cblr-9109	644	40	in	in	ADP
cblr-9109	644	41	limit	limit	NOUN
cblr-9109	644	42	order	order	NOUN
cblr-9109	644	43	book	book	NOUN
cblr-9109	644	44	markets	market	NOUN
cblr-9109	644	45	,	,	PUNCT
cblr-9109	644	46	183	183	NUM
cblr-9109	644	47	j.	j.	PROPN
cblr-9109	644	48	econ	econ	PROPN
cblr-9109	644	49	.	.	PUNCT
cblr-9109	644	50	theory	theory	NOUN
cblr-9109	644	51	661	661	NUM
cblr-9109	644	52	,	,	PUNCT
cblr-9109	644	53	662	662	NUM
cblr-9109	644	54	(	(	PUNCT
cblr-9109	644	55	2019	2019	NUM
cblr-9109	644	56	)	)	PUNCT
cblr-9109	644	57	.	.	PUNCT
cblr-9109	645	1	133	133	NUM
cblr-9109	645	2	see	see	VERB
cblr-9109	645	3	fox	fox	PROPN
cblr-9109	645	4	et	et	PROPN
cblr-9109	645	5	al	al	PROPN
cblr-9109	645	6	.	.	PROPN
cblr-9109	645	7	,	,	PUNCT
cblr-9109	645	8	informed	inform	VERB
cblr-9109	645	9	trading	trading	NOUN
cblr-9109	645	10	,	,	PUNCT
cblr-9109	645	11	supra	supra	PROPN
cblr-9109	645	12	note	note	PROPN
cblr-9109	645	13	32	32	NUM
cblr-9109	645	14	;	;	PUNCT
cblr-9109	645	15	section	section	NOUN
cblr-9109	645	16	iii.c.2	iii.c.2	PROPN
cblr-9109	645	17	.	.	PUNCT
cblr-9109	646	1	134	134	NUM
cblr-9109	647	1	i	i	PROPN
cblr-9109	647	2	d.	d.	PROPN
cblr-9109	647	3	135	135	NUM
cblr-9109	647	4	see	see	VERB
cblr-9109	647	5	lydia	lydia	PROPN
cblr-9109	647	6	saad	saad	PROPN
cblr-9109	647	7	,	,	PUNCT
cblr-9109	647	8	u.s	u.s	PROPN
cblr-9109	647	9	.	.	PROPN
cblr-9109	647	10	stock	stock	NOUN
cblr-9109	647	11	ownership	ownership	NOUN
cblr-9109	647	12	stays	stay	VERB
cblr-9109	647	13	at	at	ADP
cblr-9109	647	14	record	record	NOUN
cblr-9109	647	15	low	low	ADJ
cblr-9109	647	16	,	,	PUNCT
cblr-9109	647	17	gallup	gallup	PROPN
cblr-9109	647	18	econ	econ	PROPN
cblr-9109	647	19	.	.	PUNCT
cblr-9109	648	1	(	(	PUNCT
cblr-9109	648	2	may	may	PROPN
cblr-9109	648	3	8	8	NUM
cblr-9109	648	4	,	,	PUNCT
cblr-9109	648	5	2013	2013	NUM
cblr-9109	648	6	)	)	PUNCT
cblr-9109	648	7	,	,	PUNCT
cblr-9109	648	8	http://news.gallup.com/poll/162353/stock-ownershipstays-record-low.aspx	http://news.gallup.com/poll/162353/stock-ownershipstays-record-low.aspx	X
cblr-9109	649	1	[	[	X
cblr-9109	649	2	http://perma.cc/fu35-qumr	http://perma.cc/fu35-qumr	X
cblr-9109	649	3	]	]	X
cblr-9109	649	4	.	.	PUNCT
cblr-9109	650	1	michael	michael	PROPN
cblr-9109	650	2	lewis	lewis	PROPN
cblr-9109	650	3	no	no	PROPN
cblr-9109	650	4	.	.	PUNCT
cblr-9109	651	1	3:1244	3:1244	NUM
cblr-9109	651	2	]	]	X
cblr-9109	651	3	spoofing	spoofing	NOUN
cblr-9109	651	4	and	and	CCONJ
cblr-9109	651	5	its	its	PRON
cblr-9109	651	6	regulation	regulation	NOUN
cblr-9109	651	7	1291	1291	NUM
cblr-9109	651	8	effective	effective	ADJ
cblr-9109	651	9	response	response	NOUN
cblr-9109	651	10	to	to	ADP
cblr-9109	651	11	public	public	ADJ
cblr-9109	651	12	misunderstanding	misunderstanding	NOUN
cblr-9109	651	13	is	be	AUX
cblr-9109	651	14	education	education	NOUN
cblr-9109	651	15	,	,	PUNCT
cblr-9109	651	16	but	but	CCONJ
cblr-9109	651	17	if	if	SCONJ
cblr-9109	651	18	a	a	DET
cblr-9109	651	19	perception	perception	NOUN
cblr-9109	651	20	might	might	AUX
cblr-9109	651	21	be	be	AUX
cblr-9109	651	22	especially	especially	ADV
cblr-9109	651	23	stubborn	stubborn	ADJ
cblr-9109	651	24	and	and	CCONJ
cblr-9109	651	25	is	be	AUX
cblr-9109	651	26	causing	cause	VERB
cblr-9109	651	27	damage	damage	NOUN
cblr-9109	651	28	,	,	PUNCT
cblr-9109	651	29	then	then	ADV
cblr-9109	651	30	that	that	DET
cblr-9109	651	31	perception	perception	NOUN
cblr-9109	651	32	may	may	AUX
cblr-9109	651	33	engender	engender	VERB
cblr-9109	651	34	an	an	DET
cblr-9109	651	35	independent	independent	ADJ
cblr-9109	651	36	policy	policy	NOUN
cblr-9109	651	37	ground	ground	NOUN
cblr-9109	651	38	for	for	ADP
cblr-9109	651	39	banning	ban	VERB
cblr-9109	651	40	the	the	DET
cblr-9109	651	41	relevant	relevant	ADJ
cblr-9109	651	42	conduct.136	conduct.136	NOUN
cblr-9109	651	43	c.	c.	PROPN
cblr-9109	651	44	the	the	DET
cblr-9109	651	45	appropriateness	appropriateness	NOUN
cblr-9109	651	46	of	of	ADP
cblr-9109	651	47	legal	legal	ADJ
cblr-9109	651	48	sanctions	sanction	NOUN
cblr-9109	651	49	as	as	SCONJ
cblr-9109	651	50	noted	note	VERB
cblr-9109	651	51	in	in	ADP
cblr-9109	651	52	part	part	NOUN
cblr-9109	652	1	i	i	PRON
cblr-9109	652	2	,	,	PUNCT
cblr-9109	652	3	some	some	DET
cblr-9109	652	4	commentators	commentator	NOUN
cblr-9109	652	5	oppose	oppose	VERB
cblr-9109	652	6	regulation	regulation	NOUN
cblr-9109	652	7	of	of	ADP
cblr-9109	652	8	any	any	DET
cblr-9109	652	9	type	type	NOUN
cblr-9109	652	10	of	of	ADP
cblr-9109	652	11	manipulation	manipulation	NOUN
cblr-9109	652	12	,	,	PUNCT
cblr-9109	652	13	at	at	ADP
cblr-9109	652	14	least	least	ADJ
cblr-9109	652	15	beyond	beyond	ADP
cblr-9109	652	16	such	such	ADJ
cblr-9109	652	17	obvious	obvious	ADJ
cblr-9109	652	18	abuses	abuse	NOUN
cblr-9109	652	19	as	as	ADP
cblr-9109	652	20	wash	wash	NOUN
cblr-9109	652	21	or	or	CCONJ
cblr-9109	652	22	matched	match	VERB
cblr-9109	652	23	sales.137	sales.137	NOUN
cblr-9109	652	24	their	their	PRON
cblr-9109	652	25	concern	concern	NOUN
cblr-9109	652	26	is	be	AUX
cblr-9109	652	27	that	that	SCONJ
cblr-9109	652	28	no	no	DET
cblr-9109	652	29	observable	observable	ADJ
cblr-9109	652	30	conduct	conduct	NOUN
cblr-9109	652	31	separates	separate	VERB
cblr-9109	652	32	manipulative	manipulative	ADJ
cblr-9109	652	33	market	market	NOUN
cblr-9109	652	34	activity	activity	NOUN
cblr-9109	652	35	from	from	ADP
cblr-9109	652	36	market	market	NOUN
cblr-9109	652	37	activity	activity	NOUN
cblr-9109	652	38	that	that	PRON
cblr-9109	652	39	serves	serve	VERB
cblr-9109	652	40	socially	socially	ADV
cblr-9109	652	41	useful	useful	ADJ
cblr-9109	652	42	purposes.138	purposes.138	NOUN
cblr-9109	652	43	determining	determine	VERB
cblr-9109	652	44	the	the	DET
cblr-9109	652	45	purpose	purpose	NOUN
cblr-9109	652	46	of	of	ADP
cblr-9109	652	47	the	the	DET
cblr-9109	652	48	transaction	transaction	NOUN
cblr-9109	652	49	is	be	AUX
cblr-9109	652	50	highly	highly	ADV
cblr-9109	652	51	speculative	speculative	ADJ
cblr-9109	652	52	.	.	PUNCT
cblr-9109	653	1	the	the	DET
cblr-9109	653	2	question	question	NOUN
cblr-9109	653	3	then	then	ADV
cblr-9109	653	4	is	be	AUX
cblr-9109	653	5	,	,	PUNCT
cblr-9109	653	6	will	will	AUX
cblr-9109	653	7	making	make	VERB
cblr-9109	653	8	spoofing	spoof	VERB
cblr-9109	653	9	illegal	illegal	ADJ
cblr-9109	653	10	deter	deter	NOUN
cblr-9109	653	11	much	much	ADV
cblr-9109	653	12	socially	socially	ADV
cblr-9109	653	13	worthwhile	worthwhile	ADJ
cblr-9109	653	14	quoting	quoting	NOUN
cblr-9109	653	15	activity	activity	NOUN
cblr-9109	653	16	as	as	ADV
cblr-9109	653	17	well	well	ADV
cblr-9109	653	18	?	?	PUNCT
cblr-9109	654	1	will	will	AUX
cblr-9109	654	2	persons	person	NOUN
cblr-9109	654	3	contemplating	contemplate	VERB
cblr-9109	654	4	making	make	VERB
cblr-9109	654	5	a	a	DET
cblr-9109	654	6	socially	socially	ADV
cblr-9109	654	7	worthwhile	worthwhile	ADJ
cblr-9109	654	8	quote	quote	INTJ
cblr-9109	654	9	fear	fear	VERB
cblr-9109	654	10	that	that	SCONJ
cblr-9109	654	11	it	it	PRON
cblr-9109	654	12	might	might	AUX
cblr-9109	654	13	be	be	AUX
cblr-9109	654	14	mistaken	mistaken	ADJ
cblr-9109	654	15	for	for	ADP
cblr-9109	654	16	a	a	DET
cblr-9109	654	17	manipulative	manipulative	ADJ
cblr-9109	654	18	one	one	NOUN
cblr-9109	654	19	?	?	PUNCT
cblr-9109	655	1	where	where	SCONJ
cblr-9109	655	2	there	there	PRON
cblr-9109	655	3	is	be	VERB
cblr-9109	655	4	a	a	DET
cblr-9109	655	5	pattern	pattern	NOUN
cblr-9109	655	6	of	of	ADP
cblr-9109	655	7	repeated	repeat	VERB
cblr-9109	655	8	sequences	sequence	NOUN
cblr-9109	655	9	of	of	ADP
cblr-9109	655	10	a	a	DET
cblr-9109	655	11	small	small	ADJ
cblr-9109	655	12	quote	quote	NOUN
cblr-9109	655	13	on	on	ADP
cblr-9109	655	14	one	one	NUM
cblr-9109	655	15	side	side	NOUN
cblr-9109	655	16	of	of	ADP
cblr-9109	655	17	the	the	DET
cblr-9109	655	18	market	market	NOUN
cblr-9109	655	19	followed	follow	VERB
cblr-9109	655	20	almost	almost	ADV
cblr-9109	655	21	immediately	immediately	ADV
cblr-9109	655	22	by	by	ADP
cblr-9109	655	23	a	a	DET
cblr-9109	655	24	much	much	ADV
cblr-9109	655	25	larger	large	ADJ
cblr-9109	655	26	quote	quote	NOUN
cblr-9109	655	27	on	on	ADP
cblr-9109	655	28	the	the	DET
cblr-9109	655	29	other	other	ADJ
cblr-9109	655	30	side	side	NOUN
cblr-9109	655	31	and	and	CCONJ
cblr-9109	655	32	then	then	ADV
cblr-9109	655	33	,	,	PUNCT
cblr-9109	655	34	upon	upon	SCONJ
cblr-9109	655	35	execution	execution	NOUN
cblr-9109	655	36	of	of	ADP
cblr-9109	655	37	this	this	DET
cblr-9109	655	38	smaller	small	ADJ
cblr-9109	655	39	quote	quote	NOUN
cblr-9109	655	40	,	,	PUNCT
cblr-9109	655	41	the	the	DET
cblr-9109	655	42	cancellation	cancellation	NOUN
cblr-9109	655	43	of	of	ADP
cblr-9109	655	44	the	the	DET
cblr-9109	655	45	initial	initial	ADJ
cblr-9109	655	46	large	large	ADJ
cblr-9109	655	47	quote	quote	NOUN
cblr-9109	655	48	,	,	PUNCT
cblr-9109	655	49	we	we	PRON
cblr-9109	655	50	think	think	VERB
cblr-9109	655	51	that	that	SCONJ
cblr-9109	655	52	the	the	DET
cblr-9109	655	53	intent	intent	NOUN
cblr-9109	655	54	to	to	PART
cblr-9109	655	55	use	use	VERB
cblr-9109	655	56	the	the	DET
cblr-9109	655	57	large	large	ADJ
cblr-9109	655	58	quote	quote	NOUN
cblr-9109	655	59	to	to	PART
cblr-9109	655	60	get	get	VERB
cblr-9109	655	61	a	a	DET
cblr-9109	655	62	more	more	ADV
cblr-9109	655	63	advantageous	advantageous	ADJ
cblr-9109	655	64	price	price	NOUN
cblr-9109	655	65	for	for	ADP
cblr-9109	655	66	the	the	DET
cblr-9109	655	67	transaction	transaction	NOUN
cblr-9109	655	68	going	go	VERB
cblr-9109	655	69	the	the	DET
cblr-9109	655	70	other	other	ADJ
cblr-9109	655	71	way	way	NOUN
cblr-9109	655	72	is	be	AUX
cblr-9109	655	73	clear	clear	ADJ
cblr-9109	655	74	,	,	PUNCT
cblr-9109	655	75	even	even	ADV
cblr-9109	655	76	more	more	ADV
cblr-9109	655	77	so	so	ADV
cblr-9109	655	78	when	when	SCONJ
cblr-9109	655	79	all	all	DET
cblr-9109	655	80	this	this	PRON
cblr-9109	655	81	is	be	AUX
cblr-9109	655	82	immediately	immediately	ADV
cblr-9109	655	83	followed	follow	VERB
cblr-9109	655	84	by	by	ADP
cblr-9109	655	85	a	a	DET
cblr-9109	655	86	mirror	mirror	NOUN
cblr-9109	655	87	set	set	NOUN
cblr-9109	655	88	of	of	ADP
cblr-9109	655	89	actions	action	NOUN
cblr-9109	655	90	.	.	PUNCT
cblr-9109	656	1	a	a	DET
cblr-9109	656	2	sudden	sudden	ADJ
cblr-9109	656	3	change	change	NOUN
cblr-9109	656	4	in	in	ADP
cblr-9109	656	5	the	the	DET
cblr-9109	656	6	information	information	NOUN
cblr-9109	656	7	obtained	obtain	VERB
cblr-9109	656	8	by	by	ADP
cblr-9109	656	9	a	a	DET
cblr-9109	656	10	trader	trader	NOUN
cblr-9109	656	11	could	could	AUX
cblr-9109	656	12	explain	explain	VERB
cblr-9109	656	13	an	an	DET
cblr-9109	656	14	occasional	occasional	ADJ
cblr-9109	656	15	incidence	incidence	NOUN
cblr-9109	656	16	of	of	ADP
cblr-9109	656	17	such	such	DET
cblr-9109	656	18	a	a	DET
cblr-9109	656	19	sequence	sequence	NOUN
cblr-9109	656	20	of	of	ADP
cblr-9109	656	21	quoting	quoting	NOUN
cblr-9109	656	22	,	,	PUNCT
cblr-9109	656	23	trading	trading	NOUN
cblr-9109	656	24	and	and	CCONJ
cblr-9109	656	25	cancellation	cancellation	NOUN
cblr-9109	656	26	,	,	PUNCT
cblr-9109	656	27	but	but	CCONJ
cblr-9109	656	28	an	an	DET
cblr-9109	656	29	established	establish	VERB
cblr-9109	656	30	pattern	pattern	NOUN
cblr-9109	656	31	of	of	ADP
cblr-9109	656	32	such	such	ADJ
cblr-9109	656	33	sequences	sequence	NOUN
cblr-9109	656	34	as	as	ADP
cblr-9109	656	35	attributes	attribute	NOUN
cblr-9109	656	36	this	this	DET
cblr-9109	656	37	drop	drop	NOUN
cblr-9109	656	38	,	,	PUNCT
cblr-9109	656	39	which	which	PRON
cblr-9109	656	40	has	have	AUX
cblr-9109	656	41	occurred	occur	VERB
cblr-9109	656	42	in	in	ADP
cblr-9109	656	43	the	the	DET
cblr-9109	656	44	face	face	NOUN
cblr-9109	656	45	of	of	ADP
cblr-9109	656	46	a	a	DET
cblr-9109	656	47	sharply	sharply	ADV
cblr-9109	656	48	rising	rise	VERB
cblr-9109	656	49	market	market	NOUN
cblr-9109	656	50	over	over	ADP
cblr-9109	656	51	the	the	DET
cblr-9109	656	52	last	last	ADJ
cblr-9109	656	53	five	five	NUM
cblr-9109	656	54	years	year	NOUN
cblr-9109	656	55	,	,	PUNCT
cblr-9109	656	56	to	to	ADP
cblr-9109	656	57	a	a	DET
cblr-9109	656	58	sense	sense	NOUN
cblr-9109	656	59	that	that	SCONJ
cblr-9109	656	60	the	the	DET
cblr-9109	656	61	market	market	NOUN
cblr-9109	656	62	is	be	AUX
cblr-9109	656	63	unfair	unfair	ADJ
cblr-9109	656	64	.	.	PUNCT
cblr-9109	657	1	see	see	VERB
cblr-9109	657	2	michael	michael	PROPN
cblr-9109	657	3	lewis	lewis	PROPN
cblr-9109	657	4	,	,	PUNCT
cblr-9109	657	5	flash	flash	VERB
cblr-9109	657	6	boys	boy	NOUN
cblr-9109	657	7	:	:	PUNCT
cblr-9109	657	8	a	a	DET
cblr-9109	657	9	wall	wall	PROPN
cblr-9109	657	10	street	street	PROPN
cblr-9109	657	11	revolt	revolt	NOUN
cblr-9109	657	12	200–01	200–01	PROPN
cblr-9109	657	13	(	(	PUNCT
cblr-9109	657	14	2014	2014	NUM
cblr-9109	657	15	)	)	PUNCT
cblr-9109	657	16	;	;	PUNCT
cblr-9109	657	17	see	see	VERB
cblr-9109	657	18	also	also	ADV
cblr-9109	657	19	ed	ed	NOUN
cblr-9109	657	20	.	.	PUNCT
cblr-9109	658	1	bd	bd	PROPN
cblr-9109	658	2	.	.	PROPN
cblr-9109	658	3	,	,	PUNCT
cblr-9109	658	4	opinion	opinion	NOUN
cblr-9109	658	5	,	,	PUNCT
cblr-9109	658	6	the	the	DET
cblr-9109	658	7	hidden	hidden	ADJ
cblr-9109	658	8	cost	cost	NOUN
cblr-9109	658	9	of	of	ADP
cblr-9109	658	10	trading	trading	NOUN
cblr-9109	658	11	stocks	stock	NOUN
cblr-9109	658	12	,	,	PUNCT
cblr-9109	658	13	n.y	n.y	PROPN
cblr-9109	658	14	.	.	PROPN
cblr-9109	658	15	times	times	PROPN
cblr-9109	658	16	(	(	PUNCT
cblr-9109	658	17	jun	jun	PROPN
cblr-9109	658	18	.	.	PROPN
cblr-9109	658	19	22	22	NUM
cblr-9109	658	20	,	,	PUNCT
cblr-9109	658	21	2014	2014	NUM
cblr-9109	658	22	)	)	PUNCT
cblr-9109	658	23	,	,	PUNCT
cblr-9109	658	24	http://www.nytimes.com/2014/06/23/opinion/best-execution-andrebates-for-brokers.html	http://www.nytimes.com/2014/06/23/opinion/best-execution-andrebates-for-brokers.html	PUNCT
cblr-9109	659	1	[	[	X
cblr-9109	659	2	http://perma.cc/5u2m-mm2e	http://perma.cc/5u2m-mm2e	X
cblr-9109	659	3	]	]	X
cblr-9109	659	4	;	;	PUNCT
cblr-9109	659	5	bradley	bradley	PROPN
cblr-9109	659	6	hope	hope	PROPN
cblr-9109	659	7	,	,	PUNCT
cblr-9109	659	8	five	five	NUM
cblr-9109	659	9	things	thing	NOUN
cblr-9109	659	10	to	to	PART
cblr-9109	659	11	know	know	VERB
cblr-9109	659	12	about	about	ADP
cblr-9109	659	13	spoofing	spoof	VERB
cblr-9109	659	14	in	in	ADP
cblr-9109	659	15	financial	financial	ADJ
cblr-9109	659	16	markets	market	NOUN
cblr-9109	659	17	,	,	PUNCT
cblr-9109	659	18	wall	wall	PROPN
cblr-9109	659	19	st	st	PROPN
cblr-9109	659	20	.	.	PROPN
cblr-9109	659	21	j.	j.	PROPN
cblr-9109	659	22	(	(	PUNCT
cblr-9109	659	23	feb	feb	PROPN
cblr-9109	659	24	.	.	PROPN
cblr-9109	659	25	22	22	NUM
cblr-9109	659	26	,	,	PUNCT
cblr-9109	659	27	2015	2015	NUM
cblr-9109	659	28	,	,	PUNCT
cblr-9109	659	29	10:37	10:37	NUM
cblr-9109	659	30	pm	pm	NOUN
cblr-9109	659	31	)	)	PUNCT
cblr-9109	659	32	,	,	PUNCT
cblr-9109	659	33	https://www.wsj.com/articles/bl-263b-3591	https://www.wsj.com/articles/bl-263b-3591	PROPN
cblr-9109	659	34	(	(	PUNCT
cblr-9109	659	35	on	on	ADP
cblr-9109	659	36	file	file	NOUN
cblr-9109	659	37	with	with	ADP
cblr-9109	659	38	the	the	DET
cblr-9109	659	39	columbia	columbia	PROPN
cblr-9109	659	40	business	business	PROPN
cblr-9109	659	41	law	law	PROPN
cblr-9109	659	42	review	review	PROPN
cblr-9109	659	43	)	)	PUNCT
cblr-9109	659	44	.	.	PUNCT
cblr-9109	660	1	136	136	NUM
cblr-9109	660	2	fox	fox	NOUN
cblr-9109	660	3	et	et	PROPN
cblr-9109	660	4	al	al	PROPN
cblr-9109	660	5	.	.	PROPN
cblr-9109	660	6	,	,	PUNCT
cblr-9109	660	7	manipulation	manipulation	NOUN
cblr-9109	660	8	,	,	PUNCT
cblr-9109	660	9	supra	supra	PROPN
cblr-9109	660	10	note	note	NOUN
cblr-9109	660	11	3	3	NUM
cblr-9109	660	12	,	,	PUNCT
cblr-9109	660	13	at	at	ADP
cblr-9109	660	14	102–03	102–03	PROPN
cblr-9109	660	15	.	.	PUNCT
cblr-9109	660	16	137	137	NUM
cblr-9109	660	17	see	see	VERB
cblr-9109	660	18	supra	supra	PROPN
cblr-9109	660	19	note	note	PROPN
cblr-9109	660	20	17	17	NUM
cblr-9109	660	21	and	and	CCONJ
cblr-9109	660	22	accompanying	accompany	VERB
cblr-9109	660	23	text	text	NOUN
cblr-9109	660	24	.	.	PUNCT
cblr-9109	661	1	138	138	NUM
cblr-9109	661	2	see	see	VERB
cblr-9109	661	3	i	i	PROPN
cblr-9109	661	4	d.	d.	PROPN
cblr-9109	661	5	1292	1292	NUM
cblr-9109	661	6	columbia	columbia	PROPN
cblr-9109	661	7	business	business	PROPN
cblr-9109	661	8	law	law	PROPN
cblr-9109	661	9	review	review	NOUN
cblr-9109	661	10	[	[	X
cblr-9109	661	11	vol	vol	NOUN
cblr-9109	661	12	.	.	NOUN
cblr-9109	661	13	2021	2021	NUM
cblr-9109	661	14	a	a	DET
cblr-9109	661	15	significant	significant	ADJ
cblr-9109	661	16	percentage	percentage	NOUN
cblr-9109	661	17	of	of	ADP
cblr-9109	661	18	all	all	DET
cblr-9109	661	19	market	market	NOUN
cblr-9109	661	20	activity	activity	NOUN
cblr-9109	661	21	is	be	AUX
cblr-9109	661	22	not	not	PART
cblr-9109	661	23	plausibly	plausibly	ADV
cblr-9109	661	24	caused	cause	VERB
cblr-9109	661	25	by	by	ADP
cblr-9109	661	26	sudden	sudden	ADJ
cblr-9109	661	27	information	information	NOUN
cblr-9109	661	28	changes	change	NOUN
cblr-9109	661	29	.	.	PUNCT
cblr-9109	662	1	a	a	DET
cblr-9109	662	2	more	more	ADV
cblr-9109	662	3	interesting	interesting	ADJ
cblr-9109	662	4	objection	objection	NOUN
cblr-9109	662	5	to	to	ADP
cblr-9109	662	6	including	include	VERB
cblr-9109	662	7	spoofing	spoof	VERB
cblr-9109	662	8	within	within	ADP
cblr-9109	662	9	the	the	DET
cblr-9109	662	10	reach	reach	NOUN
cblr-9109	662	11	of	of	ADP
cblr-9109	662	12	prohibitions	prohibition	NOUN
cblr-9109	662	13	on	on	ADP
cblr-9109	662	14	manipulation	manipulation	NOUN
cblr-9109	662	15	is	be	AUX
cblr-9109	662	16	the	the	DET
cblr-9109	662	17	idea	idea	NOUN
cblr-9109	662	18	that	that	SCONJ
cblr-9109	662	19	the	the	DET
cblr-9109	662	20	market	market	NOUN
cblr-9109	662	21	itself	itself	PRON
cblr-9109	662	22	can	can	AUX
cblr-9109	662	23	take	take	VERB
cblr-9109	662	24	care	care	NOUN
cblr-9109	662	25	of	of	ADP
cblr-9109	662	26	the	the	DET
cblr-9109	662	27	problem	problem	NOUN
cblr-9109	662	28	.	.	PUNCT
cblr-9109	663	1	there	there	PRON
cblr-9109	663	2	is	be	VERB
cblr-9109	663	3	anecdotal	anecdotal	ADJ
cblr-9109	663	4	evidence	evidence	NOUN
cblr-9109	663	5	that	that	SCONJ
cblr-9109	663	6	when	when	SCONJ
cblr-9109	663	7	a	a	DET
cblr-9109	663	8	spoofer	spoofer	NOUN
cblr-9109	663	9	has	have	AUX
cblr-9109	663	10	been	be	AUX
cblr-9109	663	11	very	very	ADV
cblr-9109	663	12	active	active	ADJ
cblr-9109	663	13	in	in	ADP
cblr-9109	663	14	a	a	DET
cblr-9109	663	15	market	market	NOUN
cblr-9109	663	16	for	for	ADP
cblr-9109	663	17	a	a	DET
cblr-9109	663	18	while	while	NOUN
cblr-9109	663	19	,	,	PUNCT
cblr-9109	663	20	liquidity	liquidity	NOUN
cblr-9109	663	21	suppliers	supplier	NOUN
cblr-9109	663	22	begin	begin	VERB
cblr-9109	663	23	to	to	PART
cblr-9109	663	24	discount	discount	VERB
cblr-9109	663	25	the	the	DET
cblr-9109	663	26	meaning	meaning	NOUN
cblr-9109	663	27	of	of	ADP
cblr-9109	663	28	large	large	ADJ
cblr-9109	663	29	quotes	quote	NOUN
cblr-9109	663	30	at	at	ADP
cblr-9109	663	31	or	or	CCONJ
cblr-9109	663	32	away	away	ADV
cblr-9109	663	33	from	from	ADP
cblr-9109	663	34	the	the	DET
cblr-9109	663	35	best	good	ADJ
cblr-9109	663	36	quote	quote	NOUN
cblr-9109	663	37	in	in	ADP
cblr-9109	663	38	the	the	DET
cblr-9109	663	39	market	market	NOUN
cblr-9109	663	40	and	and	CCONJ
cblr-9109	663	41	decline	decline	VERB
cblr-9109	663	42	to	to	PART
cblr-9109	663	43	respond	respond	VERB
cblr-9109	663	44	in	in	ADP
cblr-9109	663	45	the	the	DET
cblr-9109	663	46	way	way	NOUN
cblr-9109	663	47	that	that	PRON
cblr-9109	663	48	the	the	DET
cblr-9109	663	49	manipulator	manipulator	NOUN
cblr-9109	663	50	hopes	hope	VERB
cblr-9109	663	51	for	for	ADP
cblr-9109	663	52	.	.	PUNCT
cblr-9109	664	1	even	even	ADV
cblr-9109	664	2	if	if	SCONJ
cblr-9109	664	3	this	this	PRON
cblr-9109	664	4	in	in	ADP
cblr-9109	664	5	fact	fact	NOUN
cblr-9109	664	6	is	be	AUX
cblr-9109	664	7	going	go	VERB
cblr-9109	664	8	on	on	ADP
cblr-9109	664	9	,	,	PUNCT
cblr-9109	664	10	we	we	PRON
cblr-9109	664	11	are	be	AUX
cblr-9109	664	12	not	not	PART
cblr-9109	664	13	convinced	convinced	ADJ
cblr-9109	664	14	that	that	SCONJ
cblr-9109	664	15	it	it	PRON
cblr-9109	664	16	is	be	AUX
cblr-9109	664	17	a	a	DET
cblr-9109	664	18	good	good	ADJ
cblr-9109	664	19	reason	reason	NOUN
cblr-9109	664	20	to	to	PART
cblr-9109	664	21	give	give	VERB
cblr-9109	664	22	this	this	DET
cblr-9109	664	23	quoting	quoting	NOUN
cblr-9109	664	24	strategy	strategy	NOUN
cblr-9109	664	25	a	a	DET
cblr-9109	664	26	pass	pass	NOUN
cblr-9109	664	27	,	,	PUNCT
cblr-9109	664	28	however	however	ADV
cblr-9109	664	29	.	.	PUNCT
cblr-9109	665	1	an	an	DET
cblr-9109	665	2	epidemic	epidemic	NOUN
cblr-9109	665	3	can	can	AUX
cblr-9109	665	4	be	be	AUX
cblr-9109	665	5	brought	bring	VERB
cblr-9109	665	6	under	under	ADP
cblr-9109	665	7	control	control	NOUN
cblr-9109	665	8	if	if	SCONJ
cblr-9109	665	9	enough	enough	ADJ
cblr-9109	665	10	people	people	NOUN
cblr-9109	665	11	take	take	VERB
cblr-9109	665	12	precautions	precaution	NOUN
cblr-9109	665	13	.	.	PUNCT
cblr-9109	666	1	but	but	CCONJ
cblr-9109	666	2	the	the	DET
cblr-9109	666	3	epidemic	epidemic	NOUN
cblr-9109	666	4	still	still	ADV
cblr-9109	666	5	has	have	AUX
cblr-9109	666	6	caused	cause	VERB
cblr-9109	666	7	problems	problem	NOUN
cblr-9109	666	8	in	in	ADP
cblr-9109	666	9	the	the	DET
cblr-9109	666	10	interim	interim	NOUN
cblr-9109	666	11	,	,	PUNCT
cblr-9109	666	12	and	and	CCONJ
cblr-9109	666	13	,	,	PUNCT
cblr-9109	666	14	after	after	SCONJ
cblr-9109	666	15	it	it	PRON
cblr-9109	666	16	is	be	AUX
cblr-9109	666	17	vanquished	vanquish	VERB
cblr-9109	666	18	,	,	PUNCT
cblr-9109	666	19	people	people	NOUN
cblr-9109	666	20	will	will	AUX
cblr-9109	666	21	gradually	gradually	ADV
cblr-9109	666	22	stop	stop	VERB
cblr-9109	666	23	taking	take	VERB
cblr-9109	666	24	precautions	precaution	NOUN
cblr-9109	666	25	again	again	ADV
cblr-9109	666	26	and	and	CCONJ
cblr-9109	666	27	another	another	DET
cblr-9109	666	28	epidemic	epidemic	NOUN
cblr-9109	666	29	will	will	AUX
cblr-9109	666	30	come	come	VERB
cblr-9109	666	31	along	along	ADP
cblr-9109	666	32	eventually	eventually	ADV
cblr-9109	666	33	.	.	PUNCT
cblr-9109	667	1	moreover	moreover	ADV
cblr-9109	667	2	,	,	PUNCT
cblr-9109	667	3	the	the	DET
cblr-9109	667	4	precautions	precaution	NOUN
cblr-9109	667	5	themselves	themselves	PRON
cblr-9109	667	6	are	be	AUX
cblr-9109	667	7	costly	costly	ADJ
cblr-9109	667	8	.	.	PUNCT
cblr-9109	668	1	in	in	ADP
cblr-9109	668	2	the	the	DET
cblr-9109	668	3	context	context	NOUN
cblr-9109	668	4	of	of	ADP
cblr-9109	668	5	quote	quote	INTJ
cblr-9109	668	6	manipulation	manipulation	NOUN
cblr-9109	668	7	,	,	PUNCT
cblr-9109	668	8	the	the	DET
cblr-9109	668	9	very	very	ADJ
cblr-9109	668	10	discounting	discounting	NOUN
cblr-9109	668	11	of	of	ADP
cblr-9109	668	12	the	the	DET
cblr-9109	668	13	meaning	meaning	NOUN
cblr-9109	668	14	of	of	ADP
cblr-9109	668	15	the	the	DET
cblr-9109	668	16	large	large	ADJ
cblr-9109	668	17	quotes	quote	NOUN
cblr-9109	668	18	is	be	AUX
cblr-9109	668	19	the	the	DET
cblr-9109	668	20	extreme	extreme	ADJ
cblr-9109	668	21	muddying	muddying	NOUN
cblr-9109	668	22	of	of	ADP
cblr-9109	668	23	the	the	DET
cblr-9109	668	24	signal	signal	NOUN
cblr-9109	668	25	that	that	PRON
cblr-9109	668	26	is	be	AUX
cblr-9109	668	27	coming	come	VERB
cblr-9109	668	28	from	from	ADP
cblr-9109	668	29	the	the	DET
cblr-9109	668	30	quotes	quote	NOUN
cblr-9109	668	31	at	at	ADP
cblr-9109	668	32	or	or	CCONJ
cblr-9109	668	33	near	near	ADP
cblr-9109	668	34	the	the	DET
cblr-9109	668	35	nbbo	nbbo	NOUN
cblr-9109	668	36	that	that	PRON
cblr-9109	668	37	are	be	AUX
cblr-9109	668	38	in	in	ADP
cblr-9109	668	39	fact	fact	NOUN
cblr-9109	668	40	indications	indication	NOUN
cblr-9109	668	41	that	that	SCONJ
cblr-9109	668	42	informed	informed	ADJ
cblr-9109	668	43	trading	trading	NOUN
cblr-9109	668	44	is	be	AUX
cblr-9109	668	45	going	go	VERB
cblr-9109	668	46	on	on	ADP
cblr-9109	668	47	.	.	PUNCT
cblr-9109	669	1	this	this	PRON
cblr-9109	669	2	lessens	lessen	VERB
cblr-9109	669	3	the	the	DET
cblr-9109	669	4	ability	ability	NOUN
cblr-9109	669	5	of	of	ADP
cblr-9109	669	6	liquidity	liquidity	NOUN
cblr-9109	669	7	suppliers	supplier	NOUN
cblr-9109	669	8	to	to	PART
cblr-9109	669	9	protect	protect	VERB
cblr-9109	669	10	themselves	themselves	PRON
cblr-9109	669	11	against	against	ADP
cblr-9109	669	12	such	such	ADJ
cblr-9109	669	13	trading	trading	NOUN
cblr-9109	669	14	and	and	CCONJ
cblr-9109	669	15	widens	widen	VERB
cblr-9109	669	16	spreads	spread	NOUN
cblr-9109	669	17	.	.	PUNCT
cblr-9109	670	1	vi	vi	X
cblr-9109	670	2	.	.	PUNCT
cblr-9109	671	1	the	the	DET
cblr-9109	671	2	law	law	NOUN
cblr-9109	671	3	of	of	ADP
cblr-9109	671	4	spoofing	spoof	VERB
cblr-9109	671	5	cases	case	NOUN
cblr-9109	671	6	concerning	concern	VERB
cblr-9109	671	7	spoofing	spoof	VERB
cblr-9109	671	8	in	in	ADP
cblr-9109	671	9	the	the	DET
cblr-9109	671	10	securities	security	NOUN
cblr-9109	671	11	markets	market	NOUN
cblr-9109	671	12	,	,	PUNCT
cblr-9109	671	13	although	although	SCONJ
cblr-9109	671	14	becoming	become	VERB
cblr-9109	671	15	more	more	ADV
cblr-9109	671	16	prominent	prominent	ADJ
cblr-9109	671	17	,	,	PUNCT
cblr-9109	671	18	are	be	AUX
cblr-9109	671	19	far	far	ADV
cblr-9109	671	20	less	less	ADV
cblr-9109	671	21	common	common	ADJ
cblr-9109	671	22	than	than	ADP
cblr-9109	671	23	those	those	PRON
cblr-9109	671	24	involving	involve	VERB
cblr-9109	671	25	trade	trade	NOUN
cblr-9109	671	26	-	-	PUNCT
cblr-9109	671	27	based	base	VERB
cblr-9109	671	28	manipulation.139	manipulation.139	NOUN
cblr-9109	671	29	perhaps	perhaps	ADV
cblr-9109	671	30	for	for	ADP
cblr-9109	671	31	this	this	DET
cblr-9109	671	32	reason	reason	NOUN
cblr-9109	671	33	,	,	PUNCT
cblr-9109	671	34	the	the	DET
cblr-9109	671	35	federal	federal	ADJ
cblr-9109	671	36	court	court	NOUN
cblr-9109	671	37	and	and	CCONJ
cblr-9109	671	38	sec	sec	PROPN
cblr-9109	671	39	opinions	opinion	NOUN
cblr-9109	671	40	that	that	PRON
cblr-9109	671	41	have	have	AUX
cblr-9109	671	42	considered	consider	VERB
cblr-9109	671	43	the	the	DET
cblr-9109	671	44	legality	legality	NOUN
cblr-9109	671	45	of	of	ADP
cblr-9109	671	46	spoofing	spoof	VERB
cblr-9109	671	47	rely	rely	VERB
cblr-9109	671	48	heavily	heavily	ADV
cblr-9109	671	49	on	on	ADP
cblr-9109	671	50	precedent	precedent	NOUN
cblr-9109	671	51	that	that	PRON
cblr-9109	671	52	was	be	AUX
cblr-9109	671	53	developed	develop	VERB
cblr-9109	671	54	to	to	PART
cblr-9109	671	55	consider	consider	VERB
cblr-9109	671	56	trade	trade	NOUN
cblr-9109	671	57	-	-	PUNCT
cblr-9109	671	58	based	base	VERB
cblr-9109	671	59	manipulation.140	manipulation.140	NOUN
cblr-9109	671	60	with	with	ADP
cblr-9109	671	61	both	both	DET
cblr-9109	671	62	types	type	NOUN
cblr-9109	671	63	of	of	ADP
cblr-9109	671	64	manipulation	manipulation	NOUN
cblr-9109	671	65	,	,	PUNCT
cblr-9109	671	66	the	the	DET
cblr-9109	671	67	challenge	challenge	NOUN
cblr-9109	671	68	is	be	AUX
cblr-9109	671	69	how	how	SCONJ
cblr-9109	671	70	an	an	DET
cblr-9109	671	71	139	139	NUM
cblr-9109	671	72	see	see	NOUN
cblr-9109	671	73	jessica	jessica	PROPN
cblr-9109	671	74	masella	masella	PROPN
cblr-9109	671	75	&	&	CCONJ
cblr-9109	671	76	jonathan	jonathan	PROPN
cblr-9109	671	77	haray	haray	PROPN
cblr-9109	671	78	,	,	PUNCT
cblr-9109	671	79	‘	'	PUNCT
cblr-9109	671	80	spoofing	spoof	VERB
cblr-9109	671	81	’	'	PUNCT
cblr-9109	671	82	prosecutions	prosecution	NOUN
cblr-9109	671	83	:	:	PUNCT
cblr-9109	671	84	the	the	DET
cblr-9109	671	85	doj	doj	PROPN
cblr-9109	671	86	’s	’s	PART
cblr-9109	671	87	approach	approach	NOUN
cblr-9109	671	88	,	,	PUNCT
cblr-9109	671	89	n.y	n.y	PROPN
cblr-9109	671	90	.	.	PROPN
cblr-9109	671	91	l.	l.	PROPN
cblr-9109	671	92	j.	j.	PROPN
cblr-9109	671	93	(	(	PUNCT
cblr-9109	671	94	april	april	PROPN
cblr-9109	671	95	2	2	NUM
cblr-9109	671	96	,	,	PUNCT
cblr-9109	671	97	2021	2021	NUM
cblr-9109	671	98	,	,	PUNCT
cblr-9109	671	99	2:40	2:40	NUM
cblr-9109	671	100	pm	pm	NOUN
cblr-9109	671	101	)	)	PUNCT
cblr-9109	671	102	,	,	PUNCT
cblr-9109	671	103	https://www.law.com/newyorklawjournal/2021/04/02/spoofingprosecutions-the-dojs-approach/	https://www.law.com/newyorklawjournal/2021/04/02/spoofingprosecutions-the-dojs-approach/	VERB
cblr-9109	671	104	(	(	PUNCT
cblr-9109	671	105	on	on	ADP
cblr-9109	671	106	file	file	NOUN
cblr-9109	671	107	with	with	ADP
cblr-9109	671	108	the	the	DET
cblr-9109	671	109	columbia	columbia	PROPN
cblr-9109	671	110	business	business	PROPN
cblr-9109	671	111	law	law	PROPN
cblr-9109	671	112	review	review	PROPN
cblr-9109	671	113	)	)	PUNCT
cblr-9109	671	114	.	.	PUNCT
cblr-9109	672	1	140	140	NUM
cblr-9109	672	2	i	i	PRON
cblr-9109	672	3	d.	d.	PROPN
cblr-9109	672	4	(	(	PUNCT
cblr-9109	672	5	collecting	collect	VERB
cblr-9109	672	6	cases	case	NOUN
cblr-9109	672	7	)	)	PUNCT
cblr-9109	672	8	.	.	PUNCT
cblr-9109	673	1	no	no	INTJ
cblr-9109	673	2	.	.	PUNCT
cblr-9109	674	1	3:1244	3:1244	NUM
cblr-9109	674	2	]	]	X
cblr-9109	674	3	spoofing	spoofing	NOUN
cblr-9109	674	4	and	and	CCONJ
cblr-9109	674	5	its	its	PRON
cblr-9109	674	6	regulation	regulation	NOUN
cblr-9109	674	7	1293	1293	NUM
cblr-9109	674	8	action	action	NOUN
cblr-9109	674	9	which	which	PRON
cblr-9109	674	10	is	be	AUX
cblr-9109	674	11	perfectly	perfectly	ADV
cblr-9109	674	12	legal	legal	ADJ
cblr-9109	674	13	viewed	view	VERB
cblr-9109	674	14	in	in	ADP
cblr-9109	674	15	isolation	isolation	NOUN
cblr-9109	674	16	—	—	PUNCT
cblr-9109	674	17	respectively	respectively	ADV
cblr-9109	674	18	,	,	PUNCT
cblr-9109	674	19	submitting	submit	VERB
cblr-9109	674	20	a	a	DET
cblr-9109	674	21	quote	quote	NOUN
cblr-9109	674	22	and	and	CCONJ
cblr-9109	674	23	entering	enter	VERB
cblr-9109	674	24	into	into	ADP
cblr-9109	674	25	a	a	DET
cblr-9109	674	26	purchase	purchase	NOUN
cblr-9109	674	27	or	or	CCONJ
cblr-9109	674	28	sale	sale	NOUN
cblr-9109	674	29	—	—	PUNCT
cblr-9109	674	30	can	can	AUX
cblr-9109	674	31	become	become	VERB
cblr-9109	674	32	illegal	illegal	ADJ
cblr-9109	674	33	when	when	SCONJ
cblr-9109	674	34	repeated	repeat	VERB
cblr-9109	674	35	in	in	ADP
cblr-9109	674	36	some	some	DET
cblr-9109	674	37	particular	particular	ADJ
cblr-9109	674	38	pattern	pattern	NOUN
cblr-9109	674	39	or	or	CCONJ
cblr-9109	674	40	under	under	ADP
cblr-9109	674	41	particular	particular	ADJ
cblr-9109	674	42	circumstances	circumstance	NOUN
cblr-9109	674	43	.	.	PUNCT
cblr-9109	675	1	as	as	ADP
cblr-9109	675	2	with	with	ADP
cblr-9109	675	3	tradebased	tradebase	VERB
cblr-9109	675	4	manipulation	manipulation	NOUN
cblr-9109	675	5	,	,	PUNCT
cblr-9109	675	6	sections	section	NOUN
cblr-9109	675	7	9(a)(2	9(a)(2	NUM
cblr-9109	675	8	)	)	PUNCT
cblr-9109	675	9	and	and	CCONJ
cblr-9109	675	10	10(b	10(b	NUM
cblr-9109	675	11	)	)	PUNCT
cblr-9109	675	12	of	of	ADP
cblr-9109	675	13	the	the	DET
cblr-9109	675	14	securities	security	NOUN
cblr-9109	675	15	and	and	CCONJ
cblr-9109	675	16	exchange	exchange	PROPN
cblr-9109	675	17	act	act	NOUN
cblr-9109	675	18	remain	remain	VERB
cblr-9109	675	19	the	the	DET
cblr-9109	675	20	primary	primary	ADJ
cblr-9109	675	21	tools	tool	NOUN
cblr-9109	675	22	used	use	VERB
cblr-9109	675	23	to	to	ADP
cblr-9109	675	24	police	police	NOUN
cblr-9109	675	25	misconduct	misconduct	NOUN
cblr-9109	675	26	.	.	PUNCT
cblr-9109	676	1	little	little	ADJ
cblr-9109	676	2	distinction	distinction	NOUN
cblr-9109	676	3	exists	exist	VERB
cblr-9109	676	4	in	in	ADP
cblr-9109	676	5	case	case	NOUN
cblr-9109	676	6	law	law	NOUN
cblr-9109	676	7	between	between	ADP
cblr-9109	676	8	spoofing	spoof	VERB
cblr-9109	676	9	and	and	CCONJ
cblr-9109	676	10	other	other	ADJ
cblr-9109	676	11	types	type	NOUN
cblr-9109	676	12	of	of	ADP
cblr-9109	676	13	quote	quote	NOUN
cblr-9109	676	14	manipulation.141	manipulation.141	NOUN
cblr-9109	676	15	therefore	therefore	ADV
cblr-9109	676	16	,	,	PUNCT
cblr-9109	676	17	to	to	ADP
cblr-9109	676	18	the	the	DET
cblr-9109	676	19	extent	extent	NOUN
cblr-9109	676	20	that	that	SCONJ
cblr-9109	676	21	a	a	DET
cblr-9109	676	22	statement	statement	NOUN
cblr-9109	676	23	in	in	ADP
cblr-9109	676	24	a	a	DET
cblr-9109	676	25	judicial	judicial	ADJ
cblr-9109	676	26	opinion	opinion	NOUN
cblr-9109	676	27	relating	relate	VERB
cblr-9109	676	28	to	to	ADP
cblr-9109	676	29	another	another	DET
cblr-9109	676	30	type	type	NOUN
cblr-9109	676	31	of	of	ADP
cblr-9109	676	32	quote	quote	NOUN
cblr-9109	676	33	manipulation	manipulation	NOUN
cblr-9109	676	34	appears	appear	VERB
cblr-9109	676	35	by	by	ADP
cblr-9109	676	36	its	its	PRON
cblr-9109	676	37	terms	term	NOUN
cblr-9109	676	38	equally	equally	ADV
cblr-9109	676	39	applicable	applicable	ADJ
cblr-9109	676	40	to	to	ADP
cblr-9109	676	41	spoofing	spoof	VERB
cblr-9109	676	42	as	as	ADV
cblr-9109	676	43	well	well	ADV
cblr-9109	676	44	,	,	PUNCT
cblr-9109	676	45	we	we	PRON
cblr-9109	676	46	will	will	AUX
cblr-9109	676	47	include	include	VERB
cblr-9109	676	48	it	it	PRON
cblr-9109	676	49	in	in	ADP
cblr-9109	676	50	our	our	PRON
cblr-9109	676	51	discussion	discussion	NOUN
cblr-9109	676	52	.	.	PUNCT
cblr-9109	677	1	a.	a.	NOUN
cblr-9109	677	2	section	section	NOUN
cblr-9109	677	3	9(a)(2	9(a)(2	NUM
cblr-9109	677	4	)	)	PUNCT
cblr-9109	677	5	section	section	NOUN
cblr-9109	677	6	9(a)(2	9(a)(2	NUM
cblr-9109	677	7	)	)	PUNCT
cblr-9109	677	8	prohibits	prohibit	NOUN
cblr-9109	677	9	effecting	effect	VERB
cblr-9109	677	10	(	(	PUNCT
cblr-9109	677	11	1	1	NUM
cblr-9109	677	12	)	)	PUNCT
cblr-9109	677	13	“	"	PUNCT
cblr-9109	677	14	a	a	DET
cblr-9109	677	15	series	series	NOUN
cblr-9109	677	16	of	of	ADP
cblr-9109	677	17	transactions	transaction	NOUN
cblr-9109	677	18	”	"	PUNCT
cblr-9109	677	19	in	in	ADP
cblr-9109	677	20	a	a	DET
cblr-9109	677	21	security	security	NOUN
cblr-9109	677	22	that	that	SCONJ
cblr-9109	677	23	“	"	PUNCT
cblr-9109	677	24	creat[e	creat[e	PROPN
cblr-9109	677	25	]	]	PUNCT
cblr-9109	677	26	actual	actual	ADJ
cblr-9109	677	27	or	or	CCONJ
cblr-9109	677	28	apparent	apparent	ADJ
cblr-9109	677	29	active	active	ADJ
cblr-9109	677	30	trading	trading	NOUN
cblr-9109	677	31	”	"	PUNCT
cblr-9109	677	32	or	or	CCONJ
cblr-9109	677	33	affect	affect	VERB
cblr-9109	677	34	its	its	PRON
cblr-9109	677	35	price	price	NOUN
cblr-9109	677	36	,	,	PUNCT
cblr-9109	677	37	(	(	PUNCT
cblr-9109	677	38	2	2	NUM
cblr-9109	677	39	)	)	PUNCT
cblr-9109	677	40	“	"	PUNCT
cblr-9109	677	41	for	for	ADP
cblr-9109	677	42	the	the	DET
cblr-9109	677	43	purpose	purpose	NOUN
cblr-9109	677	44	of	of	ADP
cblr-9109	677	45	inducing	induce	VERB
cblr-9109	677	46	the	the	DET
cblr-9109	677	47	purchase	purchase	NOUN
cblr-9109	677	48	or	or	CCONJ
cblr-9109	677	49	sale	sale	NOUN
cblr-9109	677	50	of	of	ADP
cblr-9109	677	51	such	such	ADJ
cblr-9109	677	52	security	security	NOUN
cblr-9109	677	53	by	by	ADP
cblr-9109	677	54	others	other	NOUN
cblr-9109	677	55	.	.	PUNCT
cblr-9109	678	1	”142	”142	PRON
cblr-9109	678	2	as	as	SCONJ
cblr-9109	678	3	we	we	PRON
cblr-9109	678	4	have	have	AUX
cblr-9109	678	5	discussed	discuss	VERB
cblr-9109	678	6	,	,	PUNCT
cblr-9109	678	7	anything	anything	PRON
cblr-9109	678	8	covered	cover	VERB
cblr-9109	678	9	by	by	ADP
cblr-9109	678	10	the	the	DET
cblr-9109	678	11	first	first	ADJ
cblr-9109	678	12	prong	prong	NOUN
cblr-9109	678	13	will	will	AUX
cblr-9109	678	14	likely	likely	ADV
cblr-9109	678	15	induce	induce	VERB
cblr-9109	678	16	purchases	purchase	NOUN
cblr-9109	678	17	or	or	CCONJ
cblr-9109	678	18	sales	sale	NOUN
cblr-9109	678	19	,	,	PUNCT
cblr-9109	678	20	and	and	CCONJ
cblr-9109	678	21	so	so	ADV
cblr-9109	678	22	section	section	NOUN
cblr-9109	678	23	9(a)(2	9(a)(2	NUM
cblr-9109	678	24	)	)	PUNCT
cblr-9109	678	25	’s	’s	PART
cblr-9109	678	26	legal	legal	ADJ
cblr-9109	678	27	force	force	NOUN
cblr-9109	678	28	must	must	AUX
cblr-9109	678	29	come	come	VERB
cblr-9109	678	30	from	from	ADP
cblr-9109	678	31	concluding	conclude	VERB
cblr-9109	678	32	that	that	SCONJ
cblr-9109	678	33	the	the	DET
cblr-9109	678	34	purpose	purpose	NOUN
cblr-9109	678	35	of	of	ADP
cblr-9109	678	36	inducing	induce	VERB
cblr-9109	678	37	these	these	DET
cblr-9109	678	38	transactions	transaction	NOUN
cblr-9109	678	39	is	be	AUX
cblr-9109	678	40	illegitimate.143	illegitimate.143	NOUN
cblr-9109	678	41	this	this	PRON
cblr-9109	678	42	boils	boil	VERB
cblr-9109	678	43	down	down	ADP
cblr-9109	678	44	to	to	ADP
cblr-9109	678	45	the	the	DET
cblr-9109	678	46	issue	issue	NOUN
cblr-9109	678	47	of	of	ADP
cblr-9109	678	48	determining	determine	VERB
cblr-9109	678	49	what	what	PRON
cblr-9109	678	50	constitutes	constitute	VERB
cblr-9109	678	51	sufficient	sufficient	ADJ
cblr-9109	678	52	evidence	evidence	NOUN
cblr-9109	678	53	that	that	SCONJ
cblr-9109	678	54	the	the	DET
cblr-9109	678	55	motivation	motivation	NOUN
cblr-9109	678	56	of	of	ADP
cblr-9109	678	57	at	at	ADP
cblr-9109	678	58	least	least	ADJ
cblr-9109	678	59	some	some	PRON
cblr-9109	678	60	portion	portion	NOUN
cblr-9109	678	61	of	of	ADP
cblr-9109	678	62	a	a	DET
cblr-9109	678	63	person	person	NOUN
cblr-9109	678	64	’s	’s	PART
cblr-9109	678	65	trading	trading	NOUN
cblr-9109	678	66	activity	activity	NOUN
cblr-9109	678	67	is	be	AUX
cblr-9109	678	68	solely	solely	ADV
cblr-9109	678	69	to	to	PART
cblr-9109	678	70	move	move	VERB
cblr-9109	678	71	the	the	DET
cblr-9109	678	72	price	price	NOUN
cblr-9109	678	73	.	.	PUNCT
cblr-9109	679	1	in	in	ADP
cblr-9109	679	2	considering	consider	VERB
cblr-9109	679	3	the	the	DET
cblr-9109	679	4	application	application	NOUN
cblr-9109	679	5	of	of	ADP
cblr-9109	679	6	section	section	NOUN
cblr-9109	679	7	9(a)(2	9(a)(2	NUM
cblr-9109	679	8	)	)	PUNCT
cblr-9109	679	9	to	to	ADP
cblr-9109	679	10	spoofing	spoof	VERB
cblr-9109	679	11	,	,	PUNCT
cblr-9109	679	12	however	however	ADV
cblr-9109	679	13	,	,	PUNCT
cblr-9109	679	14	a	a	DET
cblr-9109	679	15	threshold	threshold	NOUN
cblr-9109	679	16	issue	issue	NOUN
cblr-9109	679	17	must	must	AUX
cblr-9109	679	18	first	first	ADV
cblr-9109	679	19	be	be	AUX
cblr-9109	679	20	resolved	resolve	VERB
cblr-9109	679	21	:	:	PUNCT
cblr-9109	679	22	does	do	AUX
cblr-9109	679	23	section	section	VERB
cblr-9109	679	24	9(a)(2	9(a)(2	NUM
cblr-9109	679	25	)	)	PUNCT
cblr-9109	679	26	by	by	ADP
cblr-9109	679	27	its	its	PRON
cblr-9109	679	28	own	own	ADJ
cblr-9109	679	29	terms	term	NOUN
cblr-9109	679	30	even	even	ADV
cblr-9109	679	31	cover	cover	VERB
cblr-9109	679	32	efforts	effort	NOUN
cblr-9109	679	33	to	to	PART
cblr-9109	679	34	move	move	VERB
cblr-9109	679	35	price	price	NOUN
cblr-9109	679	36	through	through	ADP
cblr-9109	679	37	quoting	quote	VERB
cblr-9109	679	38	activity	activity	NOUN
cblr-9109	679	39	?	?	PUNCT
cblr-9109	680	1	after	after	ADP
cblr-9109	680	2	addressing	address	VERB
cblr-9109	680	3	this	this	DET
cblr-9109	680	4	question	question	NOUN
cblr-9109	680	5	,	,	PUNCT
cblr-9109	680	6	we	we	PRON
cblr-9109	680	7	will	will	AUX
cblr-9109	680	8	consider	consider	VERB
cblr-9109	680	9	what	what	PRON
cblr-9109	680	10	section	section	NOUN
cblr-9109	680	11	9(a)(2	9(a)(2	NUM
cblr-9109	680	12	)	)	PUNCT
cblr-9109	680	13	trade	trade	NOUN
cblr-9109	680	14	manipulation	manipulation	NOUN
cblr-9109	680	15	cases	case	NOUN
cblr-9109	680	16	141	141	NUM
cblr-9109	680	17	see	see	NOUN
cblr-9109	680	18	supra	supra	PROPN
cblr-9109	680	19	note	note	NOUN
cblr-9109	680	20	19–20	19–20	NUM
cblr-9109	680	21	and	and	CCONJ
cblr-9109	680	22	accompanying	accompany	VERB
cblr-9109	680	23	text	text	NOUN
cblr-9109	680	24	.	.	PUNCT
cblr-9109	681	1	as	as	SCONJ
cblr-9109	681	2	noted	note	VERB
cblr-9109	681	3	in	in	ADP
cblr-9109	681	4	part	part	NOUN
cblr-9109	681	5	i	i	PRON
cblr-9109	681	6	,	,	PUNCT
cblr-9109	681	7	these	these	PRON
cblr-9109	681	8	would	would	AUX
cblr-9109	681	9	include	include	VERB
cblr-9109	681	10	such	such	ADJ
cblr-9109	681	11	other	other	ADJ
cblr-9109	681	12	quote	quote	ADV
cblr-9109	681	13	-	-	PUNCT
cblr-9109	681	14	based	base	VERB
cblr-9109	681	15	manipulations	manipulation	NOUN
cblr-9109	681	16	as	as	ADP
cblr-9109	681	17	making	make	VERB
cblr-9109	681	18	quotes	quote	NOUN
cblr-9109	681	19	inside	inside	ADP
cblr-9109	681	20	the	the	DET
cblr-9109	681	21	existing	exist	VERB
cblr-9109	681	22	nbbo	nbbo	NOUN
cblr-9109	681	23	solely	solely	ADV
cblr-9109	681	24	to	to	PART
cblr-9109	681	25	move	move	VERB
cblr-9109	681	26	price	price	NOUN
cblr-9109	681	27	and	and	CCONJ
cblr-9109	681	28	submitting	submit	VERB
cblr-9109	681	29	quotes	quote	NOUN
cblr-9109	681	30	to	to	ADP
cblr-9109	681	31	an	an	DET
cblr-9109	681	32	exchange	exchange	NOUN
cblr-9109	681	33	in	in	ADP
cblr-9109	681	34	order	order	NOUN
cblr-9109	681	35	to	to	PART
cblr-9109	681	36	influence	influence	VERB
cblr-9109	681	37	the	the	DET
cblr-9109	681	38	nbb	nbb	NOUN
cblr-9109	681	39	or	or	CCONJ
cblr-9109	681	40	nbo	nbo	PROPN
cblr-9109	681	41	after	after	SCONJ
cblr-9109	681	42	which	which	PRON
cblr-9109	681	43	favorably	favorably	ADV
cblr-9109	681	44	influence	influence	VERB
cblr-9109	681	45	the	the	DET
cblr-9109	681	46	terms	term	NOUN
cblr-9109	681	47	on	on	ADP
cblr-9109	681	48	which	which	PRON
cblr-9109	681	49	the	the	DET
cblr-9109	681	50	quote	quote	NOUN
cblr-9109	681	51	-	-	PUNCT
cblr-9109	681	52	maker	maker	NOUN
cblr-9109	681	53	sends	send	VERB
cblr-9109	681	54	a	a	DET
cblr-9109	681	55	marketable	marketable	ADJ
cblr-9109	681	56	order	order	NOUN
cblr-9109	681	57	to	to	ADP
cblr-9109	681	58	a	a	DET
cblr-9109	681	59	broker	broker	NOUN
cblr-9109	681	60	that	that	PRON
cblr-9109	681	61	will	will	AUX
cblr-9109	681	62	predictably	predictably	ADV
cblr-9109	681	63	send	send	VERB
cblr-9109	681	64	it	it	PRON
cblr-9109	681	65	on	on	ADP
cblr-9109	681	66	to	to	ADP
cblr-9109	681	67	an	an	DET
cblr-9109	681	68	internalizer	internalizer	NOUN
cblr-9109	681	69	whose	whose	DET
cblr-9109	681	70	pricing	pricing	NOUN
cblr-9109	681	71	is	be	AUX
cblr-9109	681	72	based	base	VERB
cblr-9109	681	73	on	on	ADP
cblr-9109	681	74	this	this	PRON
cblr-9109	681	75	favorably	favorably	ADV
cblr-9109	681	76	altered	alter	VERB
cblr-9109	681	77	nbb	nbb	PROPN
cblr-9109	681	78	or	or	CCONJ
cblr-9109	681	79	nbo	nbo	PROPN
cblr-9109	681	80	.	.	PUNCT
cblr-9109	682	1	see	see	VERB
cblr-9109	682	2	i	i	PRON
cblr-9109	682	3	d.	d.	PROPN
cblr-9109	682	4	142	142	NUM
cblr-9109	682	5	see	see	VERB
cblr-9109	682	6	15	15	NUM
cblr-9109	682	7	u.s.c	u.s.c	ADJ
cblr-9109	682	8	.	.	PUNCT
cblr-9109	683	1	§	§	PROPN
cblr-9109	683	2	78i(a)(2	78i(a)(2	NOUN
cblr-9109	683	3	)	)	PUNCT
cblr-9109	683	4	(	(	PUNCT
cblr-9109	683	5	2018	2018	NUM
cblr-9109	683	6	)	)	PUNCT
cblr-9109	683	7	.	.	PUNCT
cblr-9109	684	1	143	143	NUM
cblr-9109	684	2	see	see	VERB
cblr-9109	684	3	supra	supra	PROPN
cblr-9109	684	4	part	part	NOUN
cblr-9109	684	5	v.	v.	ADP
cblr-9109	684	6	1294	1294	NUM
cblr-9109	684	7	columbia	columbia	PROPN
cblr-9109	684	8	business	business	NOUN
cblr-9109	684	9	law	law	PROPN
cblr-9109	684	10	review	review	NOUN
cblr-9109	684	11	[	[	X
cblr-9109	684	12	vol	vol	NOUN
cblr-9109	684	13	.	.	PUNCT
cblr-9109	684	14	2021	2021	NUM
cblr-9109	684	15	have	have	VERB
cblr-9109	684	16	to	to	PART
cblr-9109	684	17	tell	tell	VERB
cblr-9109	684	18	us	we	PRON
cblr-9109	684	19	if	if	SCONJ
cblr-9109	684	20	in	in	ADP
cblr-9109	684	21	fact	fact	NOUN
cblr-9109	684	22	the	the	DET
cblr-9109	684	23	provision	provision	NOUN
cblr-9109	684	24	does	do	AUX
cblr-9109	684	25	properly	properly	ADV
cblr-9109	684	26	apply	apply	VERB
cblr-9109	684	27	to	to	ADP
cblr-9109	684	28	quoting	quote	VERB
cblr-9109	684	29	activity	activity	NOUN
cblr-9109	684	30	.	.	PUNCT
cblr-9109	685	1	finally	finally	ADV
cblr-9109	685	2	,	,	PUNCT
cblr-9109	685	3	we	we	PRON
cblr-9109	685	4	will	will	AUX
cblr-9109	685	5	consider	consider	VERB
cblr-9109	685	6	the	the	DET
cblr-9109	685	7	substance	substance	NOUN
cblr-9109	685	8	of	of	ADP
cblr-9109	685	9	the	the	DET
cblr-9109	685	10	small	small	ADJ
cblr-9109	685	11	number	number	NOUN
cblr-9109	685	12	of	of	ADP
cblr-9109	685	13	decided	decide	VERB
cblr-9109	685	14	section	section	NOUN
cblr-9109	685	15	9(a)(2	9(a)(2	NUM
cblr-9109	685	16	)	)	PUNCT
cblr-9109	685	17	spoofing	spoof	VERB
cblr-9109	685	18	cases	case	NOUN
cblr-9109	685	19	,	,	PUNCT
cblr-9109	685	20	i.e.	i.e.	X
cblr-9109	685	21	,	,	PUNCT
cblr-9109	685	22	ones	one	NOUN
cblr-9109	685	23	involving	involve	VERB
cblr-9109	685	24	quoting	quote	VERB
cblr-9109	685	25	at	at	ADP
cblr-9109	685	26	or	or	CCONJ
cblr-9109	685	27	away	away	ADV
cblr-9109	685	28	from	from	ADP
cblr-9109	685	29	the	the	DET
cblr-9109	685	30	nbbo	nbbo	NOUN
cblr-9109	685	31	.	.	PUNCT
cblr-9109	686	1	1	1	X
cblr-9109	686	2	.	.	X
cblr-9109	686	3	does	do	AUX
cblr-9109	686	4	section	section	VERB
cblr-9109	686	5	9(a)(2	9(a)(2	NUM
cblr-9109	686	6	)	)	PUNCT
cblr-9109	686	7	cover	cover	NOUN
cblr-9109	686	8	bids	bid	NOUN
cblr-9109	686	9	and	and	CCONJ
cblr-9109	686	10	offers	offer	NOUN
cblr-9109	686	11	?	?	PUNCT
cblr-9109	687	1	a	a	DET
cblr-9109	687	2	bid	bid	NOUN
cblr-9109	687	3	or	or	CCONJ
cblr-9109	687	4	offer	offer	NOUN
cblr-9109	687	5	—	—	PUNCT
cblr-9109	687	6	the	the	DET
cblr-9109	687	7	tools	tool	NOUN
cblr-9109	687	8	used	use	VERB
cblr-9109	687	9	by	by	ADP
cblr-9109	687	10	spoofers	spoofer	NOUN
cblr-9109	687	11	to	to	PART
cblr-9109	687	12	move	move	VERB
cblr-9109	687	13	price	price	NOUN
cblr-9109	687	14	—	—	PUNCT
cblr-9109	687	15	is	be	AUX
cblr-9109	687	16	clearly	clearly	ADV
cblr-9109	687	17	an	an	DET
cblr-9109	687	18	“	"	PUNCT
cblr-9109	687	19	action	action	NOUN
cblr-9109	687	20	,	,	PUNCT
cblr-9109	687	21	”	"	PUNCT
cblr-9109	687	22	but	but	CCONJ
cblr-9109	687	23	it	it	PRON
cblr-9109	687	24	is	be	AUX
cblr-9109	687	25	the	the	DET
cblr-9109	687	26	action	action	NOUN
cblr-9109	687	27	of	of	ADP
cblr-9109	687	28	a	a	DET
cblr-9109	687	29	single	single	ADJ
cblr-9109	687	30	person	person	NOUN
cblr-9109	687	31	and	and	CCONJ
cblr-9109	687	32	,	,	PUNCT
cblr-9109	687	33	until	until	ADP
cblr-9109	687	34	and	and	CCONJ
cblr-9109	687	35	unless	unless	SCONJ
cblr-9109	687	36	executed	execute	VERB
cblr-9109	687	37	against	against	ADP
cblr-9109	687	38	,	,	PUNCT
cblr-9109	687	39	involves	involve	VERB
cblr-9109	687	40	no	no	DET
cblr-9109	687	41	counterparty	counterparty	NOUN
cblr-9109	687	42	.	.	PUNCT
cblr-9109	688	1	so	so	ADV
cblr-9109	688	2	,	,	PUNCT
cblr-9109	688	3	it	it	PRON
cblr-9109	688	4	is	be	AUX
cblr-9109	688	5	reasonable	reasonable	ADJ
cblr-9109	688	6	to	to	PART
cblr-9109	688	7	ask	ask	VERB
cblr-9109	688	8	where	where	SCONJ
cblr-9109	688	9	the	the	DET
cblr-9109	688	10	“	"	PUNCT
cblr-9109	688	11	trans	tran	NOUN
cblr-9109	688	12	”	"	PUNCT
cblr-9109	688	13	is	be	AUX
cblr-9109	688	14	to	to	PART
cblr-9109	688	15	make	make	VERB
cblr-9109	688	16	a	a	DET
cblr-9109	688	17	bid	bid	NOUN
cblr-9109	688	18	or	or	CCONJ
cblr-9109	688	19	offer	offer	VERB
cblr-9109	688	20	a	a	DET
cblr-9109	688	21	“	"	PUNCT
cblr-9109	688	22	transaction	transaction	NOUN
cblr-9109	688	23	,	,	PUNCT
cblr-9109	688	24	”	"	PUNCT
cblr-9109	688	25	which	which	PRON
cblr-9109	688	26	the	the	DET
cblr-9109	688	27	first	first	ADJ
cblr-9109	688	28	prong	prong	NOUN
cblr-9109	688	29	of	of	ADP
cblr-9109	688	30	section	section	NOUN
cblr-9109	688	31	9(a)(2	9(a)(2	NUM
cblr-9109	688	32	)	)	PUNCT
cblr-9109	688	33	says	say	VERB
cblr-9109	688	34	is	be	AUX
cblr-9109	688	35	the	the	DET
cblr-9109	688	36	only	only	ADJ
cblr-9109	688	37	thing	thing	NOUN
cblr-9109	688	38	that	that	PRON
cblr-9109	688	39	it	it	PRON
cblr-9109	688	40	covers	cover	VERB
cblr-9109	688	41	?	?	PUNCT
cblr-9109	689	1	as	as	SCONJ
cblr-9109	689	2	this	this	DET
cblr-9109	689	3	question	question	NOUN
cblr-9109	689	4	implies	imply	VERB
cblr-9109	689	5	,	,	PUNCT
cblr-9109	689	6	the	the	DET
cblr-9109	689	7	most	most	ADV
cblr-9109	689	8	literal	literal	ADJ
cblr-9109	689	9	reading	reading	NOUN
cblr-9109	689	10	of	of	ADP
cblr-9109	689	11	the	the	DET
cblr-9109	689	12	term	term	NOUN
cblr-9109	689	13	“	"	PUNCT
cblr-9109	689	14	transaction	transaction	NOUN
cblr-9109	689	15	”	"	PUNCT
cblr-9109	689	16	would	would	AUX
cblr-9109	689	17	seemingly	seemingly	ADV
cblr-9109	689	18	exclude	exclude	VERB
cblr-9109	689	19	manipulation	manipulation	NOUN
cblr-9109	689	20	based	base	VERB
cblr-9109	689	21	on	on	ADP
cblr-9109	689	22	quoting	quote	VERB
cblr-9109	689	23	behavior	behavior	NOUN
cblr-9109	689	24	as	as	ADP
cblr-9109	689	25	outside	outside	ADJ
cblr-9109	689	26	section	section	NOUN
cblr-9109	689	27	9(a)(2	9(a)(2	NUM
cblr-9109	689	28	)	)	PUNCT
cblr-9109	689	29	’s	’s	PART
cblr-9109	689	30	reach	reach	NOUN
cblr-9109	689	31	.	.	PUNCT
cblr-9109	690	1	the	the	DET
cblr-9109	690	2	few	few	ADJ
cblr-9109	690	3	courts	court	NOUN
cblr-9109	690	4	that	that	PRON
cblr-9109	690	5	have	have	AUX
cblr-9109	690	6	confronted	confront	VERB
cblr-9109	690	7	this	this	DET
cblr-9109	690	8	issue	issue	NOUN
cblr-9109	690	9	,	,	PUNCT
cblr-9109	690	10	however	however	ADV
cblr-9109	690	11	,	,	PUNCT
cblr-9109	690	12	have	have	AUX
cblr-9109	690	13	interpreted	interpret	VERB
cblr-9109	690	14	the	the	DET
cblr-9109	690	15	term	term	NOUN
cblr-9109	690	16	more	more	ADV
cblr-9109	690	17	inclusively	inclusively	ADV
cblr-9109	690	18	.	.	PUNCT
cblr-9109	691	1	in	in	ADP
cblr-9109	691	2	sec	sec	PROPN
cblr-9109	691	3	v.	v.	PROPN
cblr-9109	691	4	resch	resch	PROPN
cblr-9109	691	5	-	-	PUNCT
cblr-9109	691	6	cassin	cassin	PROPN
cblr-9109	691	7	&	&	CCONJ
cblr-9109	691	8	co.	co.	PROPN
cblr-9109	691	9	,	,	PUNCT
cblr-9109	691	10	manipulators	manipulator	NOUN
cblr-9109	691	11	drove	drive	VERB
cblr-9109	691	12	up	up	ADP
cblr-9109	691	13	the	the	DET
cblr-9109	691	14	price	price	NOUN
cblr-9109	691	15	of	of	ADP
cblr-9109	691	16	an	an	DET
cblr-9109	691	17	over	over	ADP
cblr-9109	691	18	-	-	PUNCT
cblr-9109	691	19	the	the	DET
cblr-9109	691	20	-	-	PUNCT
cblr-9109	691	21	counter	counter	NOUN
cblr-9109	691	22	stock	stock	NOUN
cblr-9109	691	23	using	use	VERB
cblr-9109	691	24	bids	bid	NOUN
cblr-9109	691	25	as	as	ADV
cblr-9109	691	26	well	well	ADV
cblr-9109	691	27	as	as	ADP
cblr-9109	691	28	completed	complete	VERB
cblr-9109	691	29	purchases	purchase	NOUN
cblr-9109	691	30	in	in	ADP
cblr-9109	691	31	order	order	NOUN
cblr-9109	691	32	to	to	PART
cblr-9109	691	33	facilitate	facilitate	VERB
cblr-9109	691	34	after	after	ADP
cblr-9109	691	35	-	-	PUNCT
cblr-9109	691	36	market	market	NOUN
cblr-9109	691	37	sales	sale	NOUN
cblr-9109	691	38	to	to	ADP
cblr-9109	691	39	other	other	ADJ
cblr-9109	691	40	traders.144	traders.144	NOUN
cblr-9109	691	41	the	the	DET
cblr-9109	691	42	court	court	NOUN
cblr-9109	691	43	concluded	conclude	VERB
cblr-9109	691	44	that	that	SCONJ
cblr-9109	691	45	bids	bid	NOUN
cblr-9109	691	46	were	be	AUX
cblr-9109	691	47	included	include	VERB
cblr-9109	691	48	under	under	ADP
cblr-9109	691	49	the	the	DET
cblr-9109	691	50	term	term	NOUN
cblr-9109	691	51	“	"	PUNCT
cblr-9109	691	52	transaction	transaction	NOUN
cblr-9109	691	53	,	,	PUNCT
cblr-9109	691	54	”	"	PUNCT
cblr-9109	691	55	stating	state	VERB
cblr-9109	691	56	“	"	PUNCT
cblr-9109	691	57	[	[	X
cblr-9109	691	58	s]ince	s]ince	NOUN
cblr-9109	691	59	rule	rule	VERB
cblr-9109	691	60	10b-7	10b-7	NUM
cblr-9109	691	61	of	of	ADP
cblr-9109	691	62	the	the	DET
cblr-9109	691	63	exchange	exchange	NOUN
cblr-9109	691	64	act	act	NOUN
cblr-9109	691	65	.	.	PUNCT
cblr-9109	691	66	.	.	PUNCT
cblr-9109	692	1	.	.	PUNCT
cblr-9109	693	1	defines	define	VERB
cblr-9109	693	2	the	the	DET
cblr-9109	693	3	term	term	NOUN
cblr-9109	693	4	transaction	transaction	NOUN
cblr-9109	693	5	as	as	ADP
cblr-9109	693	6	“	"	PUNCT
cblr-9109	693	7	a	a	DET
cblr-9109	693	8	bid	bid	NOUN
cblr-9109	693	9	or	or	CCONJ
cblr-9109	693	10	a	a	DET
cblr-9109	693	11	purchase	purchase	NOUN
cblr-9109	693	12	”	"	PUNCT
cblr-9109	693	13	,	,	PUNCT
cblr-9109	693	14	an	an	DET
cblr-9109	693	15	alleged	allege	VERB
cblr-9109	693	16	manipulator	manipulator	NOUN
cblr-9109	693	17	can	can	AUX
cblr-9109	693	18	be	be	AUX
cblr-9109	693	19	said	say	VERB
cblr-9109	693	20	to	to	PART
cblr-9109	693	21	effect	effect	VERB
cblr-9109	693	22	transactions	transaction	NOUN
cblr-9109	693	23	in	in	ADP
cblr-9109	693	24	a	a	DET
cblr-9109	693	25	security	security	NOUN
cblr-9109	693	26	if	if	SCONJ
cblr-9109	693	27	he	he	PRON
cblr-9109	693	28	bids	bid	VERB
cblr-9109	693	29	for	for	ADP
cblr-9109	693	30	it	it	PRON
cblr-9109	693	31	in	in	ADP
cblr-9109	693	32	the	the	DET
cblr-9109	693	33	pink	pink	ADJ
cblr-9109	693	34	sheets	sheet	NOUN
cblr-9109	693	35	or	or	CCONJ
cblr-9109	693	36	purchases	purchase	NOUN
cblr-9109	693	37	it	it	PRON
cblr-9109	693	38	or	or	CCONJ
cblr-9109	693	39	sells	sell	VERB
cblr-9109	693	40	it	it	PRON
cblr-9109	693	41	.	.	PUNCT
cblr-9109	694	1	”145	”145	NOUN
cblr-9109	695	1	this	this	PRON
cblr-9109	695	2	is	be	AUX
cblr-9109	695	3	extremely	extremely	ADV
cblr-9109	695	4	strained	strained	ADJ
cblr-9109	695	5	reasoning	reasoning	NOUN
cblr-9109	695	6	because	because	SCONJ
cblr-9109	695	7	the	the	DET
cblr-9109	695	8	then	then	ADV
cblr-9109	695	9	existing	exist	VERB
cblr-9109	695	10	rule	rule	NOUN
cblr-9109	695	11	10b-7(b	10b-7(b	NOUN
cblr-9109	695	12	)	)	PUNCT
cblr-9109	695	13	simply	simply	ADV
cblr-9109	695	14	provided	provide	VERB
cblr-9109	695	15	“	"	PUNCT
cblr-9109	695	16	for	for	ADP
cblr-9109	695	17	the	the	DET
cblr-9109	695	18	purposes	purpose	NOUN
cblr-9109	695	19	of	of	ADP
cblr-9109	695	20	this	this	DET
cblr-9109	695	21	section	section	NOUN
cblr-9109	695	22	the	the	DET
cblr-9109	695	23	following	follow	VERB
cblr-9109	695	24	terms	term	NOUN
cblr-9109	695	25	shall	shall	AUX
cblr-9109	695	26	have	have	VERB
cblr-9109	695	27	the	the	DET
cblr-9109	695	28	meaning	meaning	NOUN
cblr-9109	695	29	indicated	indicate	VERB
cblr-9109	695	30	:	:	PUNCT
cblr-9109	695	31	.	.	PUNCT
cblr-9109	695	32	.	.	PUNCT
cblr-9109	695	33	.	.	PUNCT
cblr-9109	696	1	(	(	PUNCT
cblr-9109	696	2	2	2	X
cblr-9109	696	3	)	)	PUNCT
cblr-9109	696	4	the	the	DET
cblr-9109	696	5	term	term	NOUN
cblr-9109	696	6	transaction	transaction	NOUN
cblr-9109	696	7	shall	shall	AUX
cblr-9109	696	8	mean	mean	VERB
cblr-9109	696	9	a	a	DET
cblr-9109	696	10	bid	bid	NOUN
cblr-9109	696	11	or	or	CCONJ
cblr-9109	696	12	a	a	DET
cblr-9109	696	13	purchase	purchase	NOUN
cblr-9109	696	14	.	.	PUNCT
cblr-9109	696	15	”	"	PUNCT
cblr-9109	697	1	146	146	NUM
cblr-9109	697	2	in	in	ADP
cblr-9109	697	3	other	other	ADJ
cblr-9109	697	4	words	word	NOUN
cblr-9109	697	5	,	,	PUNCT
cblr-9109	697	6	this	this	DET
cblr-9109	697	7	definition	definition	NOUN
cblr-9109	697	8	,	,	PUNCT
cblr-9109	697	9	by	by	ADP
cblr-9109	697	10	its	its	PRON
cblr-9109	697	11	terms	term	NOUN
cblr-9109	697	12	,	,	PUNCT
cblr-9109	697	13	was	be	AUX
cblr-9109	697	14	intended	intend	VERB
cblr-9109	697	15	just	just	ADV
cblr-9109	697	16	for	for	ADP
cblr-9109	697	17	rule	rule	NOUN
cblr-9109	697	18	10b-7	10b-7	NUM
cblr-9109	697	19	,	,	PUNCT
cblr-9109	697	20	which	which	PRON
cblr-9109	697	21	related	relate	VERB
cblr-9109	697	22	to	to	ADP
cblr-9109	697	23	stabilization	stabilization	NOUN
cblr-9109	697	24	144	144	NUM
cblr-9109	697	25	sec	sec	PROPN
cblr-9109	697	26	v.	v.	PROPN
cblr-9109	697	27	resch	resch	PROPN
cblr-9109	697	28	-	-	PUNCT
cblr-9109	697	29	cassin	cassin	PROPN
cblr-9109	697	30	&	&	CCONJ
cblr-9109	697	31	co.	co.	PROPN
cblr-9109	697	32	,	,	PUNCT
cblr-9109	697	33	362	362	NUM
cblr-9109	697	34	f.supp	f.supp	ADJ
cblr-9109	697	35	.	.	PROPN
cblr-9109	697	36	964	964	NUM
cblr-9109	697	37	,	,	PUNCT
cblr-9109	697	38	977	977	NUM
cblr-9109	697	39	(	(	PUNCT
cblr-9109	697	40	s.d.n.y	s.d.n.y	PROPN
cblr-9109	697	41	.	.	PROPN
cblr-9109	697	42	1973	1973	NUM
cblr-9109	697	43	)	)	PUNCT
cblr-9109	697	44	.	.	PUNCT
cblr-9109	698	1	interestingly	interestingly	ADV
cblr-9109	698	2	,	,	PUNCT
cblr-9109	698	3	the	the	DET
cblr-9109	698	4	finding	finding	NOUN
cblr-9109	698	5	that	that	SCONJ
cblr-9109	698	6	section	section	NOUN
cblr-9109	698	7	9(a)(2	9(a)(2	NUM
cblr-9109	698	8	)	)	PUNCT
cblr-9109	698	9	was	be	AUX
cblr-9109	698	10	violated	violate	VERB
cblr-9109	698	11	in	in	ADP
cblr-9109	698	12	this	this	DET
cblr-9109	698	13	case	case	NOUN
cblr-9109	698	14	seems	seem	VERB
cblr-9109	698	15	to	to	PART
cblr-9109	698	16	be	be	AUX
cblr-9109	698	17	dicta	dicta	ADJ
cblr-9109	698	18	because	because	SCONJ
cblr-9109	698	19	section	section	NOUN
cblr-9109	698	20	9(a)(2	9(a)(2	NUM
cblr-9109	698	21	)	)	PUNCT
cblr-9109	698	22	at	at	ADP
cblr-9109	698	23	the	the	DET
cblr-9109	698	24	time	time	NOUN
cblr-9109	698	25	of	of	ADP
cblr-9109	698	26	the	the	DET
cblr-9109	698	27	decision	decision	NOUN
cblr-9109	698	28	only	only	ADV
cblr-9109	698	29	covered	cover	VERB
cblr-9109	698	30	transactions	transaction	NOUN
cblr-9109	698	31	in	in	ADP
cblr-9109	698	32	exchange	exchange	NOUN
cblr-9109	698	33	listed	list	VERB
cblr-9109	698	34	securities	security	NOUN
cblr-9109	698	35	.	.	PUNCT
cblr-9109	699	1	the	the	DET
cblr-9109	699	2	court	court	NOUN
cblr-9109	699	3	conducted	conduct	VERB
cblr-9109	699	4	the	the	DET
cblr-9109	699	5	section	section	NOUN
cblr-9109	699	6	9(a)(2	9(a)(2	NUM
cblr-9109	699	7	)	)	PUNCT
cblr-9109	699	8	analysis	analysis	NOUN
cblr-9109	699	9	to	to	PART
cblr-9109	699	10	show	show	VERB
cblr-9109	699	11	by	by	ADP
cblr-9109	699	12	analogy	analogy	NOUN
cblr-9109	699	13	that	that	SCONJ
cblr-9109	699	14	section	section	NOUN
cblr-9109	699	15	10(b	10(b	NUM
cblr-9109	699	16	)	)	PUNCT
cblr-9109	699	17	must	must	AUX
cblr-9109	699	18	have	have	AUX
cblr-9109	699	19	been	be	AUX
cblr-9109	699	20	violated	violate	VERB
cblr-9109	699	21	.	.	PUNCT
cblr-9109	700	1	i	i	PRON
cblr-9109	700	2	d.	d.	PROPN
cblr-9109	700	3	at	at	ADP
cblr-9109	700	4	978	978	NUM
cblr-9109	700	5	.	.	PUNCT
cblr-9109	701	1	145	145	NUM
cblr-9109	702	1	i	i	PROPN
cblr-9109	702	2	d.	d.	PROPN
cblr-9109	702	3	146	146	NUM
cblr-9109	702	4	17	17	NUM
cblr-9109	702	5	c.f.r	c.f.r	NOUN
cblr-9109	702	6	.	.	PUNCT
cblr-9109	703	1	§	§	PROPN
cblr-9109	703	2	240.10b-7(b	240.10b-7(b	NUM
cblr-9109	703	3	)	)	PUNCT
cblr-9109	703	4	(	(	PUNCT
cblr-9109	703	5	2021	2021	NUM
cblr-9109	703	6	)	)	PUNCT
cblr-9109	703	7	(	(	PUNCT
cblr-9109	703	8	emphasis	emphasis	NOUN
cblr-9109	703	9	added	add	VERB
cblr-9109	703	10	)	)	PUNCT
cblr-9109	703	11	(	(	PUNCT
cblr-9109	703	12	replaced	replace	VERB
cblr-9109	703	13	1996	1996	NUM
cblr-9109	703	14	)	)	PUNCT
cblr-9109	703	15	.	.	PUNCT
cblr-9109	704	1	no	no	INTJ
cblr-9109	704	2	.	.	PUNCT
cblr-9109	705	1	3:1244	3:1244	NUM
cblr-9109	705	2	]	]	X
cblr-9109	705	3	spoofing	spoofing	NOUN
cblr-9109	705	4	and	and	CCONJ
cblr-9109	705	5	its	its	PRON
cblr-9109	705	6	regulation	regulation	NOUN
cblr-9109	705	7	1295	1295	NUM
cblr-9109	705	8	activities	activity	NOUN
cblr-9109	705	9	associated	associate	VERB
cblr-9109	705	10	with	with	ADP
cblr-9109	705	11	a	a	DET
cblr-9109	705	12	securities	security	NOUN
cblr-9109	705	13	offering	offering	NOUN
cblr-9109	705	14	rather	rather	ADV
cblr-9109	705	15	than	than	ADP
cblr-9109	705	16	for	for	ADP
cblr-9109	705	17	the	the	DET
cblr-9109	705	18	exchange	exchange	NOUN
cblr-9109	705	19	act	act	NOUN
cblr-9109	705	20	as	as	ADP
cblr-9109	705	21	a	a	DET
cblr-9109	705	22	whole	whole	NOUN
cblr-9109	705	23	.	.	PUNCT
cblr-9109	706	1	moreover	moreover	ADV
cblr-9109	706	2	,	,	PUNCT
cblr-9109	706	3	the	the	DET
cblr-9109	706	4	definition	definition	NOUN
cblr-9109	706	5	only	only	ADV
cblr-9109	706	6	covers	cover	VERB
cblr-9109	706	7	bids	bid	NOUN
cblr-9109	706	8	,	,	PUNCT
cblr-9109	706	9	not	not	PART
cblr-9109	706	10	offers	offer	VERB
cblr-9109	706	11	,	,	PUNCT
cblr-9109	706	12	because	because	SCONJ
cblr-9109	706	13	only	only	ADV
cblr-9109	706	14	bids	bid	NOUN
cblr-9109	706	15	at	at	ADP
cblr-9109	706	16	the	the	DET
cblr-9109	706	17	time	time	NOUN
cblr-9109	706	18	of	of	ADP
cblr-9109	706	19	an	an	DET
cblr-9109	706	20	offering	offering	NOUN
cblr-9109	706	21	,	,	PUNCT
cblr-9109	706	22	not	not	PART
cblr-9109	706	23	offers	offer	NOUN
cblr-9109	706	24	,	,	PUNCT
cblr-9109	706	25	are	be	AUX
cblr-9109	706	26	the	the	DET
cblr-9109	706	27	concern	concern	NOUN
cblr-9109	706	28	of	of	ADP
cblr-9109	706	29	the	the	DET
cblr-9109	706	30	rule	rule	NOUN
cblr-9109	706	31	.	.	PUNCT
cblr-9109	707	1	the	the	DET
cblr-9109	707	2	court	court	NOUN
cblr-9109	707	3	’s	’s	PART
cblr-9109	707	4	seeming	seem	VERB
cblr-9109	707	5	real	real	ADJ
cblr-9109	707	6	reason	reason	NOUN
cblr-9109	707	7	for	for	ADP
cblr-9109	707	8	including	include	VERB
cblr-9109	707	9	bids	bid	NOUN
cblr-9109	707	10	and	and	CCONJ
cblr-9109	707	11	offers	offer	VERB
cblr-9109	707	12	within	within	ADP
cblr-9109	707	13	the	the	DET
cblr-9109	707	14	reach	reach	NOUN
cblr-9109	707	15	of	of	ADP
cblr-9109	707	16	section	section	NOUN
cblr-9109	707	17	9(a)(2	9(a)(2	NUM
cblr-9109	707	18	)	)	PUNCT
cblr-9109	707	19	is	be	AUX
cblr-9109	707	20	more	more	ADV
cblr-9109	707	21	result	result	NOUN
cblr-9109	707	22	-	-	PUNCT
cblr-9109	707	23	oriented	orient	VERB
cblr-9109	707	24	.	.	PUNCT
cblr-9109	708	1	for	for	ADP
cblr-9109	708	2	example	example	NOUN
cblr-9109	708	3	,	,	PUNCT
cblr-9109	708	4	the	the	DET
cblr-9109	708	5	court	court	NOUN
cblr-9109	708	6	observed	observe	VERB
cblr-9109	708	7	:	:	PUNCT
cblr-9109	708	8	“	"	PUNCT
cblr-9109	708	9	the	the	DET
cblr-9109	708	10	insertion	insertion	NOUN
cblr-9109	708	11	of	of	ADP
cblr-9109	708	12	increasingly	increasingly	ADV
cblr-9109	708	13	higher	high	ADJ
cblr-9109	708	14	bids	bid	NOUN
cblr-9109	708	15	for	for	ADP
cblr-9109	708	16	a	a	DET
cblr-9109	708	17	stock	stock	NOUN
cblr-9109	708	18	in	in	ADP
cblr-9109	708	19	the	the	DET
cblr-9109	708	20	sheets	sheet	NOUN
cblr-9109	708	21	is	be	AUX
cblr-9109	708	22	an	an	DET
cblr-9109	708	23	obvious	obvious	ADJ
cblr-9109	708	24	device	device	NOUN
cblr-9109	708	25	to	to	PART
cblr-9109	708	26	create	create	VERB
cblr-9109	708	27	a	a	DET
cblr-9109	708	28	false	false	ADJ
cblr-9109	708	29	appearance	appearance	NOUN
cblr-9109	708	30	of	of	ADP
cblr-9109	708	31	activity	activity	NOUN
cblr-9109	708	32	in	in	ADP
cblr-9109	708	33	the	the	DET
cblr-9109	708	34	over	over	ADP
cblr-9109	708	35	-	-	PUNCT
cblr-9109	708	36	the	the	DET
cblr-9109	708	37	-	-	PUNCT
cblr-9109	708	38	counter	counter	NOUN
cblr-9109	708	39	market	market	NOUN
cblr-9109	708	40	and	and	CCONJ
cblr-9109	708	41	tends	tend	VERB
cblr-9109	708	42	to	to	PART
cblr-9109	708	43	support	support	VERB
cblr-9109	708	44	the	the	DET
cblr-9109	708	45	price	price	NOUN
cblr-9109	708	46	at	at	ADP
cblr-9109	708	47	an	an	DET
cblr-9109	708	48	inflated	inflated	ADJ
cblr-9109	708	49	level	level	NOUN
cblr-9109	708	50	.	.	PUNCT
cblr-9109	708	51	”147	”147	PUNCT
cblr-9109	709	1	the	the	DET
cblr-9109	709	2	outcome	outcome	NOUN
cblr-9109	709	3	from	from	ADP
cblr-9109	709	4	such	such	ADJ
cblr-9109	709	5	activity	activity	NOUN
cblr-9109	709	6	,	,	PUNCT
cblr-9109	709	7	the	the	DET
cblr-9109	709	8	court	court	NOUN
cblr-9109	709	9	concludes	conclude	VERB
cblr-9109	709	10	,	,	PUNCT
cblr-9109	709	11	“	"	PUNCT
cblr-9109	709	12	was	be	AUX
cblr-9109	709	13	to	to	PART
cblr-9109	709	14	artificially	artificially	ADV
cblr-9109	709	15	stimulate	stimulate	VERB
cblr-9109	709	16	the	the	DET
cblr-9109	709	17	so	so	ADV
cblr-9109	709	18	-	-	PUNCT
cblr-9109	709	19	called	call	VERB
cblr-9109	709	20	market	market	NOUN
cblr-9109	709	21	price	price	NOUN
cblr-9109	709	22	of	of	ADP
cblr-9109	709	23	the	the	DET
cblr-9109	709	24	stock	stock	NOUN
cblr-9109	709	25	while	while	SCONJ
cblr-9109	709	26	making	make	VERB
cblr-9109	709	27	it	it	PRON
cblr-9109	709	28	appear	appear	VERB
cblr-9109	709	29	to	to	PART
cblr-9109	709	30	be	be	AUX
cblr-9109	709	31	the	the	DET
cblr-9109	709	32	product	product	NOUN
cblr-9109	709	33	of	of	ADP
cblr-9109	709	34	the	the	DET
cblr-9109	709	35	independent	independent	ADJ
cblr-9109	709	36	forces	force	NOUN
cblr-9109	709	37	of	of	ADP
cblr-9109	709	38	supply	supply	NOUN
cblr-9109	709	39	and	and	CCONJ
cblr-9109	709	40	demand	demand	NOUN
cblr-9109	709	41	when	when	SCONJ
cblr-9109	709	42	,	,	PUNCT
cblr-9109	709	43	in	in	ADP
cblr-9109	709	44	reality	reality	NOUN
cblr-9109	709	45	,	,	PUNCT
cblr-9109	709	46	it	it	PRON
cblr-9109	709	47	was	be	AUX
cblr-9109	709	48	completely	completely	ADV
cblr-9109	709	49	a	a	DET
cblr-9109	709	50	creature	creature	NOUN
cblr-9109	709	51	of	of	ADP
cblr-9109	709	52	defendants	defendant	NOUN
cblr-9109	709	53	’	'	PUNCT
cblr-9109	709	54	subterfuge	subterfuge	NOUN
cblr-9109	709	55	.	.	PUNCT
cblr-9109	710	1	”148	”148	PUNCT
cblr-9109	710	2	in	in	ADP
cblr-9109	710	3	essence	essence	NOUN
cblr-9109	710	4	,	,	PUNCT
cblr-9109	710	5	the	the	DET
cblr-9109	710	6	court	court	NOUN
cblr-9109	710	7	side	side	NOUN
cblr-9109	710	8	-	-	PUNCT
cblr-9109	710	9	stepped	step	VERB
cblr-9109	710	10	the	the	DET
cblr-9109	710	11	central	central	ADJ
cblr-9109	710	12	linguistic	linguistic	ADJ
cblr-9109	710	13	question	question	NOUN
cblr-9109	710	14	,	,	PUNCT
cblr-9109	710	15	instead	instead	ADV
cblr-9109	710	16	simply	simply	ADV
cblr-9109	710	17	saying	say	VERB
cblr-9109	710	18	that	that	SCONJ
cblr-9109	710	19	quotes	quote	NOUN
cblr-9109	710	20	can	can	AUX
cblr-9109	710	21	be	be	AUX
cblr-9109	710	22	used	use	VERB
cblr-9109	710	23	to	to	PART
cblr-9109	710	24	create	create	VERB
cblr-9109	710	25	the	the	DET
cblr-9109	710	26	same	same	ADJ
cblr-9109	710	27	type	type	NOUN
cblr-9109	710	28	of	of	ADP
cblr-9109	710	29	evils	evil	NOUN
cblr-9109	710	30	as	as	SCONJ
cblr-9109	710	31	can	can	AUX
cblr-9109	710	32	completed	complete	VERB
cblr-9109	710	33	purchases	purchase	NOUN
cblr-9109	710	34	and	and	CCONJ
cblr-9109	710	35	sales	sale	NOUN
cblr-9109	710	36	,	,	PUNCT
cblr-9109	710	37	and	and	CCONJ
cblr-9109	710	38	so	so	ADV
cblr-9109	710	39	quotes	quote	VERB
cblr-9109	710	40	too	too	ADV
cblr-9109	710	41	should	should	AUX
cblr-9109	710	42	be	be	AUX
cblr-9109	710	43	considered	consider	VERB
cblr-9109	710	44	“	"	PUNCT
cblr-9109	710	45	transactions	transaction	NOUN
cblr-9109	710	46	.	.	PUNCT
cblr-9109	710	47	”	"	PUNCT
cblr-9109	711	1	the	the	DET
cblr-9109	711	2	other	other	ADJ
cblr-9109	711	3	courts	court	NOUN
cblr-9109	711	4	that	that	PRON
cblr-9109	711	5	have	have	AUX
cblr-9109	711	6	addressed	address	VERB
cblr-9109	711	7	the	the	DET
cblr-9109	711	8	issue	issue	NOUN
cblr-9109	711	9	of	of	ADP
cblr-9109	711	10	whether	whether	SCONJ
cblr-9109	711	11	quotes	quote	NOUN
cblr-9109	711	12	constitute	constitute	VERB
cblr-9109	711	13	“	"	PUNCT
cblr-9109	711	14	transactions	transaction	NOUN
cblr-9109	711	15	”	"	PUNCT
cblr-9109	711	16	under	under	ADP
cblr-9109	711	17	section	section	NOUN
cblr-9109	711	18	9(a)(2	9(a)(2	NUM
cblr-9109	711	19	)	)	PUNCT
cblr-9109	711	20	have	have	AUX
cblr-9109	711	21	either	either	CCONJ
cblr-9109	711	22	assumed	assume	VERB
cblr-9109	711	23	that	that	SCONJ
cblr-9109	711	24	quotes	quote	NOUN
cblr-9109	711	25	are	be	AUX
cblr-9109	711	26	“	"	PUNCT
cblr-9109	711	27	transactions	transaction	NOUN
cblr-9109	711	28	”	"	PUNCT
cblr-9109	711	29	or	or	CCONJ
cblr-9109	711	30	summarily	summarily	ADV
cblr-9109	711	31	declared	declare	VERB
cblr-9109	711	32	so	so	ADV
cblr-9109	711	33	.	.	PUNCT
cblr-9109	712	1	for	for	ADP
cblr-9109	712	2	example	example	NOUN
cblr-9109	712	3	,	,	PUNCT
cblr-9109	712	4	in	in	ADP
cblr-9109	712	5	the	the	DET
cblr-9109	712	6	recent	recent	ADJ
cblr-9109	712	7	case	case	NOUN
cblr-9109	712	8	sec	sec	PROPN
cblr-9109	712	9	v.	v.	PROPN
cblr-9109	712	10	lek	lek	PROPN
cblr-9109	712	11	securities	securities	PROPN
cblr-9109	712	12	corp	corp	PROPN
cblr-9109	712	13	.	.	PROPN
cblr-9109	712	14	,	,	PUNCT
cblr-9109	712	15	the	the	DET
cblr-9109	712	16	court	court	NOUN
cblr-9109	712	17	considered	consider	VERB
cblr-9109	712	18	a	a	DET
cblr-9109	712	19	quote	quote	NOUN
cblr-9109	712	20	manipulation	manipulation	NOUN
cblr-9109	712	21	whereby	whereby	SCONJ
cblr-9109	712	22	the	the	DET
cblr-9109	712	23	defendant	defendant	NOUN
cblr-9109	712	24	entered	enter	VERB
cblr-9109	712	25	quotes	quote	NOUN
cblr-9109	712	26	at	at	ADP
cblr-9109	712	27	successively	successively	ADV
cblr-9109	712	28	increasing	increase	VERB
cblr-9109	712	29	(	(	PUNCT
cblr-9109	712	30	decreasing	decrease	VERB
cblr-9109	712	31	)	)	PUNCT
cblr-9109	712	32	prices	price	NOUN
cblr-9109	712	33	,	,	PUNCT
cblr-9109	712	34	moving	move	VERB
cblr-9109	712	35	the	the	DET
cblr-9109	712	36	nbb	nbb	ADJ
cblr-9109	712	37	(	(	PUNCT
cblr-9109	712	38	nbo	nbo	PROPN
cblr-9109	712	39	)	)	PUNCT
cblr-9109	712	40	in	in	ADP
cblr-9109	712	41	order	order	NOUN
cblr-9109	712	42	to	to	PART
cblr-9109	712	43	execute	execute	VERB
cblr-9109	712	44	another	another	DET
cblr-9109	712	45	order	order	NOUN
cblr-9109	712	46	to	to	PART
cblr-9109	712	47	sell	sell	VERB
cblr-9109	712	48	(	(	PUNCT
cblr-9109	712	49	buy	buy	NOUN
cblr-9109	712	50	)	)	PUNCT
cblr-9109	712	51	at	at	ADP
cblr-9109	712	52	a	a	DET
cblr-9109	712	53	higher	high	ADJ
cblr-9109	712	54	(	(	PUNCT
cblr-9109	712	55	lower	low	ADJ
cblr-9109	712	56	)	)	PUNCT
cblr-9109	712	57	price	price	NOUN
cblr-9109	712	58	than	than	SCONJ
cblr-9109	712	59	previously	previously	ADV
cblr-9109	712	60	existed	exist	VERB
cblr-9109	712	61	,	,	PUNCT
cblr-9109	712	62	immediately	immediately	ADV
cblr-9109	712	63	upon	upon	SCONJ
cblr-9109	712	64	which	which	PRON
cblr-9109	712	65	the	the	DET
cblr-9109	712	66	original	original	ADJ
cblr-9109	712	67	quotes	quote	NOUN
cblr-9109	712	68	were	be	AUX
cblr-9109	712	69	cancelled.149	cancelled.149	NOUN
cblr-9109	712	70	this	this	DET
cblr-9109	712	71	pattern	pattern	NOUN
cblr-9109	712	72	was	be	AUX
cblr-9109	712	73	repeated	repeat	VERB
cblr-9109	712	74	on	on	ADP
cblr-9109	712	75	both	both	DET
cblr-9109	712	76	sides	side	NOUN
cblr-9109	712	77	of	of	ADP
cblr-9109	712	78	the	the	DET
cblr-9109	712	79	market	market	NOUN
cblr-9109	712	80	,	,	PUNCT
cblr-9109	712	81	and	and	CCONJ
cblr-9109	712	82	in	in	ADP
cblr-9109	712	83	multiple	multiple	ADJ
cblr-9109	712	84	securities.150	securities.150	VERB
cblr-9109	712	85	for	for	ADP
cblr-9109	712	86	its	its	PRON
cblr-9109	712	87	assertion	assertion	NOUN
cblr-9109	712	88	“	"	PUNCT
cblr-9109	712	89	a	a	DET
cblr-9109	712	90	‘	'	PUNCT
cblr-9109	712	91	series	series	NOUN
cblr-9109	712	92	of	of	ADP
cblr-9109	712	93	transactions	transaction	NOUN
cblr-9109	712	94	’	'	PUNCT
cblr-9109	712	95	that	that	PRON
cblr-9109	712	96	create	create	VERB
cblr-9109	712	97	‘	'	PUNCT
cblr-9109	712	98	actual	actual	ADJ
cblr-9109	712	99	or	or	CCONJ
cblr-9109	712	100	apparent	apparent	ADJ
cblr-9109	712	101	’	'	PUNCT
cblr-9109	712	102	active	active	ADJ
cblr-9109	712	103	trading	trading	NOUN
cblr-9109	712	104	encompasses	encompass	VERB
cblr-9109	712	105	not	not	PART
cblr-9109	712	106	only	only	ADV
cblr-9109	712	107	executed	execute	VERB
cblr-9109	712	108	trades	trade	NOUN
cblr-9109	712	109	but	but	CCONJ
cblr-9109	712	110	also	also	ADV
cblr-9109	712	111	bids	bid	NOUN
cblr-9109	712	112	and	and	CCONJ
cblr-9109	712	113	orders	order	NOUN
cblr-9109	712	114	to	to	PART
cblr-9109	712	115	purchase	purchase	VERB
cblr-9109	712	116	or	or	CCONJ
cblr-9109	712	117	sell	sell	VERB
cblr-9109	712	118	147	147	NUM
cblr-9109	712	119	resch	resch	PROPN
cblr-9109	712	120	-	-	PUNCT
cblr-9109	712	121	cassin	cassin	PROPN
cblr-9109	712	122	&	&	CCONJ
cblr-9109	712	123	co.	co.	PROPN
cblr-9109	712	124	,	,	PUNCT
cblr-9109	712	125	362	362	NUM
cblr-9109	712	126	f.	f.	PROPN
cblr-9109	712	127	supp	supp	PROPN
cblr-9109	712	128	.	.	PUNCT
cblr-9109	713	1	at	at	ADP
cblr-9109	713	2	976	976	NUM
cblr-9109	713	3	.	.	PUNCT
cblr-9109	714	1	148	148	NUM
cblr-9109	715	1	i	i	PRON
cblr-9109	715	2	d.	d.	PROPN
cblr-9109	715	3	at	at	ADP
cblr-9109	715	4	978	978	NUM
cblr-9109	715	5	.	.	NOUN
cblr-9109	715	6	149	149	NUM
cblr-9109	715	7	sec	sec	PROPN
cblr-9109	715	8	v.	v.	ADP
cblr-9109	715	9	lek	lek	PROPN
cblr-9109	715	10	sec	sec	PROPN
cblr-9109	715	11	.	.	PROPN
cblr-9109	715	12	corp	corp	PROPN
cblr-9109	715	13	.	.	PROPN
cblr-9109	715	14	,	,	PUNCT
cblr-9109	715	15	276	276	NUM
cblr-9109	715	16	f.	f.	PROPN
cblr-9109	715	17	supp	supp	PROPN
cblr-9109	715	18	.	.	PUNCT
cblr-9109	716	1	3d	3d	NUM
cblr-9109	716	2	49	49	NUM
cblr-9109	716	3	,	,	PUNCT
cblr-9109	716	4	55	55	NUM
cblr-9109	716	5	(	(	PUNCT
cblr-9109	716	6	s.d.n.y	s.d.n.y	PROPN
cblr-9109	716	7	.	.	PROPN
cblr-9109	716	8	2017	2017	NUM
cblr-9109	716	9	)	)	PUNCT
cblr-9109	716	10	.	.	PUNCT
cblr-9109	717	1	150	150	NUM
cblr-9109	717	2	i	i	PROPN
cblr-9109	717	3	d.	d.	PROPN
cblr-9109	717	4	1296	1296	NUM
cblr-9109	717	5	columbia	columbia	PROPN
cblr-9109	717	6	business	business	PROPN
cblr-9109	717	7	law	law	PROPN
cblr-9109	717	8	review	review	NOUN
cblr-9109	717	9	[	[	X
cblr-9109	717	10	vol	vol	NOUN
cblr-9109	717	11	.	.	PUNCT
cblr-9109	717	12	2021	2021	NUM
cblr-9109	717	13	securities,”151	securities,”151	VERB
cblr-9109	718	1	the	the	DET
cblr-9109	718	2	court	court	NOUN
cblr-9109	718	3	relies	rely	VERB
cblr-9109	718	4	on	on	ADP
cblr-9109	718	5	sec	sec	PROPN
cblr-9109	718	6	v.	v.	ADP
cblr-9109	718	7	malenfant,152	malenfant,152	NOUN
cblr-9109	718	8	which	which	PRON
cblr-9109	718	9	in	in	ADP
cblr-9109	718	10	turn	turn	NOUN
cblr-9109	718	11	relies	rely	VERB
cblr-9109	718	12	on	on	ADP
cblr-9109	718	13	resch	resch	PROPN
cblr-9109	718	14	-	-	PUNCT
cblr-9109	718	15	cassin.153	cassin.153	VERB
cblr-9109	718	16	courts	court	NOUN
cblr-9109	718	17	in	in	ADP
cblr-9109	718	18	the	the	DET
cblr-9109	718	19	other	other	ADJ
cblr-9109	718	20	cases	case	NOUN
cblr-9109	718	21	take	take	VERB
cblr-9109	718	22	a	a	DET
cblr-9109	718	23	similar	similar	ADJ
cblr-9109	718	24	approach.154	approach.154	NOUN
cblr-9109	718	25	other	other	ADJ
cblr-9109	718	26	than	than	ADP
cblr-9109	718	27	the	the	DET
cblr-9109	718	28	poorly	poorly	ADV
cblr-9109	718	29	-	-	PUNCT
cblr-9109	718	30	reasoned	reason	VERB
cblr-9109	718	31	resch	resch	NOUN
cblr-9109	718	32	-	-	PUNCT
cblr-9109	718	33	cassin	cassin	PROPN
cblr-9109	718	34	,	,	PUNCT
cblr-9109	718	35	we	we	PRON
cblr-9109	718	36	have	have	AUX
cblr-9109	718	37	found	find	VERB
cblr-9109	718	38	no	no	DET
cblr-9109	718	39	other	other	ADJ
cblr-9109	718	40	court	court	NOUN
cblr-9109	718	41	opinions	opinion	NOUN
cblr-9109	718	42	directly	directly	ADV
cblr-9109	718	43	addressing	address	VERB
cblr-9109	718	44	why	why	SCONJ
cblr-9109	718	45	the	the	DET
cblr-9109	718	46	term	term	NOUN
cblr-9109	718	47	“	"	PUNCT
cblr-9109	718	48	transaction	transaction	NOUN
cblr-9109	718	49	”	"	PUNCT
cblr-9109	718	50	should	should	AUX
cblr-9109	718	51	be	be	AUX
cblr-9109	718	52	interpreted	interpret	VERB
cblr-9109	718	53	more	more	ADV
cblr-9109	718	54	broadly	broadly	ADV
cblr-9109	718	55	than	than	ADP
cblr-9109	718	56	the	the	DET
cblr-9109	718	57	most	most	ADV
cblr-9109	718	58	literal	literal	ADJ
cblr-9109	718	59	reading	reading	NOUN
cblr-9109	718	60	of	of	ADP
cblr-9109	718	61	the	the	DET
cblr-9109	718	62	term	term	NOUN
cblr-9109	718	63	.	.	PUNCT
cblr-9109	719	1	however	however	ADV
cblr-9109	719	2	,	,	PUNCT
cblr-9109	719	3	there	there	PRON
cblr-9109	719	4	is	be	VERB
cblr-9109	719	5	an	an	DET
cblr-9109	719	6	opinion	opinion	NOUN
cblr-9109	719	7	that	that	SCONJ
cblr-9109	719	8	attempts	attempt	VERB
cblr-9109	719	9	to	to	PART
cblr-9109	719	10	do	do	VERB
cblr-9109	719	11	so	so	ADV
cblr-9109	719	12	in	in	ADP
cblr-9109	719	13	a	a	DET
cblr-9109	719	14	case	case	NOUN
cblr-9109	719	15	adjudicated	adjudicate	VERB
cblr-9109	719	16	by	by	ADP
cblr-9109	719	17	the	the	DET
cblr-9109	719	18	relevant	relevant	ADJ
cblr-9109	719	19	administrative	administrative	ADJ
cblr-9109	719	20	agency	agency	NOUN
cblr-9109	719	21	,	,	PUNCT
cblr-9109	719	22	the	the	DET
cblr-9109	719	23	sec	sec	PROPN
cblr-9109	719	24	.	.	PUNCT
cblr-9109	720	1	in	in	ADP
cblr-9109	720	2	re	re	PROPN
cblr-9109	720	3	kidder	kidder	PROPN
cblr-9109	720	4	peabody	peabody	PROPN
cblr-9109	720	5	&	&	CCONJ
cblr-9109	720	6	co.	co.	PROPN
cblr-9109	720	7	is	be	AUX
cblr-9109	720	8	a	a	DET
cblr-9109	720	9	1945	1945	NUM
cblr-9109	720	10	discipline	discipline	NOUN
cblr-9109	720	11	action	action	NOUN
cblr-9109	720	12	against	against	ADP
cblr-9109	720	13	a	a	DET
cblr-9109	720	14	brokerdealer.155	brokerdealer.155	NOUN
cblr-9109	720	15	the	the	DET
cblr-9109	720	16	commission	commission	NOUN
cblr-9109	720	17	found	find	VERB
cblr-9109	720	18	that	that	SCONJ
cblr-9109	720	19	because	because	SCONJ
cblr-9109	720	20	kidder	kidder	PROPN
cblr-9109	720	21	’s	’s	PART
cblr-9109	720	22	agents	agent	NOUN
cblr-9109	720	23	had	have	AUX
cblr-9109	720	24	engaged	engage	VERB
cblr-9109	720	25	in	in	ADP
cblr-9109	720	26	a	a	DET
cblr-9109	720	27	number	number	NOUN
cblr-9109	720	28	of	of	ADP
cblr-9109	720	29	bids	bid	NOUN
cblr-9109	720	30	,	,	PUNCT
cblr-9109	720	31	it	it	PRON
cblr-9109	720	32	violated	violate	VERB
cblr-9109	720	33	section	section	NOUN
cblr-9109	720	34	9(a)(2	9(a)(2	NUM
cblr-9109	720	35	)	)	PUNCT
cblr-9109	720	36	despite	despite	SCONJ
cblr-9109	720	37	the	the	DET
cblr-9109	720	38	fact	fact	NOUN
cblr-9109	720	39	that	that	SCONJ
cblr-9109	720	40	only	only	ADV
cblr-9109	720	41	one	one	NUM
cblr-9109	720	42	bond	bond	NOUN
cblr-9109	720	43	was	be	AUX
cblr-9109	720	44	purchased	purchase	VERB
cblr-9109	720	45	for	for	ADP
cblr-9109	720	46	its	its	PRON
cblr-9109	720	47	account	account	NOUN
cblr-9109	720	48	,	,	PUNCT
cblr-9109	720	49	not	not	PART
cblr-9109	720	50	a	a	DET
cblr-9109	720	51	series	series	NOUN
cblr-9109	720	52	of	of	ADP
cblr-9109	720	53	purchases	purchase	NOUN
cblr-9109	720	54	or	or	CCONJ
cblr-9109	720	55	sales.156	sales.156	NOUN
cblr-9109	720	56	the	the	DET
cblr-9109	720	57	commission	commission	NOUN
cblr-9109	720	58	justified	justify	VERB
cblr-9109	720	59	this	this	DET
cblr-9109	720	60	broader	broad	ADJ
cblr-9109	720	61	interpretation	interpretation	NOUN
cblr-9109	720	62	of	of	ADP
cblr-9109	720	63	“	"	PUNCT
cblr-9109	720	64	transaction	transaction	NOUN
cblr-9109	720	65	”	"	PUNCT
cblr-9109	720	66	based	base	VERB
cblr-9109	720	67	on	on	ADP
cblr-9109	720	68	an	an	DET
cblr-9109	720	69	expansive	expansive	ADJ
cblr-9109	720	70	dictionary	dictionary	ADJ
cblr-9109	720	71	definition	definition	NOUN
cblr-9109	720	72	of	of	ADP
cblr-9109	720	73	the	the	DET
cblr-9109	720	74	term	term	NOUN
cblr-9109	720	75	,	,	PUNCT
cblr-9109	720	76	a	a	DET
cblr-9109	720	77	claim	claim	NOUN
cblr-9109	720	78	that	that	SCONJ
cblr-9109	720	79	the	the	DET
cblr-9109	720	80	terms	term	NOUN
cblr-9109	720	81	“	"	PUNCT
cblr-9109	720	82	transactions	transaction	NOUN
cblr-9109	720	83	”	"	PUNCT
cblr-9109	720	84	and	and	CCONJ
cblr-9109	720	85	“	"	PUNCT
cblr-9109	720	86	purchases	purchase	NOUN
cblr-9109	720	87	and	and	CCONJ
cblr-9109	720	88	sales	sale	NOUN
cblr-9109	720	89	”	"	PUNCT
cblr-9109	720	90	are	be	AUX
cblr-9109	720	91	used	use	VERB
cblr-9109	720	92	elsewhere	elsewhere	ADV
cblr-9109	720	93	in	in	ADP
cblr-9109	720	94	different	different	ADJ
cblr-9109	720	95	contexts	contexts	NOUN
cblr-9109	720	96	,	,	PUNCT
cblr-9109	720	97	and	and	CCONJ
cblr-9109	720	98	,	,	PUNCT
cblr-9109	720	99	most	most	ADV
cblr-9109	720	100	interestingly	interestingly	ADV
cblr-9109	720	101	,	,	PUNCT
cblr-9109	720	102	section	section	NOUN
cblr-9109	720	103	9(a)(2	9(a)(2	NUM
cblr-9109	720	104	)	)	PUNCT
cblr-9109	720	105	’s	’s	PART
cblr-9109	720	106	legislative	legislative	ADJ
cblr-9109	720	107	history.157	history.157	PROPN
cblr-9109	720	108	we	we	PRON
cblr-9109	720	109	are	be	AUX
cblr-9109	720	110	not	not	PART
cblr-9109	720	111	fully	fully	ADV
cblr-9109	720	112	convinced	convince	VERB
cblr-9109	720	113	by	by	ADP
cblr-9109	720	114	this	this	DET
cblr-9109	720	115	reasoning	reasoning	NOUN
cblr-9109	720	116	.	.	PUNCT
cblr-9109	721	1	the	the	DET
cblr-9109	721	2	151	151	NUM
cblr-9109	721	3	i	i	NOUN
cblr-9109	721	4	d.	d.	NOUN
cblr-9109	721	5	at	at	ADP
cblr-9109	721	6	62	62	NUM
cblr-9109	721	7	.	.	PUNCT
cblr-9109	722	1	152	152	NUM
cblr-9109	723	1	i	i	PRON
cblr-9109	723	2	d.	d.	PROPN
cblr-9109	723	3	(	(	PUNCT
cblr-9109	723	4	citing	cite	VERB
cblr-9109	723	5	sec	sec	PROPN
cblr-9109	723	6	.	.	PUNCT
cblr-9109	724	1	v.	v.	ADP
cblr-9109	724	2	malenfant	malenfant	NOUN
cblr-9109	724	3	,	,	PUNCT
cblr-9109	724	4	784	784	NUM
cblr-9109	724	5	f.	f.	PROPN
cblr-9109	724	6	supp	supp	PROPN
cblr-9109	724	7	.	.	PUNCT
cblr-9109	725	1	141	141	NUM
cblr-9109	725	2	,	,	PUNCT
cblr-9109	725	3	145	145	NUM
cblr-9109	725	4	(	(	PUNCT
cblr-9109	725	5	s.d.n.y	s.d.n.y	PROPN
cblr-9109	725	6	.	.	PROPN
cblr-9109	725	7	1992	1992	NUM
cblr-9109	725	8	)	)	PUNCT
cblr-9109	725	9	)	)	PUNCT
cblr-9109	725	10	.	.	PUNCT
cblr-9109	726	1	153	153	NUM
cblr-9109	726	2	malenfant	malenfant	NOUN
cblr-9109	726	3	,	,	PUNCT
cblr-9109	726	4	784	784	NUM
cblr-9109	726	5	f.	f.	PROPN
cblr-9109	726	6	supp	supp	PROPN
cblr-9109	726	7	.	.	PUNCT
cblr-9109	727	1	at	at	ADP
cblr-9109	727	2	145	145	NUM
cblr-9109	727	3	(	(	PUNCT
cblr-9109	727	4	s.d.n.y	s.d.n.y	PROPN
cblr-9109	727	5	.	.	PROPN
cblr-9109	727	6	1992	1992	NUM
cblr-9109	727	7	)	)	PUNCT
cblr-9109	727	8	(	(	PUNCT
cblr-9109	727	9	citing	cite	VERB
cblr-9109	727	10	sec	sec	PROPN
cblr-9109	727	11	v.	v.	PROPN
cblr-9109	727	12	resch	resch	PROPN
cblr-9109	727	13	-	-	PUNCT
cblr-9109	727	14	cassin	cassin	PROPN
cblr-9109	727	15	,	,	PUNCT
cblr-9109	727	16	362	362	NUM
cblr-9109	727	17	f.supp	f.supp	ADJ
cblr-9109	727	18	.	.	PROPN
cblr-9109	727	19	964	964	NUM
cblr-9109	727	20	,	,	PUNCT
cblr-9109	727	21	978	978	NUM
cblr-9109	727	22	(	(	PUNCT
cblr-9109	727	23	s.d.n.y.1973	s.d.n.y.1973	ADJ
cblr-9109	727	24	)	)	PUNCT
cblr-9109	727	25	)	)	PUNCT
cblr-9109	727	26	.	.	PUNCT
cblr-9109	728	1	154	154	NUM
cblr-9109	728	2	see	see	VERB
cblr-9109	728	3	spicer	spicer	PROPN
cblr-9109	728	4	v.	v.	PROPN
cblr-9109	728	5	chi	chi	PROPN
cblr-9109	728	6	.	.	PUNCT
cblr-9109	729	1	bd	bd	PROPN
cblr-9109	729	2	.	.	PROPN
cblr-9109	729	3	options	option	NOUN
cblr-9109	729	4	exch	exch	PROPN
cblr-9109	729	5	.	.	PROPN
cblr-9109	729	6	,	,	PUNCT
cblr-9109	729	7	inc	inc	PROPN
cblr-9109	729	8	.	.	PROPN
cblr-9109	729	9	,	,	PUNCT
cblr-9109	729	10	no	no	INTJ
cblr-9109	729	11	.	.	NOUN
cblr-9109	729	12	88	88	NUM
cblr-9109	729	13	c	c	NOUN
cblr-9109	729	14	2139	2139	NUM
cblr-9109	729	15	,	,	PUNCT
cblr-9109	729	16	1990	1990	NUM
cblr-9109	729	17	wl	wl	NOUN
cblr-9109	729	18	172712	172712	NUM
cblr-9109	729	19	,	,	PUNCT
cblr-9109	729	20	at	at	ADP
cblr-9109	729	21	*	*	NUM
cblr-9109	729	22	7	7	NUM
cblr-9109	729	23	(	(	PUNCT
cblr-9109	729	24	n.d	n.d	PROPN
cblr-9109	729	25	.	.	PROPN
cblr-9109	729	26	ill	ill	PROPN
cblr-9109	729	27	.	.	PUNCT
cblr-9109	729	28	oct	oct	PROPN
cblr-9109	729	29	.	.	PROPN
cblr-9109	729	30	30	30	NUM
cblr-9109	729	31	,	,	PUNCT
cblr-9109	729	32	1990	1990	NUM
cblr-9109	729	33	)	)	PUNCT
cblr-9109	729	34	(	(	PUNCT
cblr-9109	729	35	for	for	ADP
cblr-9109	729	36	purposes	purpose	NOUN
cblr-9109	729	37	of	of	ADP
cblr-9109	729	38	section	section	NOUN
cblr-9109	729	39	9(a)(2	9(a)(2	NUM
cblr-9109	729	40	)	)	PUNCT
cblr-9109	729	41	,	,	PUNCT
cblr-9109	729	42	noting	note	VERB
cblr-9109	729	43	in	in	ADP
cblr-9109	729	44	dicta	dicta	ADJ
cblr-9109	729	45	that	that	SCONJ
cblr-9109	729	46	“	"	PUNCT
cblr-9109	729	47	plac[ing	plac[e	VERB
cblr-9109	729	48	]	]	PUNCT
cblr-9109	729	49	bids	bid	NOUN
cblr-9109	729	50	”	"	PUNCT
cblr-9109	729	51	would	would	AUX
cblr-9109	729	52	“	"	PUNCT
cblr-9109	729	53	also	also	ADV
cblr-9109	729	54	qualify	qualify	VERB
cblr-9109	729	55	”	"	PUNCT
cblr-9109	729	56	as	as	ADP
cblr-9109	729	57	“	"	PUNCT
cblr-9109	729	58	means	mean	NOUN
cblr-9109	729	59	of	of	ADP
cblr-9109	729	60	effecting	effect	VERB
cblr-9109	729	61	a	a	DET
cblr-9109	729	62	transaction	transaction	NOUN
cblr-9109	729	63	”	"	PUNCT
cblr-9109	729	64	)	)	PUNCT
cblr-9109	729	65	;	;	PUNCT
cblr-9109	729	66	malenfant	malenfant	NOUN
cblr-9109	729	67	,	,	PUNCT
cblr-9109	729	68	784	784	NUM
cblr-9109	729	69	f.	f.	PROPN
cblr-9109	729	70	supp	supp	PROPN
cblr-9109	729	71	.	.	PUNCT
cblr-9109	730	1	141	141	NUM
cblr-9109	730	2	,	,	PUNCT
cblr-9109	730	3	145	145	NUM
cblr-9109	730	4	(	(	PUNCT
cblr-9109	730	5	s.d.n.y	s.d.n.y	PROPN
cblr-9109	730	6	.	.	PROPN
cblr-9109	730	7	1992	1992	NUM
cblr-9109	730	8	)	)	PUNCT
cblr-9109	730	9	(	(	PUNCT
cblr-9109	730	10	in	in	ADP
cblr-9109	730	11	a	a	DET
cblr-9109	730	12	case	case	NOUN
cblr-9109	730	13	concerning	concern	VERB
cblr-9109	730	14	violations	violation	NOUN
cblr-9109	730	15	of	of	ADP
cblr-9109	730	16	sections	section	NOUN
cblr-9109	730	17	9(a)(1	9(a)(1	NUM
cblr-9109	730	18	)	)	PUNCT
cblr-9109	730	19	and	and	CCONJ
cblr-9109	730	20	9(a)(2	9(a)(2	NUM
cblr-9109	730	21	)	)	PUNCT
cblr-9109	730	22	,	,	PUNCT
cblr-9109	730	23	noting	note	VERB
cblr-9109	730	24	that	that	SCONJ
cblr-9109	730	25	“	"	PUNCT
cblr-9109	730	26	[	[	X
cblr-9109	730	27	i]t	i]t	PROPN
cblr-9109	730	28	was	be	AUX
cblr-9109	730	29	not	not	PART
cblr-9109	730	30	necessary	necessary	ADJ
cblr-9109	730	31	for	for	SCONJ
cblr-9109	730	32	the	the	DET
cblr-9109	730	33	matched	match	VERB
cblr-9109	730	34	buy	buy	NOUN
cblr-9109	730	35	and	and	CCONJ
cblr-9109	730	36	sell	sell	VERB
cblr-9109	730	37	orders	order	NOUN
cblr-9109	730	38	to	to	PART
cblr-9109	730	39	have	have	AUX
cblr-9109	730	40	been	be	AUX
cblr-9109	730	41	executed	execute	VERB
cblr-9109	730	42	”	"	PUNCT
cblr-9109	730	43	)	)	PUNCT
cblr-9109	730	44	.	.	PUNCT
cblr-9109	731	1	155	155	NUM
cblr-9109	731	2	kidder	kidder	PROPN
cblr-9109	731	3	,	,	PUNCT
cblr-9109	731	4	peabody	peabody	PROPN
cblr-9109	731	5	&	&	CCONJ
cblr-9109	731	6	co.	co.	PROPN
cblr-9109	731	7	,	,	PUNCT
cblr-9109	731	8	exchange	exchange	NOUN
cblr-9109	731	9	act	act	PROPN
cblr-9109	731	10	release	release	VERB
cblr-9109	731	11	no	no	NOUN
cblr-9109	731	12	.	.	NOUN
cblr-9109	731	13	3673	3673	NUM
cblr-9109	731	14	,	,	PUNCT
cblr-9109	731	15	18	18	NUM
cblr-9109	731	16	s.e.c	s.e.c	NOUN
cblr-9109	731	17	.	.	PUNCT
cblr-9109	732	1	559–60	559–60	NUM
cblr-9109	732	2	,	,	PUNCT
cblr-9109	732	3	amended	amend	VERB
cblr-9109	732	4	exchange	exchange	NOUN
cblr-9109	732	5	act	act	NOUN
cblr-9109	732	6	release	release	VERB
cblr-9109	732	7	no	no	PRON
cblr-9109	732	8	.	.	NOUN
cblr-9109	732	9	3679	3679	NUM
cblr-9109	732	10	,	,	PUNCT
cblr-9109	732	11	1945	1945	NUM
cblr-9109	732	12	wl	wl	NOUN
cblr-9109	732	13	26140	26140	NUM
cblr-9109	732	14	(	(	PUNCT
cblr-9109	732	15	1945	1945	NUM
cblr-9109	732	16	)	)	PUNCT
cblr-9109	732	17	.	.	PUNCT
cblr-9109	733	1	156	156	NUM
cblr-9109	734	1	i	i	PRON
cblr-9109	734	2	d.	d.	VERB
cblr-9109	734	3	at	at	ADP
cblr-9109	734	4	568	568	NUM
cblr-9109	734	5	.	.	PUNCT
cblr-9109	735	1	157	157	NUM
cblr-9109	735	2	the	the	DET
cblr-9109	735	3	sec	sec	PROPN
cblr-9109	735	4	’s	’s	PART
cblr-9109	735	5	reasoned	reason	VERB
cblr-9109	735	6	in	in	ADP
cblr-9109	735	7	kidder	kidder	PROPN
cblr-9109	735	8	:	:	PUNCT
cblr-9109	736	1	[	[	X
cblr-9109	736	2	w]e	w]e	NOUN
cblr-9109	736	3	do	do	AUX
cblr-9109	736	4	not	not	PART
cblr-9109	736	5	agree	agree	VERB
cblr-9109	736	6	that	that	SCONJ
cblr-9109	736	7	the	the	DET
cblr-9109	736	8	term	term	NOUN
cblr-9109	736	9	transactions	transaction	NOUN
cblr-9109	736	10	as	as	SCONJ
cblr-9109	736	11	used	use	VERB
cblr-9109	736	12	in	in	ADP
cblr-9109	736	13	section	section	NOUN
cblr-9109	736	14	9(a)(2	9(a)(2	NUM
cblr-9109	736	15	)	)	PUNCT
cblr-9109	736	16	is	be	AUX
cblr-9109	736	17	limited	limit	VERB
cblr-9109	736	18	to	to	ADP
cblr-9109	736	19	completed	complete	VERB
cblr-9109	736	20	purchases	purchase	NOUN
cblr-9109	736	21	or	or	CCONJ
cblr-9109	736	22	sales	sale	NOUN
cblr-9109	736	23	.	.	PUNCT
cblr-9109	737	1	while	while	SCONJ
cblr-9109	737	2	the	the	DET
cblr-9109	737	3	term	term	NOUN
cblr-9109	737	4	is	be	AUX
cblr-9109	737	5	not	not	PART
cblr-9109	737	6	defined	define	VERB
cblr-9109	737	7	in	in	ADP
cblr-9109	737	8	the	the	DET
cblr-9109	737	9	act	act	NOUN
cblr-9109	737	10	,	,	PUNCT
cblr-9109	737	11	its	its	PRON
cblr-9109	737	12	broad	broad	ADJ
cblr-9109	737	13	meaning	meaning	NOUN
cblr-9109	737	14	in	in	ADP
cblr-9109	737	15	everyday	everyday	ADJ
cblr-9109	737	16	usage	usage	NOUN
cblr-9109	737	17	,	,	PUNCT
cblr-9109	737	18	the	the	DET
cblr-9109	737	19	context	context	NOUN
cblr-9109	737	20	in	in	ADP
cblr-9109	737	21	which	which	PRON
cblr-9109	737	22	it	it	PRON
cblr-9109	737	23	is	be	AUX
cblr-9109	737	24	used	use	VERB
cblr-9109	737	25	in	in	ADP
cblr-9109	737	26	the	the	DET
cblr-9109	737	27	various	various	ADJ
cblr-9109	737	28	sections	section	NOUN
cblr-9109	737	29	of	of	ADP
cblr-9109	737	30	the	the	DET
cblr-9109	737	31	act	act	NOUN
cblr-9109	737	32	,	,	PUNCT
cblr-9109	737	33	as	as	ADV
cblr-9109	737	34	well	well	ADV
cblr-9109	737	35	as	as	ADP
cblr-9109	737	36	its	its	PRON
cblr-9109	737	37	use	use	NOUN
cblr-9109	737	38	in	in	ADP
cblr-9109	737	39	the	the	DET
cblr-9109	737	40	various	various	ADJ
cblr-9109	737	41	drafts	draft	NOUN
cblr-9109	737	42	of	of	ADP
cblr-9109	737	43	the	the	DET
cblr-9109	737	44	bill	bill	NOUN
cblr-9109	737	45	while	while	SCONJ
cblr-9109	737	46	under	under	ADP
cblr-9109	737	47	consideration	consideration	NOUN
cblr-9109	737	48	by	by	ADP
cblr-9109	737	49	congress	congress	PROPN
cblr-9109	738	1	no	no	INTJ
cblr-9109	738	2	.	.	PUNCT
cblr-9109	739	1	3:1244	3:1244	NUM
cblr-9109	739	2	]	]	X
cblr-9109	739	3	spoofing	spoofing	NOUN
cblr-9109	739	4	and	and	CCONJ
cblr-9109	739	5	its	its	PRON
cblr-9109	739	6	regulation	regulation	NOUN
cblr-9109	739	7	1297	1297	NUM
cblr-9109	739	8	show	show	VERB
cblr-9109	739	9	that	that	SCONJ
cblr-9109	739	10	as	as	SCONJ
cblr-9109	739	11	used	use	VERB
cblr-9109	739	12	in	in	ADP
cblr-9109	739	13	section	section	NOUN
cblr-9109	739	14	9(a)(2	9(a)(2	NUM
cblr-9109	739	15	)	)	PUNCT
cblr-9109	739	16	it	it	PRON
cblr-9109	739	17	has	have	VERB
cblr-9109	739	18	a	a	DET
cblr-9109	739	19	broader	broad	ADJ
cblr-9109	739	20	meaning	meaning	NOUN
cblr-9109	739	21	t[h]an	t[h]an	ADP
cblr-9109	739	22	purchases	purchase	NOUN
cblr-9109	739	23	or	or	CCONJ
cblr-9109	739	24	sales	sale	NOUN
cblr-9109	739	25	.	.	PUNCT
cblr-9109	740	1	i	i	PRON
cblr-9109	740	2	d.	d.	PROPN
cblr-9109	740	3	at	at	ADP
cblr-9109	740	4	569	569	NUM
cblr-9109	740	5	(	(	PUNCT
cblr-9109	740	6	footnote	footnote	NOUN
cblr-9109	740	7	omitted	omit	VERB
cblr-9109	740	8	)	)	PUNCT
cblr-9109	740	9	.	.	PUNCT
cblr-9109	741	1	with	with	ADP
cblr-9109	741	2	regard	regard	NOUN
cblr-9109	741	3	to	to	ADP
cblr-9109	741	4	the	the	DET
cblr-9109	741	5	everyday	everyday	ADJ
cblr-9109	741	6	usage	usage	NOUN
cblr-9109	741	7	of	of	ADP
cblr-9109	741	8	transactions	transaction	NOUN
cblr-9109	741	9	,	,	PUNCT
cblr-9109	741	10	the	the	DET
cblr-9109	741	11	sec	sec	PROPN
cblr-9109	741	12	noted	note	VERB
cblr-9109	741	13	that	that	SCONJ
cblr-9109	741	14	“	"	PUNCT
cblr-9109	741	15	funk	funk	NOUN
cblr-9109	741	16	&	&	CCONJ
cblr-9109	741	17	wagnall	wagnall	PROPN
cblr-9109	741	18	’s	’s	PART
cblr-9109	741	19	new	new	ADJ
cblr-9109	741	20	standard	standard	ADJ
cblr-9109	741	21	dictionary	dictionary	NOUN
cblr-9109	741	22	(	(	PUNCT
cblr-9109	741	23	1937	1937	NUM
cblr-9109	741	24	)	)	PUNCT
cblr-9109	741	25	defines	define	VERB
cblr-9109	741	26	transaction	transaction	NOUN
cblr-9109	741	27	to	to	PART
cblr-9109	741	28	include	include	VERB
cblr-9109	741	29	‘	'	PUNCT
cblr-9109	741	30	the	the	DET
cblr-9109	741	31	conduct	conduct	NOUN
cblr-9109	741	32	of	of	ADP
cblr-9109	741	33	any	any	DET
cblr-9109	741	34	business	business	NOUN
cblr-9109	741	35	.	.	PUNCT
cblr-9109	741	36	.	.	PUNCT
cblr-9109	741	37	.	.	PUNCT
cblr-9109	742	1	any	any	DET
cblr-9109	742	2	matter	matter	NOUN
cblr-9109	742	3	or	or	CCONJ
cblr-9109	742	4	thing	thing	NOUN
cblr-9109	742	5	that	that	PRON
cblr-9109	742	6	has	have	AUX
cblr-9109	742	7	been	be	AUX
cblr-9109	742	8	brought	bring	VERB
cblr-9109	742	9	partly	partly	ADV
cblr-9109	742	10	or	or	CCONJ
cblr-9109	742	11	wholly	wholly	ADV
cblr-9109	742	12	to	to	ADP
cblr-9109	742	13	a	a	DET
cblr-9109	742	14	conclusion	conclusion	NOUN
cblr-9109	742	15	.	.	PUNCT
cblr-9109	742	16	.	.	PUNCT
cblr-9109	742	17	.	.	PUNCT
cblr-9109	743	1	any	any	DET
cblr-9109	743	2	act	act	NOUN
cblr-9109	743	3	as	as	ADP
cblr-9109	743	4	affecting	affect	VERB
cblr-9109	743	5	legal	legal	ADJ
cblr-9109	743	6	rights	right	NOUN
cblr-9109	743	7	or	or	CCONJ
cblr-9109	743	8	obligations	obligation	NOUN
cblr-9109	743	9	[	[	X
cblr-9109	743	10	.	.	X
cblr-9109	743	11	]	]	X
cblr-9109	743	12	’	'	PUNCT
cblr-9109	743	13	”	"	PUNCT
cblr-9109	744	1	i	i	PROPN
cblr-9109	744	2	d.	d.	PROPN
cblr-9109	744	3	in	in	ADP
cblr-9109	744	4	terms	term	NOUN
cblr-9109	744	5	of	of	ADP
cblr-9109	744	6	the	the	DET
cblr-9109	744	7	context	context	NOUN
cblr-9109	744	8	in	in	ADP
cblr-9109	744	9	which	which	PRON
cblr-9109	744	10	the	the	DET
cblr-9109	744	11	term	term	NOUN
cblr-9109	744	12	is	be	AUX
cblr-9109	744	13	used	use	VERB
cblr-9109	744	14	,	,	PUNCT
cblr-9109	744	15	the	the	DET
cblr-9109	744	16	sec	sec	PROPN
cblr-9109	744	17	commented	comment	VERB
cblr-9109	744	18	that	that	SCONJ
cblr-9109	744	19	“	"	PUNCT
cblr-9109	744	20	various	various	ADJ
cblr-9109	744	21	sections	section	NOUN
cblr-9109	744	22	of	of	ADP
cblr-9109	744	23	the	the	DET
cblr-9109	744	24	act	act	NOUN
cblr-9109	744	25	refer	refer	VERB
cblr-9109	744	26	to	to	ADP
cblr-9109	744	27	transactions	transaction	NOUN
cblr-9109	744	28	and	and	CCONJ
cblr-9109	744	29	others	other	NOUN
cblr-9109	744	30	refer	refer	VERB
cblr-9109	744	31	to	to	ADP
cblr-9109	744	32	purchases	purchase	NOUN
cblr-9109	744	33	and	and	CCONJ
cblr-9109	744	34	sales	sale	NOUN
cblr-9109	744	35	but	but	CCONJ
cblr-9109	744	36	in	in	ADP
cblr-9109	744	37	different	different	ADJ
cblr-9109	744	38	contexts	contexts	NOUN
cblr-9109	744	39	.	.	PUNCT
cblr-9109	745	1	section	section	NOUN
cblr-9109	745	2	9(a)(2	9(a)(2	NUM
cblr-9109	745	3	)	)	PUNCT
cblr-9109	745	4	employs	employ	VERB
cblr-9109	745	5	both	both	DET
cblr-9109	745	6	terms	term	NOUN
cblr-9109	745	7	,	,	PUNCT
cblr-9109	745	8	and	and	CCONJ
cblr-9109	745	9	it	it	PRON
cblr-9109	745	10	is	be	AUX
cblr-9109	745	11	obvious	obvious	ADJ
cblr-9109	745	12	from	from	ADP
cblr-9109	745	13	the	the	DET
cblr-9109	745	14	context	context	NOUN
cblr-9109	745	15	that	that	SCONJ
cblr-9109	745	16	they	they	PRON
cblr-9109	745	17	are	be	AUX
cblr-9109	745	18	not	not	PART
cblr-9109	745	19	intended	intend	VERB
cblr-9109	745	20	to	to	PART
cblr-9109	745	21	be	be	AUX
cblr-9109	745	22	synonymous	synonymous	ADJ
cblr-9109	745	23	.	.	PUNCT
cblr-9109	745	24	”	"	PUNCT
cblr-9109	746	1	i	i	PRON
cblr-9109	746	2	d.	d.	VERB
cblr-9109	746	3	at	at	ADP
cblr-9109	746	4	569	569	NUM
cblr-9109	746	5	n.	n.	NOUN
cblr-9109	746	6	12	12	NUM
cblr-9109	746	7	.	.	PUNCT
cblr-9109	747	1	finally	finally	ADV
cblr-9109	747	2	,	,	PUNCT
cblr-9109	747	3	the	the	DET
cblr-9109	747	4	sec	sec	PROPN
cblr-9109	747	5	analyzed	analyze	VERB
cblr-9109	747	6	the	the	DET
cblr-9109	747	7	legislative	legislative	ADJ
cblr-9109	747	8	history	history	NOUN
cblr-9109	747	9	of	of	ADP
cblr-9109	747	10	section	section	NOUN
cblr-9109	747	11	9(a)(2	9(a)(2	NUM
cblr-9109	747	12	):	):	PUNCT
cblr-9109	747	13	the	the	DET
cblr-9109	747	14	legislative	legislative	ADJ
cblr-9109	747	15	history	history	NOUN
cblr-9109	747	16	of	of	ADP
cblr-9109	747	17	section	section	NOUN
cblr-9109	747	18	9(a)(2	9(a)(2	NUM
cblr-9109	747	19	)	)	PUNCT
cblr-9109	747	20	shows	show	VERB
cblr-9109	747	21	that	that	SCONJ
cblr-9109	747	22	congress	congress	PROPN
cblr-9109	747	23	clearly	clearly	ADV
cblr-9109	747	24	intended	intend	VERB
cblr-9109	747	25	its	its	PRON
cblr-9109	747	26	prohibition	prohibition	NOUN
cblr-9109	747	27	against	against	ADP
cblr-9109	747	28	manipulation	manipulation	NOUN
cblr-9109	747	29	to	to	PART
cblr-9109	747	30	extend	extend	VERB
cblr-9109	747	31	beyond	beyond	ADP
cblr-9109	747	32	the	the	DET
cblr-9109	747	33	actual	actual	ADJ
cblr-9109	747	34	consummation	consummation	NOUN
cblr-9109	747	35	of	of	ADP
cblr-9109	747	36	purchases	purchase	NOUN
cblr-9109	747	37	or	or	CCONJ
cblr-9109	747	38	sales	sale	NOUN
cblr-9109	747	39	.	.	PUNCT
cblr-9109	748	1	the	the	DET
cblr-9109	748	2	original	original	ADJ
cblr-9109	748	3	draft	draft	NOUN
cblr-9109	748	4	of	of	ADP
cblr-9109	748	5	the	the	DET
cblr-9109	748	6	bill	bill	NOUN
cblr-9109	748	7	before	before	ADP
cblr-9109	748	8	both	both	DET
cblr-9109	748	9	houses	house	NOUN
cblr-9109	748	10	(	(	PUNCT
cblr-9109	748	11	sec	sec	PROPN
cblr-9109	748	12	.	.	PUNCT
cblr-9109	748	13	8(a)(3	8(a)(3	NUM
cblr-9109	748	14	)	)	PUNCT
cblr-9109	748	15	of	of	ADP
cblr-9109	748	16	s.	s.	PROPN
cblr-9109	748	17	2693	2693	NUM
cblr-9109	748	18	and	and	CCONJ
cblr-9109	748	19	h.	h.	PROPN
cblr-9109	748	20	r.	r.	PROPN
cblr-9109	748	21	7852	7852	PROPN
cblr-9109	748	22	,	,	PUNCT
cblr-9109	748	23	73rd	73rd	ADJ
cblr-9109	748	24	cong	cong	NOUN
cblr-9109	748	25	.	.	PROPN
cblr-9109	748	26	,	,	PUNCT
cblr-9109	748	27	2d	2d	NUM
cblr-9109	748	28	sess	sess	NOUN
cblr-9109	748	29	.	.	PUNCT
cblr-9109	748	30	)	)	PUNCT
cblr-9109	748	31	sought	seek	VERB
cblr-9109	748	32	to	to	PART
cblr-9109	748	33	prohibit	prohibit	VERB
cblr-9109	748	34	“	"	PUNCT
cblr-9109	748	35	transactions	transaction	NOUN
cblr-9109	748	36	for	for	ADP
cblr-9109	748	37	the	the	DET
cblr-9109	748	38	purchase	purchase	NOUN
cblr-9109	748	39	and	and	CCONJ
cblr-9109	748	40	sale	sale	NOUN
cblr-9109	748	41	”	"	PUNCT
cblr-9109	748	42	for	for	ADP
cblr-9109	748	43	manipulative	manipulative	ADJ
cblr-9109	748	44	purposes	purpose	NOUN
cblr-9109	748	45	.	.	PUNCT
cblr-9109	749	1	that	that	SCONJ
cblr-9109	749	2	the	the	DET
cblr-9109	749	3	change	change	NOUN
cblr-9109	749	4	from	from	ADP
cblr-9109	749	5	this	this	DET
cblr-9109	749	6	phrasing	phrasing	NOUN
cblr-9109	749	7	to	to	ADP
cblr-9109	749	8	the	the	DET
cblr-9109	749	9	broader	broad	ADJ
cblr-9109	749	10	phrasing	phrasing	NOUN
cblr-9109	749	11	now	now	ADV
cblr-9109	749	12	present	present	ADJ
cblr-9109	749	13	in	in	ADP
cblr-9109	749	14	the	the	DET
cblr-9109	749	15	act	act	NOUN
cblr-9109	749	16	was	be	AUX
cblr-9109	749	17	intentional	intentional	ADJ
cblr-9109	749	18	and	and	CCONJ
cblr-9109	749	19	purposeful	purposeful	ADJ
cblr-9109	749	20	is	be	AUX
cblr-9109	749	21	indicated	indicate	VERB
cblr-9109	749	22	by	by	ADP
cblr-9109	749	23	committee	committee	NOUN
cblr-9109	749	24	reports	report	NOUN
cblr-9109	749	25	.	.	PUNCT
cblr-9109	750	1	the	the	DET
cblr-9109	750	2	senate	senate	PROPN
cblr-9109	750	3	committee	committee	PROPN
cblr-9109	750	4	on	on	ADP
cblr-9109	750	5	banking	banking	NOUN
cblr-9109	750	6	and	and	CCONJ
cblr-9109	750	7	currency	currency	NOUN
cblr-9109	750	8	in	in	ADP
cblr-9109	750	9	recommending	recommend	VERB
cblr-9109	750	10	the	the	DET
cblr-9109	750	11	passage	passage	NOUN
cblr-9109	750	12	of	of	ADP
cblr-9109	750	13	s.	s.	PROPN
cblr-9109	750	14	3420	3420	NUM
cblr-9109	750	15	,	,	PUNCT
cblr-9109	750	16	(	(	PUNCT
cblr-9109	750	17	a	a	DET
cblr-9109	750	18	later	later	ADJ
cblr-9109	750	19	form	form	NOUN
cblr-9109	750	20	of	of	ADP
cblr-9109	750	21	the	the	DET
cblr-9109	750	22	bill	bill	NOUN
cblr-9109	750	23	which	which	PRON
cblr-9109	750	24	proposed	propose	VERB
cblr-9109	750	25	to	to	PART
cblr-9109	750	26	prohibit	prohibit	VERB
cblr-9109	750	27	“	"	PUNCT
cblr-9109	750	28	any	any	DET
cblr-9109	750	29	series	series	NOUN
cblr-9109	750	30	of	of	ADP
cblr-9109	750	31	transactions	transaction	NOUN
cblr-9109	750	32	”	"	PUNCT
cblr-9109	750	33	)	)	PUNCT
cblr-9109	750	34	indicated	indicate	VERB
cblr-9109	750	35	in	in	ADP
cblr-9109	750	36	its	its	PRON
cblr-9109	750	37	report	report	NOUN
cblr-9109	750	38	that	that	SCONJ
cblr-9109	750	39	what	what	PRON
cblr-9109	750	40	was	be	AUX
cblr-9109	750	41	intended	intend	VERB
cblr-9109	750	42	to	to	PART
cblr-9109	750	43	be	be	AUX
cblr-9109	750	44	prohibited	prohibit	VERB
cblr-9109	750	45	was	be	AUX
cblr-9109	750	46	affecting	affect	VERB
cblr-9109	750	47	the	the	DET
cblr-9109	750	48	market	market	NOUN
cblr-9109	750	49	artificially	artificially	ADV
cblr-9109	750	50	by	by	ADP
cblr-9109	750	51	raising	raise	VERB
cblr-9109	750	52	or	or	CCONJ
cblr-9109	750	53	depressing	depress	VERB
cblr-9109	750	54	security	security	NOUN
cblr-9109	750	55	prices	price	NOUN
cblr-9109	750	56	,	,	PUNCT
cblr-9109	750	57	or	or	CCONJ
cblr-9109	750	58	creating	create	VERB
cblr-9109	750	59	actual	actual	ADJ
cblr-9109	750	60	or	or	CCONJ
cblr-9109	750	61	apparent	apparent	ADJ
cblr-9109	750	62	activity	activity	NOUN
cblr-9109	750	63	,	,	PUNCT
cblr-9109	750	64	whether	whether	SCONJ
cblr-9109	750	65	or	or	CCONJ
cblr-9109	750	66	not	not	PART
cblr-9109	750	67	accomplished	accomplish	VERB
cblr-9109	750	68	by	by	ADP
cblr-9109	750	69	actual	actual	ADJ
cblr-9109	750	70	purchases	purchase	NOUN
cblr-9109	750	71	or	or	CCONJ
cblr-9109	750	72	sales	sale	NOUN
cblr-9109	750	73	.	.	PUNCT
cblr-9109	751	1	and	and	CCONJ
cblr-9109	751	2	the	the	DET
cblr-9109	751	3	conference	conference	NOUN
cblr-9109	751	4	report	report	NOUN
cblr-9109	751	5	on	on	ADP
cblr-9109	751	6	the	the	DET
cblr-9109	751	7	bill	bill	NOUN
cblr-9109	751	8	which	which	PRON
cblr-9109	751	9	became	become	VERB
cblr-9109	751	10	law	law	NOUN
cblr-9109	751	11	(	(	PUNCT
cblr-9109	751	12	h.	h.	PROPN
cblr-9109	751	13	e.	e.	PROPN
cblr-9109	751	14	9323	9323	NUM
cblr-9109	751	15	)	)	PUNCT
cblr-9109	751	16	shows	show	VERB
cblr-9109	751	17	that	that	SCONJ
cblr-9109	751	18	both	both	DET
cblr-9109	751	19	houses	house	NOUN
cblr-9109	751	20	intended	intend	VERB
cblr-9109	751	21	to	to	PART
cblr-9109	751	22	make	make	VERB
cblr-9109	751	23	the	the	DET
cblr-9109	751	24	scope	scope	NOUN
cblr-9109	751	25	of	of	ADP
cblr-9109	751	26	the	the	DET
cblr-9109	751	27	prohibition	prohibition	NOUN
cblr-9109	751	28	broader	broad	ADJ
cblr-9109	751	29	than	than	ADP
cblr-9109	751	30	a	a	DET
cblr-9109	751	31	mere	mere	ADJ
cblr-9109	751	32	prohibition	prohibition	NOUN
cblr-9109	751	33	of	of	ADP
cblr-9109	751	34	purchases	purchase	NOUN
cblr-9109	751	35	and	and	CCONJ
cblr-9109	751	36	sales	sale	NOUN
cblr-9109	751	37	.	.	PUNCT
cblr-9109	752	1	i	i	PRON
cblr-9109	752	2	d.	d.	PROPN
cblr-9109	752	3	at	at	ADP
cblr-9109	752	4	569	569	NUM
cblr-9109	752	5	(	(	PUNCT
cblr-9109	752	6	footnotes	footnote	NOUN
cblr-9109	752	7	omitted	omit	VERB
cblr-9109	752	8	)	)	PUNCT
cblr-9109	752	9	(	(	PUNCT
cblr-9109	752	10	citing	cite	VERB
cblr-9109	752	11	s.	s.	PROPN
cblr-9109	752	12	rep	rep	PROPN
cblr-9109	752	13	no	no	PROPN
cblr-9109	752	14	.	.	PROPN
cblr-9109	752	15	73	73	NUM
cblr-9109	752	16	-	-	SYM
cblr-9109	752	17	792	792	NUM
cblr-9109	752	18	,	,	PUNCT
cblr-9109	752	19	at	at	ADP
cblr-9109	752	20	7	7	NUM
cblr-9109	752	21	(	(	PUNCT
cblr-9109	752	22	1934	1934	NUM
cblr-9109	752	23	)	)	PUNCT
cblr-9109	752	24	(	(	PUNCT
cblr-9109	752	25	“	"	PUNCT
cblr-9109	752	26	several	several	ADJ
cblr-9109	752	27	devices	device	NOUN
cblr-9109	752	28	are	be	AUX
cblr-9109	752	29	employed	employ	VERB
cblr-9109	752	30	for	for	ADP
cblr-9109	752	31	the	the	DET
cblr-9109	752	32	purpose	purpose	NOUN
cblr-9109	752	33	of	of	ADP
cblr-9109	752	34	artificially	artificially	ADV
cblr-9109	752	35	raising	raise	VERB
cblr-9109	752	36	or	or	CCONJ
cblr-9109	752	37	depressing	depress	VERB
cblr-9109	752	38	security	security	NOUN
cblr-9109	752	39	prices	price	NOUN
cblr-9109	752	40	.	.	PUNCT
cblr-9109	753	1	those	those	PRON
cblr-9109	753	2	which	which	PRON
cblr-9109	753	3	appear	appear	VERB
cblr-9109	753	4	to	to	PART
cblr-9109	753	5	serve	serve	VERB
cblr-9109	753	6	no	no	DET
cblr-9109	753	7	legitimate	legitimate	ADJ
cblr-9109	753	8	function	function	NOUN
cblr-9109	753	9	are	be	AUX
cblr-9109	753	10	specifically	specifically	ADV
cblr-9109	753	11	prohibited	prohibit	VERB
cblr-9109	753	12	.	.	PUNCT
cblr-9109	754	1	among	among	ADP
cblr-9109	754	2	such	such	ADJ
cblr-9109	754	3	practices	practice	NOUN
cblr-9109	754	4	fictitious	fictitious	ADJ
cblr-9109	754	5	or	or	CCONJ
cblr-9109	754	6	‘	'	PUNCT
cblr-9109	754	7	wash	wash	NOUN
cblr-9109	754	8	’	'	PUNCT
cblr-9109	754	9	sales	sale	NOUN
cblr-9109	754	10	;	;	PUNCT
cblr-9109	754	11	‘	'	PUNCT
cblr-9109	754	12	matched	match	VERB
cblr-9109	754	13	’	'	PUNCT
cblr-9109	754	14	orders	order	NOUN
cblr-9109	754	15	or	or	CCONJ
cblr-9109	754	16	orders	order	NOUN
cblr-9109	754	17	for	for	ADP
cblr-9109	754	18	the	the	DET
cblr-9109	754	19	purchase	purchase	NOUN
cblr-9109	754	20	and	and	CCONJ
cblr-9109	754	21	sale	sale	NOUN
cblr-9109	754	22	of	of	ADP
cblr-9109	754	23	the	the	DET
cblr-9109	754	24	same	same	ADJ
cblr-9109	754	25	security	security	NOUN
cblr-9109	754	26	emanating	emanate	VERB
cblr-9109	754	27	from	from	ADP
cblr-9109	754	28	a	a	DET
cblr-9109	754	29	common	common	ADJ
cblr-9109	754	30	source	source	NOUN
cblr-9109	754	31	for	for	ADP
cblr-9109	754	32	the	the	DET
cblr-9109	754	33	purpose	purpose	NOUN
cblr-9109	754	34	of	of	ADP
cblr-9109	754	35	recording	record	VERB
cblr-9109	754	36	operations	operation	NOUN
cblr-9109	754	37	on	on	ADP
cblr-9109	754	38	the	the	DET
cblr-9109	754	39	tape	tape	NOUN
cblr-9109	754	40	and	and	CCONJ
cblr-9109	754	41	thereby	thereby	ADV
cblr-9109	754	42	creating	create	VERB
cblr-9109	754	43	a	a	DET
cblr-9109	754	44	false	false	ADJ
cblr-9109	754	45	appearance	appearance	NOUN
cblr-9109	754	46	of	of	ADP
cblr-9109	754	47	activity	activity	NOUN
cblr-9109	754	48	;	;	PUNCT
cblr-9109	754	49	and	and	CCONJ
cblr-9109	754	50	other	other	ADJ
cblr-9109	754	51	1298	1298	NUM
cblr-9109	754	52	columbia	columbia	PROPN
cblr-9109	754	53	business	business	NOUN
cblr-9109	754	54	law	law	PROPN
cblr-9109	754	55	review	review	NOUN
cblr-9109	754	56	[	[	X
cblr-9109	754	57	vol	vol	NOUN
cblr-9109	754	58	.	.	PUNCT
cblr-9109	754	59	2021	2021	NUM
cblr-9109	754	60	claim	claim	NOUN
cblr-9109	754	61	that	that	SCONJ
cblr-9109	754	62	making	make	VERB
cblr-9109	754	63	an	an	DET
cblr-9109	754	64	offer	offer	NOUN
cblr-9109	754	65	to	to	PART
cblr-9109	754	66	buy	buy	VERB
cblr-9109	754	67	or	or	CCONJ
cblr-9109	754	68	sell	sell	VERB
cblr-9109	754	69	falls	fall	NOUN
cblr-9109	754	70	within	within	ADP
cblr-9109	754	71	the	the	DET
cblr-9109	754	72	ordinary	ordinary	ADJ
cblr-9109	754	73	meaning	meaning	NOUN
cblr-9109	754	74	of	of	ADP
cblr-9109	754	75	the	the	DET
cblr-9109	754	76	term	term	NOUN
cblr-9109	754	77	“	"	PUNCT
cblr-9109	754	78	transaction	transaction	NOUN
cblr-9109	754	79	”	"	PUNCT
cblr-9109	754	80	does	do	AUX
cblr-9109	754	81	not	not	PART
cblr-9109	754	82	seem	seem	VERB
cblr-9109	754	83	very	very	ADV
cblr-9109	754	84	plausible	plausible	ADJ
cblr-9109	754	85	on	on	ADP
cblr-9109	754	86	its	its	PRON
cblr-9109	754	87	face	face	NOUN
cblr-9109	754	88	,	,	PUNCT
cblr-9109	754	89	whatever	whatever	PRON
cblr-9109	754	90	the	the	DET
cblr-9109	754	91	breadth	breadth	NOUN
cblr-9109	754	92	of	of	ADP
cblr-9109	754	93	possible	possible	ADJ
cblr-9109	754	94	meanings	meaning	NOUN
cblr-9109	754	95	assigned	assign	VERB
cblr-9109	754	96	to	to	ADP
cblr-9109	754	97	the	the	DET
cblr-9109	754	98	term	term	NOUN
cblr-9109	754	99	in	in	ADP
cblr-9109	754	100	a	a	DET
cblr-9109	754	101	dictionary	dictionary	NOUN
cblr-9109	754	102	;	;	PUNCT
cblr-9109	754	103	the	the	DET
cblr-9109	754	104	fact	fact	NOUN
cblr-9109	754	105	that	that	SCONJ
cblr-9109	754	106	the	the	DET
cblr-9109	754	107	terms	term	NOUN
cblr-9109	754	108	“	"	PUNCT
cblr-9109	754	109	transactions	transaction	NOUN
cblr-9109	754	110	”	"	PUNCT
cblr-9109	754	111	and	and	CCONJ
cblr-9109	754	112	“	"	PUNCT
cblr-9109	754	113	purchases	purchase	NOUN
cblr-9109	754	114	and	and	CCONJ
cblr-9109	754	115	sales	sale	NOUN
cblr-9109	754	116	”	"	PUNCT
cblr-9109	754	117	appear	appear	VERB
cblr-9109	754	118	in	in	ADP
cblr-9109	754	119	different	different	ADJ
cblr-9109	754	120	places	place	NOUN
cblr-9109	754	121	in	in	ADP
cblr-9109	754	122	the	the	DET
cblr-9109	754	123	exchange	exchange	NOUN
cblr-9109	754	124	act	act	NOUN
cblr-9109	754	125	in	in	ADP
cblr-9109	754	126	different	different	ADJ
cblr-9109	754	127	contexts	context	NOUN
cblr-9109	754	128	does	do	AUX
cblr-9109	754	129	not	not	PART
cblr-9109	754	130	mean	mean	VERB
cblr-9109	754	131	much	much	ADV
cblr-9109	754	132	absent	absent	ADJ
cblr-9109	754	133	more	more	ADJ
cblr-9109	754	134	explanation	explanation	NOUN
cblr-9109	754	135	in	in	ADP
cblr-9109	754	136	terms	term	NOUN
cblr-9109	754	137	of	of	ADP
cblr-9109	754	138	how	how	SCONJ
cblr-9109	754	139	the	the	DET
cblr-9109	754	140	contexts	context	NOUN
cblr-9109	754	141	differ	differ	VERB
cblr-9109	754	142	;	;	PUNCT
cblr-9109	754	143	and	and	CCONJ
cblr-9109	754	144	our	our	PRON
cblr-9109	754	145	own	own	ADJ
cblr-9109	754	146	review	review	NOUN
cblr-9109	754	147	of	of	ADP
cblr-9109	754	148	section	section	NOUN
cblr-9109	754	149	9(a)(2	9(a)(2	NUM
cblr-9109	754	150	)	)	PUNCT
cblr-9109	754	151	’s	’s	PART
cblr-9109	754	152	legislative	legislative	ADJ
cblr-9109	754	153	history	history	NOUN
cblr-9109	754	154	suggests	suggest	VERB
cblr-9109	754	155	to	to	ADP
cblr-9109	754	156	us	we	PRON
cblr-9109	754	157	that	that	SCONJ
cblr-9109	754	158	although	although	SCONJ
cblr-9109	754	159	the	the	DET
cblr-9109	754	160	commission	commission	NOUN
cblr-9109	754	161	’s	’s	PART
cblr-9109	754	162	argument	argument	NOUN
cblr-9109	754	163	,	,	PUNCT
cblr-9109	754	164	based	base	VERB
cblr-9109	754	165	on	on	ADP
cblr-9109	754	166	this	this	DET
cblr-9109	754	167	legislative	legislative	ADJ
cblr-9109	754	168	history	history	NOUN
cblr-9109	754	169	,	,	PUNCT
cblr-9109	754	170	that	that	SCONJ
cblr-9109	754	171	congress	congress	PROPN
cblr-9109	754	172	intended	intend	VERB
cblr-9109	754	173	section	section	NOUN
cblr-9109	754	174	9(a)(2	9(a)(2	NUM
cblr-9109	754	175	)	)	PUNCT
cblr-9109	754	176	to	to	PART
cblr-9109	754	177	cover	cover	VERB
cblr-9109	754	178	quotes	quote	NOUN
cblr-9109	754	179	is	be	AUX
cblr-9109	754	180	not	not	PART
cblr-9109	754	181	completely	completely	ADV
cblr-9109	754	182	farfetched	farfetche	VERB
cblr-9109	754	183	,	,	PUNCT
cblr-9109	754	184	it	it	PRON
cblr-9109	754	185	is	be	AUX
cblr-9109	754	186	also	also	ADV
cblr-9109	754	187	not	not	PART
cblr-9109	754	188	highly	highly	ADV
cblr-9109	754	189	persuasive.158	persuasive.158	NOUN
cblr-9109	754	190	transactions	transaction	NOUN
cblr-9109	754	191	specifically	specifically	ADV
cblr-9109	754	192	designed	design	VERB
cblr-9109	754	193	to	to	PART
cblr-9109	754	194	manipulate	manipulate	VERB
cblr-9109	754	195	the	the	DET
cblr-9109	754	196	price	price	NOUN
cblr-9109	754	197	of	of	ADP
cblr-9109	754	198	a	a	DET
cblr-9109	754	199	security	security	NOUN
cblr-9109	754	200	.	.	PUNCT
cblr-9109	754	201	”	"	PUNCT
cblr-9109	755	1	(	(	PUNCT
cblr-9109	755	2	emphasis	emphasis	NOUN
cblr-9109	755	3	added	add	VERB
cblr-9109	755	4	)	)	PUNCT
cblr-9109	755	5	)	)	PUNCT
cblr-9109	756	1	and	and	CCONJ
cblr-9109	756	2	h.r	h.r	PROPN
cblr-9109	756	3	.	.	PROPN
cblr-9109	756	4	rep	rep	PROPN
cblr-9109	756	5	.	.	PROPN
cblr-9109	756	6	73	73	NUM
cblr-9109	756	7	-	-	SYM
cblr-9109	756	8	1838	1838	NUM
cblr-9109	756	9	,	,	PUNCT
cblr-9109	756	10	at	at	ADP
cblr-9109	756	11	31	31	NUM
cblr-9109	756	12	(	(	PUNCT
cblr-9109	756	13	1934	1934	NUM
cblr-9109	756	14	)	)	PUNCT
cblr-9109	756	15	(	(	PUNCT
cblr-9109	756	16	“	"	PUNCT
cblr-9109	756	17	the	the	DET
cblr-9109	756	18	house	house	PROPN
cblr-9109	756	19	bill	bill	NOUN
cblr-9109	756	20	(	(	PUNCT
cblr-9109	756	21	section	section	NOUN
cblr-9109	756	22	8(a)(2	8(a)(2	NUM
cblr-9109	756	23	)	)	PUNCT
cblr-9109	756	24	)	)	PUNCT
cblr-9109	756	25	contains	contain	VERB
cblr-9109	756	26	a	a	DET
cblr-9109	756	27	provision	provision	NOUN
cblr-9109	756	28	prohibiting	prohibit	VERB
cblr-9109	756	29	any	any	DET
cblr-9109	756	30	series	series	NOUN
cblr-9109	756	31	of	of	ADP
cblr-9109	756	32	transactions	transaction	NOUN
cblr-9109	756	33	in	in	ADP
cblr-9109	756	34	a	a	DET
cblr-9109	756	35	registered	register	VERB
cblr-9109	756	36	security	security	NOUN
cblr-9109	756	37	for	for	ADP
cblr-9109	756	38	the	the	DET
cblr-9109	756	39	purpose	purpose	NOUN
cblr-9109	756	40	of	of	ADP
cblr-9109	756	41	rising	rise	VERB
cblr-9109	756	42	or	or	CCONJ
cblr-9109	756	43	depressing	depress	VERB
cblr-9109	756	44	the	the	DET
cblr-9109	756	45	price	price	NOUN
cblr-9109	756	46	of	of	ADP
cblr-9109	756	47	such	such	ADJ
cblr-9109	756	48	security	security	NOUN
cblr-9109	756	49	.	.	PUNCT
cblr-9109	757	1	the	the	DET
cblr-9109	757	2	corresponding	corresponding	ADJ
cblr-9109	757	3	provision	provision	NOUN
cblr-9109	757	4	in	in	ADP
cblr-9109	757	5	the	the	DET
cblr-9109	757	6	senate	senate	PROPN
cblr-9109	757	7	amendment	amendment	PROPN
cblr-9109	757	8	prohibits	prohibit	VERB
cblr-9109	757	9	the	the	DET
cblr-9109	757	10	manipulation	manipulation	NOUN
cblr-9109	757	11	of	of	ADP
cblr-9109	757	12	a	a	DET
cblr-9109	757	13	registered	register	VERB
cblr-9109	757	14	security	security	NOUN
cblr-9109	757	15	by	by	ADP
cblr-9109	757	16	means	mean	NOUN
cblr-9109	757	17	of	of	ADP
cblr-9109	757	18	any	any	DET
cblr-9109	757	19	series	series	NOUN
cblr-9109	757	20	of	of	ADP
cblr-9109	757	21	transactions	transaction	NOUN
cblr-9109	757	22	effected	effect	VERB
cblr-9109	757	23	with	with	ADP
cblr-9109	757	24	the	the	DET
cblr-9109	757	25	specific	specific	ADJ
cblr-9109	757	26	intent	intent	NOUN
cblr-9109	757	27	of	of	ADP
cblr-9109	757	28	raising	raise	VERB
cblr-9109	757	29	or	or	CCONJ
cblr-9109	757	30	depressing	depress	VERB
cblr-9109	757	31	such	such	ADJ
cblr-9109	757	32	price	price	NOUN
cblr-9109	757	33	.	.	PUNCT
cblr-9109	758	1	both	both	DET
cblr-9109	758	2	provisions	provision	NOUN
cblr-9109	758	3	were	be	AUX
cblr-9109	758	4	intended	intend	VERB
cblr-9109	758	5	to	to	PART
cblr-9109	758	6	prohibit	prohibit	VERB
cblr-9109	758	7	pool	pool	NOUN
cblr-9109	758	8	activities	activity	NOUN
cblr-9109	758	9	,	,	PUNCT
cblr-9109	758	10	the	the	DET
cblr-9109	758	11	rigging	rigging	NOUN
cblr-9109	758	12	or	or	CCONJ
cblr-9109	758	13	jiggling	jiggling	NOUN
cblr-9109	758	14	,	,	PUNCT
cblr-9109	758	15	or	or	CCONJ
cblr-9109	758	16	marking	mark	VERB
cblr-9109	758	17	up	up	ADV
cblr-9109	758	18	or	or	CCONJ
cblr-9109	758	19	down	down	ADP
cblr-9109	758	20	of	of	ADP
cblr-9109	758	21	prices	price	NOUN
cblr-9109	758	22	by	by	ADP
cblr-9109	758	23	manipulative	manipulative	ADJ
cblr-9109	758	24	operations	operation	NOUN
cblr-9109	758	25	.	.	PUNCT
cblr-9109	759	1	the	the	DET
cblr-9109	759	2	substitute	substitute	NOUN
cblr-9109	759	3	,	,	PUNCT
cblr-9109	759	4	combining	combine	VERB
cblr-9109	759	5	the	the	DET
cblr-9109	759	6	ideas	idea	NOUN
cblr-9109	759	7	underlying	underlie	VERB
cblr-9109	759	8	the	the	DET
cblr-9109	759	9	senate	senate	PROPN
cblr-9109	759	10	and	and	CCONJ
cblr-9109	759	11	the	the	DET
cblr-9109	759	12	house	house	NOUN
cblr-9109	759	13	provisions	provision	NOUN
cblr-9109	759	14	,	,	PUNCT
cblr-9109	759	15	prohibits	prohibit	VERB
cblr-9109	759	16	any	any	DET
cblr-9109	759	17	series	series	NOUN
cblr-9109	759	18	of	of	ADP
cblr-9109	759	19	transactions	transaction	NOUN
cblr-9109	759	20	in	in	ADP
cblr-9109	759	21	a	a	DET
cblr-9109	759	22	registered	register	VERB
cblr-9109	759	23	security	security	NOUN
cblr-9109	759	24	creating	create	VERB
cblr-9109	759	25	actual	actual	ADJ
cblr-9109	759	26	or	or	CCONJ
cblr-9109	759	27	apparent	apparent	ADJ
cblr-9109	759	28	trading	trading	NOUN
cblr-9109	759	29	in	in	ADP
cblr-9109	759	30	such	such	ADJ
cblr-9109	759	31	security	security	NOUN
cblr-9109	759	32	,	,	PUNCT
cblr-9109	759	33	or	or	CCONJ
cblr-9109	759	34	raising	raise	VERB
cblr-9109	759	35	or	or	CCONJ
cblr-9109	759	36	depressing	depress	VERB
cblr-9109	759	37	the	the	DET
cblr-9109	759	38	price	price	NOUN
cblr-9109	759	39	of	of	ADP
cblr-9109	759	40	such	such	ADJ
cblr-9109	759	41	security	security	NOUN
cblr-9109	759	42	,	,	PUNCT
cblr-9109	759	43	for	for	ADP
cblr-9109	759	44	the	the	DET
cblr-9109	759	45	purpose	purpose	NOUN
cblr-9109	759	46	of	of	ADP
cblr-9109	759	47	inducing	induce	VERB
cblr-9109	759	48	the	the	DET
cblr-9109	759	49	purchase	purchase	NOUN
cblr-9109	759	50	or	or	CCONJ
cblr-9109	759	51	sale	sale	NOUN
cblr-9109	759	52	of	of	ADP
cblr-9109	759	53	such	such	ADJ
cblr-9109	759	54	security	security	NOUN
cblr-9109	759	55	by	by	ADP
cblr-9109	759	56	others	other	NOUN
cblr-9109	759	57	.	.	PUNCT
cblr-9109	759	58	”	"	PUNCT
cblr-9109	760	1	(	(	PUNCT
cblr-9109	760	2	emphasis	emphasis	NOUN
cblr-9109	760	3	added	add	VERB
cblr-9109	760	4	)	)	PUNCT
cblr-9109	760	5	)	)	PUNCT
cblr-9109	760	6	)	)	PUNCT
cblr-9109	760	7	.	.	PUNCT
cblr-9109	761	1	158	158	NUM
cblr-9109	761	2	with	with	ADP
cblr-9109	761	3	reference	reference	NOUN
cblr-9109	761	4	to	to	ADP
cblr-9109	761	5	the	the	DET
cblr-9109	761	6	sec	sec	PROPN
cblr-9109	761	7	’s	’s	PART
cblr-9109	761	8	arguments	argument	NOUN
cblr-9109	761	9	based	base	VERB
cblr-9109	761	10	on	on	ADP
cblr-9109	761	11	legislative	legislative	ADJ
cblr-9109	761	12	history	history	NOUN
cblr-9109	761	13	detailed	detail	VERB
cblr-9109	761	14	in	in	ADP
cblr-9109	761	15	supra	supra	PROPN
cblr-9109	761	16	note	note	PROPN
cblr-9109	761	17	157	157	NUM
cblr-9109	761	18	,	,	PUNCT
cblr-9109	761	19	at	at	ADV
cblr-9109	761	20	least	least	ADJ
cblr-9109	761	21	as	as	ADP
cblr-9109	761	22	plausible	plausible	ADJ
cblr-9109	761	23	explanation	explanation	NOUN
cblr-9109	761	24	for	for	ADP
cblr-9109	761	25	the	the	DET
cblr-9109	761	26	change	change	NOUN
cblr-9109	761	27	from	from	ADP
cblr-9109	761	28	“	"	PUNCT
cblr-9109	761	29	transactions	transaction	NOUN
cblr-9109	761	30	for	for	ADP
cblr-9109	761	31	the	the	DET
cblr-9109	761	32	purchase	purchase	NOUN
cblr-9109	761	33	and	and	CCONJ
cblr-9109	761	34	sale	sale	NOUN
cblr-9109	761	35	”	"	PUNCT
cblr-9109	761	36	in	in	ADP
cblr-9109	761	37	an	an	DET
cblr-9109	761	38	early	early	ADJ
cblr-9109	761	39	version	version	NOUN
cblr-9109	761	40	of	of	ADP
cblr-9109	761	41	the	the	DET
cblr-9109	761	42	bill	bill	NOUN
cblr-9109	761	43	to	to	ADP
cblr-9109	761	44	“	"	PUNCT
cblr-9109	761	45	transactions	transaction	NOUN
cblr-9109	761	46	”	"	PUNCT
cblr-9109	761	47	in	in	ADP
cblr-9109	761	48	the	the	DET
cblr-9109	761	49	bill	bill	NOUN
cblr-9109	761	50	as	as	SCONJ
cblr-9109	761	51	adopted	adopt	VERB
cblr-9109	761	52	is	be	AUX
cblr-9109	761	53	simply	simply	ADV
cblr-9109	761	54	a	a	DET
cblr-9109	761	55	reduction	reduction	NOUN
cblr-9109	761	56	in	in	ADP
cblr-9109	761	57	verbosity	verbosity	NOUN
cblr-9109	761	58	through	through	ADP
cblr-9109	761	59	the	the	DET
cblr-9109	761	60	excising	excising	NOUN
cblr-9109	761	61	of	of	ADP
cblr-9109	761	62	redundant	redundant	ADJ
cblr-9109	761	63	language	language	NOUN
cblr-9109	761	64	.	.	PUNCT
cblr-9109	762	1	the	the	DET
cblr-9109	762	2	reference	reference	NOUN
cblr-9109	762	3	to	to	ADP
cblr-9109	762	4	“	"	PUNCT
cblr-9109	762	5	other	other	ADJ
cblr-9109	762	6	transactions	transaction	NOUN
cblr-9109	762	7	”	"	PUNCT
cblr-9109	762	8	in	in	ADP
cblr-9109	762	9	the	the	DET
cblr-9109	762	10	senate	senate	PROPN
cblr-9109	762	11	committee	committee	PROPN
cblr-9109	762	12	report	report	NOUN
cblr-9109	762	13	could	could	AUX
cblr-9109	762	14	well	well	ADV
cblr-9109	762	15	be	be	AUX
cblr-9109	762	16	meant	mean	VERB
cblr-9109	762	17	to	to	PART
cblr-9109	762	18	cover	cover	VERB
cblr-9109	762	19	purchase	purchase	NOUN
cblr-9109	762	20	and	and	CCONJ
cblr-9109	762	21	sale	sale	NOUN
cblr-9109	762	22	transactions	transaction	NOUN
cblr-9109	762	23	that	that	PRON
cblr-9109	762	24	affect	affect	VERB
cblr-9109	762	25	price	price	NOUN
cblr-9109	762	26	in	in	ADP
cblr-9109	762	27	ways	way	NOUN
cblr-9109	762	28	different	different	ADJ
cblr-9109	762	29	from	from	ADP
cblr-9109	762	30	how	how	SCONJ
cblr-9109	762	31	wash	wash	NOUN
cblr-9109	762	32	and	and	CCONJ
cblr-9109	762	33	matched	match	VERB
cblr-9109	762	34	sales	sale	NOUN
cblr-9109	762	35	create	create	VERB
cblr-9109	762	36	the	the	DET
cblr-9109	762	37	appearance	appearance	NOUN
cblr-9109	762	38	of	of	ADP
cblr-9109	762	39	activity	activity	NOUN
cblr-9109	762	40	.	.	PUNCT
cblr-9109	763	1	the	the	DET
cblr-9109	763	2	typical	typical	ADJ
cblr-9109	763	3	naked	naked	ADJ
cblr-9109	763	4	open	open	ADJ
cblr-9109	763	5	market	market	NOUN
cblr-9109	763	6	manipulation	manipulation	NOUN
cblr-9109	763	7	,	,	PUNCT
cblr-9109	763	8	for	for	ADP
cblr-9109	763	9	example	example	NOUN
cblr-9109	763	10	,	,	PUNCT
cblr-9109	763	11	generates	generate	VERB
cblr-9109	763	12	profits	profit	NOUN
cblr-9109	763	13	based	base	VERB
cblr-9109	763	14	on	on	ADP
cblr-9109	763	15	the	the	DET
cblr-9109	763	16	expectation	expectation	NOUN
cblr-9109	763	17	that	that	SCONJ
cblr-9109	763	18	current	current	ADJ
cblr-9109	763	19	circumstances	circumstance	NOUN
cblr-9109	763	20	suggest	suggest	VERB
cblr-9109	763	21	a	a	DET
cblr-9109	763	22	disproportionate	disproportionate	ADJ
cblr-9109	763	23	price	price	NOUN
cblr-9109	763	24	reaction	reaction	NOUN
cblr-9109	763	25	from	from	ADP
cblr-9109	763	26	the	the	DET
cblr-9109	763	27	reverse	reverse	NOUN
cblr-9109	763	28	set	set	NOUN
cblr-9109	763	29	of	of	ADP
cblr-9109	763	30	transactions	transaction	NOUN
cblr-9109	763	31	.	.	PUNCT
cblr-9109	764	1	fox	fox	PROPN
cblr-9109	764	2	et	et	PROPN
cblr-9109	764	3	al	al	PROPN
cblr-9109	764	4	.	.	PROPN
cblr-9109	764	5	,	,	PUNCT
cblr-9109	764	6	manipulation	manipulation	NOUN
cblr-9109	764	7	,	,	PUNCT
cblr-9109	764	8	supra	supra	PROPN
cblr-9109	764	9	note	note	NOUN
cblr-9109	764	10	3	3	NUM
cblr-9109	764	11	,	,	PUNCT
cblr-9109	764	12	at	at	ADP
cblr-9109	764	13	94–96	94–96	NUM
cblr-9109	764	14	,	,	PUNCT
cblr-9109	764	15	104–06	104–06	PROPN
cblr-9109	764	16	.	.	PUNCT
cblr-9109	765	1	the	the	DET
cblr-9109	765	2	typical	typical	ADJ
cblr-9109	765	3	open	open	ADJ
cblr-9109	765	4	market	market	NOUN
cblr-9109	765	5	transaction	transaction	NOUN
cblr-9109	765	6	with	with	ADP
cblr-9109	765	7	an	an	DET
cblr-9109	765	8	external	external	ADJ
cblr-9109	765	9	interest	interest	NOUN
cblr-9109	765	10	manipulation	manipulation	NOUN
cblr-9109	765	11	generates	generate	VERB
cblr-9109	765	12	expected	expect	VERB
cblr-9109	765	13	profits	profit	NOUN
cblr-9109	765	14	by	by	ADP
cblr-9109	765	15	the	the	DET
cblr-9109	765	16	gain	gain	NOUN
cblr-9109	765	17	the	the	DET
cblr-9109	765	18	manipulator	manipulator	NOUN
cblr-9109	765	19	enjoys	enjoy	VERB
cblr-9109	765	20	as	as	ADP
cblr-9109	765	21	the	the	DET
cblr-9109	765	22	result	result	NOUN
cblr-9109	765	23	of	of	ADP
cblr-9109	765	24	some	some	DET
cblr-9109	765	25	unrelated	unrelated	ADJ
cblr-9109	765	26	interest	interest	NOUN
cblr-9109	765	27	that	that	PRON
cblr-9109	765	28	depends	depend	VERB
cblr-9109	765	29	on	on	ADP
cblr-9109	765	30	the	the	DET
cblr-9109	765	31	issuer	issuer	NOUN
cblr-9109	765	32	’s	’s	PART
cblr-9109	765	33	share	share	NOUN
cblr-9109	765	34	price	price	NOUN
cblr-9109	765	35	being	be	AUX
cblr-9109	765	36	moved	move	VERB
cblr-9109	765	37	by	by	ADP
cblr-9109	765	38	the	the	DET
cblr-9109	765	39	manipulators	manipulator	NOUN
cblr-9109	765	40	first	first	ADJ
cblr-9109	765	41	purchase	purchase	NOUN
cblr-9109	765	42	or	or	CCONJ
cblr-9109	765	43	sale	sale	NOUN
cblr-9109	765	44	.	.	PUNCT
cblr-9109	766	1	i	i	PRON
cblr-9109	766	2	d.	d.	PROPN
cblr-9109	766	3	at	at	ADP
cblr-9109	766	4	107–08	107–08	NUM
cblr-9109	766	5	.	.	PUNCT
cblr-9109	767	1	neither	neither	PRON
cblr-9109	767	2	of	of	ADP
cblr-9109	767	3	these	these	DET
cblr-9109	767	4	manipulations	manipulation	NOUN
cblr-9109	767	5	fit	fit	VERB
cblr-9109	767	6	easily	easily	ADV
cblr-9109	767	7	into	into	ADP
cblr-9109	767	8	the	the	DET
cblr-9109	767	9	category	category	NOUN
cblr-9109	767	10	of	of	ADP
cblr-9109	767	11	“	"	PUNCT
cblr-9109	767	12	such	such	ADJ
cblr-9109	767	13	practices	practice	NOUN
cblr-9109	767	14	as	as	ADP
cblr-9109	767	15	fictitious	fictitious	ADJ
cblr-9109	767	16	or	or	CCONJ
cblr-9109	767	17	‘	'	PUNCT
cblr-9109	767	18	wash	wash	NOUN
cblr-9109	767	19	’	'	PUNCT
cblr-9109	767	20	sales	sale	NOUN
cblr-9109	767	21	;	;	PUNCT
cblr-9109	767	22	‘	'	PUNCT
cblr-9109	767	23	matched	match	VERB
cblr-9109	767	24	’	'	PUNCT
cblr-9109	767	25	orders	order	NOUN
cblr-9109	767	26	or	or	CCONJ
cblr-9109	767	27	no	no	NOUN
cblr-9109	767	28	.	.	PUNCT
cblr-9109	768	1	3:1244	3:1244	NUM
cblr-9109	768	2	]	]	X
cblr-9109	768	3	spoofing	spoofing	NOUN
cblr-9109	768	4	and	and	CCONJ
cblr-9109	768	5	its	its	PRON
cblr-9109	768	6	regulation	regulation	NOUN
cblr-9109	768	7	1299	1299	NUM
cblr-9109	768	8	once	once	SCONJ
cblr-9109	768	9	the	the	DET
cblr-9109	768	10	sec	sec	PROPN
cblr-9109	768	11	completed	complete	VERB
cblr-9109	768	12	the	the	DET
cblr-9109	768	13	first	first	ADJ
cblr-9109	768	14	step	step	NOUN
cblr-9109	768	15	in	in	ADP
cblr-9109	768	16	its	its	PRON
cblr-9109	768	17	analysis	analysis	NOUN
cblr-9109	768	18	and	and	CCONJ
cblr-9109	768	19	concluded	conclude	VERB
cblr-9109	768	20	that	that	SCONJ
cblr-9109	768	21	there	there	PRON
cblr-9109	768	22	were	be	VERB
cblr-9109	768	23	plausible	plausible	ADJ
cblr-9109	768	24	grounds	ground	NOUN
cblr-9109	768	25	in	in	ADP
cblr-9109	768	26	language	language	NOUN
cblr-9109	768	27	and	and	CCONJ
cblr-9109	768	28	history	history	NOUN
cblr-9109	768	29	for	for	SCONJ
cblr-9109	768	30	it	it	PRON
cblr-9109	768	31	to	to	PART
cblr-9109	768	32	consider	consider	VERB
cblr-9109	768	33	a	a	DET
cblr-9109	768	34	quote	quote	NOUN
cblr-9109	768	35	as	as	ADP
cblr-9109	768	36	a	a	DET
cblr-9109	768	37	kind	kind	NOUN
cblr-9109	768	38	of	of	ADP
cblr-9109	768	39	“	"	PUNCT
cblr-9109	768	40	transaction	transaction	NOUN
cblr-9109	768	41	,	,	PUNCT
cblr-9109	768	42	”	"	PUNCT
cblr-9109	768	43	it	it	PRON
cblr-9109	768	44	went	go	VERB
cblr-9109	768	45	on	on	ADP
cblr-9109	768	46	to	to	ADP
cblr-9109	768	47	a	a	DET
cblr-9109	768	48	second	second	ADJ
cblr-9109	768	49	step.159	step.159	PROPN
cblr-9109	768	50	in	in	ADP
cblr-9109	768	51	this	this	DET
cblr-9109	768	52	second	second	ADJ
cblr-9109	768	53	step	step	NOUN
cblr-9109	768	54	,	,	PUNCT
cblr-9109	768	55	it	it	PRON
cblr-9109	768	56	concluded	conclude	VERB
cblr-9109	768	57	that	that	SCONJ
cblr-9109	768	58	it	it	PRON
cblr-9109	768	59	made	make	VERB
cblr-9109	768	60	sense	sense	NOUN
cblr-9109	768	61	to	to	PART
cblr-9109	768	62	determine	determine	VERB
cblr-9109	768	63	what	what	PRON
cblr-9109	768	64	quotes	quote	NOUN
cblr-9109	768	65	fell	fall	VERB
cblr-9109	768	66	within	within	ADP
cblr-9109	768	67	the	the	DET
cblr-9109	768	68	reach	reach	NOUN
cblr-9109	768	69	of	of	ADP
cblr-9109	768	70	section	section	NOUN
cblr-9109	768	71	9(a)(2	9(a)(2	NUM
cblr-9109	768	72	)	)	PUNCT
cblr-9109	768	73	’s	’s	PART
cblr-9109	768	74	prohibitions	prohibition	NOUN
cblr-9109	768	75	by	by	ADP
cblr-9109	768	76	reference	reference	NOUN
cblr-9109	768	77	to	to	ADP
cblr-9109	768	78	the	the	DET
cblr-9109	768	79	larger	large	ADJ
cblr-9109	768	80	policy	policy	NOUN
cblr-9109	768	81	aims	aim	NOUN
cblr-9109	768	82	of	of	ADP
cblr-9109	768	83	the	the	DET
cblr-9109	768	84	section	section	NOUN
cblr-9109	768	85	,	,	PUNCT
cblr-9109	768	86	saying	say	VERB
cblr-9109	768	87	that	that	SCONJ
cblr-9109	768	88	“	"	PUNCT
cblr-9109	768	89	[	[	X
cblr-9109	768	90	i]n	i]n	VERB
cblr-9109	768	91	an	an	DET
cblr-9109	768	92	auction	auction	NOUN
cblr-9109	768	93	market	market	NOUN
cblr-9109	768	94	,	,	PUNCT
cblr-9109	768	95	the	the	DET
cblr-9109	768	96	placing	placing	NOUN
cblr-9109	768	97	of	of	ADP
cblr-9109	768	98	bids	bid	NOUN
cblr-9109	768	99	,	,	PUNCT
cblr-9109	768	100	though	though	SCONJ
cblr-9109	768	101	not	not	PART
cblr-9109	768	102	met	meet	VERB
cblr-9109	768	103	by	by	ADP
cblr-9109	768	104	sellers	seller	NOUN
cblr-9109	768	105	,	,	PUNCT
cblr-9109	768	106	may	may	AUX
cblr-9109	768	107	be	be	AUX
cblr-9109	768	108	as	as	ADV
cblr-9109	768	109	effective	effective	ADJ
cblr-9109	768	110	an	an	DET
cblr-9109	768	111	influence	influence	NOUN
cblr-9109	768	112	on	on	ADP
cblr-9109	768	113	price	price	NOUN
cblr-9109	768	114	as	as	ADP
cblr-9109	768	115	a	a	DET
cblr-9109	768	116	completed	complete	VERB
cblr-9109	768	117	sale	sale	NOUN
cblr-9109	768	118	.	.	PUNCT
cblr-9109	768	119	”160	”160	PUNCT
cblr-9109	769	1	so	so	ADV
cblr-9109	769	2	if	if	SCONJ
cblr-9109	769	3	one	one	NUM
cblr-9109	769	4	were	be	AUX
cblr-9109	769	5	to	to	PART
cblr-9109	769	6	accept	accept	VERB
cblr-9109	769	7	the	the	DET
cblr-9109	769	8	sec	sec	PROPN
cblr-9109	769	9	’s	’s	PART
cblr-9109	769	10	conclusion	conclusion	NOUN
cblr-9109	769	11	in	in	ADP
cblr-9109	769	12	the	the	DET
cblr-9109	769	13	first	first	ADJ
cblr-9109	769	14	step	step	NOUN
cblr-9109	769	15	,	,	PUNCT
cblr-9109	769	16	our	our	PRON
cblr-9109	769	17	analysis	analysis	NOUN
cblr-9109	769	18	in	in	ADP
cblr-9109	769	19	part	part	NOUN
cblr-9109	769	20	v	v	NOUN
cblr-9109	769	21	certainly	certainly	ADV
cblr-9109	769	22	supports	support	VERB
cblr-9109	769	23	its	its	PRON
cblr-9109	769	24	conclusion	conclusion	NOUN
cblr-9109	769	25	in	in	ADP
cblr-9109	769	26	the	the	DET
cblr-9109	769	27	second	second	ADJ
cblr-9109	769	28	step	step	NOUN
cblr-9109	769	29	from	from	ADP
cblr-9109	769	30	a	a	DET
cblr-9109	769	31	policy	policy	NOUN
cblr-9109	769	32	perspective	perspective	NOUN
cblr-9109	769	33	.	.	PUNCT
cblr-9109	770	1	2	2	X
cblr-9109	770	2	.	.	X
cblr-9109	770	3	transaction	transaction	NOUN
cblr-9109	770	4	-	-	PUNCT
cblr-9109	770	5	based	base	VERB
cblr-9109	770	6	section	section	NOUN
cblr-9109	770	7	9(a)(2	9(a)(2	NUM
cblr-9109	770	8	)	)	PUNCT
cblr-9109	770	9	case	case	NOUN
cblr-9109	770	10	law	law	NOUN
cblr-9109	770	11	as	as	ADP
cblr-9109	770	12	a	a	DET
cblr-9109	770	13	guide	guide	NOUN
cblr-9109	770	14	to	to	ADP
cblr-9109	770	15	what	what	PRON
cblr-9109	770	16	quoting	quote	VERB
cblr-9109	770	17	behavior	behavior	NOUN
cblr-9109	770	18	it	it	PRON
cblr-9109	770	19	prohibits	prohibit	VERB
cblr-9109	770	20	if	if	SCONJ
cblr-9109	770	21	bids	bid	NOUN
cblr-9109	770	22	and	and	CCONJ
cblr-9109	770	23	offers	offer	NOUN
cblr-9109	770	24	are	be	AUX
cblr-9109	770	25	properly	properly	ADV
cblr-9109	770	26	considered	consider	VERB
cblr-9109	770	27	“	"	PUNCT
cblr-9109	770	28	transactions	transaction	NOUN
cblr-9109	770	29	”	"	PUNCT
cblr-9109	770	30	within	within	ADP
cblr-9109	770	31	the	the	DET
cblr-9109	770	32	purview	purview	NOUN
cblr-9109	770	33	of	of	ADP
cblr-9109	770	34	section	section	NOUN
cblr-9109	770	35	9(a)(2	9(a)(2	NUM
cblr-9109	770	36	)	)	PUNCT
cblr-9109	770	37	,	,	PUNCT
cblr-9109	770	38	it	it	PRON
cblr-9109	770	39	would	would	AUX
cblr-9109	770	40	be	be	AUX
cblr-9109	770	41	reasonable	reasonable	ADJ
cblr-9109	770	42	to	to	PART
cblr-9109	770	43	use	use	VERB
cblr-9109	770	44	transaction	transaction	NOUN
cblr-9109	770	45	-	-	PUNCT
cblr-9109	770	46	based	base	VERB
cblr-9109	770	47	section	section	NOUN
cblr-9109	770	48	9(a)(2	9(a)(2	NUM
cblr-9109	770	49	)	)	PUNCT
cblr-9109	770	50	cases	case	NOUN
cblr-9109	770	51	as	as	ADP
cblr-9109	770	52	a	a	DET
cblr-9109	770	53	guide	guide	NOUN
cblr-9109	770	54	to	to	ADP
cblr-9109	770	55	what	what	PRON
cblr-9109	770	56	kind	kind	NOUN
cblr-9109	770	57	of	of	ADP
cblr-9109	770	58	quote	quote	INTJ
cblr-9109	770	59	behavior	behavior	NOUN
cblr-9109	770	60	should	should	AUX
cblr-9109	770	61	also	also	ADV
cblr-9109	770	62	be	be	AUX
cblr-9109	770	63	illegal	illegal	ADJ
cblr-9109	770	64	under	under	ADP
cblr-9109	770	65	the	the	DET
cblr-9109	770	66	provision	provision	NOUN
cblr-9109	770	67	.	.	PUNCT
cblr-9109	771	1	and	and	CCONJ
cblr-9109	771	2	indeed	indeed	ADV
cblr-9109	771	3	,	,	PUNCT
cblr-9109	771	4	as	as	SCONJ
cblr-9109	771	5	we	we	PRON
cblr-9109	771	6	will	will	AUX
cblr-9109	771	7	see	see	VERB
cblr-9109	771	8	below	below	ADV
cblr-9109	771	9	,	,	PUNCT
cblr-9109	771	10	the	the	DET
cblr-9109	771	11	case	case	NOUN
cblr-9109	771	12	law	law	NOUN
cblr-9109	771	13	relating	relate	VERB
cblr-9109	771	14	to	to	ADP
cblr-9109	771	15	quote	quote	VERB
cblr-9109	771	16	-	-	PUNCT
cblr-9109	771	17	based	base	VERB
cblr-9109	771	18	manipulation	manipulation	NOUN
cblr-9109	771	19	is	be	AUX
cblr-9109	771	20	largely	largely	ADV
cblr-9109	771	21	based	base	VERB
cblr-9109	771	22	on	on	ADP
cblr-9109	771	23	the	the	DET
cblr-9109	771	24	case	case	NOUN
cblr-9109	771	25	law	law	NOUN
cblr-9109	771	26	surrounding	surround	VERB
cblr-9109	771	27	trade	trade	NOUN
cblr-9109	771	28	-	-	PUNCT
cblr-9109	771	29	based	base	VERB
cblr-9109	771	30	manipulation	manipulation	NOUN
cblr-9109	771	31	.	.	PUNCT
cblr-9109	772	1	unfortunately	unfortunately	ADV
cblr-9109	772	2	,	,	PUNCT
cblr-9109	772	3	although	although	SCONJ
cblr-9109	772	4	the	the	DET
cblr-9109	772	5	case	case	NOUN
cblr-9109	772	6	law	law	NOUN
cblr-9109	772	7	related	relate	VERB
cblr-9109	772	8	to	to	ADP
cblr-9109	772	9	trade	trade	NOUN
cblr-9109	772	10	-	-	PUNCT
cblr-9109	772	11	based	base	VERB
cblr-9109	772	12	manipulation	manipulation	NOUN
cblr-9109	772	13	is	be	AUX
cblr-9109	772	14	littered	litter	VERB
cblr-9109	772	15	with	with	ADP
cblr-9109	772	16	references	reference	NOUN
cblr-9109	772	17	to	to	ADP
cblr-9109	772	18	section	section	NOUN
cblr-9109	772	19	9(a)(2),161	9(a)(2),161	NUM
cblr-9109	772	20	there	there	PRON
cblr-9109	772	21	has	have	AUX
cblr-9109	772	22	been	be	AUX
cblr-9109	772	23	a	a	DET
cblr-9109	772	24	consistent	consistent	ADJ
cblr-9109	772	25	failure	failure	NOUN
cblr-9109	772	26	to	to	PART
cblr-9109	772	27	substantively	substantively	ADV
cblr-9109	772	28	analyze	analyze	VERB
cblr-9109	772	29	,	,	PUNCT
cblr-9109	772	30	precisely	precisely	ADV
cblr-9109	772	31	identify	identify	VERB
cblr-9109	772	32	,	,	PUNCT
cblr-9109	772	33	or	or	CCONJ
cblr-9109	772	34	even	even	ADV
cblr-9109	772	35	define	define	VERB
cblr-9109	772	36	the	the	DET
cblr-9109	772	37	improper	improper	ADJ
cblr-9109	772	38	purpose	purpose	NOUN
cblr-9109	772	39	orders	order	NOUN
cblr-9109	772	40	for	for	ADP
cblr-9109	772	41	the	the	DET
cblr-9109	772	42	purchase	purchase	NOUN
cblr-9109	772	43	and	and	CCONJ
cblr-9109	772	44	sale	sale	NOUN
cblr-9109	772	45	of	of	ADP
cblr-9109	772	46	the	the	DET
cblr-9109	772	47	same	same	ADJ
cblr-9109	772	48	security	security	NOUN
cblr-9109	772	49	emanating	emanate	VERB
cblr-9109	772	50	from	from	ADP
cblr-9109	772	51	a	a	DET
cblr-9109	772	52	common	common	ADJ
cblr-9109	772	53	source	source	NOUN
cblr-9109	772	54	for	for	ADP
cblr-9109	772	55	the	the	DET
cblr-9109	772	56	purpose	purpose	NOUN
cblr-9109	772	57	of	of	ADP
cblr-9109	772	58	recording	record	VERB
cblr-9109	772	59	operations	operation	NOUN
cblr-9109	772	60	on	on	ADP
cblr-9109	772	61	the	the	DET
cblr-9109	772	62	tape	tape	NOUN
cblr-9109	772	63	and	and	CCONJ
cblr-9109	772	64	thereby	thereby	ADV
cblr-9109	772	65	creating	create	VERB
cblr-9109	772	66	a	a	DET
cblr-9109	772	67	false	false	ADJ
cblr-9109	772	68	appearance	appearance	NOUN
cblr-9109	772	69	of	of	ADP
cblr-9109	772	70	activity	activity	NOUN
cblr-9109	772	71	”	"	PUNCT
cblr-9109	772	72	and	and	CCONJ
cblr-9109	772	73	so	so	ADV
cblr-9109	772	74	could	could	AUX
cblr-9109	772	75	require	require	VERB
cblr-9109	772	76	the	the	DET
cblr-9109	772	77	reference	reference	NOUN
cblr-9109	772	78	to	to	ADP
cblr-9109	772	79	“	"	PUNCT
cblr-9109	772	80	other	other	ADJ
cblr-9109	772	81	transactions	transaction	NOUN
cblr-9109	772	82	”	"	PUNCT
cblr-9109	772	83	in	in	ADP
cblr-9109	772	84	the	the	DET
cblr-9109	772	85	senate	senate	PROPN
cblr-9109	772	86	report	report	NOUN
cblr-9109	772	87	even	even	ADV
cblr-9109	772	88	though	though	SCONJ
cblr-9109	772	89	each	each	PRON
cblr-9109	772	90	of	of	ADP
cblr-9109	772	91	these	these	DET
cblr-9109	772	92	kinds	kind	NOUN
cblr-9109	772	93	of	of	ADP
cblr-9109	772	94	manipulation	manipulation	NOUN
cblr-9109	772	95	does	do	AUX
cblr-9109	772	96	involve	involve	VERB
cblr-9109	772	97	purchases	purchase	NOUN
cblr-9109	772	98	and	and	CCONJ
cblr-9109	772	99	sales	sale	NOUN
cblr-9109	772	100	.	.	PUNCT
cblr-9109	773	1	kidder	kidder	PROPN
cblr-9109	773	2	,	,	PUNCT
cblr-9109	773	3	peabody	peabody	PROPN
cblr-9109	773	4	&	&	CCONJ
cblr-9109	773	5	co.	co.	PROPN
cblr-9109	773	6	,	,	PUNCT
cblr-9109	773	7	18	18	NUM
cblr-9109	773	8	s.e.c	s.e.c	NOUN
cblr-9109	773	9	.	.	PUNCT
cblr-9109	774	1	559	559	NUM
cblr-9109	774	2	,	,	PUNCT
cblr-9109	774	3	570	570	NUM
cblr-9109	774	4	n.14	n.14	NOUN
cblr-9109	774	5	(	(	PUNCT
cblr-9109	774	6	1945	1945	NUM
cblr-9109	774	7	)	)	PUNCT
cblr-9109	774	8	.	.	PUNCT
cblr-9109	775	1	159	159	NUM
cblr-9109	775	2	kidder	kidder	PROPN
cblr-9109	775	3	,	,	PUNCT
cblr-9109	775	4	peabody	peabody	PROPN
cblr-9109	775	5	&	&	CCONJ
cblr-9109	775	6	co.	co.	PROPN
cblr-9109	775	7	,	,	PUNCT
cblr-9109	775	8	18	18	NUM
cblr-9109	775	9	s.e.c	s.e.c	NOUN
cblr-9109	775	10	.	.	PUNCT
cblr-9109	776	1	at	at	ADP
cblr-9109	776	2	570	570	NUM
cblr-9109	776	3	.	.	PUNCT
cblr-9109	776	4	160	160	NUM
cblr-9109	777	1	i	i	PRON
cblr-9109	777	2	d.	d.	PROPN
cblr-9109	777	3	the	the	DET
cblr-9109	777	4	sec	sec	PROPN
cblr-9109	777	5	was	be	AUX
cblr-9109	777	6	correct	correct	ADJ
cblr-9109	777	7	here	here	ADV
cblr-9109	777	8	.	.	PUNCT
cblr-9109	778	1	both	both	DET
cblr-9109	778	2	theory	theory	NOUN
cblr-9109	778	3	and	and	CCONJ
cblr-9109	778	4	the	the	DET
cblr-9109	778	5	empirical	empirical	ADJ
cblr-9109	778	6	literature	literature	NOUN
cblr-9109	778	7	support	support	VERB
cblr-9109	778	8	the	the	DET
cblr-9109	778	9	proposition	proposition	NOUN
cblr-9109	778	10	that	that	SCONJ
cblr-9109	778	11	unexecuted	unexecuted	ADJ
cblr-9109	778	12	bids	bid	NOUN
cblr-9109	778	13	and	and	CCONJ
cblr-9109	778	14	offers	offer	NOUN
cblr-9109	778	15	can	can	AUX
cblr-9109	778	16	affect	affect	VERB
cblr-9109	778	17	the	the	DET
cblr-9109	778	18	price	price	NOUN
cblr-9109	778	19	at	at	ADP
cblr-9109	778	20	which	which	PRON
cblr-9109	778	21	executed	execute	VERB
cblr-9109	778	22	transactions	transaction	NOUN
cblr-9109	778	23	occur	occur	VERB
cblr-9109	778	24	.	.	PUNCT
cblr-9109	779	1	see	see	VERB
cblr-9109	779	2	supra	supra	PROPN
cblr-9109	779	3	part	part	PROPN
cblr-9109	779	4	ii	ii	PROPN
cblr-9109	779	5	.	.	PROPN
cblr-9109	779	6	161	161	NUM
cblr-9109	779	7	see	see	NOUN
cblr-9109	779	8	,	,	PUNCT
cblr-9109	779	9	e.g.	e.g.	ADV
cblr-9109	779	10	,	,	PUNCT
cblr-9109	779	11	markowski	markowski	NOUN
cblr-9109	779	12	v.	v.	ADP
cblr-9109	779	13	sec	sec	PROPN
cblr-9109	779	14	,	,	PUNCT
cblr-9109	779	15	274	274	NUM
cblr-9109	779	16	f.3d	f.3d	NUM
cblr-9109	779	17	525	525	NUM
cblr-9109	779	18	,	,	PUNCT
cblr-9109	779	19	529	529	NUM
cblr-9109	779	20	(	(	PUNCT
cblr-9109	779	21	d.c	d.c	PROPN
cblr-9109	779	22	.	.	PROPN
cblr-9109	779	23	cir	cir	PROPN
cblr-9109	779	24	.	.	PROPN
cblr-9109	779	25	2001	2001	NUM
cblr-9109	779	26	)	)	PUNCT
cblr-9109	779	27	;	;	PUNCT
cblr-9109	779	28	nanopierce	nanopierce	NOUN
cblr-9109	779	29	techs	techs	PROPN
cblr-9109	779	30	.	.	PROPN
cblr-9109	779	31	,	,	PUNCT
cblr-9109	779	32	inc	inc	PROPN
cblr-9109	779	33	.	.	PROPN
cblr-9109	779	34	v.	v.	PROPN
cblr-9109	779	35	southridge	southridge	PROPN
cblr-9109	779	36	cap	cap	PROPN
cblr-9109	779	37	.	.	PUNCT
cblr-9109	780	1	mgmt	mgmt	PROPN
cblr-9109	780	2	.	.	PROPN
cblr-9109	780	3	,	,	PUNCT
cblr-9109	780	4	no	no	INTJ
cblr-9109	780	5	.	.	NOUN
cblr-9109	780	6	02	02	NUM
cblr-9109	780	7	civ	civ	NOUN
cblr-9109	780	8	.	.	PROPN
cblr-9109	780	9	0767	0767	NUM
cblr-9109	780	10	,	,	PUNCT
cblr-9109	780	11	2002	2002	NUM
cblr-9109	780	12	wl	wl	NOUN
cblr-9109	780	13	31819207	31819207	NUM
cblr-9109	780	14	,	,	PUNCT
cblr-9109	780	15	at	at	ADP
cblr-9109	780	16	*	*	NUM
cblr-9109	780	17	20	20	NUM
cblr-9109	780	18	(	(	PUNCT
cblr-9109	780	19	s.d.n.y	s.d.n.y	PROPN
cblr-9109	780	20	.	.	PUNCT
cblr-9109	780	21	oct	oct	PROPN
cblr-9109	780	22	.	.	PROPN
cblr-9109	780	23	10	10	NUM
cblr-9109	780	24	,	,	PUNCT
cblr-9109	780	25	2002	2002	NUM
cblr-9109	780	26	)	)	PUNCT
cblr-9109	780	27	.	.	PUNCT
cblr-9109	781	1	1300	1300	NUM
cblr-9109	781	2	columbia	columbia	PROPN
cblr-9109	781	3	business	business	PROPN
cblr-9109	781	4	law	law	PROPN
cblr-9109	781	5	review	review	NOUN
cblr-9109	781	6	[	[	X
cblr-9109	781	7	vol	vol	NOUN
cblr-9109	781	8	.	.	PUNCT
cblr-9109	781	9	2021	2021	NUM
cblr-9109	781	10	required	require	VERB
cblr-9109	781	11	by	by	ADP
cblr-9109	781	12	the	the	DET
cblr-9109	781	13	provision	provision	NOUN
cblr-9109	781	14	or	or	CCONJ
cblr-9109	781	15	discuss	discuss	VERB
cblr-9109	781	16	what	what	DET
cblr-9109	781	17	evidence	evidence	NOUN
cblr-9109	781	18	would	would	AUX
cblr-9109	781	19	satisfactorily	satisfactorily	ADV
cblr-9109	781	20	prove	prove	VERB
cblr-9109	781	21	it	it	PRON
cblr-9109	781	22	.	.	PUNCT
cblr-9109	782	1	rather	rather	ADV
cblr-9109	782	2	,	,	PUNCT
cblr-9109	782	3	the	the	DET
cblr-9109	782	4	cases	case	NOUN
cblr-9109	782	5	typically	typically	ADV
cblr-9109	782	6	only	only	ADV
cblr-9109	782	7	reiterate	reiterate	VERB
cblr-9109	782	8	the	the	DET
cblr-9109	782	9	language	language	NOUN
cblr-9109	782	10	of	of	ADP
cblr-9109	782	11	the	the	DET
cblr-9109	782	12	statute	statute	NOUN
cblr-9109	782	13	and	and	CCONJ
cblr-9109	782	14	then	then	ADV
cblr-9109	782	15	just	just	ADV
cblr-9109	782	16	assert	assert	VERB
cblr-9109	782	17	that	that	SCONJ
cblr-9109	782	18	the	the	DET
cblr-9109	782	19	trading	trading	NOUN
cblr-9109	782	20	behavior	behavior	NOUN
cblr-9109	782	21	under	under	ADP
cblr-9109	782	22	examination	examination	NOUN
cblr-9109	782	23	is	be	AUX
cblr-9109	782	24	covered,162	covered,162	NOUN
cblr-9109	782	25	or	or	CCONJ
cblr-9109	782	26	provide	provide	VERB
cblr-9109	782	27	such	such	ADJ
cblr-9109	782	28	question	question	NOUN
cblr-9109	782	29	-	-	PUNCT
cblr-9109	782	30	begging	beg	VERB
cblr-9109	782	31	statements	statement	NOUN
cblr-9109	782	32	as	as	ADP
cblr-9109	782	33	the	the	DET
cblr-9109	782	34	seventh	seventh	ADJ
cblr-9109	782	35	circuit	circuit	NOUN
cblr-9109	782	36	’s	’s	PART
cblr-9109	782	37	:	:	PUNCT
cblr-9109	783	1	[	[	X
cblr-9109	783	2	t]he	t]he	ADV
cblr-9109	783	3	essence	essence	NOUN
cblr-9109	783	4	of	of	ADP
cblr-9109	783	5	the	the	DET
cblr-9109	783	6	offense	offense	NOUN
cblr-9109	783	7	is	be	AUX
cblr-9109	783	8	creating	create	VERB
cblr-9109	783	9	“	"	PUNCT
cblr-9109	783	10	a	a	DET
cblr-9109	783	11	false	false	ADJ
cblr-9109	783	12	impression	impression	NOUN
cblr-9109	783	13	of	of	ADP
cblr-9109	783	14	supply	supply	NOUN
cblr-9109	783	15	or	or	CCONJ
cblr-9109	783	16	demand	demand	NOUN
cblr-9109	783	17	,	,	PUNCT
cblr-9109	783	18	”	"	PUNCT
cblr-9109	783	19	for	for	ADP
cblr-9109	783	20	example	example	NOUN
cblr-9109	783	21	through	through	ADP
cblr-9109	783	22	wash	wash	NOUN
cblr-9109	783	23	sales	sale	NOUN
cblr-9109	783	24	,	,	PUNCT
cblr-9109	783	25	where	where	SCONJ
cblr-9109	783	26	parties	party	NOUN
cblr-9109	783	27	fictitiously	fictitiously	ADV
cblr-9109	783	28	trade	trade	VERB
cblr-9109	783	29	the	the	DET
cblr-9109	783	30	same	same	ADJ
cblr-9109	783	31	shares	share	NOUN
cblr-9109	783	32	back	back	ADV
cblr-9109	783	33	and	and	CCONJ
cblr-9109	783	34	forth	forth	ADV
cblr-9109	783	35	at	at	ADP
cblr-9109	783	36	higher	high	ADJ
cblr-9109	783	37	and	and	CCONJ
cblr-9109	783	38	higher	high	ADJ
cblr-9109	783	39	prices	price	NOUN
cblr-9109	783	40	to	to	PART
cblr-9109	783	41	fool	fool	VERB
cblr-9109	783	42	the	the	DET
cblr-9109	783	43	market	market	NOUN
cblr-9109	783	44	into	into	ADP
cblr-9109	783	45	thinking	think	VERB
cblr-9109	783	46	that	that	SCONJ
cblr-9109	783	47	there	there	PRON
cblr-9109	783	48	is	be	VERB
cblr-9109	783	49	a	a	DET
cblr-9109	783	50	lot	lot	NOUN
cblr-9109	783	51	of	of	ADP
cblr-9109	783	52	buying	buy	VERB
cblr-9109	783	53	interest	interest	NOUN
cblr-9109	783	54	in	in	ADP
cblr-9109	783	55	the	the	DET
cblr-9109	783	56	stock.163	stock.163	NOUN
cblr-9109	783	57	the	the	DET
cblr-9109	783	58	two	two	NUM
cblr-9109	783	59	transaction	transaction	NOUN
cblr-9109	783	60	-	-	PUNCT
cblr-9109	783	61	based	base	VERB
cblr-9109	783	62	section	section	NOUN
cblr-9109	783	63	9(a)(2	9(a)(2	NUM
cblr-9109	783	64	)	)	PUNCT
cblr-9109	783	65	cases	case	NOUN
cblr-9109	783	66	that	that	PRON
cblr-9109	783	67	do	do	AUX
cblr-9109	783	68	provide	provide	VERB
cblr-9109	783	69	a	a	DET
cblr-9109	783	70	bit	bit	NOUN
cblr-9109	783	71	more	more	ADJ
cblr-9109	783	72	reasoning	reasoning	NOUN
cblr-9109	783	73	each	each	PRON
cblr-9109	783	74	involve	involve	VERB
cblr-9109	783	75	what	what	PRON
cblr-9109	783	76	we	we	PRON
cblr-9109	783	77	have	have	AUX
cblr-9109	783	78	referred	refer	VERB
cblr-9109	783	79	to	to	ADP
cblr-9109	783	80	in	in	ADP
cblr-9109	783	81	earlier	early	ADJ
cblr-9109	783	82	work	work	NOUN
cblr-9109	783	83	as	as	ADP
cblr-9109	783	84	“	"	PUNCT
cblr-9109	783	85	open	open	ADJ
cblr-9109	783	86	market	market	NOUN
cblr-9109	783	87	manipulation	manipulation	NOUN
cblr-9109	783	88	with	with	ADP
cblr-9109	783	89	an	an	DET
cblr-9109	783	90	external	external	ADJ
cblr-9109	783	91	interest	interest	NOUN
cblr-9109	783	92	,	,	PUNCT
cblr-9109	783	93	”	"	PUNCT
cblr-9109	783	94	i.e.	i.e.	X
cblr-9109	783	95	,	,	PUNCT
cblr-9109	783	96	the	the	DET
cblr-9109	783	97	situation	situation	NOUN
cblr-9109	783	98	where	where	SCONJ
cblr-9109	783	99	a	a	DET
cblr-9109	783	100	person	person	NOUN
cblr-9109	783	101	engaging	engage	VERB
cblr-9109	783	102	in	in	ADP
cblr-9109	783	103	trading	trading	NOUN
cblr-9109	783	104	that	that	PRON
cblr-9109	783	105	affects	affect	VERB
cblr-9109	783	106	a	a	DET
cblr-9109	783	107	security	security	NOUN
cblr-9109	783	108	’s	’s	PART
cblr-9109	783	109	price	price	NOUN
cblr-9109	783	110	has	have	VERB
cblr-9109	783	111	a	a	DET
cblr-9109	783	112	preexisting	preexist	VERB
cblr-9109	783	113	economic	economic	ADJ
cblr-9109	783	114	interest	interest	NOUN
cblr-9109	783	115	in	in	ADP
cblr-9109	783	116	this	this	DET
cblr-9109	783	117	price	price	NOUN
cblr-9109	783	118	independent	independent	ADJ
cblr-9109	783	119	of	of	ADP
cblr-9109	783	120	making	make	VERB
cblr-9109	783	121	a	a	DET
cblr-9109	783	122	profit	profit	NOUN
cblr-9109	783	123	from	from	ADP
cblr-9109	783	124	the	the	DET
cblr-9109	783	125	price	price	NOUN
cblr-9109	783	126	-	-	PUNCT
cblr-9109	783	127	affecting	affect	VERB
cblr-9109	783	128	trades	trade	NOUN
cblr-9109	783	129	themselves.164	themselves.164	NOUN
cblr-9109	783	130	the	the	DET
cblr-9109	783	131	162	162	NUM
cblr-9109	783	132	see	see	NOUN
cblr-9109	783	133	anchorbank	anchorbank	NOUN
cblr-9109	783	134	,	,	PUNCT
cblr-9109	783	135	fsb	fsb	NOUN
cblr-9109	783	136	v.	v.	ADP
cblr-9109	783	137	hofer	hofer	PROPN
cblr-9109	783	138	,	,	PUNCT
cblr-9109	783	139	649	649	NUM
cblr-9109	783	140	f.3d	f.3d	NUM
cblr-9109	783	141	610	610	NUM
cblr-9109	783	142	,	,	PUNCT
cblr-9109	783	143	616–17	616–17	NUM
cblr-9109	783	144	(	(	PUNCT
cblr-9109	783	145	7th	7th	ADJ
cblr-9109	783	146	cir	cir	NOUN
cblr-9109	783	147	.	.	PUNCT
cblr-9109	783	148	2011	2011	NUM
cblr-9109	783	149	)	)	PUNCT
cblr-9109	783	150	;	;	PUNCT
cblr-9109	783	151	sharette	sharette	PROPN
cblr-9109	783	152	v.	v.	ADP
cblr-9109	783	153	credit	credit	PROPN
cblr-9109	783	154	suisse	suisse	PROPN
cblr-9109	783	155	int’l	int’l	NUM
cblr-9109	783	156	,	,	PUNCT
cblr-9109	783	157	127	127	NUM
cblr-9109	783	158	f.	f.	PROPN
cblr-9109	783	159	supp	supp	PROPN
cblr-9109	783	160	.	.	PUNCT
cblr-9109	784	1	3d	3d	NUM
cblr-9109	784	2	60	60	NUM
cblr-9109	784	3	,	,	PUNCT
cblr-9109	784	4	78	78	NUM
cblr-9109	784	5	(	(	PUNCT
cblr-9109	784	6	s.d.n.y	s.d.n.y	PROPN
cblr-9109	784	7	.	.	PROPN
cblr-9109	784	8	2015	2015	NUM
cblr-9109	784	9	)	)	PUNCT
cblr-9109	784	10	;	;	PUNCT
cblr-9109	784	11	sec	sec	PROPN
cblr-9109	784	12	v.	v.	ADP
cblr-9109	784	13	malenfant	malenfant	PROPN
cblr-9109	784	14	,	,	PUNCT
cblr-9109	784	15	784	784	NUM
cblr-9109	784	16	f.	f.	PROPN
cblr-9109	784	17	supp	supp	PROPN
cblr-9109	784	18	.	.	PUNCT
cblr-9109	785	1	141	141	NUM
cblr-9109	785	2	,	,	PUNCT
cblr-9109	785	3	144–45	144–45	PROPN
cblr-9109	785	4	(	(	PUNCT
cblr-9109	785	5	s.d.n.y	s.d.n.y	PROPN
cblr-9109	785	6	.	.	PROPN
cblr-9109	785	7	1992	1992	NUM
cblr-9109	785	8	)	)	PUNCT
cblr-9109	785	9	.	.	PUNCT
cblr-9109	786	1	a	a	DET
cblr-9109	786	2	private	private	ADJ
cblr-9109	786	3	suit	suit	NOUN
cblr-9109	786	4	under	under	ADP
cblr-9109	786	5	section	section	NOUN
cblr-9109	786	6	9(a)(2	9(a)(2	NUM
cblr-9109	786	7	)	)	PUNCT
cblr-9109	786	8	would	would	AUX
cblr-9109	786	9	also	also	ADV
cblr-9109	786	10	require	require	VERB
cblr-9109	786	11	proof	proof	NOUN
cblr-9109	786	12	that	that	SCONJ
cblr-9109	786	13	the	the	DET
cblr-9109	786	14	relevant	relevant	ADJ
cblr-9109	786	15	transactions	transaction	NOUN
cblr-9109	786	16	were	be	AUX
cblr-9109	786	17	relied	rely	VERB
cblr-9109	786	18	on	on	ADP
cblr-9109	786	19	by	by	ADP
cblr-9109	786	20	the	the	DET
cblr-9109	786	21	plaintiff	plaintiff	NOUN
cblr-9109	786	22	,	,	PUNCT
cblr-9109	786	23	and	and	CCONJ
cblr-9109	786	24	affected	affect	VERB
cblr-9109	786	25	the	the	DET
cblr-9109	786	26	price	price	NOUN
cblr-9109	786	27	of	of	ADP
cblr-9109	786	28	plaintiffs	plaintiff	NOUN
cblr-9109	786	29	’	'	PUNCT
cblr-9109	786	30	transaction	transaction	NOUN
cblr-9109	786	31	.	.	PUNCT
cblr-9109	787	1	chemetron	chemetron	PROPN
cblr-9109	787	2	corp	corp	PROPN
cblr-9109	787	3	.	.	PROPN
cblr-9109	787	4	v.	v.	ADP
cblr-9109	787	5	bus	bus	NOUN
cblr-9109	787	6	.	.	PUNCT
cblr-9109	788	1	funds	fund	NOUN
cblr-9109	788	2	,	,	PUNCT
cblr-9109	788	3	inc	inc	PROPN
cblr-9109	788	4	.	.	PROPN
cblr-9109	788	5	,	,	PUNCT
cblr-9109	788	6	682	682	NUM
cblr-9109	788	7	f.2d	f.2d	NUM
cblr-9109	788	8	1149	1149	NUM
cblr-9109	788	9	,	,	PUNCT
cblr-9109	788	10	1165	1165	NUM
cblr-9109	788	11	(	(	PUNCT
cblr-9109	788	12	5th	5th	ADJ
cblr-9109	788	13	cir	cir	NOUN
cblr-9109	788	14	.	.	PROPN
cblr-9109	788	15	1982	1982	NUM
cblr-9109	788	16	)	)	PUNCT
cblr-9109	788	17	,	,	PUNCT
cblr-9109	788	18	vacated	vacate	VERB
cblr-9109	788	19	on	on	ADP
cblr-9109	788	20	other	other	ADJ
cblr-9109	788	21	grounds	ground	NOUN
cblr-9109	788	22	,	,	PUNCT
cblr-9109	788	23	460	460	NUM
cblr-9109	788	24	u.s	u.s	PROPN
cblr-9109	788	25	.	.	PROPN
cblr-9109	788	26	1007	1007	NUM
cblr-9109	788	27	(	(	PUNCT
cblr-9109	788	28	1983	1983	NUM
cblr-9109	788	29	)	)	PUNCT
cblr-9109	788	30	.	.	PUNCT
cblr-9109	789	1	163	163	NUM
cblr-9109	789	2	sullivan	sullivan	PROPN
cblr-9109	789	3	&	&	CCONJ
cblr-9109	789	4	long	long	PROPN
cblr-9109	789	5	,	,	PUNCT
cblr-9109	789	6	inc	inc	PROPN
cblr-9109	789	7	.	.	PROPN
cblr-9109	789	8	v.	v.	ADP
cblr-9109	789	9	scattered	scatter	VERB
cblr-9109	789	10	corp	corp	PROPN
cblr-9109	789	11	.	.	PROPN
cblr-9109	789	12	,	,	PUNCT
cblr-9109	789	13	47	47	NUM
cblr-9109	789	14	f.3d	f.3d	NUM
cblr-9109	789	15	857	857	NUM
cblr-9109	789	16	,	,	PUNCT
cblr-9109	789	17	864	864	NUM
cblr-9109	789	18	(	(	PUNCT
cblr-9109	789	19	7th	7th	ADJ
cblr-9109	789	20	cir	cir	NOUN
cblr-9109	789	21	.	.	PROPN
cblr-9109	789	22	1995	1995	NUM
cblr-9109	789	23	)	)	PUNCT
cblr-9109	789	24	(	(	PUNCT
cblr-9109	789	25	citing	cite	VERB
cblr-9109	789	26	santa	santa	PROPN
cblr-9109	789	27	fe	fe	PROPN
cblr-9109	789	28	indus	indus	PROPN
cblr-9109	789	29	.	.	PROPN
cblr-9109	789	30	,	,	PUNCT
cblr-9109	789	31	inc	inc	PROPN
cblr-9109	789	32	.	.	PROPN
cblr-9109	790	1	v.	v.	PROPN
cblr-9109	790	2	green	green	PROPN
cblr-9109	790	3	,	,	PUNCT
cblr-9109	791	1	430	430	NUM
cblr-9109	791	2	u.s	u.s	PROPN
cblr-9109	791	3	.	.	PROPN
cblr-9109	791	4	462	462	NUM
cblr-9109	791	5	,	,	PUNCT
cblr-9109	791	6	476	476	NUM
cblr-9109	791	7	(	(	PUNCT
cblr-9109	791	8	1977	1977	NUM
cblr-9109	791	9	)	)	PUNCT
cblr-9109	791	10	)	)	PUNCT
cblr-9109	791	11	.	.	PUNCT
cblr-9109	792	1	164	164	NUM
cblr-9109	792	2	fox	fox	NOUN
cblr-9109	792	3	et	et	PROPN
cblr-9109	792	4	al	al	PROPN
cblr-9109	792	5	.	.	PROPN
cblr-9109	792	6	,	,	PUNCT
cblr-9109	792	7	manipulation	manipulation	NOUN
cblr-9109	792	8	,	,	PUNCT
cblr-9109	792	9	supra	supra	PROPN
cblr-9109	792	10	note	note	NOUN
cblr-9109	792	11	3	3	X
cblr-9109	792	12	.	.	PUNCT
cblr-9109	793	1	some	some	DET
cblr-9109	793	2	courts	court	NOUN
cblr-9109	793	3	have	have	AUX
cblr-9109	793	4	articulated	articulate	VERB
cblr-9109	793	5	the	the	DET
cblr-9109	793	6	notion	notion	NOUN
cblr-9109	793	7	that	that	SCONJ
cblr-9109	793	8	an	an	DET
cblr-9109	793	9	external	external	ADJ
cblr-9109	793	10	interest	interest	NOUN
cblr-9109	793	11	creates	create	VERB
cblr-9109	793	12	an	an	DET
cblr-9109	793	13	evidentiary	evidentiary	ADJ
cblr-9109	793	14	presumption	presumption	NOUN
cblr-9109	793	15	,	,	PUNCT
cblr-9109	793	16	i.e.	i.e.	X
cblr-9109	793	17	,	,	PUNCT
cblr-9109	793	18	that	that	SCONJ
cblr-9109	793	19	“	"	PUNCT
cblr-9109	793	20	it	it	PRON
cblr-9109	793	21	appears	appear	VERB
cblr-9109	793	22	to	to	ADP
cblr-9109	793	23	us	we	PRON
cblr-9109	793	24	that	that	SCONJ
cblr-9109	793	25	a	a	DET
cblr-9109	793	26	prima	prima	NOUN
cblr-9109	793	27	facie	facie	NOUN
cblr-9109	793	28	case	case	NOUN
cblr-9109	793	29	exists	exist	VERB
cblr-9109	793	30	when	when	SCONJ
cblr-9109	793	31	it	it	PRON
cblr-9109	793	32	is	be	AUX
cblr-9109	793	33	shown	show	VERB
cblr-9109	793	34	that	that	SCONJ
cblr-9109	793	35	a	a	DET
cblr-9109	793	36	person	person	NOUN
cblr-9109	793	37	who	who	PRON
cblr-9109	793	38	has	have	VERB
cblr-9109	793	39	a	a	DET
cblr-9109	793	40	substantial	substantial	ADJ
cblr-9109	793	41	direct	direct	ADJ
cblr-9109	793	42	pecuniary	pecuniary	ADJ
cblr-9109	793	43	interest	interest	NOUN
cblr-9109	793	44	in	in	ADP
cblr-9109	793	45	the	the	DET
cblr-9109	793	46	success	success	NOUN
cblr-9109	793	47	of	of	ADP
cblr-9109	793	48	a	a	DET
cblr-9109	793	49	proposed	propose	VERB
cblr-9109	793	50	offering	offering	NOUN
cblr-9109	793	51	takes	take	VERB
cblr-9109	793	52	active	active	ADJ
cblr-9109	793	53	steps	step	NOUN
cblr-9109	793	54	to	to	PART
cblr-9109	793	55	effect	effect	VERB
cblr-9109	793	56	a	a	DET
cblr-9109	793	57	rise	rise	NOUN
cblr-9109	793	58	in	in	ADP
cblr-9109	793	59	the	the	DET
cblr-9109	793	60	market	market	NOUN
cblr-9109	793	61	for	for	ADP
cblr-9109	793	62	outstanding	outstanding	ADJ
cblr-9109	793	63	securities	security	NOUN
cblr-9109	793	64	of	of	ADP
cblr-9109	793	65	the	the	DET
cblr-9109	793	66	same	same	ADJ
cblr-9109	793	67	issuer	issuer	NOUN
cblr-9109	793	68	.	.	PUNCT
cblr-9109	793	69	”	"	PUNCT
cblr-9109	794	1	federal	federal	PROPN
cblr-9109	794	2	corp	corp	PROPN
cblr-9109	794	3	.	.	PROPN
cblr-9109	794	4	,	,	PUNCT
cblr-9109	794	5	exchange	exchange	PROPN
cblr-9109	794	6	act	act	PROPN
cblr-9109	794	7	release	release	VERB
cblr-9109	794	8	no	no	DET
cblr-9109	794	9	.	.	NOUN
cblr-9109	794	10	3909	3909	NUM
cblr-9109	794	11	,	,	PUNCT
cblr-9109	794	12	25	25	NUM
cblr-9109	794	13	s.e.c	s.e.c	NOUN
cblr-9109	794	14	.	.	PUNCT
cblr-9109	795	1	227	227	NUM
cblr-9109	795	2	,	,	PUNCT
cblr-9109	795	3	230	230	NUM
cblr-9109	795	4	(	(	PUNCT
cblr-9109	795	5	jan	jan	PROPN
cblr-9109	795	6	.	.	PROPN
cblr-9109	795	7	29	29	NUM
cblr-9109	795	8	,	,	PUNCT
cblr-9109	795	9	1947	1947	NUM
cblr-9109	795	10	)	)	PUNCT
cblr-9109	795	11	;	;	PUNCT
cblr-9109	795	12	see	see	VERB
cblr-9109	795	13	also	also	ADV
cblr-9109	795	14	wright	wright	PROPN
cblr-9109	795	15	et	et	PROPN
cblr-9109	795	16	al	al	PROPN
cblr-9109	795	17	.	.	PROPN
cblr-9109	795	18	,	,	PUNCT
cblr-9109	795	19	exchange	exchange	PROPN
cblr-9109	795	20	act	act	PROPN
cblr-9109	795	21	release	release	VERB
cblr-9109	795	22	no	no	PRON
cblr-9109	795	23	.	.	NOUN
cblr-9109	795	24	467	467	NUM
cblr-9109	795	25	,	,	PUNCT
cblr-9109	795	26	1938	1938	NUM
cblr-9109	795	27	wl	wl	NOUN
cblr-9109	795	28	34042	34042	NUM
cblr-9109	795	29	,	,	PUNCT
cblr-9109	795	30	at	at	ADP
cblr-9109	795	31	*	*	PROPN
cblr-9109	795	32	13	13	NUM
cblr-9109	795	33	(	(	PUNCT
cblr-9109	795	34	feb	feb	PROPN
cblr-9109	795	35	.	.	PROPN
cblr-9109	795	36	28	28	NUM
cblr-9109	795	37	,	,	PUNCT
cblr-9109	795	38	1938	1938	NUM
cblr-9109	795	39	)	)	PUNCT
cblr-9109	795	40	,	,	PUNCT
cblr-9109	795	41	reversed	reverse	VERB
cblr-9109	795	42	wright	wright	PROPN
cblr-9109	795	43	v.	v.	PROPN
cblr-9109	795	44	sec	sec	PROPN
cblr-9109	795	45	,	,	PUNCT
cblr-9109	795	46	12	12	NUM
cblr-9109	795	47	f.2d	f.2d	SYM
cblr-9109	795	48	89	89	NUM
cblr-9109	795	49	(	(	PUNCT
cblr-9109	795	50	2d	2d	NUM
cblr-9109	795	51	cir	cir	NOUN
cblr-9109	795	52	.	.	PUNCT
cblr-9109	795	53	1940	1940	NUM
cblr-9109	795	54	)	)	PUNCT
cblr-9109	795	55	(	(	PUNCT
cblr-9109	795	56	“	"	PUNCT
cblr-9109	795	57	the	the	DET
cblr-9109	795	58	very	very	ADJ
cblr-9109	795	59	existence	existence	NOUN
cblr-9109	795	60	of	of	ADP
cblr-9109	795	61	an	an	DET
cblr-9109	795	62	option	option	NOUN
cblr-9109	795	63	when	when	SCONJ
cblr-9109	795	64	coupled	couple	VERB
cblr-9109	795	65	with	with	ADP
cblr-9109	795	66	buying	buy	VERB
cblr-9109	795	67	on	on	ADP
cblr-9109	795	68	the	the	DET
cblr-9109	795	69	market	market	NOUN
cblr-9109	795	70	by	by	ADP
cblr-9109	795	71	those	those	PRON
cblr-9109	795	72	having	have	VERB
cblr-9109	795	73	an	an	DET
cblr-9109	795	74	interest	interest	NOUN
cblr-9109	795	75	in	in	ADP
cblr-9109	795	76	its	its	PRON
cblr-9109	795	77	exercise	exercise	NOUN
cblr-9109	795	78	is	be	AUX
cblr-9109	795	79	an	an	DET
cblr-9109	795	80	indication	indication	NOUN
cblr-9109	795	81	of	of	ADP
cblr-9109	795	82	a	a	DET
cblr-9109	795	83	purpose	purpose	NOUN
cblr-9109	795	84	to	to	PART
cblr-9109	795	85	raise	raise	VERB
cblr-9109	795	86	the	the	DET
cblr-9109	795	87	market	market	NOUN
cblr-9109	795	88	price	price	NOUN
cblr-9109	795	89	,	,	PUNCT
cblr-9109	795	90	to	to	PART
cblr-9109	795	91	increase	increase	VERB
cblr-9109	795	92	market	market	NOUN
cblr-9109	795	93	activity	activity	NOUN
cblr-9109	795	94	and	and	CCONJ
cblr-9109	795	95	thus	thus	ADV
cblr-9109	795	96	to	to	PART
cblr-9109	795	97	distribute	distribute	VERB
cblr-9109	795	98	profitably	profitably	ADV
cblr-9109	795	99	the	the	DET
cblr-9109	795	100	stock	stock	NOUN
cblr-9109	795	101	covered	cover	VERB
cblr-9109	795	102	by	by	ADP
cblr-9109	795	103	the	the	DET
cblr-9109	795	104	option	option	NOUN
cblr-9109	795	105	.	.	PUNCT
cblr-9109	795	106	”	"	PUNCT
cblr-9109	795	107	)	)	PUNCT
cblr-9109	795	108	.	.	PUNCT
cblr-9109	796	1	no	no	INTJ
cblr-9109	796	2	.	.	PUNCT
cblr-9109	797	1	3:1244	3:1244	NUM
cblr-9109	797	2	]	]	X
cblr-9109	797	3	spoofing	spoofing	NOUN
cblr-9109	797	4	and	and	CCONJ
cblr-9109	797	5	its	its	PRON
cblr-9109	797	6	regulation	regulation	NOUN
cblr-9109	797	7	1301	1301	NUM
cblr-9109	797	8	first	first	ADJ
cblr-9109	797	9	,	,	PUNCT
cblr-9109	797	10	resch	resch	PROPN
cblr-9109	797	11	-	-	PUNCT
cblr-9109	797	12	cassin	cassin	PROPN
cblr-9109	797	13	,	,	PUNCT
cblr-9109	797	14	discussed	discuss	VERB
cblr-9109	797	15	above	above	ADV
cblr-9109	797	16	,	,	PUNCT
cblr-9109	797	17	involved	involve	VERB
cblr-9109	797	18	the	the	DET
cblr-9109	797	19	use	use	NOUN
cblr-9109	797	20	of	of	ADP
cblr-9109	797	21	trades	trade	NOUN
cblr-9109	797	22	as	as	ADV
cblr-9109	797	23	well	well	ADV
cblr-9109	797	24	as	as	ADP
cblr-9109	797	25	quotes	quote	NOUN
cblr-9109	797	26	to	to	PART
cblr-9109	797	27	drive	drive	VERB
cblr-9109	797	28	up	up	ADP
cblr-9109	797	29	the	the	DET
cblr-9109	797	30	price	price	NOUN
cblr-9109	797	31	of	of	ADP
cblr-9109	797	32	a	a	DET
cblr-9109	797	33	stock	stock	NOUN
cblr-9109	797	34	in	in	ADP
cblr-9109	797	35	a	a	DET
cblr-9109	797	36	situation	situation	NOUN
cblr-9109	797	37	where	where	SCONJ
cblr-9109	797	38	these	these	DET
cblr-9109	797	39	trades	trade	NOUN
cblr-9109	797	40	were	be	AUX
cblr-9109	797	41	made	make	VERB
cblr-9109	797	42	to	to	PART
cblr-9109	797	43	ease	ease	VERB
cblr-9109	797	44	an	an	DET
cblr-9109	797	45	offering	offering	NOUN
cblr-9109	797	46	’s	’s	PART
cblr-9109	797	47	after	after	ADP
cblr-9109	797	48	-	-	PUNCT
cblr-9109	797	49	market	market	NOUN
cblr-9109	797	50	sales	sale	NOUN
cblr-9109	797	51	to	to	ADP
cblr-9109	797	52	other	other	ADJ
cblr-9109	797	53	traders.165	traders.165	NUM
cblr-9109	797	54	the	the	DET
cblr-9109	797	55	court	court	NOUN
cblr-9109	797	56	considered	consider	VERB
cblr-9109	797	57	these	these	DET
cblr-9109	797	58	trades	trade	NOUN
cblr-9109	797	59	to	to	PART
cblr-9109	797	60	be	be	AUX
cblr-9109	797	61	section	section	NOUN
cblr-9109	797	62	9(a)(2	9(a)(2	NUM
cblr-9109	797	63	)	)	PUNCT
cblr-9109	797	64	violations	violation	NOUN
cblr-9109	797	65	because	because	SCONJ
cblr-9109	797	66	the	the	DET
cblr-9109	797	67	defendants	defendant	NOUN
cblr-9109	797	68	“	"	PUNCT
cblr-9109	797	69	had	have	VERB
cblr-9109	797	70	an	an	DET
cblr-9109	797	71	obvious	obvious	ADJ
cblr-9109	797	72	incentive	incentive	NOUN
cblr-9109	797	73	to	to	PART
cblr-9109	797	74	artificially	artificially	ADV
cblr-9109	797	75	influence	influence	VERB
cblr-9109	797	76	the	the	DET
cblr-9109	797	77	market	market	NOUN
cblr-9109	797	78	price	price	NOUN
cblr-9109	797	79	of	of	ADP
cblr-9109	797	80	the	the	DET
cblr-9109	797	81	security	security	NOUN
cblr-9109	797	82	in	in	ADP
cblr-9109	797	83	order	order	NOUN
cblr-9109	797	84	to	to	PART
cblr-9109	797	85	facilitate	facilitate	VERB
cblr-9109	797	86	its	its	PRON
cblr-9109	797	87	distribution	distribution	NOUN
cblr-9109	797	88	or	or	CCONJ
cblr-9109	797	89	increase	increase	VERB
cblr-9109	797	90	its	its	PRON
cblr-9109	797	91	profitability	profitability	NOUN
cblr-9109	797	92	.	.	PUNCT
cblr-9109	797	93	.	.	PUNCT
cblr-9109	797	94	.	.	PUNCT
cblr-9109	798	1	manipulat[ing	manipulat[e	VERB
cblr-9109	798	2	]	]	PUNCT
cblr-9109	799	1	the	the	DET
cblr-9109	799	2	after	after	NOUN
cblr-9109	799	3	-	-	PUNCT
cblr-9109	799	4	market	market	NOUN
cblr-9109	799	5	to	to	PART
cblr-9109	799	6	sell	sell	VERB
cblr-9109	799	7	the	the	DET
cblr-9109	799	8	africa	africa	PROPN
cblr-9109	799	9	stock	stock	NOUN
cblr-9109	799	10	to	to	ADP
cblr-9109	799	11	the	the	DET
cblr-9109	799	12	public	public	NOUN
cblr-9109	799	13	.	.	PUNCT
cblr-9109	800	1	”166	”166	PROPN
cblr-9109	800	2	crane	crane	PROPN
cblr-9109	800	3	co.	co.	PROPN
cblr-9109	800	4	v.	v.	ADP
cblr-9109	800	5	westinghouse	westinghouse	PROPN
cblr-9109	800	6	air	air	PROPN
cblr-9109	800	7	brake	brake	PROPN
cblr-9109	800	8	co.	co.	PROPN
cblr-9109	800	9	involved	involve	VERB
cblr-9109	800	10	the	the	DET
cblr-9109	800	11	attempt	attempt	NOUN
cblr-9109	800	12	by	by	ADP
cblr-9109	800	13	one	one	NUM
cblr-9109	800	14	of	of	ADP
cblr-9109	800	15	two	two	NUM
cblr-9109	800	16	firms	firm	NOUN
cblr-9109	800	17	competing	compete	VERB
cblr-9109	800	18	to	to	PART
cblr-9109	800	19	take	take	VERB
cblr-9109	800	20	over	over	ADP
cblr-9109	800	21	a	a	DET
cblr-9109	800	22	target	target	NOUN
cblr-9109	800	23	company	company	NOUN
cblr-9109	800	24	engaging	engage	VERB
cblr-9109	800	25	in	in	ADP
cblr-9109	800	26	trades	trade	NOUN
cblr-9109	800	27	to	to	PART
cblr-9109	800	28	raise	raise	VERB
cblr-9109	800	29	the	the	DET
cblr-9109	800	30	target	target	NOUN
cblr-9109	800	31	’s	’s	PART
cblr-9109	800	32	share	share	NOUN
cblr-9109	800	33	price.167	price.167	ADJ
cblr-9109	800	34	the	the	DET
cblr-9109	800	35	purpose	purpose	NOUN
cblr-9109	800	36	of	of	ADP
cblr-9109	800	37	doing	do	VERB
cblr-9109	800	38	this	this	PRON
cblr-9109	800	39	was	be	AUX
cblr-9109	800	40	to	to	PART
cblr-9109	800	41	defeat	defeat	VERB
cblr-9109	800	42	the	the	DET
cblr-9109	800	43	competing	compete	VERB
cblr-9109	800	44	firm	firm	NOUN
cblr-9109	800	45	’s	’s	PART
cblr-9109	800	46	tender	tender	NOUN
cblr-9109	800	47	offer	offer	NOUN
cblr-9109	800	48	for	for	ADP
cblr-9109	800	49	the	the	DET
cblr-9109	800	50	target	target	NOUN
cblr-9109	800	51	’s	’s	PART
cblr-9109	800	52	shares.168	shares.168	NOUN
cblr-9109	800	53	the	the	DET
cblr-9109	800	54	court	court	NOUN
cblr-9109	800	55	held	hold	VERB
cblr-9109	800	56	that	that	SCONJ
cblr-9109	800	57	trading	trading	NOUN
cblr-9109	800	58	solely	solely	ADV
cblr-9109	800	59	to	to	PART
cblr-9109	800	60	change	change	VERB
cblr-9109	800	61	an	an	DET
cblr-9109	800	62	issuer	issuer	NOUN
cblr-9109	800	63	’s	’s	PART
cblr-9109	800	64	share	share	NOUN
cblr-9109	800	65	price	price	NOUN
cblr-9109	800	66	in	in	ADP
cblr-9109	800	67	order	order	NOUN
cblr-9109	800	68	to	to	PART
cblr-9109	800	69	gain	gain	VERB
cblr-9109	800	70	an	an	DET
cblr-9109	800	71	advantage	advantage	NOUN
cblr-9109	800	72	pursuant	pursuant	NOUN
cblr-9109	800	73	to	to	ADP
cblr-9109	800	74	an	an	DET
cblr-9109	800	75	external	external	ADJ
cblr-9109	800	76	interest	interest	NOUN
cblr-9109	800	77	—	—	PUNCT
cblr-9109	800	78	in	in	ADP
cblr-9109	800	79	this	this	DET
cblr-9109	800	80	case	case	NOUN
cblr-9109	800	81	,	,	PUNCT
cblr-9109	800	82	to	to	PART
cblr-9109	800	83	defeat	defeat	VERB
cblr-9109	800	84	a	a	DET
cblr-9109	800	85	rival	rival	ADJ
cblr-9109	800	86	acquirer	acquirer	NOUN
cblr-9109	800	87	’s	’s	PART
cblr-9109	800	88	tender	tender	NOUN
cblr-9109	800	89	offer	offer	NOUN
cblr-9109	800	90	—	—	PUNCT
cblr-9109	800	91	involved	involve	VERB
cblr-9109	800	92	a	a	DET
cblr-9109	800	93	manipulative	manipulative	ADJ
cblr-9109	800	94	purpose	purpose	NOUN
cblr-9109	800	95	that	that	PRON
cblr-9109	800	96	rendered	render	VERB
cblr-9109	800	97	the	the	DET
cblr-9109	800	98	trades	trade	NOUN
cblr-9109	800	99	in	in	ADP
cblr-9109	800	100	violation	violation	NOUN
cblr-9109	800	101	of	of	ADP
cblr-9109	800	102	section	section	NOUN
cblr-9109	800	103	9(a)(2).169	9(a)(2).169	PROPN
cblr-9109	800	104	3	3	X
cblr-9109	800	105	.	.	PUNCT
cblr-9109	800	106	quote	quote	NOUN
cblr-9109	800	107	-	-	PUNCT
cblr-9109	800	108	based	base	VERB
cblr-9109	800	109	section	section	NOUN
cblr-9109	800	110	9(a)(2	9(a)(2	NUM
cblr-9109	800	111	)	)	PUNCT
cblr-9109	800	112	cases	case	NOUN
cblr-9109	800	113	in	in	ADP
cblr-9109	800	114	the	the	DET
cblr-9109	800	115	few	few	ADJ
cblr-9109	800	116	decisions	decision	NOUN
cblr-9109	800	117	concerning	concern	VERB
cblr-9109	800	118	quote	quote	NOUN
cblr-9109	800	119	-	-	PUNCT
cblr-9109	800	120	based	base	VERB
cblr-9109	800	121	manipulation	manipulation	NOUN
cblr-9109	800	122	and	and	CCONJ
cblr-9109	800	123	section	section	NOUN
cblr-9109	800	124	9(a)(2	9(a)(2	NUM
cblr-9109	800	125	)	)	PUNCT
cblr-9109	800	126	,	,	PUNCT
cblr-9109	800	127	courts	court	NOUN
cblr-9109	800	128	summarize	summarize	VERB
cblr-9109	800	129	the	the	DET
cblr-9109	800	130	case	case	NOUN
cblr-9109	800	131	law	law	NOUN
cblr-9109	800	132	around	around	ADP
cblr-9109	800	133	trade	trade	NOUN
cblr-9109	800	134	-	-	PUNCT
cblr-9109	800	135	based	base	VERB
cblr-9109	800	136	manipulation	manipulation	NOUN
cblr-9109	800	137	,	,	PUNCT
cblr-9109	800	138	and	and	CCONJ
cblr-9109	800	139	then	then	ADV
cblr-9109	800	140	,	,	PUNCT
cblr-9109	800	141	without	without	ADP
cblr-9109	800	142	further	further	ADJ
cblr-9109	800	143	critical	critical	ADJ
cblr-9109	800	144	analysis	analysis	NOUN
cblr-9109	800	145	,	,	PUNCT
cblr-9109	800	146	declare	declare	VERB
cblr-9109	800	147	a	a	DET
cblr-9109	800	148	violation	violation	NOUN
cblr-9109	800	149	of	of	ADP
cblr-9109	800	150	section	section	NOUN
cblr-9109	800	151	9(a)(2	9(a)(2	NUM
cblr-9109	800	152	)	)	PUNCT
cblr-9109	800	153	.	.	PUNCT
cblr-9109	801	1	in	in	ADP
cblr-9109	801	2	lek	lek	PROPN
cblr-9109	801	3	,	,	PUNCT
cblr-9109	801	4	for	for	ADP
cblr-9109	801	5	example	example	NOUN
cblr-9109	801	6	,	,	PUNCT
cblr-9109	801	7	after	after	ADP
cblr-9109	801	8	reviewing	review	VERB
cblr-9109	801	9	cases	case	NOUN
cblr-9109	801	10	discussing	discuss	VERB
cblr-9109	801	11	open	open	ADJ
cblr-9109	801	12	market	market	NOUN
cblr-9109	801	13	,	,	PUNCT
cblr-9109	801	14	trade	trade	NOUN
cblr-9109	801	15	165	165	NUM
cblr-9109	801	16	sec	sec	PROPN
cblr-9109	801	17	v.	v.	ADP
cblr-9109	801	18	resch	resch	PROPN
cblr-9109	801	19	-	-	PUNCT
cblr-9109	801	20	cassin	cassin	PROPN
cblr-9109	801	21	&	&	CCONJ
cblr-9109	801	22	co.	co.	PROPN
cblr-9109	801	23	,	,	PUNCT
cblr-9109	801	24	362	362	NUM
cblr-9109	801	25	f.	f.	PROPN
cblr-9109	801	26	supp	supp	PROPN
cblr-9109	801	27	.	.	PUNCT
cblr-9109	802	1	964	964	NUM
cblr-9109	802	2	,	,	PUNCT
cblr-9109	802	3	975–76	975–76	NUM
cblr-9109	802	4	(	(	PUNCT
cblr-9109	802	5	s.d.n.y	s.d.n.y	PROPN
cblr-9109	802	6	.	.	PROPN
cblr-9109	802	7	1973	1973	NUM
cblr-9109	802	8	)	)	PUNCT
cblr-9109	802	9	.	.	PUNCT
cblr-9109	803	1	166	166	NUM
cblr-9109	804	1	i	i	PRON
cblr-9109	804	2	d.	d.	PROPN
cblr-9109	804	3	at	at	ADP
cblr-9109	804	4	977	977	NUM
cblr-9109	804	5	.	.	PUNCT
cblr-9109	805	1	interestingly	interestingly	ADV
cblr-9109	805	2	,	,	PUNCT
cblr-9109	805	3	the	the	DET
cblr-9109	805	4	finding	finding	NOUN
cblr-9109	805	5	that	that	SCONJ
cblr-9109	805	6	section	section	NOUN
cblr-9109	805	7	9(a)(2	9(a)(2	NUM
cblr-9109	805	8	)	)	PUNCT
cblr-9109	805	9	was	be	AUX
cblr-9109	805	10	violated	violate	VERB
cblr-9109	805	11	in	in	ADP
cblr-9109	805	12	this	this	DET
cblr-9109	805	13	case	case	NOUN
cblr-9109	805	14	seems	seem	VERB
cblr-9109	805	15	to	to	PART
cblr-9109	805	16	be	be	AUX
cblr-9109	805	17	dicta	dicta	ADJ
cblr-9109	805	18	as	as	SCONJ
cblr-9109	805	19	it	it	PRON
cblr-9109	805	20	was	be	AUX
cblr-9109	805	21	conducted	conduct	VERB
cblr-9109	805	22	to	to	PART
cblr-9109	805	23	show	show	VERB
cblr-9109	805	24	that	that	SCONJ
cblr-9109	805	25	by	by	ADP
cblr-9109	805	26	analogy	analogy	NOUN
cblr-9109	805	27	section	section	NOUN
cblr-9109	805	28	10(b	10(b	NUM
cblr-9109	805	29	)	)	PUNCT
cblr-9109	805	30	must	must	AUX
cblr-9109	805	31	also	also	ADV
cblr-9109	805	32	have	have	AUX
cblr-9109	805	33	been	be	AUX
cblr-9109	805	34	violated	violate	VERB
cblr-9109	805	35	.	.	PUNCT
cblr-9109	806	1	i	i	PRON
cblr-9109	806	2	d.	d.	PROPN
cblr-9109	806	3	at	at	ADP
cblr-9109	806	4	975	975	NUM
cblr-9109	806	5	.	.	PUNCT
cblr-9109	807	1	167	167	NUM
cblr-9109	807	2	419	419	NUM
cblr-9109	807	3	f.2d	f.2d	ADP
cblr-9109	807	4	787	787	NUM
cblr-9109	807	5	,	,	PUNCT
cblr-9109	807	6	795	795	NUM
cblr-9109	807	7	(	(	PUNCT
cblr-9109	807	8	2d	2d	NUM
cblr-9109	807	9	cir	cir	NOUN
cblr-9109	807	10	.	.	PROPN
cblr-9109	807	11	1969	1969	NUM
cblr-9109	807	12	)	)	PUNCT
cblr-9109	807	13	.	.	PUNCT
cblr-9109	808	1	168	168	NUM
cblr-9109	809	1	i	i	PRON
cblr-9109	809	2	d.	d.	PROPN
cblr-9109	809	3	169	169	NUM
cblr-9109	810	1	i	i	PRON
cblr-9109	810	2	d.	d.	PROPN
cblr-9109	810	3	(	(	PUNCT
cblr-9109	810	4	“	"	PUNCT
cblr-9109	810	5	in	in	ADP
cblr-9109	810	6	furtherance	furtherance	NOUN
cblr-9109	810	7	of	of	ADP
cblr-9109	810	8	its	its	PRON
cblr-9109	810	9	interest	interest	NOUN
cblr-9109	810	10	in	in	ADP
cblr-9109	810	11	defeating	defeat	VERB
cblr-9109	810	12	the	the	DET
cblr-9109	810	13	crane	crane	NOUN
cblr-9109	810	14	tender	tender	NOUN
cblr-9109	810	15	offer	offer	NOUN
cblr-9109	810	16	and	and	CCONJ
cblr-9109	810	17	consummating	consummate	VERB
cblr-9109	810	18	its	its	PRON
cblr-9109	810	19	own	own	ADJ
cblr-9109	810	20	merger	merger	NOUN
cblr-9109	810	21	with	with	ADP
cblr-9109	810	22	air	air	NOUN
cblr-9109	810	23	brake	brake	NOUN
cblr-9109	810	24	,	,	PUNCT
cblr-9109	810	25	standard	standard	NOUN
cblr-9109	810	26	took	take	VERB
cblr-9109	810	27	affirmative	affirmative	ADJ
cblr-9109	810	28	steps	step	NOUN
cblr-9109	810	29	to	to	PART
cblr-9109	810	30	conceal	conceal	VERB
cblr-9109	810	31	from	from	ADP
cblr-9109	810	32	the	the	DET
cblr-9109	810	33	public	public	NOUN
cblr-9109	810	34	its	its	PRON
cblr-9109	810	35	own	own	ADJ
cblr-9109	810	36	secret	secret	ADJ
cblr-9109	810	37	sales	sale	NOUN
cblr-9109	810	38	off	off	ADP
cblr-9109	810	39	the	the	DET
cblr-9109	810	40	market	market	NOUN
cblr-9109	810	41	at	at	ADP
cblr-9109	810	42	the	the	DET
cblr-9109	810	43	same	same	ADJ
cblr-9109	810	44	time	time	NOUN
cblr-9109	810	45	it	it	PRON
cblr-9109	810	46	was	be	AUX
cblr-9109	810	47	dominating	dominate	VERB
cblr-9109	810	48	trading	trading	NOUN
cblr-9109	810	49	in	in	ADP
cblr-9109	810	50	air	air	NOUN
cblr-9109	810	51	brake	brake	NOUN
cblr-9109	810	52	shares	share	NOUN
cblr-9109	810	53	at	at	ADP
cblr-9109	810	54	a	a	DET
cblr-9109	810	55	price	price	NOUN
cblr-9109	810	56	level	level	NOUN
cblr-9109	810	57	calculated	calculate	VERB
cblr-9109	810	58	to	to	PART
cblr-9109	810	59	deter	deter	VERB
cblr-9109	810	60	air	air	NOUN
cblr-9109	810	61	brake	brake	NOUN
cblr-9109	810	62	shareholders	shareholder	NOUN
cblr-9109	810	63	from	from	ADP
cblr-9109	810	64	tendering	tender	VERB
cblr-9109	810	65	to	to	ADP
cblr-9109	810	66	crane	crane	NOUN
cblr-9109	810	67	.	.	PUNCT
cblr-9109	810	68	”	"	PUNCT
cblr-9109	810	69	)	)	PUNCT
cblr-9109	810	70	.	.	PUNCT
cblr-9109	811	1	1302	1302	NUM
cblr-9109	811	2	columbia	columbia	PROPN
cblr-9109	811	3	business	business	NOUN
cblr-9109	811	4	law	law	PROPN
cblr-9109	811	5	review	review	NOUN
cblr-9109	811	6	[	[	X
cblr-9109	811	7	vol	vol	NOUN
cblr-9109	811	8	.	.	PUNCT
cblr-9109	811	9	2021	2021	NUM
cblr-9109	811	10	based	base	VERB
cblr-9109	811	11	manipulation	manipulation	NOUN
cblr-9109	812	1	,	,	PUNCT
cblr-9109	812	2	the	the	DET
cblr-9109	812	3	court	court	NOUN
cblr-9109	812	4	summarily	summarily	ADV
cblr-9109	812	5	concluded	conclude	VERB
cblr-9109	812	6	that	that	SCONJ
cblr-9109	812	7	a	a	DET
cblr-9109	812	8	violation	violation	NOUN
cblr-9109	812	9	of	of	ADP
cblr-9109	812	10	section	section	NOUN
cblr-9109	812	11	9(a)(2	9(a)(2	NUM
cblr-9109	812	12	)	)	PUNCT
cblr-9109	812	13	was	be	AUX
cblr-9109	812	14	adequately	adequately	ADV
cblr-9109	812	15	pled	plead	VERB
cblr-9109	812	16	,	,	PUNCT
cblr-9109	812	17	as	as	SCONJ
cblr-9109	812	18	“	"	PUNCT
cblr-9109	812	19	[	[	X
cblr-9109	812	20	e]ach	e]ach	NOUN
cblr-9109	812	21	of	of	ADP
cblr-9109	812	22	the	the	DET
cblr-9109	812	23	[	[	X
cblr-9109	812	24	manipulation	manipulation	NOUN
cblr-9109	812	25	]	]	PUNCT
cblr-9109	812	26	schemes	scheme	NOUN
cblr-9109	812	27	was	be	AUX
cblr-9109	812	28	designed	design	VERB
cblr-9109	812	29	to	to	PART
cblr-9109	812	30	create	create	VERB
cblr-9109	812	31	a	a	DET
cblr-9109	812	32	false	false	ADJ
cblr-9109	812	33	impression	impression	NOUN
cblr-9109	812	34	of	of	ADP
cblr-9109	812	35	supply	supply	NOUN
cblr-9109	812	36	or	or	CCONJ
cblr-9109	812	37	demand	demand	NOUN
cblr-9109	812	38	for	for	ADP
cblr-9109	812	39	securities	security	NOUN
cblr-9109	812	40	and	and	CCONJ
cblr-9109	812	41	to	to	PART
cblr-9109	812	42	induce	induce	VERB
cblr-9109	812	43	other	other	ADJ
cblr-9109	812	44	market	market	NOUN
cblr-9109	812	45	participants	participant	NOUN
cblr-9109	812	46	to	to	PART
cblr-9109	812	47	purchase	purchase	VERB
cblr-9109	812	48	or	or	CCONJ
cblr-9109	812	49	sell	sell	VERB
cblr-9109	812	50	securities	security	NOUN
cblr-9109	812	51	.	.	PUNCT
cblr-9109	813	1	”170	”170	PUNCT
cblr-9109	814	1	little	little	ADJ
cblr-9109	814	2	further	further	ADJ
cblr-9109	814	3	guidance	guidance	NOUN
cblr-9109	814	4	exists	exist	VERB
cblr-9109	814	5	in	in	ADP
cblr-9109	814	6	case	case	NOUN
cblr-9109	814	7	law	law	NOUN
cblr-9109	814	8	as	as	ADP
cblr-9109	814	9	to	to	ADP
cblr-9109	814	10	how	how	SCONJ
cblr-9109	814	11	to	to	PART
cblr-9109	814	12	define	define	VERB
cblr-9109	814	13	illegitimate	illegitimate	ADJ
cblr-9109	814	14	purpose	purpose	NOUN
cblr-9109	814	15	,	,	PUNCT
cblr-9109	814	16	although	although	SCONJ
cblr-9109	814	17	one	one	NUM
cblr-9109	814	18	sec	sec	PROPN
cblr-9109	814	19	settlement	settlement	NOUN
cblr-9109	814	20	addressing	address	VERB
cblr-9109	814	21	quote	quote	NOUN
cblr-9109	814	22	-	-	PUNCT
cblr-9109	814	23	based	base	VERB
cblr-9109	814	24	manipulation	manipulation	NOUN
cblr-9109	814	25	under	under	ADP
cblr-9109	814	26	section	section	NOUN
cblr-9109	814	27	9(a)(2	9(a)(2	NUM
cblr-9109	814	28	)	)	PUNCT
cblr-9109	814	29	has	have	AUX
cblr-9109	814	30	offered	offer	VERB
cblr-9109	814	31	the	the	DET
cblr-9109	814	32	following	follow	VERB
cblr-9109	814	33	somewhat	somewhat	ADV
cblr-9109	814	34	helpful	helpful	ADJ
cblr-9109	814	35	description	description	NOUN
cblr-9109	814	36	of	of	ADP
cblr-9109	814	37	what	what	PRON
cblr-9109	814	38	,	,	PUNCT
cblr-9109	814	39	according	accord	VERB
cblr-9109	814	40	to	to	ADP
cblr-9109	814	41	the	the	DET
cblr-9109	814	42	sec	sec	PROPN
cblr-9109	814	43	,	,	PUNCT
cblr-9109	814	44	made	make	VERB
cblr-9109	814	45	the	the	DET
cblr-9109	814	46	trading	trading	NOUN
cblr-9109	814	47	activity	activity	NOUN
cblr-9109	814	48	in	in	ADP
cblr-9109	814	49	question	question	NOUN
cblr-9109	814	50	illegitimate	illegitimate	NOUN
cblr-9109	814	51	:	:	PUNCT
cblr-9109	815	1	[	[	X
cblr-9109	815	2	the	the	DET
cblr-9109	815	3	trader	trader	NOUN
cblr-9109	815	4	’s	’s	PART
cblr-9109	815	5	]	]	PUNCT
cblr-9109	815	6	intent	intent	NOUN
cblr-9109	815	7	to	to	PART
cblr-9109	815	8	induce	induce	VERB
cblr-9109	815	9	others	other	NOUN
cblr-9109	815	10	to	to	PART
cblr-9109	815	11	trade	trade	VERB
cblr-9109	815	12	at	at	ADP
cblr-9109	815	13	disadvantaged	disadvantaged	ADJ
cblr-9109	815	14	prices	price	NOUN
cblr-9109	815	15	is	be	AUX
cblr-9109	815	16	evident	evident	ADJ
cblr-9109	815	17	from	from	ADP
cblr-9109	815	18	his	his	PRON
cblr-9109	815	19	repeated	repeat	VERB
cblr-9109	815	20	submission	submission	NOUN
cblr-9109	815	21	of	of	ADP
cblr-9109	815	22	orders	order	NOUN
cblr-9109	815	23	at	at	ADP
cblr-9109	815	24	rising	rise	VERB
cblr-9109	815	25	(	(	PUNCT
cblr-9109	815	26	or	or	CCONJ
cblr-9109	815	27	declining	decline	VERB
cblr-9109	815	28	)	)	PUNCT
cblr-9109	815	29	prices	price	NOUN
cblr-9109	815	30	,	,	PUNCT
cblr-9109	815	31	his	his	PRON
cblr-9109	815	32	opportunistic	opportunistic	ADJ
cblr-9109	815	33	executions	execution	NOUN
cblr-9109	815	34	on	on	ADP
cblr-9109	815	35	the	the	DET
cblr-9109	815	36	opposite	opposite	ADJ
cblr-9109	815	37	side	side	NOUN
cblr-9109	815	38	of	of	ADP
cblr-9109	815	39	the	the	DET
cblr-9109	815	40	market	market	NOUN
cblr-9109	815	41	after	after	ADP
cblr-9109	815	42	these	these	DET
cblr-9109	815	43	non	non	ADJ
cblr-9109	815	44	-	-	ADJ
cblr-9109	815	45	bona	bona	ADJ
cblr-9109	815	46	fide	fide	ADJ
cblr-9109	815	47	orders	order	NOUN
cblr-9109	815	48	had	have	AUX
cblr-9109	815	49	altered	alter	VERB
cblr-9109	815	50	the	the	DET
cblr-9109	815	51	stock	stock	NOUN
cblr-9109	815	52	’s	’s	PART
cblr-9109	815	53	price	price	NOUN
cblr-9109	815	54	to	to	ADP
cblr-9109	815	55	his	his	PRON
cblr-9109	815	56	advantage	advantage	NOUN
cblr-9109	815	57	,	,	PUNCT
cblr-9109	815	58	and	and	CCONJ
cblr-9109	815	59	his	his	PRON
cblr-9109	815	60	prompt	prompt	ADJ
cblr-9109	815	61	cancellation	cancellation	NOUN
cblr-9109	815	62	of	of	ADP
cblr-9109	815	63	the	the	DET
cblr-9109	815	64	non	non	ADJ
cblr-9109	815	65	-	-	ADJ
cblr-9109	815	66	bona	bona	ADJ
cblr-9109	815	67	fide	fide	ADJ
cblr-9109	815	68	orders	order	NOUN
cblr-9109	815	69	before	before	SCONJ
cblr-9109	815	70	they	they	PRON
cblr-9109	815	71	could	could	AUX
cblr-9109	815	72	be	be	AUX
cblr-9109	815	73	executed	execute	VERB
cblr-9109	815	74	.	.	PUNCT
cblr-9109	816	1	the	the	DET
cblr-9109	816	2	trader	trader	NOUN
cblr-9109	816	3	’s	’s	PART
cblr-9109	816	4	intent	intent	NOUN
cblr-9109	816	5	to	to	PART
cblr-9109	816	6	induce	induce	VERB
cblr-9109	816	7	market	market	NOUN
cblr-9109	816	8	participants	participant	NOUN
cblr-9109	816	9	using	use	VERB
cblr-9109	816	10	algorithmic	algorithmic	ADJ
cblr-9109	816	11	platforms	platform	NOUN
cblr-9109	816	12	is	be	AUX
cblr-9109	816	13	also	also	ADV
cblr-9109	816	14	evident	evident	ADJ
cblr-9109	816	15	in	in	ADP
cblr-9109	816	16	his	his	PRON
cblr-9109	816	17	usage	usage	NOUN
cblr-9109	816	18	of	of	ADP
cblr-9109	816	19	100	100	NUM
cblr-9109	816	20	-	-	PUNCT
cblr-9109	816	21	share	share	NOUN
cblr-9109	816	22	orders	order	NOUN
cblr-9109	816	23	interspersed	intersperse	VERB
cblr-9109	816	24	with	with	ADP
cblr-9109	816	25	pressure	pressure	NOUN
cblr-9109	816	26	orders	order	NOUN
cblr-9109	816	27	for	for	ADP
cblr-9109	816	28	much	much	ADV
cblr-9109	816	29	higher	high	ADJ
cblr-9109	816	30	share	share	NOUN
cblr-9109	816	31	quantities	quantity	NOUN
cblr-9109	816	32	at	at	ADP
cblr-9109	816	33	prices	price	NOUN
cblr-9109	816	34	several	several	ADJ
cblr-9109	816	35	cents	cent	NOUN
cblr-9109	816	36	away	away	ADV
cblr-9109	816	37	from	from	ADP
cblr-9109	816	38	the	the	DET
cblr-9109	816	39	inside	inside	ADJ
cblr-9109	816	40	bid	bid	NOUN
cblr-9109	816	41	or	or	CCONJ
cblr-9109	816	42	inside	inside	ADJ
cblr-9109	816	43	ask	ask	NOUN
cblr-9109	816	44	in	in	ADP
cblr-9109	816	45	order	order	NOUN
cblr-9109	816	46	to	to	PART
cblr-9109	816	47	induce	induce	VERB
cblr-9109	816	48	the	the	DET
cblr-9109	816	49	purchase	purchase	NOUN
cblr-9109	816	50	or	or	CCONJ
cblr-9109	816	51	sale	sale	NOUN
cblr-9109	816	52	of	of	ADP
cblr-9109	816	53	securities	security	NOUN
cblr-9109	816	54	by	by	ADP
cblr-9109	816	55	others	other	NOUN
cblr-9109	816	56	who	who	PRON
cblr-9109	816	57	used	use	VERB
cblr-9109	816	58	trading	trading	NOUN
cblr-9109	816	59	algorithms	algorithm	NOUN
cblr-9109	816	60	that	that	PRON
cblr-9109	816	61	focus	focus	VERB
cblr-9109	816	62	on	on	ADP
cblr-9109	816	63	changes	change	NOUN
cblr-9109	816	64	to	to	ADP
cblr-9109	816	65	the	the	DET
cblr-9109	816	66	nbbo	nbbo	NOUN
cblr-9109	816	67	or	or	CCONJ
cblr-9109	816	68	liquidity	liquidity	NOUN
cblr-9109	816	69	imbalances	imbalance	NOUN
cblr-9109	816	70	.	.	PUNCT
cblr-9109	816	71	”171	”171	PROPN
cblr-9109	816	72	in	in	ADP
cblr-9109	816	73	this	this	DET
cblr-9109	816	74	release	release	NOUN
cblr-9109	816	75	,	,	PUNCT
cblr-9109	816	76	the	the	DET
cblr-9109	816	77	sec	sec	PROPN
cblr-9109	816	78	seems	seem	VERB
cblr-9109	816	79	to	to	PART
cblr-9109	816	80	be	be	AUX
cblr-9109	816	81	focused	focus	VERB
cblr-9109	816	82	on	on	ADP
cblr-9109	816	83	the	the	DET
cblr-9109	816	84	repeated	repeat	VERB
cblr-9109	816	85	pattern	pattern	NOUN
cblr-9109	816	86	of	of	ADP
cblr-9109	816	87	submitting	submit	VERB
cblr-9109	816	88	orders	order	NOUN
cblr-9109	816	89	that	that	PRON
cblr-9109	816	90	induce	induce	VERB
cblr-9109	816	91	a	a	DET
cblr-9109	816	92	price	price	NOUN
cblr-9109	816	93	change	change	NOUN
cblr-9109	816	94	,	,	PUNCT
cblr-9109	816	95	followed	follow	VERB
cblr-9109	816	96	by	by	ADP
cblr-9109	816	97	“	"	PUNCT
cblr-9109	816	98	opportunistic	opportunistic	ADJ
cblr-9109	816	99	executions	execution	NOUN
cblr-9109	816	100	on	on	ADP
cblr-9109	816	101	the	the	DET
cblr-9109	816	102	opposite	opposite	ADJ
cblr-9109	816	103	side	side	NOUN
cblr-9109	816	104	of	of	ADP
cblr-9109	816	105	the	the	DET
cblr-9109	816	106	market	market	NOUN
cblr-9109	816	107	,	,	PUNCT
cblr-9109	816	108	”	"	PUNCT
cblr-9109	816	109	and	and	CCONJ
cblr-9109	816	110	“	"	PUNCT
cblr-9109	816	111	prompt	prompt	ADJ
cblr-9109	816	112	cancellation	cancellation	NOUN
cblr-9109	816	113	”	"	PUNCT
cblr-9109	816	114	of	of	ADP
cblr-9109	816	115	the	the	DET
cblr-9109	816	116	initial	initial	ADJ
cblr-9109	816	117	170	170	NUM
cblr-9109	816	118	sec	sec	PROPN
cblr-9109	816	119	v.	v.	ADP
cblr-9109	816	120	lek	lek	PROPN
cblr-9109	816	121	sec	sec	PROPN
cblr-9109	816	122	.	.	PROPN
cblr-9109	816	123	corp	corp	PROPN
cblr-9109	816	124	.	.	PROPN
cblr-9109	816	125	,	,	PUNCT
cblr-9109	816	126	276	276	NUM
cblr-9109	816	127	f.	f.	PROPN
cblr-9109	816	128	supp	supp	PROPN
cblr-9109	816	129	.	.	PUNCT
cblr-9109	817	1	3d	3d	NUM
cblr-9109	817	2	49	49	NUM
cblr-9109	817	3	,	,	PUNCT
cblr-9109	817	4	62	62	NUM
cblr-9109	817	5	(	(	PUNCT
cblr-9109	817	6	s.d.n.y	s.d.n.y	PROPN
cblr-9109	817	7	2017	2017	NUM
cblr-9109	817	8	)	)	PUNCT
cblr-9109	817	9	.	.	PUNCT
cblr-9109	818	1	171	171	NUM
cblr-9109	818	2	biremis	biremis	PROPN
cblr-9109	818	3	corp	corp	PROPN
cblr-9109	818	4	.	.	PROPN
cblr-9109	818	5	,	,	PUNCT
cblr-9109	818	6	exchange	exchange	PROPN
cblr-9109	818	7	act	act	PROPN
cblr-9109	818	8	release	release	VERB
cblr-9109	818	9	no	no	NOUN
cblr-9109	818	10	.	.	NOUN
cblr-9109	818	11	68,456	68,456	NUM
cblr-9109	818	12	,	,	PUNCT
cblr-9109	818	13	105	105	NUM
cblr-9109	818	14	sec	sec	PROPN
cblr-9109	818	15	docket	docket	NOUN
cblr-9109	818	16	862	862	NUM
cblr-9109	818	17	(	(	PUNCT
cblr-9109	818	18	dec	dec	PROPN
cblr-9109	818	19	.	.	PROPN
cblr-9109	818	20	18	18	NUM
cblr-9109	818	21	,	,	PUNCT
cblr-9109	818	22	2012	2012	NUM
cblr-9109	818	23	)	)	PUNCT
cblr-9109	818	24	.	.	PUNCT
cblr-9109	819	1	the	the	DET
cblr-9109	819	2	scheme	scheme	NOUN
cblr-9109	819	3	is	be	AUX
cblr-9109	819	4	described	describe	VERB
cblr-9109	819	5	as	as	SCONJ
cblr-9109	819	6	follows	follow	VERB
cblr-9109	819	7	:	:	PUNCT
cblr-9109	819	8	“	"	PUNCT
cblr-9109	819	9	[	[	X
cblr-9109	819	10	l]ayering	l]ayere	VERB
cblr-9109	819	11	occurs	occur	VERB
cblr-9109	819	12	when	when	SCONJ
cblr-9109	819	13	a	a	DET
cblr-9109	819	14	trader	trader	NOUN
cblr-9109	819	15	creates	create	VERB
cblr-9109	819	16	a	a	DET
cblr-9109	819	17	false	false	ADJ
cblr-9109	819	18	appearance	appearance	NOUN
cblr-9109	819	19	of	of	ADP
cblr-9109	819	20	market	market	NOUN
cblr-9109	819	21	activity	activity	NOUN
cblr-9109	819	22	by	by	ADP
cblr-9109	819	23	entering	enter	VERB
cblr-9109	819	24	multiple	multiple	ADJ
cblr-9109	819	25	non	non	ADJ
cblr-9109	819	26	-	-	ADJ
cblr-9109	819	27	bona	bona	ADJ
cblr-9109	819	28	fide	fide	ADJ
cblr-9109	819	29	orders	order	NOUN
cblr-9109	819	30	on	on	ADP
cblr-9109	819	31	one	one	NUM
cblr-9109	819	32	side	side	NOUN
cblr-9109	819	33	of	of	ADP
cblr-9109	819	34	the	the	DET
cblr-9109	819	35	market	market	NOUN
cblr-9109	819	36	,	,	PUNCT
cblr-9109	819	37	at	at	ADP
cblr-9109	819	38	generally	generally	ADV
cblr-9109	819	39	increasing	increase	VERB
cblr-9109	819	40	(	(	PUNCT
cblr-9109	819	41	or	or	CCONJ
cblr-9109	819	42	decreasing	decrease	VERB
cblr-9109	819	43	)	)	PUNCT
cblr-9109	819	44	prices	price	NOUN
cblr-9109	819	45	,	,	PUNCT
cblr-9109	819	46	in	in	ADP
cblr-9109	819	47	order	order	NOUN
cblr-9109	819	48	to	to	PART
cblr-9109	819	49	move	move	VERB
cblr-9109	819	50	that	that	DET
cblr-9109	819	51	stock	stock	NOUN
cblr-9109	819	52	’s	’s	PART
cblr-9109	819	53	price	price	NOUN
cblr-9109	819	54	in	in	ADP
cblr-9109	819	55	a	a	DET
cblr-9109	819	56	direction	direction	NOUN
cblr-9109	819	57	where	where	SCONJ
cblr-9109	819	58	the	the	DET
cblr-9109	819	59	trader	trader	NOUN
cblr-9109	819	60	intends	intend	VERB
cblr-9109	819	61	to	to	PART
cblr-9109	819	62	induce	induce	VERB
cblr-9109	819	63	others	other	NOUN
cblr-9109	819	64	to	to	PART
cblr-9109	819	65	buy	buy	VERB
cblr-9109	819	66	(	(	PUNCT
cblr-9109	819	67	or	or	CCONJ
cblr-9109	819	68	sell	sell	VERB
cblr-9109	819	69	)	)	PUNCT
cblr-9109	819	70	at	at	ADP
cblr-9109	819	71	a	a	DET
cblr-9109	819	72	price	price	NOUN
cblr-9109	819	73	altered	alter	VERB
cblr-9109	819	74	by	by	ADP
cblr-9109	819	75	the	the	DET
cblr-9109	819	76	non	non	ADJ
cblr-9109	819	77	-	-	ADJ
cblr-9109	819	78	bona	bona	ADJ
cblr-9109	819	79	fide	fide	ADJ
cblr-9109	819	80	orders	order	NOUN
cblr-9109	819	81	.	.	PUNCT
cblr-9109	819	82	.	.	PUNCT
cblr-9109	819	83	.	.	PUNCT
cblr-9109	820	1	.	.	PUNCT
cblr-9109	821	1	this	this	DET
cblr-9109	821	2	trading	trading	NOUN
cblr-9109	821	3	by	by	ADP
cblr-9109	821	4	the	the	DET
cblr-9109	821	5	overseas	overseas	ADJ
cblr-9109	821	6	traders	trader	NOUN
cblr-9109	821	7	violated	violate	VERB
cblr-9109	821	8	exchange	exchange	NOUN
cblr-9109	821	9	act	act	PROPN
cblr-9109	821	10	section	section	NOUN
cblr-9109	821	11	9(a)(2	9(a)(2	NUM
cblr-9109	821	12	)	)	PUNCT
cblr-9109	822	1	[	[	X
cblr-9109	822	2	.	.	X
cblr-9109	822	3	]	]	X
cblr-9109	822	4	”	"	PUNCT
cblr-9109	822	5	i	i	PRON
cblr-9109	822	6	d.	d.	PROPN
cblr-9109	822	7	no	no	INTJ
cblr-9109	822	8	.	.	PUNCT
cblr-9109	823	1	3:1244	3:1244	NUM
cblr-9109	823	2	]	]	X
cblr-9109	823	3	spoofing	spoofing	NOUN
cblr-9109	823	4	and	and	CCONJ
cblr-9109	823	5	its	its	PRON
cblr-9109	823	6	regulation	regulation	NOUN
cblr-9109	823	7	1303	1303	NUM
cblr-9109	823	8	“	"	PUNCT
cblr-9109	823	9	non	non	ADJ
cblr-9109	823	10	-	-	ADJ
cblr-9109	823	11	bona	bona	ADJ
cblr-9109	823	12	fide	fide	ADJ
cblr-9109	823	13	”	"	PUNCT
cblr-9109	823	14	orders	order	NOUN
cblr-9109	823	15	that	that	PRON
cblr-9109	823	16	had	have	AUX
cblr-9109	823	17	not	not	PART
cblr-9109	823	18	already	already	ADV
cblr-9109	823	19	been	be	AUX
cblr-9109	823	20	executed	execute	VERB
cblr-9109	823	21	against.172	against.172	PROPN
cblr-9109	823	22	b.	b.	PROPN
cblr-9109	823	23	section	section	PROPN
cblr-9109	823	24	10(b	10(b	NUM
cblr-9109	823	25	)	)	PUNCT
cblr-9109	823	26	exchange	exchange	NOUN
cblr-9109	823	27	act	act	PROPN
cblr-9109	823	28	section	section	PROPN
cblr-9109	823	29	10(b	10(b	NUM
cblr-9109	823	30	)	)	PUNCT
cblr-9109	823	31	prohibits	prohibit	VERB
cblr-9109	823	32	any	any	DET
cblr-9109	823	33	person	person	NOUN
cblr-9109	823	34	from	from	ADP
cblr-9109	823	35	using	use	VERB
cblr-9109	823	36	in	in	ADP
cblr-9109	823	37	a	a	DET
cblr-9109	823	38	securities	security	NOUN
cblr-9109	823	39	transaction	transaction	NOUN
cblr-9109	823	40	“	"	PUNCT
cblr-9109	823	41	any	any	DET
cblr-9109	823	42	manipulative	manipulative	ADJ
cblr-9109	823	43	or	or	CCONJ
cblr-9109	823	44	deceptive	deceptive	ADJ
cblr-9109	823	45	device	device	NOUN
cblr-9109	823	46	”	"	PUNCT
cblr-9109	823	47	in	in	ADP
cblr-9109	823	48	contravention	contravention	NOUN
cblr-9109	823	49	of	of	ADP
cblr-9109	823	50	an	an	DET
cblr-9109	823	51	sec	sec	PROPN
cblr-9109	823	52	rule	rule	NOUN
cblr-9109	823	53	promulgated	promulgate	VERB
cblr-9109	823	54	thereunder.173	thereunder.173	NOUN
cblr-9109	823	55	rule	rule	NOUN
cblr-9109	823	56	10b-5	10b-5	NUM
cblr-9109	823	57	is	be	AUX
cblr-9109	823	58	such	such	DET
cblr-9109	823	59	a	a	DET
cblr-9109	823	60	rule	rule	NOUN
cblr-9109	823	61	and	and	CCONJ
cblr-9109	823	62	is	be	AUX
cblr-9109	823	63	the	the	DET
cblr-9109	823	64	primary	primary	ADJ
cblr-9109	823	65	engine	engine	NOUN
cblr-9109	823	66	of	of	ADP
cblr-9109	823	67	regulation	regulation	NOUN
cblr-9109	823	68	under	under	ADP
cblr-9109	823	69	section	section	NOUN
cblr-9109	823	70	10(b	10(b	NUM
cblr-9109	823	71	)	)	PUNCT
cblr-9109	823	72	.	.	PUNCT
cblr-9109	824	1	rule	rule	NOUN
cblr-9109	824	2	10b-5	10b-5	NUM
cblr-9109	824	3	makes	make	VERB
cblr-9109	824	4	it	it	PRON
cblr-9109	824	5	unlawful	unlawful	ADJ
cblr-9109	824	6	,	,	PUNCT
cblr-9109	824	7	in	in	ADP
cblr-9109	824	8	connection	connection	NOUN
cblr-9109	824	9	with	with	ADP
cblr-9109	824	10	the	the	DET
cblr-9109	824	11	purchase	purchase	NOUN
cblr-9109	824	12	or	or	CCONJ
cblr-9109	824	13	sale	sale	NOUN
cblr-9109	824	14	of	of	ADP
cblr-9109	824	15	any	any	DET
cblr-9109	824	16	security	security	NOUN
cblr-9109	824	17	(	(	PUNCT
cblr-9109	824	18	a	a	NOUN
cblr-9109	824	19	)	)	PUNCT
cblr-9109	824	20	to	to	PART
cblr-9109	824	21	employ	employ	VERB
cblr-9109	824	22	any	any	DET
cblr-9109	824	23	device	device	NOUN
cblr-9109	824	24	,	,	PUNCT
cblr-9109	824	25	scheme	scheme	NOUN
cblr-9109	824	26	,	,	PUNCT
cblr-9109	824	27	or	or	CCONJ
cblr-9109	824	28	artifice	artifice	VERB
cblr-9109	824	29	to	to	PART
cblr-9109	824	30	defraud	defraud	VERB
cblr-9109	824	31	,	,	PUNCT
cblr-9109	824	32	(	(	PUNCT
cblr-9109	824	33	b	b	X
cblr-9109	824	34	)	)	PUNCT
cblr-9109	824	35	to	to	PART
cblr-9109	824	36	make	make	VERB
cblr-9109	824	37	any	any	DET
cblr-9109	824	38	untrue	untrue	ADJ
cblr-9109	824	39	statement	statement	NOUN
cblr-9109	824	40	of	of	ADP
cblr-9109	824	41	a	a	DET
cblr-9109	824	42	material	material	ADJ
cblr-9109	824	43	fact	fact	NOUN
cblr-9109	824	44	or	or	CCONJ
cblr-9109	824	45	to	to	PART
cblr-9109	824	46	omit	omit	VERB
cblr-9109	824	47	to	to	PART
cblr-9109	824	48	state	state	VERB
cblr-9109	824	49	a	a	DET
cblr-9109	824	50	material	material	ADJ
cblr-9109	824	51	fact	fact	NOUN
cblr-9109	824	52	necessary	necessary	ADJ
cblr-9109	824	53	in	in	ADP
cblr-9109	824	54	order	order	NOUN
cblr-9109	824	55	to	to	PART
cblr-9109	824	56	make	make	VERB
cblr-9109	824	57	the	the	DET
cblr-9109	824	58	statements	statement	NOUN
cblr-9109	824	59	made	make	VERB
cblr-9109	824	60	,	,	PUNCT
cblr-9109	824	61	in	in	ADP
cblr-9109	824	62	the	the	DET
cblr-9109	824	63	light	light	NOUN
cblr-9109	824	64	of	of	ADP
cblr-9109	824	65	the	the	DET
cblr-9109	824	66	circumstances	circumstance	NOUN
cblr-9109	824	67	under	under	ADP
cblr-9109	824	68	which	which	PRON
cblr-9109	824	69	they	they	PRON
cblr-9109	824	70	were	be	AUX
cblr-9109	824	71	made	make	VERB
cblr-9109	824	72	,	,	PUNCT
cblr-9109	824	73	not	not	PART
cblr-9109	824	74	misleading	misleading	ADJ
cblr-9109	824	75	,	,	PUNCT
cblr-9109	824	76	or	or	CCONJ
cblr-9109	824	77	(	(	PUNCT
cblr-9109	824	78	c	c	X
cblr-9109	824	79	)	)	PUNCT
cblr-9109	824	80	to	to	PART
cblr-9109	824	81	engage	engage	VERB
cblr-9109	824	82	in	in	ADP
cblr-9109	824	83	any	any	DET
cblr-9109	824	84	act	act	NOUN
cblr-9109	824	85	,	,	PUNCT
cblr-9109	824	86	practice	practice	NOUN
cblr-9109	824	87	,	,	PUNCT
cblr-9109	824	88	or	or	CCONJ
cblr-9109	824	89	course	course	NOUN
cblr-9109	824	90	of	of	ADP
cblr-9109	824	91	business	business	NOUN
cblr-9109	824	92	which	which	PRON
cblr-9109	824	93	operates	operate	VERB
cblr-9109	824	94	or	or	CCONJ
cblr-9109	824	95	would	would	AUX
cblr-9109	824	96	operate	operate	VERB
cblr-9109	824	97	as	as	ADP
cblr-9109	824	98	a	a	DET
cblr-9109	824	99	fraud	fraud	NOUN
cblr-9109	824	100	or	or	CCONJ
cblr-9109	824	101	deceit	deceit	NOUN
cblr-9109	824	102	upon	upon	SCONJ
cblr-9109	824	103	any	any	DET
cblr-9109	824	104	person[.]174	person[.]174	PROPN
cblr-9109	824	105	on	on	ADP
cblr-9109	824	106	the	the	DET
cblr-9109	824	107	one	one	NUM
cblr-9109	824	108	hand	hand	NOUN
cblr-9109	824	109	,	,	PUNCT
cblr-9109	824	110	it	it	PRON
cblr-9109	824	111	is	be	AUX
cblr-9109	824	112	easier	easy	ADJ
cblr-9109	824	113	than	than	ADP
cblr-9109	824	114	with	with	ADP
cblr-9109	824	115	section	section	NOUN
cblr-9109	824	116	9(a)(2	9(a)(2	NUM
cblr-9109	824	117	)	)	PUNCT
cblr-9109	824	118	to	to	PART
cblr-9109	824	119	contemplate	contemplate	VERB
cblr-9109	824	120	that	that	SCONJ
cblr-9109	824	121	whatever	whatever	PRON
cblr-9109	824	122	is	be	AUX
cblr-9109	824	123	prohibited	prohibit	VERB
cblr-9109	824	124	by	by	ADP
cblr-9109	824	125	rule	rule	NOUN
cblr-9109	824	126	10b-5	10b-5	NUM
cblr-9109	824	127	includes	include	VERB
cblr-9109	824	128	quoting	quote	VERB
cblr-9109	824	129	activity	activity	NOUN
cblr-9109	824	130	as	as	ADV
cblr-9109	824	131	well	well	ADV
cblr-9109	824	132	as	as	ADP
cblr-9109	824	133	trading	trading	NOUN
cblr-9109	824	134	activity	activity	NOUN
cblr-9109	824	135	.	.	PUNCT
cblr-9109	825	1	quoting	quote	VERB
cblr-9109	825	2	and	and	CCONJ
cblr-9109	825	3	trading	trading	NOUN
cblr-9109	825	4	each	each	PRON
cblr-9109	825	5	involve	involve	VERB
cblr-9109	825	6	an	an	DET
cblr-9109	825	7	action	action	NOUN
cblr-9109	825	8	“	"	PUNCT
cblr-9109	825	9	in	in	ADP
cblr-9109	825	10	connection	connection	NOUN
cblr-9109	825	11	with	with	ADP
cblr-9109	825	12	the	the	DET
cblr-9109	825	13	purchase	purchase	NOUN
cblr-9109	825	14	and	and	CCONJ
cblr-9109	825	15	sale	sale	NOUN
cblr-9109	825	16	of	of	ADP
cblr-9109	825	17	a	a	DET
cblr-9109	825	18	security	security	NOUN
cblr-9109	825	19	,	,	PUNCT
cblr-9109	825	20	”	"	PUNCT
cblr-9109	825	21	and	and	CCONJ
cblr-9109	825	22	courts	court	NOUN
cblr-9109	825	23	have	have	AUX
cblr-9109	825	24	very	very	ADV
cblr-9109	825	25	broadly	broadly	ADV
cblr-9109	825	26	interpreted	interpret	VERB
cblr-9109	825	27	the	the	DET
cblr-9109	825	28	“	"	PUNCT
cblr-9109	825	29	in	in	ADP
cblr-9109	825	30	connection	connection	NOUN
cblr-9109	825	31	with	with	ADP
cblr-9109	825	32	”	"	PUNCT
cblr-9109	825	33	clause.175	clause.175	PROPN
cblr-9109	825	34	on	on	ADP
cblr-9109	825	35	the	the	DET
cblr-9109	825	36	other	other	ADJ
cblr-9109	825	37	hand	hand	NOUN
cblr-9109	825	38	,	,	PUNCT
cblr-9109	825	39	we	we	PRON
cblr-9109	825	40	are	be	AUX
cblr-9109	825	41	focusing	focus	VERB
cblr-9109	825	42	on	on	ADP
cblr-9109	825	43	manipulation	manipulation	NOUN
cblr-9109	825	44	.	.	PUNCT
cblr-9109	826	1	rule	rule	NOUN
cblr-9109	826	2	10b-5	10b-5	NUM
cblr-9109	826	3	,	,	PUNCT
cblr-9109	826	4	despite	despite	SCONJ
cblr-9109	826	5	its	its	PRON
cblr-9109	826	6	broad	broad	ADJ
cblr-9109	826	7	language	language	NOUN
cblr-9109	826	8	,	,	PUNCT
cblr-9109	826	9	reads	read	VERB
cblr-9109	826	10	much	much	ADV
cblr-9109	826	11	more	more	ADJ
cblr-9109	826	12	as	as	ADP
cblr-9109	826	13	a	a	DET
cblr-9109	826	14	provision	provision	NOUN
cblr-9109	826	15	focused	focus	VERB
cblr-9109	826	16	on	on	ADP
cblr-9109	826	17	fraud	fraud	NOUN
cblr-9109	826	18	than	than	ADP
cblr-9109	826	19	on	on	ADP
cblr-9109	826	20	manipulation	manipulation	NOUN
cblr-9109	826	21	.	.	PUNCT
cblr-9109	827	1	indeed	indeed	ADV
cblr-9109	827	2	,	,	PUNCT
cblr-9109	827	3	unlike	unlike	ADP
cblr-9109	827	4	section10(b	section10(b	PROPN
cblr-9109	827	5	)	)	PUNCT
cblr-9109	827	6	,	,	PUNCT
cblr-9109	827	7	the	the	DET
cblr-9109	827	8	section	section	NOUN
cblr-9109	827	9	of	of	ADP
cblr-9109	827	10	the	the	DET
cblr-9109	827	11	statute	statute	NOUN
cblr-9109	827	12	under	under	ADP
cblr-9109	827	13	which	which	PRON
cblr-9109	827	14	the	the	DET
cblr-9109	827	15	rule	rule	NOUN
cblr-9109	827	16	was	be	AUX
cblr-9109	827	17	promulgated	promulgate	VERB
cblr-9109	827	18	,	,	PUNCT
cblr-9109	827	19	rule	rule	NOUN
cblr-9109	827	20	10b-5	10b-5	NUM
cblr-9109	827	21	does	do	AUX
cblr-9109	827	22	not	not	PART
cblr-9109	827	23	even	even	ADV
cblr-9109	827	24	include	include	VERB
cblr-9109	827	25	the	the	DET
cblr-9109	827	26	term	term	NOUN
cblr-9109	827	27	“	"	PUNCT
cblr-9109	827	28	manipulation	manipulation	NOUN
cblr-9109	827	29	.	.	PUNCT
cblr-9109	828	1	”176	”176	PROPN
cblr-9109	828	2	172	172	NUM
cblr-9109	829	1	i	i	PRON
cblr-9109	829	2	d.	d.	PROPN
cblr-9109	829	3	at	at	ADP
cblr-9109	829	4	11	11	NUM
cblr-9109	829	5	.	.	PUNCT
cblr-9109	830	1	173	173	NUM
cblr-9109	830	2	15	15	NUM
cblr-9109	830	3	u.s.c	u.s.c	NOUN
cblr-9109	830	4	.	.	PUNCT
cblr-9109	831	1	§	§	PROPN
cblr-9109	831	2	78j(b	78j(b	X
cblr-9109	831	3	)	)	PUNCT
cblr-9109	831	4	(	(	PUNCT
cblr-9109	831	5	2018	2018	NUM
cblr-9109	831	6	)	)	PUNCT
cblr-9109	831	7	.	.	PUNCT
cblr-9109	832	1	174	174	NUM
cblr-9109	832	2	employment	employment	NOUN
cblr-9109	832	3	of	of	ADP
cblr-9109	832	4	manipulative	manipulative	ADJ
cblr-9109	832	5	and	and	CCONJ
cblr-9109	832	6	deceptive	deceptive	ADJ
cblr-9109	832	7	devices	device	NOUN
cblr-9109	832	8	,	,	PUNCT
cblr-9109	832	9	17	17	NUM
cblr-9109	832	10	c.f.r	c.f.r	NOUN
cblr-9109	832	11	.	.	PUNCT
cblr-9109	833	1	§	§	PROPN
cblr-9109	833	2	240.10b-5	240.10b-5	NUM
cblr-9109	833	3	(	(	PUNCT
cblr-9109	833	4	2021	2021	NUM
cblr-9109	833	5	)	)	PUNCT
cblr-9109	833	6	.	.	PUNCT
cblr-9109	834	1	175	175	NUM
cblr-9109	834	2	see	see	VERB
cblr-9109	834	3	fox	fox	PROPN
cblr-9109	834	4	et	et	PROPN
cblr-9109	834	5	al	al	PROPN
cblr-9109	834	6	.	.	PROPN
cblr-9109	834	7	,	,	PUNCT
cblr-9109	834	8	manipulation	manipulation	NOUN
cblr-9109	834	9	,	,	PUNCT
cblr-9109	834	10	supra	supra	PROPN
cblr-9109	834	11	note	note	NOUN
cblr-9109	834	12	3	3	NUM
cblr-9109	834	13	,	,	PUNCT
cblr-9109	834	14	at	at	ADP
cblr-9109	834	15	123	123	NUM
cblr-9109	834	16	,	,	PUNCT
cblr-9109	834	17	(	(	PUNCT
cblr-9109	834	18	citing	cite	VERB
cblr-9109	834	19	sec	sec	PROPN
cblr-9109	834	20	v.	v.	PROPN
cblr-9109	834	21	texas	texas	PROPN
cblr-9109	834	22	gulf	gulf	PROPN
cblr-9109	834	23	sulphur	sulphur	NOUN
cblr-9109	834	24	,	,	PUNCT
cblr-9109	834	25	401	401	NUM
cblr-9109	834	26	f.2d	f.2d	NOUN
cblr-9109	834	27	833	833	NUM
cblr-9109	834	28	,	,	PUNCT
cblr-9109	834	29	859–61	859–61	NUM
cblr-9109	834	30	(	(	PUNCT
cblr-9109	834	31	2d	2d	NUM
cblr-9109	834	32	cir	cir	NOUN
cblr-9109	834	33	.	.	PUNCT
cblr-9109	834	34	1968	1968	NUM
cblr-9109	834	35	)	)	PUNCT
cblr-9109	834	36	)	)	PUNCT
cblr-9109	834	37	;	;	PUNCT
cblr-9109	834	38	see	see	VERB
cblr-9109	834	39	also	also	ADV
cblr-9109	834	40	infra	infra	VERB
cblr-9109	834	41	part	part	NOUN
cblr-9109	834	42	vii.a	vii.a	NOUN
cblr-9109	834	43	.	.	NOUN
cblr-9109	835	1	176	176	NUM
cblr-9109	835	2	compare	compare	VERB
cblr-9109	835	3	17	17	NUM
cblr-9109	835	4	c.f.r	c.f.r	NOUN
cblr-9109	835	5	.	.	PUNCT
cblr-9109	836	1	§	§	PROPN
cblr-9109	836	2	240.10b-5	240.10b-5	NUM
cblr-9109	836	3	with	with	ADP
cblr-9109	836	4	15	15	NUM
cblr-9109	836	5	u.s.c	u.s.c	ADJ
cblr-9109	836	6	.	.	PUNCT
cblr-9109	837	1	§	§	PROPN
cblr-9109	837	2	78j(b	78j(b	NUM
cblr-9109	837	3	)	)	PUNCT
cblr-9109	837	4	.	.	PUNCT
cblr-9109	838	1	1304	1304	NUM
cblr-9109	838	2	columbia	columbia	PROPN
cblr-9109	838	3	business	business	NOUN
cblr-9109	838	4	law	law	PROPN
cblr-9109	838	5	review	review	NOUN
cblr-9109	838	6	[	[	X
cblr-9109	838	7	vol	vol	NOUN
cblr-9109	838	8	.	.	NOUN
cblr-9109	838	9	2021	2021	NUM
cblr-9109	838	10	as	as	SCONJ
cblr-9109	838	11	we	we	PRON
cblr-9109	838	12	discuss	discuss	VERB
cblr-9109	838	13	below	below	ADV
cblr-9109	838	14	,	,	PUNCT
cblr-9109	838	15	there	there	PRON
cblr-9109	838	16	is	be	VERB
cblr-9109	838	17	a	a	DET
cblr-9109	838	18	split	split	NOUN
cblr-9109	838	19	of	of	ADP
cblr-9109	838	20	authority	authority	NOUN
cblr-9109	838	21	as	as	ADP
cblr-9109	838	22	to	to	ADP
cblr-9109	838	23	whether	whether	SCONJ
cblr-9109	838	24	trading	trading	NOUN
cblr-9109	838	25	behavior	behavior	NOUN
cblr-9109	838	26	on	on	ADP
cblr-9109	838	27	its	its	PRON
cblr-9109	838	28	own	own	ADJ
cblr-9109	838	29	can	can	AUX
cblr-9109	838	30	ever	ever	ADV
cblr-9109	838	31	constitute	constitute	VERB
cblr-9109	838	32	a	a	DET
cblr-9109	838	33	rule	rule	NOUN
cblr-9109	838	34	10b-5	10b-5	NUM
cblr-9109	838	35	violation	violation	NOUN
cblr-9109	838	36	or	or	CCONJ
cblr-9109	838	37	whether	whether	SCONJ
cblr-9109	838	38	some	some	DET
cblr-9109	838	39	additional	additional	ADJ
cblr-9109	838	40	unlawful	unlawful	ADJ
cblr-9109	838	41	act	act	NOUN
cblr-9109	838	42	is	be	AUX
cblr-9109	838	43	necessary	necessary	ADJ
cblr-9109	838	44	.	.	PUNCT
cblr-9109	839	1	thus	thus	ADV
cblr-9109	839	2	,	,	PUNCT
cblr-9109	839	3	although	although	SCONJ
cblr-9109	839	4	it	it	PRON
cblr-9109	839	5	seems	seem	VERB
cblr-9109	839	6	like	like	ADP
cblr-9109	839	7	a	a	DET
cblr-9109	839	8	straightforward	straightforward	ADJ
cblr-9109	839	9	proposition	proposition	NOUN
cblr-9109	839	10	that	that	PRON
cblr-9109	839	11	rule	rule	VERB
cblr-9109	839	12	10b-5	10b-5	NUM
cblr-9109	839	13	cases	case	NOUN
cblr-9109	839	14	dealing	deal	VERB
cblr-9109	839	15	with	with	ADP
cblr-9109	839	16	open	open	ADJ
cblr-9109	839	17	market	market	NOUN
cblr-9109	839	18	trade	trade	NOUN
cblr-9109	839	19	-	-	PUNCT
cblr-9109	839	20	based	base	VERB
cblr-9109	839	21	manipulation	manipulation	NOUN
cblr-9109	839	22	provide	provide	VERB
cblr-9109	839	23	useful	useful	ADJ
cblr-9109	839	24	precedent	precedent	NOUN
cblr-9109	839	25	for	for	ADP
cblr-9109	839	26	quotebased	quotebase	VERB
cblr-9109	839	27	cases	case	NOUN
cblr-9109	839	28	,	,	PUNCT
cblr-9109	839	29	the	the	DET
cblr-9109	839	30	trade	trade	NOUN
cblr-9109	839	31	-	-	PUNCT
cblr-9109	839	32	based	base	VERB
cblr-9109	839	33	case	case	NOUN
cblr-9109	839	34	law	law	NOUN
cblr-9109	839	35	to	to	PART
cblr-9109	839	36	which	which	PRON
cblr-9109	839	37	this	this	DET
cblr-9109	839	38	proposition	proposition	NOUN
cblr-9109	839	39	refers	refer	VERB
cblr-9109	839	40	is	be	AUX
cblr-9109	839	41	confused	confuse	VERB
cblr-9109	839	42	as	as	SCONJ
cblr-9109	839	43	to	to	SCONJ
cblr-9109	839	44	whether	whether	SCONJ
cblr-9109	839	45	rule	rule	VERB
cblr-9109	839	46	10b-5	10b-5	NOUN
cblr-9109	839	47	even	even	ADV
cblr-9109	839	48	applies	apply	VERB
cblr-9109	839	49	to	to	PART
cblr-9109	839	50	open	open	VERB
cblr-9109	839	51	market	market	NOUN
cblr-9109	839	52	manipulation	manipulation	NOUN
cblr-9109	839	53	in	in	ADP
cblr-9109	839	54	the	the	DET
cblr-9109	839	55	first	first	ADJ
cblr-9109	839	56	place.177	place.177	NOUN
cblr-9109	839	57	this	this	PRON
cblr-9109	839	58	is	be	AUX
cblr-9109	839	59	critical	critical	ADJ
cblr-9109	839	60	because	because	SCONJ
cblr-9109	839	61	most	most	ADJ
cblr-9109	839	62	of	of	ADP
cblr-9109	839	63	the	the	DET
cblr-9109	839	64	case	case	NOUN
cblr-9109	839	65	law	law	NOUN
cblr-9109	839	66	relating	relate	VERB
cblr-9109	839	67	to	to	ADP
cblr-9109	839	68	trade	trade	NOUN
cblr-9109	839	69	-	-	PUNCT
cblr-9109	839	70	based	base	VERB
cblr-9109	839	71	manipulation	manipulation	NOUN
cblr-9109	839	72	is	be	AUX
cblr-9109	839	73	based	base	VERB
cblr-9109	839	74	on	on	ADP
cblr-9109	839	75	rule	rule	NOUN
cblr-9109	839	76	10b-5	10b-5	NUM
cblr-9109	839	77	rather	rather	ADV
cblr-9109	839	78	than	than	ADP
cblr-9109	839	79	section	section	NOUN
cblr-9109	840	1	9(a)(2).178	9(a)(2).178	NUM
cblr-9109	840	2	1	1	X
cblr-9109	840	3	.	.	PUNCT
cblr-9109	840	4	confusion	confusion	NOUN
cblr-9109	840	5	concerning	concern	VERB
cblr-9109	840	6	the	the	DET
cblr-9109	840	7	application	application	NOUN
cblr-9109	840	8	of	of	ADP
cblr-9109	840	9	rule	rule	NOUN
cblr-9109	840	10	10b-5	10b-5	NUM
cblr-9109	840	11	to	to	ADP
cblr-9109	840	12	trade	trade	NOUN
cblr-9109	840	13	-	-	PUNCT
cblr-9109	840	14	based	base	VERB
cblr-9109	840	15	manipulation	manipulation	NOUN
cblr-9109	840	16	the	the	DET
cblr-9109	840	17	case	case	NOUN
cblr-9109	840	18	law	law	NOUN
cblr-9109	840	19	concerning	concern	VERB
cblr-9109	840	20	whether	whether	SCONJ
cblr-9109	840	21	rule	rule	NOUN
cblr-9109	840	22	10b-5	10b-5	NUM
cblr-9109	840	23	applies	apply	VERB
cblr-9109	840	24	to	to	PART
cblr-9109	840	25	open	open	VERB
cblr-9109	840	26	market	market	NOUN
cblr-9109	840	27	manipulation	manipulation	NOUN
cblr-9109	840	28	is	be	AUX
cblr-9109	840	29	not	not	PART
cblr-9109	840	30	consistent	consistent	ADJ
cblr-9109	840	31	.	.	PUNCT
cblr-9109	841	1	the	the	DET
cblr-9109	841	2	source	source	NOUN
cblr-9109	841	3	of	of	ADP
cblr-9109	841	4	the	the	DET
cblr-9109	841	5	problem	problem	NOUN
cblr-9109	841	6	goes	go	VERB
cblr-9109	841	7	back	back	ADV
cblr-9109	841	8	to	to	ADP
cblr-9109	841	9	a	a	DET
cblr-9109	841	10	series	series	NOUN
cblr-9109	841	11	of	of	ADP
cblr-9109	841	12	supreme	supreme	PROPN
cblr-9109	841	13	court	court	PROPN
cblr-9109	841	14	decisions	decision	NOUN
cblr-9109	841	15	in	in	ADP
cblr-9109	841	16	the	the	DET
cblr-9109	841	17	1970s	1970	NOUN
cblr-9109	841	18	and	and	CCONJ
cblr-9109	841	19	1980s	1980	NOUN
cblr-9109	841	20	where	where	SCONJ
cblr-9109	841	21	,	,	PUNCT
cblr-9109	841	22	in	in	ADP
cblr-9109	841	23	cases	case	NOUN
cblr-9109	841	24	far	far	ADV
cblr-9109	841	25	removed	remove	VERB
cblr-9109	841	26	from	from	ADP
cblr-9109	841	27	manipulation	manipulation	NOUN
cblr-9109	841	28	,	,	PUNCT
cblr-9109	841	29	the	the	DET
cblr-9109	841	30	court	court	NOUN
cblr-9109	841	31	emphasized	emphasize	VERB
cblr-9109	841	32	the	the	DET
cblr-9109	841	33	role	role	NOUN
cblr-9109	841	34	of	of	ADP
cblr-9109	841	35	deceit	deceit	NOUN
cblr-9109	841	36	and	and	CCONJ
cblr-9109	841	37	misrepresentation	misrepresentation	NOUN
cblr-9109	841	38	in	in	ADP
cblr-9109	841	39	a	a	DET
cblr-9109	841	40	section	section	NOUN
cblr-9109	841	41	10(b	10(b	NUM
cblr-9109	841	42	)	)	PUNCT
cblr-9109	841	43	claim.179	claim.179	NOUN
cblr-9109	841	44	in	in	ADP
cblr-9109	841	45	these	these	DET
cblr-9109	841	46	cases	case	NOUN
cblr-9109	841	47	,	,	PUNCT
cblr-9109	841	48	177	177	NUM
cblr-9109	841	49	open	open	ADJ
cblr-9109	841	50	market	market	NOUN
cblr-9109	841	51	manipulation	manipulation	NOUN
cblr-9109	841	52	comes	come	VERB
cblr-9109	841	53	in	in	ADP
cblr-9109	841	54	two	two	NUM
cblr-9109	841	55	forms	form	NOUN
cblr-9109	841	56	.	.	PUNCT
cblr-9109	842	1	see	see	VERB
cblr-9109	842	2	fox	fox	PROPN
cblr-9109	842	3	et	et	PROPN
cblr-9109	842	4	al	al	PROPN
cblr-9109	842	5	.	.	PROPN
cblr-9109	842	6	,	,	PUNCT
cblr-9109	842	7	manipulation	manipulation	NOUN
cblr-9109	842	8	,	,	PUNCT
cblr-9109	842	9	supra	supra	PROPN
cblr-9109	842	10	note	note	NOUN
cblr-9109	842	11	3	3	NUM
cblr-9109	842	12	,	,	PUNCT
cblr-9109	842	13	at	at	ADP
cblr-9109	842	14	74–75	74–75	NUM
cblr-9109	842	15	.	.	PUNCT
cblr-9109	843	1	one	one	NUM
cblr-9109	843	2	is	be	AUX
cblr-9109	843	3	open	open	ADJ
cblr-9109	843	4	market	market	NOUN
cblr-9109	843	5	manipulation	manipulation	NOUN
cblr-9109	843	6	with	with	ADP
cblr-9109	843	7	an	an	DET
cblr-9109	843	8	external	external	ADJ
cblr-9109	843	9	interest	interest	NOUN
cblr-9109	843	10	.	.	PUNCT
cblr-9109	844	1	the	the	DET
cblr-9109	844	2	other	other	ADJ
cblr-9109	844	3	is	be	AUX
cblr-9109	844	4	naked	naked	ADJ
cblr-9109	844	5	open	open	ADJ
cblr-9109	844	6	market	market	NOUN
cblr-9109	844	7	manipulation	manipulation	NOUN
cblr-9109	844	8	,	,	PUNCT
cblr-9109	844	9	which	which	PRON
cblr-9109	844	10	involves	involve	VERB
cblr-9109	844	11	the	the	DET
cblr-9109	844	12	purchase	purchase	NOUN
cblr-9109	844	13	of	of	ADP
cblr-9109	844	14	a	a	DET
cblr-9109	844	15	number	number	NOUN
cblr-9109	844	16	of	of	ADP
cblr-9109	844	17	shares	share	NOUN
cblr-9109	844	18	,	,	PUNCT
cblr-9109	844	19	with	with	ADP
cblr-9109	844	20	an	an	DET
cblr-9109	844	21	upward	upward	ADJ
cblr-9109	844	22	push	push	NOUN
cblr-9109	844	23	on	on	ADP
cblr-9109	844	24	prices	price	NOUN
cblr-9109	844	25	,	,	PUNCT
cblr-9109	844	26	and	and	CCONJ
cblr-9109	844	27	then	then	ADV
cblr-9109	844	28	their	their	PRON
cblr-9109	844	29	resale	resale	NOUN
cblr-9109	844	30	under	under	ADP
cblr-9109	844	31	circumstances	circumstance	NOUN
cblr-9109	844	32	where	where	SCONJ
cblr-9109	844	33	the	the	DET
cblr-9109	844	34	corresponding	corresponding	ADJ
cblr-9109	844	35	downward	downward	ADJ
cblr-9109	844	36	push	push	NOUN
cblr-9109	844	37	on	on	ADP
cblr-9109	844	38	prices	price	NOUN
cblr-9109	844	39	is	be	AUX
cblr-9109	844	40	less	less	ADV
cblr-9109	844	41	severe	severe	ADJ
cblr-9109	844	42	,	,	PUNCT
cblr-9109	844	43	thereby	thereby	ADV
cblr-9109	844	44	resulting	result	VERB
cblr-9109	844	45	in	in	ADP
cblr-9109	844	46	the	the	DET
cblr-9109	844	47	average	average	ADJ
cblr-9109	844	48	sale	sale	NOUN
cblr-9109	844	49	price	price	NOUN
cblr-9109	844	50	exceeding	exceed	VERB
cblr-9109	844	51	the	the	DET
cblr-9109	844	52	average	average	ADJ
cblr-9109	844	53	purchase	purchase	NOUN
cblr-9109	844	54	price	price	NOUN
cblr-9109	844	55	.	.	PUNCT
cblr-9109	845	1	this	this	DET
cblr-9109	845	2	strategy	strategy	NOUN
cblr-9109	845	3	yields	yield	VERB
cblr-9109	845	4	positive	positive	ADJ
cblr-9109	845	5	expected	expect	VERB
cblr-9109	845	6	profits	profit	NOUN
cblr-9109	845	7	where	where	SCONJ
cblr-9109	845	8	,	,	PUNCT
cblr-9109	845	9	at	at	ADP
cblr-9109	845	10	the	the	DET
cblr-9109	845	11	time	time	NOUN
cblr-9109	845	12	of	of	ADP
cblr-9109	845	13	the	the	DET
cblr-9109	845	14	purchase	purchase	NOUN
cblr-9109	845	15	,	,	PUNCT
cblr-9109	845	16	the	the	DET
cblr-9109	845	17	trader	trader	NOUN
cblr-9109	845	18	has	have	VERB
cblr-9109	845	19	good	good	ADJ
cblr-9109	845	20	reason	reason	NOUN
cblr-9109	845	21	to	to	PART
cblr-9109	845	22	believe	believe	VERB
cblr-9109	845	23	that	that	SCONJ
cblr-9109	845	24	the	the	DET
cblr-9109	845	25	likelihood	likelihood	NOUN
cblr-9109	845	26	of	of	ADP
cblr-9109	845	27	such	such	DET
cblr-9109	845	28	an	an	DET
cblr-9109	845	29	asymmetric	asymmetric	ADJ
cblr-9109	845	30	price	price	NOUN
cblr-9109	845	31	reaction	reaction	NOUN
cblr-9109	845	32	is	be	AUX
cblr-9109	845	33	sufficiently	sufficiently	ADV
cblr-9109	845	34	great	great	ADJ
cblr-9109	845	35	that	that	SCONJ
cblr-9109	845	36	it	it	PRON
cblr-9109	845	37	will	will	AUX
cblr-9109	845	38	yield	yield	VERB
cblr-9109	845	39	net	net	ADJ
cblr-9109	845	40	gains	gain	NOUN
cblr-9109	845	41	from	from	ADP
cblr-9109	845	42	trading	trading	NOUN
cblr-9109	845	43	.	.	PUNCT
cblr-9109	846	1	178	178	NUM
cblr-9109	847	1	i	i	PRON
cblr-9109	847	2	d.	d.	PROPN
cblr-9109	847	3	at	at	ADP
cblr-9109	847	4	117	117	NUM
cblr-9109	847	5	(	(	PUNCT
cblr-9109	847	6	discussing	discuss	VERB
cblr-9109	847	7	the	the	DET
cblr-9109	847	8	reasons	reason	NOUN
cblr-9109	847	9	for	for	ADP
cblr-9109	847	10	this	this	PRON
cblr-9109	847	11	)	)	PUNCT
cblr-9109	847	12	.	.	PUNCT
cblr-9109	848	1	179	179	NUM
cblr-9109	849	1	i	i	PRON
cblr-9109	849	2	d.	d.	PROPN
cblr-9109	849	3	at	at	ADP
cblr-9109	849	4	118	118	NUM
cblr-9109	849	5	&	&	CCONJ
cblr-9109	849	6	n.122	n.122	PROPN
cblr-9109	849	7	(	(	PUNCT
cblr-9109	849	8	“	"	PUNCT
cblr-9109	849	9	see	see	VERB
cblr-9109	849	10	,	,	PUNCT
cblr-9109	849	11	e.g.	e.g.	ADV
cblr-9109	849	12	,	,	PUNCT
cblr-9109	849	13	schreiber	schreiber	PROPN
cblr-9109	849	14	v.	v.	PROPN
cblr-9109	849	15	burlington	burlington	PROPN
cblr-9109	849	16	n.	n.	PROPN
cblr-9109	849	17	,	,	PUNCT
cblr-9109	849	18	inc	inc	PROPN
cblr-9109	849	19	.	.	PROPN
cblr-9109	849	20	,	,	PUNCT
cblr-9109	849	21	472	472	NUM
cblr-9109	849	22	u.s	u.s	PROPN
cblr-9109	849	23	.	.	PROPN
cblr-9109	849	24	1	1	NUM
cblr-9109	849	25	.	.	NOUN
cblr-9109	849	26	8	8	NUM
cblr-9109	849	27	n.6	n.6	NOUN
cblr-9109	849	28	(	(	PUNCT
cblr-9109	849	29	1985	1985	NUM
cblr-9109	849	30	)	)	PUNCT
cblr-9109	849	31	(	(	PUNCT
cblr-9109	849	32	‘	'	PUNCT
cblr-9109	849	33	congress	congress	PROPN
cblr-9109	849	34	used	use	VERB
cblr-9109	849	35	the	the	DET
cblr-9109	849	36	phrase	phrase	NOUN
cblr-9109	849	37	“	"	PUNCT
cblr-9109	849	38	manipulative	manipulative	ADJ
cblr-9109	849	39	or	or	CCONJ
cblr-9109	849	40	deceptive	deceptive	ADJ
cblr-9109	849	41	”	"	PUNCT
cblr-9109	849	42	in	in	ADP
cblr-9109	849	43	§	§	PROPN
cblr-9109	849	44	10(b	10(b	NUM
cblr-9109	849	45	)	)	PUNCT
cblr-9109	849	46	and	and	CCONJ
cblr-9109	849	47	we	we	PRON
cblr-9109	849	48	have	have	AUX
cblr-9109	849	49	interpreted	interpret	VERB
cblr-9109	849	50	“	"	PUNCT
cblr-9109	849	51	manipulative	manipulative	ADJ
cblr-9109	849	52	”	"	PUNCT
cblr-9109	849	53	in	in	ADP
cblr-9109	849	54	that	that	DET
cblr-9109	849	55	context	context	NOUN
cblr-9109	849	56	to	to	PART
cblr-9109	849	57	require	require	VERB
cblr-9109	849	58	misrepresentation	misrepresentation	NOUN
cblr-9109	849	59	.	.	PUNCT
cblr-9109	849	60	’	'	PUNCT
cblr-9109	850	1	(	(	PUNCT
cblr-9109	850	2	citations	citation	NOUN
cblr-9109	850	3	omitted	omit	VERB
cblr-9109	850	4	)	)	PUNCT
cblr-9109	850	5	)	)	PUNCT
cblr-9109	850	6	;	;	PUNCT
cblr-9109	850	7	santa	santa	PROPN
cblr-9109	850	8	fe	fe	PROPN
cblr-9109	850	9	indus	indus	PROPN
cblr-9109	850	10	.	.	PROPN
cblr-9109	850	11	,	,	PUNCT
cblr-9109	850	12	inc	inc	PROPN
cblr-9109	850	13	.	.	PROPN
cblr-9109	851	1	v.	v.	PROPN
cblr-9109	851	2	green	green	PROPN
cblr-9109	851	3	.	.	PUNCT
cblr-9109	852	1	430	430	NUM
cblr-9109	852	2	u.s	u.s	PROPN
cblr-9109	852	3	.	.	PROPN
cblr-9109	852	4	462	462	NUM
cblr-9109	852	5	,	,	PUNCT
cblr-9109	852	6	476	476	NUM
cblr-9109	852	7	(	(	PUNCT
cblr-9109	852	8	1977	1977	NUM
cblr-9109	852	9	)	)	PUNCT
cblr-9109	852	10	(	(	PUNCT
cblr-9109	852	11	manipulation	manipulation	NOUN
cblr-9109	852	12	‘	'	PUNCT
cblr-9109	852	13	refers	refer	VERB
cblr-9109	852	14	generally	generally	ADV
cblr-9109	852	15	to	to	ADP
cblr-9109	852	16	practices	practice	NOUN
cblr-9109	852	17	,	,	PUNCT
cblr-9109	852	18	such	such	ADJ
cblr-9109	852	19	as	as	ADP
cblr-9109	852	20	wash	wash	NOUN
cblr-9109	852	21	sales	sale	NOUN
cblr-9109	852	22	,	,	PUNCT
cblr-9109	852	23	matched	match	VERB
cblr-9109	852	24	orders	order	NOUN
cblr-9109	852	25	,	,	PUNCT
cblr-9109	852	26	or	or	CCONJ
cblr-9109	852	27	rigged	rig	VERB
cblr-9109	852	28	prices	price	NOUN
cblr-9109	852	29	,	,	PUNCT
cblr-9109	852	30	that	that	PRON
cblr-9109	852	31	are	be	AUX
cblr-9109	852	32	intended	intend	VERB
cblr-9109	852	33	to	to	PART
cblr-9109	852	34	mislead	mislead	VERB
cblr-9109	852	35	investors	investor	NOUN
cblr-9109	852	36	by	by	ADP
cblr-9109	852	37	artificially	artificially	ADV
cblr-9109	852	38	affecting	affect	VERB
cblr-9109	852	39	market	market	NOUN
cblr-9109	852	40	activity	activity	NOUN
cblr-9109	852	41	’	'	PUNCT
cblr-9109	852	42	(	(	PUNCT
cblr-9109	852	43	citations	citation	NOUN
cblr-9109	852	44	omitted	omit	VERB
cblr-9109	852	45	)	)	PUNCT
cblr-9109	852	46	)	)	PUNCT
cblr-9109	852	47	;	;	PUNCT
cblr-9109	853	1	emst	emst	PROPN
cblr-9109	853	2	&	&	CCONJ
cblr-9109	853	3	ernst	ernst	PROPN
cblr-9109	853	4	v.	v.	PROPN
cblr-9109	853	5	hochfelder	hochfelder	PROPN
cblr-9109	853	6	,	,	PUNCT
cblr-9109	853	7	425	425	NUM
cblr-9109	853	8	u.s	u.s	PROPN
cblr-9109	853	9	.	.	PROPN
cblr-9109	853	10	185	185	NUM
cblr-9109	853	11	,	,	PUNCT
cblr-9109	853	12	199	199	NUM
cblr-9109	853	13	(	(	PUNCT
cblr-9109	853	14	1976	1976	NUM
cblr-9109	853	15	)	)	PUNCT
cblr-9109	853	16	(	(	PUNCT
cblr-9109	853	17	‘	'	PUNCT
cblr-9109	853	18	[	[	X
cblr-9109	853	19	t]he	t]he	ADJ
cblr-9109	853	20	word	word	NOUN
cblr-9109	853	21	“	"	PUNCT
cblr-9109	853	22	manipulative	manipulative	ADJ
cblr-9109	853	23	”	"	PUNCT
cblr-9109	853	24	no	no	NOUN
cblr-9109	853	25	.	.	PUNCT
cblr-9109	854	1	3:1244	3:1244	NUM
cblr-9109	854	2	]	]	X
cblr-9109	854	3	spoofing	spoofing	NOUN
cblr-9109	854	4	and	and	CCONJ
cblr-9109	854	5	its	its	PRON
cblr-9109	854	6	regulation	regulation	NOUN
cblr-9109	854	7	1305	1305	NUM
cblr-9109	854	8	the	the	DET
cblr-9109	854	9	court	court	NOUN
cblr-9109	854	10	almost	almost	ADV
cblr-9109	854	11	transformed	transform	VERB
cblr-9109	854	12	section	section	NOUN
cblr-9109	854	13	10(b	10(b	NUM
cblr-9109	854	14	)	)	PUNCT
cblr-9109	854	15	into	into	ADP
cblr-9109	854	16	a	a	DET
cblr-9109	854	17	statute	statute	NOUN
cblr-9109	854	18	that	that	PRON
cblr-9109	854	19	only	only	ADV
cblr-9109	854	20	caught	catch	VERB
cblr-9109	854	21	fraud	fraud	NOUN
cblr-9109	854	22	and	and	CCONJ
cblr-9109	854	23	fraud	fraud	NOUN
cblr-9109	854	24	-	-	PUNCT
cblr-9109	854	25	like	like	ADJ
cblr-9109	854	26	claims	claim	NOUN
cblr-9109	854	27	within	within	ADP
cblr-9109	854	28	its	its	PRON
cblr-9109	854	29	ambit.180	ambit.180	NOUN
cblr-9109	854	30	this	this	PRON
cblr-9109	854	31	culminated	culminate	VERB
cblr-9109	854	32	in	in	ADP
cblr-9109	854	33	statements	statement	NOUN
cblr-9109	854	34	by	by	ADP
cblr-9109	854	35	the	the	DET
cblr-9109	854	36	court	court	NOUN
cblr-9109	854	37	,	,	PUNCT
cblr-9109	854	38	such	such	ADJ
cblr-9109	854	39	as	as	ADP
cblr-9109	854	40	,	,	PUNCT
cblr-9109	854	41	“	"	PUNCT
cblr-9109	854	42	section	section	NOUN
cblr-9109	854	43	10(b	10(b	NUM
cblr-9109	854	44	)	)	PUNCT
cblr-9109	854	45	is	be	AUX
cblr-9109	854	46	aptly	aptly	ADV
cblr-9109	854	47	described	describe	VERB
cblr-9109	854	48	as	as	ADP
cblr-9109	854	49	a	a	DET
cblr-9109	854	50	catchall	catchall	NOUN
cblr-9109	854	51	provision	provision	NOUN
cblr-9109	854	52	,	,	PUNCT
cblr-9109	854	53	but	but	CCONJ
cblr-9109	854	54	what	what	PRON
cblr-9109	854	55	it	it	PRON
cblr-9109	854	56	catches	catch	VERB
cblr-9109	854	57	must	must	AUX
cblr-9109	854	58	be	be	AUX
cblr-9109	854	59	fraud	fraud	NOUN
cblr-9109	854	60	.	.	PUNCT
cblr-9109	855	1	”181	”181	PUNCT
cblr-9109	855	2	the	the	DET
cblr-9109	855	3	court	court	NOUN
cblr-9109	855	4	’s	’s	PART
cblr-9109	855	5	language	language	NOUN
cblr-9109	855	6	has	have	AUX
cblr-9109	855	7	resulted	result	VERB
cblr-9109	855	8	in	in	ADP
cblr-9109	855	9	a	a	DET
cblr-9109	855	10	sharp	sharp	ADJ
cblr-9109	855	11	circuit	circuit	NOUN
cblr-9109	855	12	split	split	NOUN
cblr-9109	855	13	regarding	regard	VERB
cblr-9109	855	14	whether	whether	SCONJ
cblr-9109	855	15	open	open	ADJ
cblr-9109	855	16	market	market	NOUN
cblr-9109	855	17	manipulation	manipulation	NOUN
cblr-9109	855	18	,	,	PUNCT
cblr-9109	855	19	without	without	ADP
cblr-9109	855	20	an	an	DET
cblr-9109	855	21	additional	additional	ADJ
cblr-9109	855	22	act	act	NOUN
cblr-9109	855	23	that	that	PRON
cblr-9109	855	24	is	be	AUX
cblr-9109	855	25	unlawful	unlawful	ADJ
cblr-9109	855	26	by	by	ADP
cblr-9109	855	27	itself	itself	PRON
cblr-9109	855	28	,	,	PUNCT
cblr-9109	855	29	is	be	AUX
cblr-9109	855	30	ever	ever	ADV
cblr-9109	855	31	prohibited	prohibit	VERB
cblr-9109	855	32	under	under	ADP
cblr-9109	855	33	section	section	NOUN
cblr-9109	855	34	10(b	10(b	NUM
cblr-9109	855	35	)	)	PUNCT
cblr-9109	855	36	.	.	PUNCT
cblr-9109	856	1	against	against	ADP
cblr-9109	856	2	this	this	DET
cblr-9109	856	3	background	background	NOUN
cblr-9109	856	4	,	,	PUNCT
cblr-9109	856	5	the	the	DET
cblr-9109	856	6	key	key	ADJ
cblr-9109	856	7	question	question	NOUN
cblr-9109	856	8	in	in	ADP
cblr-9109	856	9	applying	apply	VERB
cblr-9109	856	10	rule	rule	NOUN
cblr-9109	856	11	10b-5	10b-5	NUM
cblr-9109	856	12	to	to	ADP
cblr-9109	856	13	both	both	DET
cblr-9109	856	14	trading	trade	VERB
cblr-9109	856	15	and	and	CCONJ
cblr-9109	856	16	quoting	quoting	NOUN
cblr-9109	856	17	is	be	AUX
cblr-9109	856	18	what	what	PRON
cblr-9109	856	19	constitutes	constitute	VERB
cblr-9109	856	20	a	a	DET
cblr-9109	856	21	“	"	PUNCT
cblr-9109	856	22	manipulative	manipulative	ADJ
cblr-9109	856	23	act	act	NOUN
cblr-9109	856	24	.	.	PUNCT
cblr-9109	856	25	”	"	PUNCT
cblr-9109	857	1	with	with	ADP
cblr-9109	857	2	regards	regard	NOUN
cblr-9109	857	3	to	to	ADP
cblr-9109	857	4	trading	trading	NOUN
cblr-9109	857	5	,	,	PUNCT
cblr-9109	857	6	on	on	ADP
cblr-9109	857	7	one	one	NUM
cblr-9109	857	8	side	side	NOUN
cblr-9109	857	9	,	,	PUNCT
cblr-9109	857	10	there	there	PRON
cblr-9109	857	11	is	be	VERB
cblr-9109	857	12	a	a	DET
cblr-9109	857	13	series	series	NOUN
cblr-9109	857	14	of	of	ADP
cblr-9109	857	15	court	court	NOUN
cblr-9109	857	16	opinions	opinion	NOUN
cblr-9109	857	17	that	that	PRON
cblr-9109	857	18	have	have	AUX
cblr-9109	857	19	been	be	AUX
cblr-9109	857	20	read	read	VERB
cblr-9109	857	21	to	to	PART
cblr-9109	857	22	assert	assert	VERB
cblr-9109	857	23	that	that	PRON
cblr-9109	857	24	actual	actual	ADJ
cblr-9109	857	25	trading	trading	NOUN
cblr-9109	857	26	behavior	behavior	NOUN
cblr-9109	857	27	on	on	ADP
cblr-9109	857	28	its	its	PRON
cblr-9109	857	29	own	own	ADJ
cblr-9109	857	30	can	can	AUX
cblr-9109	857	31	not	not	PART
cblr-9109	857	32	constitute	constitute	VERB
cblr-9109	857	33	a	a	DET
cblr-9109	857	34	manipulation	manipulation	NOUN
cblr-9109	857	35	;	;	PUNCT
cblr-9109	857	36	some	some	DET
cblr-9109	857	37	additional	additional	ADJ
cblr-9109	857	38	unlawful	unlawful	ADJ
cblr-9109	857	39	act	act	NOUN
cblr-9109	857	40	is	be	AUX
cblr-9109	857	41	necessary	necessary	ADJ
cblr-9109	857	42	as	as	ADV
cblr-9109	857	43	well	well	ADV
cblr-9109	857	44	.	.	PUNCT
cblr-9109	858	1	in	in	ADP
cblr-9109	858	2	essence	essence	NOUN
cblr-9109	858	3	,	,	PUNCT
cblr-9109	858	4	this	this	PRON
cblr-9109	858	5	would	would	AUX
cblr-9109	858	6	mean	mean	VERB
cblr-9109	858	7	that	that	SCONJ
cblr-9109	858	8	open	open	ADJ
cblr-9109	858	9	market	market	NOUN
cblr-9109	858	10	manipulation	manipulation	NOUN
cblr-9109	858	11	per	per	X
cblr-9109	858	12	se	se	X
cblr-9109	858	13	is	be	AUX
cblr-9109	858	14	not	not	PART
cblr-9109	858	15	illegal	illegal	ADJ
cblr-9109	858	16	under	under	ADP
cblr-9109	858	17	rule	rule	NOUN
cblr-9109	858	18	10b-5	10b-5	NUM
cblr-9109	858	19	.	.	PUNCT
cblr-9109	859	1	the	the	DET
cblr-9109	859	2	third	third	ADJ
cblr-9109	859	3	circuit	circuit	NOUN
cblr-9109	859	4	,	,	PUNCT
cblr-9109	859	5	for	for	ADP
cblr-9109	859	6	example	example	NOUN
cblr-9109	859	7	,	,	PUNCT
cblr-9109	859	8	has	have	AUX
cblr-9109	859	9	held	hold	VERB
cblr-9109	859	10	that	that	SCONJ
cblr-9109	859	11	because	because	SCONJ
cblr-9109	859	12	“	"	PUNCT
cblr-9109	859	13	the	the	DET
cblr-9109	859	14	essential	essential	ADJ
cblr-9109	859	15	element	element	NOUN
cblr-9109	859	16	of	of	ADP
cblr-9109	859	17	the	the	DET
cblr-9109	859	18	[	[	X
cblr-9109	859	19	manipulation	manipulation	NOUN
cblr-9109	859	20	]	]	PUNCT
cblr-9109	859	21	claim	claim	NOUN
cblr-9109	859	22	is	be	AUX
cblr-9109	859	23	that	that	PRON
cblr-9109	859	24	inaccurate	inaccurate	ADJ
cblr-9109	859	25	information	information	NOUN
cblr-9109	859	26	is	be	AUX
cblr-9109	859	27	being	be	AUX
cblr-9109	859	28	injected	inject	VERB
cblr-9109	859	29	into	into	ADP
cblr-9109	859	30	the	the	DET
cblr-9109	859	31	marketplace	marketplace	NOUN
cblr-9109	859	32	,	,	PUNCT
cblr-9109	859	33	”	"	PUNCT
cblr-9109	859	34	trading	trading	NOUN
cblr-9109	859	35	for	for	ADP
cblr-9109	859	36	the	the	DET
cblr-9109	859	37	sole	sole	ADJ
cblr-9109	859	38	purpose	purpose	NOUN
cblr-9109	859	39	of	of	ADP
cblr-9109	859	40	moving	move	VERB
cblr-9109	859	41	a	a	DET
cblr-9109	859	42	securities	security	NOUN
cblr-9109	859	43	price	price	NOUN
cblr-9109	859	44	is	be	AUX
cblr-9109	859	45	not	not	PART
cblr-9109	859	46	sufficient	sufficient	ADJ
cblr-9109	859	47	to	to	PART
cblr-9109	859	48	be	be	AUX
cblr-9109	859	49	considered	consider	VERB
cblr-9109	859	50	an	an	DET
cblr-9109	859	51	injection	injection	NOUN
cblr-9109	859	52	of	of	ADP
cblr-9109	859	53	inaccurate	inaccurate	ADJ
cblr-9109	859	54	information	information	NOUN
cblr-9109	859	55	into	into	ADP
cblr-9109	859	56	the	the	DET
cblr-9109	859	57	market	market	NOUN
cblr-9109	859	58	place.182	place.182	NOUN
cblr-9109	859	59	the	the	DET
cblr-9109	859	60	court	court	NOUN
cblr-9109	859	61	reasoned	reason	VERB
cblr-9109	859	62	that	that	SCONJ
cblr-9109	859	63	because	because	SCONJ
cblr-9109	859	64	the	the	DET
cblr-9109	859	65	trades	trade	NOUN
cblr-9109	859	66	themselves	themselves	PRON
cblr-9109	859	67	were	be	AUX
cblr-9109	859	68	lawful	lawful	ADJ
cblr-9109	859	69	,	,	PUNCT
cblr-9109	859	70	they	they	PRON
cblr-9109	859	71	could	could	AUX
cblr-9109	859	72	not	not	PART
cblr-9109	859	73	be	be	AUX
cblr-9109	859	74	creating	create	VERB
cblr-9109	859	75	inaccurate	inaccurate	ADJ
cblr-9109	859	76	information	information	NOUN
cblr-9109	859	77	and	and	CCONJ
cblr-9109	859	78	therefore	therefore	ADV
cblr-9109	859	79	did	do	AUX
cblr-9109	859	80	not	not	PART
cblr-9109	859	81	constitute	constitute	VERB
cblr-9109	859	82	deceptive	deceptive	ADJ
cblr-9109	859	83	trading	trading	NOUN
cblr-9109	859	84	behavior.183	behavior.183	NOUN
cblr-9109	859	85	if	if	SCONJ
cblr-9109	859	86	this	this	PRON
cblr-9109	859	87	is	be	AUX
cblr-9109	859	88	correct	correct	ADJ
cblr-9109	859	89	,	,	PUNCT
cblr-9109	859	90	it	it	PRON
cblr-9109	859	91	is	be	AUX
cblr-9109	859	92	.	.	PUNCT
cblr-9109	859	93	.	.	PUNCT
cblr-9109	859	94	.	.	PUNCT
cblr-9109	860	1	is	be	AUX
cblr-9109	860	2	and	and	CCONJ
cblr-9109	860	3	was	be	AUX
cblr-9109	860	4	virtually	virtually	ADV
cblr-9109	860	5	a	a	DET
cblr-9109	860	6	term	term	NOUN
cblr-9109	860	7	of	of	ADP
cblr-9109	860	8	art	art	NOUN
cblr-9109	860	9	when	when	SCONJ
cblr-9109	860	10	used	use	VERB
cblr-9109	860	11	in	in	ADP
cblr-9109	860	12	connection	connection	NOUN
cblr-9109	860	13	with	with	ADP
cblr-9109	860	14	securities	security	NOUN
cblr-9109	860	15	markets	market	NOUN
cblr-9109	860	16	.	.	PUNCT
cblr-9109	861	1	it	it	PRON
cblr-9109	861	2	connotes	connote	VERB
cblr-9109	861	3	intentional	intentional	ADJ
cblr-9109	861	4	or	or	CCONJ
cblr-9109	861	5	willful	willful	ADJ
cblr-9109	861	6	conduct	conduct	NOUN
cblr-9109	861	7	designed	design	VERB
cblr-9109	861	8	to	to	PART
cblr-9109	861	9	deceive	deceive	VERB
cblr-9109	861	10	or	or	CCONJ
cblr-9109	861	11	defraud	defraud	VERB
cblr-9109	861	12	investors	investor	NOUN
cblr-9109	861	13	by	by	ADP
cblr-9109	861	14	controlling	control	VERB
cblr-9109	861	15	or	or	CCONJ
cblr-9109	861	16	artificially	artificially	ADV
cblr-9109	861	17	affecting	affect	VERB
cblr-9109	861	18	the	the	DET
cblr-9109	861	19	price	price	NOUN
cblr-9109	861	20	of	of	ADP
cblr-9109	861	21	securities	security	NOUN
cblr-9109	861	22	.	.	PUNCT
cblr-9109	861	23	’	'	PUNCT
cblr-9109	862	1	(	(	PUNCT
cblr-9109	862	2	citations	citation	NOUN
cblr-9109	862	3	omitted	omit	VERB
cblr-9109	862	4	)	)	PUNCT
cblr-9109	862	5	)	)	PUNCT
cblr-9109	862	6	)	)	PUNCT
cblr-9109	862	7	.	.	PUNCT
cblr-9109	863	1	180	180	NUM
cblr-9109	863	2	these	these	DET
cblr-9109	863	3	developments	development	NOUN
cblr-9109	863	4	are	be	AUX
cblr-9109	863	5	discussed	discuss	VERB
cblr-9109	863	6	in	in	ADP
cblr-9109	863	7	i	i	PROPN
cblr-9109	863	8	d.	d.	PROPN
cblr-9109	863	9	at	at	ADP
cblr-9109	863	10	118–19	118–19	NUM
cblr-9109	863	11	.	.	PUNCT
cblr-9109	864	1	181	181	NUM
cblr-9109	864	2	chiarella	chiarella	PROPN
cblr-9109	864	3	v.	v.	ADP
cblr-9109	864	4	united	united	PROPN
cblr-9109	864	5	states	states	PROPN
cblr-9109	864	6	,	,	PUNCT
cblr-9109	864	7	445	445	NUM
cblr-9109	864	8	u.s	u.s	PROPN
cblr-9109	864	9	.	.	PROPN
cblr-9109	864	10	222	222	NUM
cblr-9109	864	11	,	,	PUNCT
cblr-9109	864	12	234–35	234–35	NUM
cblr-9109	864	13	(	(	PUNCT
cblr-9109	864	14	1980	1980	NUM
cblr-9109	864	15	)	)	PUNCT
cblr-9109	864	16	.	.	PUNCT
cblr-9109	865	1	182	182	NUM
cblr-9109	865	2	gfl	gfl	PROPN
cblr-9109	865	3	advantage	advantage	NOUN
cblr-9109	865	4	fund	fund	PROPN
cblr-9109	865	5	,	,	PUNCT
cblr-9109	865	6	ltd	ltd	PROPN
cblr-9109	865	7	.	.	PROPN
cblr-9109	865	8	v.	v.	PROPN
cblr-9109	865	9	colkitt	colkitt	PROPN
cblr-9109	865	10	,	,	PUNCT
cblr-9109	865	11	272	272	NUM
cblr-9109	865	12	f.3d	f.3d	NUM
cblr-9109	865	13	189	189	NUM
cblr-9109	865	14	,	,	PUNCT
cblr-9109	865	15	205	205	NUM
cblr-9109	865	16	(	(	PUNCT
cblr-9109	865	17	3d	3d	PROPN
cblr-9109	865	18	cir	cir	NOUN
cblr-9109	865	19	.	.	PROPN
cblr-9109	865	20	2001	2001	NUM
cblr-9109	865	21	)	)	PUNCT
cblr-9109	865	22	(	(	PUNCT
cblr-9109	865	23	quoting	quote	VERB
cblr-9109	865	24	in	in	ADP
cblr-9109	865	25	re	re	PROPN
cblr-9109	865	26	olympia	olympia	PROPN
cblr-9109	865	27	brewing	brewing	PROPN
cblr-9109	865	28	co.	co.	PROPN
cblr-9109	865	29	sec	sec	PROPN
cblr-9109	865	30	.	.	PROPN
cblr-9109	865	31	litig	litig	PROPN
cblr-9109	865	32	.	.	PUNCT
cblr-9109	866	1	,	,	PUNCT
cblr-9109	866	2	613	613	NUM
cblr-9109	866	3	f.	f.	PROPN
cblr-9109	866	4	supp	supp	PROPN
cblr-9109	866	5	.	.	PUNCT
cblr-9109	867	1	1286	1286	NUM
cblr-9109	867	2	,	,	PUNCT
cblr-9109	867	3	1292	1292	NUM
cblr-9109	867	4	(	(	PUNCT
cblr-9109	867	5	n.d	n.d	PROPN
cblr-9109	867	6	.	.	PROPN
cblr-9109	867	7	ill	ill	PROPN
cblr-9109	867	8	.	.	PROPN
cblr-9109	867	9	1985	1985	NUM
cblr-9109	867	10	)	)	PUNCT
cblr-9109	867	11	)	)	PUNCT
cblr-9109	867	12	.	.	PUNCT
cblr-9109	868	1	183	183	NUM
cblr-9109	869	1	i	i	PRON
cblr-9109	869	2	d.	d.	PROPN
cblr-9109	869	3	at	at	ADP
cblr-9109	869	4	207	207	NUM
cblr-9109	869	5	.	.	PUNCT
cblr-9109	870	1	in	in	ADP
cblr-9109	870	2	foss	foss	PROPN
cblr-9109	870	3	v.	v.	PROPN
cblr-9109	870	4	bear	bear	PROPN
cblr-9109	870	5	,	,	PUNCT
cblr-9109	870	6	stearns	stearns	PROPN
cblr-9109	870	7	&	&	CCONJ
cblr-9109	870	8	co.	co.	PROPN
cblr-9109	870	9	,	,	PUNCT
cblr-9109	870	10	the	the	DET
cblr-9109	870	11	seventh	seventh	ADJ
cblr-9109	870	12	circuit	circuit	NOUN
cblr-9109	870	13	stated	state	VERB
cblr-9109	870	14	,	,	PUNCT
cblr-9109	870	15	in	in	ADP
cblr-9109	870	16	response	response	NOUN
cblr-9109	870	17	to	to	ADP
cblr-9109	870	18	a	a	DET
cblr-9109	870	19	plaintiff	plaintiff	NOUN
cblr-9109	870	20	who	who	PRON
cblr-9109	870	21	wanted	want	VERB
cblr-9109	870	22	to	to	PART
cblr-9109	870	23	“	"	PUNCT
cblr-9109	870	24	call	call	VERB
cblr-9109	870	25	the	the	DET
cblr-9109	870	26	[	[	X
cblr-9109	870	27	alleged	alleged	ADJ
cblr-9109	870	28	]	]	X
cblr-9109	870	29	conduct	conduct	NOUN
cblr-9109	870	30	‘	'	PUNCT
cblr-9109	870	31	manipulation	manipulation	NOUN
cblr-9109	870	32	’	'	PUNCT
cblr-9109	870	33	rather	rather	ADV
cblr-9109	870	34	than	than	ADP
cblr-9109	870	35	‘	'	PUNCT
cblr-9109	870	36	fraud	fraud	NOUN
cblr-9109	870	37	,	,	PUNCT
cblr-9109	870	38	’	'	PUNCT
cblr-9109	870	39	”	"	PUNCT
cblr-9109	870	40	that	that	SCONJ
cblr-9109	870	41	“	"	PUNCT
cblr-9109	870	42	this	this	PRON
cblr-9109	870	43	is	be	AUX
cblr-9109	870	44	a	a	DET
cblr-9109	870	45	distinction	distinction	NOUN
cblr-9109	870	46	without	without	ADP
cblr-9109	870	47	a	a	DET
cblr-9109	870	48	difference	difference	NOUN
cblr-9109	870	49	”	"	PUNCT
cblr-9109	870	50	because	because	SCONJ
cblr-9109	870	51	in	in	ADP
cblr-9109	870	52	“	"	PUNCT
cblr-9109	870	53	securities	security	NOUN
cblr-9109	870	54	law	law	NOUN
cblr-9109	870	55	,	,	PUNCT
cblr-9109	870	56	manipulation	manipulation	NOUN
cblr-9109	870	57	is	be	AUX
cblr-9109	870	58	a	a	DET
cblr-9109	870	59	kind	kind	NOUN
cblr-9109	870	60	of	of	ADP
cblr-9109	870	61	fraud	fraud	NOUN
cblr-9109	870	62	;	;	PUNCT
cblr-9109	870	63	deceit	deceit	NOUN
cblr-9109	870	64	remains	remain	VERB
cblr-9109	870	65	essential	essential	ADJ
cblr-9109	870	66	.	.	PUNCT
cblr-9109	870	67	”	"	PUNCT
cblr-9109	871	1	394	394	NUM
cblr-9109	871	2	f.3d	f.3d	NUM
cblr-9109	871	3	540	540	NUM
cblr-9109	871	4	,	,	PUNCT
cblr-9109	871	5	542	542	NUM
cblr-9109	871	6	(	(	PUNCT
cblr-9109	871	7	7th	7th	ADJ
cblr-9109	871	8	cir	cir	NOUN
cblr-9109	871	9	.	.	PROPN
cblr-9109	871	10	2005	2005	NUM
cblr-9109	871	11	)	)	PUNCT
cblr-9109	871	12	(	(	PUNCT
cblr-9109	871	13	emphasis	emphasis	NOUN
cblr-9109	871	14	omitted	omit	VERB
cblr-9109	871	15	)	)	PUNCT
cblr-9109	871	16	.	.	PUNCT
cblr-9109	872	1	it	it	PRON
cblr-9109	872	2	should	should	AUX
cblr-9109	872	3	be	be	AUX
cblr-9109	872	4	noted	note	VERB
cblr-9109	872	5	,	,	PUNCT
cblr-9109	872	6	however	however	ADV
cblr-9109	872	7	,	,	PUNCT
cblr-9109	872	8	that	that	SCONJ
cblr-9109	872	9	this	this	PRON
cblr-9109	872	10	is	be	AUX
cblr-9109	872	11	dicta	dicta	ADJ
cblr-9109	872	12	.	.	PUNCT
cblr-9109	873	1	1306	1306	NUM
cblr-9109	873	2	columbia	columbia	PROPN
cblr-9109	873	3	business	business	NOUN
cblr-9109	873	4	law	law	PROPN
cblr-9109	873	5	review	review	NOUN
cblr-9109	873	6	[	[	X
cblr-9109	873	7	vol	vol	NOUN
cblr-9109	873	8	.	.	PUNCT
cblr-9109	873	9	2021	2021	NUM
cblr-9109	873	10	hard	hard	ADV
cblr-9109	873	11	to	to	PART
cblr-9109	873	12	see	see	VERB
cblr-9109	873	13	how	how	SCONJ
cblr-9109	873	14	spoofing	spoofing	NOUN
cblr-9109	873	15	violates	violate	VERB
cblr-9109	873	16	rule	rule	NOUN
cblr-9109	873	17	10b-5	10b-5	NUM
cblr-9109	873	18	since	since	SCONJ
cblr-9109	873	19	both	both	PRON
cblr-9109	873	20	spoofing	spoof	VERB
cblr-9109	873	21	and	and	CCONJ
cblr-9109	873	22	open	open	ADJ
cblr-9109	873	23	market	market	NOUN
cblr-9109	873	24	manipulation	manipulation	NOUN
cblr-9109	873	25	involve	involve	VERB
cblr-9109	873	26	what	what	PRON
cblr-9109	873	27	are	be	AUX
cblr-9109	873	28	otherwise	otherwise	ADV
cblr-9109	873	29	legal	legal	ADJ
cblr-9109	873	30	activities	activity	NOUN
cblr-9109	873	31	,	,	PUNCT
cblr-9109	873	32	quoting	quote	VERB
cblr-9109	873	33	and	and	CCONJ
cblr-9109	873	34	trading	trading	NOUN
cblr-9109	873	35	respectively	respectively	ADV
cblr-9109	873	36	,	,	PUNCT
cblr-9109	873	37	with	with	ADP
cblr-9109	873	38	no	no	DET
cblr-9109	873	39	further	further	ADJ
cblr-9109	873	40	illegal	illegal	ADJ
cblr-9109	873	41	act	act	NOUN
cblr-9109	873	42	.	.	PUNCT
cblr-9109	874	1	in	in	ADP
cblr-9109	874	2	each	each	DET
cblr-9109	874	3	case	case	NOUN
cblr-9109	874	4	,	,	PUNCT
cblr-9109	874	5	it	it	PRON
cblr-9109	874	6	is	be	AUX
cblr-9109	874	7	only	only	ADV
cblr-9109	874	8	the	the	DET
cblr-9109	874	9	purpose	purpose	NOUN
cblr-9109	874	10	for	for	ADP
cblr-9109	874	11	which	which	PRON
cblr-9109	874	12	the	the	DET
cblr-9109	874	13	otherwise	otherwise	ADV
cblr-9109	874	14	legal	legal	ADJ
cblr-9109	874	15	activity	activity	NOUN
cblr-9109	874	16	is	be	AUX
cblr-9109	874	17	undertaken	undertake	VERB
cblr-9109	874	18	—	—	PUNCT
cblr-9109	874	19	to	to	PART
cblr-9109	874	20	make	make	VERB
cblr-9109	874	21	a	a	DET
cblr-9109	874	22	profit	profit	NOUN
cblr-9109	874	23	solely	solely	ADV
cblr-9109	874	24	from	from	ADP
cblr-9109	874	25	the	the	DET
cblr-9109	874	26	activity	activity	NOUN
cblr-9109	874	27	’s	’s	PART
cblr-9109	874	28	influence	influence	NOUN
cblr-9109	874	29	on	on	ADP
cblr-9109	874	30	prices	price	NOUN
cblr-9109	874	31	—	—	PUNCT
cblr-9109	874	32	that	that	PRON
cblr-9109	874	33	makes	make	VERB
cblr-9109	874	34	it	it	PRON
cblr-9109	874	35	a	a	DET
cblr-9109	874	36	manipulation	manipulation	NOUN
cblr-9109	874	37	.	.	PUNCT
cblr-9109	875	1	indeed	indeed	ADV
cblr-9109	875	2	,	,	PUNCT
cblr-9109	875	3	the	the	DET
cblr-9109	875	4	case	case	NOUN
cblr-9109	875	5	for	for	ADP
cblr-9109	875	6	requiring	require	VERB
cblr-9109	875	7	the	the	DET
cblr-9109	875	8	additional	additional	ADJ
cblr-9109	875	9	illegal	illegal	ADJ
cblr-9109	875	10	act	act	NOUN
cblr-9109	875	11	may	may	AUX
cblr-9109	875	12	be	be	AUX
cblr-9109	875	13	stronger	strong	ADJ
cblr-9109	875	14	with	with	ADP
cblr-9109	875	15	quoting	quote	VERB
cblr-9109	875	16	than	than	ADP
cblr-9109	875	17	with	with	ADP
cblr-9109	875	18	trading	trading	NOUN
cblr-9109	875	19	because	because	SCONJ
cblr-9109	875	20	every	every	DET
cblr-9109	875	21	bid	bid	NOUN
cblr-9109	875	22	or	or	CCONJ
cblr-9109	875	23	offer	offer	VERB
cblr-9109	875	24	risks	risk	NOUN
cblr-9109	875	25	execution	execution	NOUN
cblr-9109	875	26	and	and	CCONJ
cblr-9109	875	27	thus	thus	ADV
cblr-9109	875	28	actually	actually	ADV
cblr-9109	875	29	adds	add	VERB
cblr-9109	875	30	to	to	ADP
cblr-9109	875	31	liquidity	liquidity	NOUN
cblr-9109	875	32	.	.	PUNCT
cblr-9109	876	1	a	a	DET
cblr-9109	876	2	manipulator	manipulator	NOUN
cblr-9109	876	3	’s	’s	PART
cblr-9109	876	4	intent	intent	NOUN
cblr-9109	876	5	to	to	PART
cblr-9109	876	6	cancel	cancel	VERB
cblr-9109	876	7	prior	prior	ADV
cblr-9109	876	8	to	to	ADP
cblr-9109	876	9	execution	execution	NOUN
cblr-9109	876	10	is	be	AUX
cblr-9109	876	11	no	no	DET
cblr-9109	876	12	guarantee	guarantee	NOUN
cblr-9109	876	13	against	against	ADP
cblr-9109	876	14	execution	execution	NOUN
cblr-9109	876	15	.	.	PUNCT
cblr-9109	877	1	other	other	ADJ
cblr-9109	877	2	circuits	circuit	NOUN
cblr-9109	877	3	,	,	PUNCT
cblr-9109	877	4	however	however	ADV
cblr-9109	877	5	,	,	PUNCT
cblr-9109	877	6	have	have	AUX
cblr-9109	877	7	come	come	VERB
cblr-9109	877	8	to	to	ADP
cblr-9109	877	9	the	the	DET
cblr-9109	877	10	opposite	opposite	ADJ
cblr-9109	877	11	conclusion	conclusion	NOUN
cblr-9109	877	12	from	from	ADP
cblr-9109	877	13	the	the	DET
cblr-9109	877	14	third	third	ADJ
cblr-9109	877	15	circuit	circuit	NOUN
cblr-9109	877	16	,	,	PUNCT
cblr-9109	877	17	at	at	ADP
cblr-9109	877	18	least	least	ADJ
cblr-9109	877	19	under	under	ADP
cblr-9109	877	20	certain	certain	ADJ
cblr-9109	877	21	circumstances	circumstance	NOUN
cblr-9109	877	22	.	.	PUNCT
cblr-9109	878	1	in	in	ADP
cblr-9109	878	2	markowski	markowski	NOUN
cblr-9109	878	3	v.	v.	ADP
cblr-9109	878	4	sec,184	sec,184	VERB
cblr-9109	878	5	a	a	DET
cblr-9109	878	6	case	case	NOUN
cblr-9109	878	7	involving	involve	VERB
cblr-9109	878	8	open	open	ADJ
cblr-9109	878	9	market	market	NOUN
cblr-9109	878	10	manipulation	manipulation	NOUN
cblr-9109	878	11	with	with	ADP
cblr-9109	878	12	an	an	DET
cblr-9109	878	13	external	external	ADJ
cblr-9109	878	14	interest	interest	NOUN
cblr-9109	878	15	,	,	PUNCT
cblr-9109	878	16	the	the	DET
cblr-9109	878	17	d.c	d.c	PROPN
cblr-9109	878	18	.	.	PROPN
cblr-9109	878	19	circuit	circuit	PROPN
cblr-9109	878	20	found	find	VERB
cblr-9109	878	21	that	that	SCONJ
cblr-9109	878	22	the	the	DET
cblr-9109	878	23	defendants	defendant	NOUN
cblr-9109	878	24	’	'	PUNCT
cblr-9109	878	25	activities	activity	NOUN
cblr-9109	878	26	violated	violate	VERB
cblr-9109	878	27	section	section	NOUN
cblr-9109	878	28	10(b	10(b	NUM
cblr-9109	878	29	)	)	PUNCT
cblr-9109	878	30	and	and	CCONJ
cblr-9109	878	31	rule	rule	NOUN
cblr-9109	878	32	10b-5	10b-5	NUM
cblr-9109	878	33	,	,	PUNCT
cblr-9109	878	34	holding	hold	VERB
cblr-9109	878	35	that	that	SCONJ
cblr-9109	878	36	these	these	DET
cblr-9109	878	37	provisions	provision	NOUN
cblr-9109	878	38	proscribe	proscribe	VERB
cblr-9109	878	39	manipulations	manipulation	NOUN
cblr-9109	878	40	involving	involve	VERB
cblr-9109	878	41	trades	trade	NOUN
cblr-9109	878	42	based	base	VERB
cblr-9109	878	43	“	"	PUNCT
cblr-9109	878	44	solely	solely	ADV
cblr-9109	878	45	because	because	SCONJ
cblr-9109	878	46	of	of	ADP
cblr-9109	878	47	the	the	DET
cblr-9109	878	48	actor	actor	NOUN
cblr-9109	878	49	’s	’s	PART
cblr-9109	878	50	purpose	purpose	NOUN
cblr-9109	878	51	”	"	PUNCT
cblr-9109	878	52	when	when	SCONJ
cblr-9109	878	53	that	that	DET
cblr-9109	878	54	purpose	purpose	NOUN
cblr-9109	878	55	was	be	AUX
cblr-9109	878	56	improper	improper	ADJ
cblr-9109	878	57	,	,	PUNCT
cblr-9109	878	58	without	without	ADP
cblr-9109	878	59	necessitating	necessitate	VERB
cblr-9109	878	60	any	any	DET
cblr-9109	878	61	further	further	ADJ
cblr-9109	878	62	unlawful	unlawful	ADJ
cblr-9109	878	63	act.185	act.185	NOUN
cblr-9109	878	64	the	the	DET
cblr-9109	878	65	second	second	ADJ
cblr-9109	878	66	circuit	circuit	NOUN
cblr-9109	878	67	,	,	PUNCT
cblr-9109	878	68	has	have	AUX
cblr-9109	878	69	recently	recently	ADV
cblr-9109	878	70	stated	state	VERB
cblr-9109	878	71	in	in	ADP
cblr-9109	878	72	dictum	dictum	NOUN
cblr-9109	878	73	that	that	SCONJ
cblr-9109	878	74	manipulation	manipulation	NOUN
cblr-9109	878	75	under	under	ADP
cblr-9109	878	76	section	section	NOUN
cblr-9109	878	77	10(b	10(b	NUM
cblr-9109	878	78	)	)	PUNCT
cblr-9109	878	79	does	do	AUX
cblr-9109	878	80	not	not	PART
cblr-9109	878	81	require	require	VERB
cblr-9109	878	82	“	"	PUNCT
cblr-9109	878	83	reliance	reliance	NOUN
cblr-9109	878	84	by	by	ADP
cblr-9109	878	85	a	a	DET
cblr-9109	878	86	victim	victim	NOUN
cblr-9109	878	87	on	on	ADP
cblr-9109	878	88	direct	direct	ADJ
cblr-9109	878	89	oral	oral	ADJ
cblr-9109	878	90	or	or	CCONJ
cblr-9109	878	91	written	write	VERB
cblr-9109	878	92	communications	communication	NOUN
cblr-9109	878	93	by	by	ADP
cblr-9109	878	94	a	a	DET
cblr-9109	878	95	defendant”186	defendant”186	NOUN
cblr-9109	878	96	and	and	CCONJ
cblr-9109	878	97	that	that	SCONJ
cblr-9109	878	98	“	"	PUNCT
cblr-9109	878	99	a	a	DET
cblr-9109	878	100	184	184	NUM
cblr-9109	878	101	274	274	NUM
cblr-9109	878	102	f.3d	f.3d	NUM
cblr-9109	878	103	525	525	NUM
cblr-9109	878	104	(	(	PUNCT
cblr-9109	878	105	d.c	d.c	PROPN
cblr-9109	878	106	.	.	PROPN
cblr-9109	878	107	cir	cir	PROPN
cblr-9109	878	108	.	.	PROPN
cblr-9109	878	109	2001	2001	NUM
cblr-9109	878	110	)	)	PUNCT
cblr-9109	878	111	.	.	PUNCT
cblr-9109	879	1	185	185	NUM
cblr-9109	880	1	i	i	PRON
cblr-9109	880	2	d.	d.	VERB
cblr-9109	880	3	at	at	ADP
cblr-9109	880	4	529	529	NUM
cblr-9109	880	5	.	.	PUNCT
cblr-9109	881	1	186	186	NUM
cblr-9109	881	2	see	see	NOUN
cblr-9109	881	3	fezzani	fezzani	NOUN
cblr-9109	881	4	v.	v.	ADP
cblr-9109	881	5	bear	bear	PROPN
cblr-9109	881	6	,	,	PUNCT
cblr-9109	881	7	stearns	stearns	PROPN
cblr-9109	881	8	&	&	CCONJ
cblr-9109	881	9	co.	co.	PROPN
cblr-9109	881	10	,	,	PUNCT
cblr-9109	881	11	777	777	NUM
cblr-9109	881	12	f.3d	f.3d	NUM
cblr-9109	881	13	566	566	NUM
cblr-9109	881	14	,	,	PUNCT
cblr-9109	881	15	571	571	NUM
cblr-9109	881	16	(	(	PUNCT
cblr-9109	881	17	2d	2d	NUM
cblr-9109	881	18	cir	cir	NOUN
cblr-9109	881	19	.	.	PROPN
cblr-9109	881	20	2015	2015	NUM
cblr-9109	881	21	)	)	PUNCT
cblr-9109	881	22	.	.	PUNCT
cblr-9109	882	1	the	the	DET
cblr-9109	882	2	case	case	NOUN
cblr-9109	882	3	involved	involve	VERB
cblr-9109	882	4	a	a	DET
cblr-9109	882	5	broker	broker	NOUN
cblr-9109	882	6	-	-	PUNCT
cblr-9109	882	7	dealer	dealer	NOUN
cblr-9109	882	8	that	that	PRON
cblr-9109	882	9	was	be	AUX
cblr-9109	882	10	accused	accuse	VERB
cblr-9109	882	11	of	of	ADP
cblr-9109	882	12	prompting	prompt	VERB
cblr-9109	882	13	its	its	PRON
cblr-9109	882	14	customers	customer	NOUN
cblr-9109	882	15	to	to	PART
cblr-9109	882	16	purchase	purchase	VERB
cblr-9109	882	17	certain	certain	ADJ
cblr-9109	882	18	stocks	stock	NOUN
cblr-9109	882	19	and	and	CCONJ
cblr-9109	882	20	then	then	ADV
cblr-9109	882	21	later	later	ADV
cblr-9109	882	22	maintaining	maintain	VERB
cblr-9109	882	23	the	the	DET
cblr-9109	882	24	price	price	NOUN
cblr-9109	882	25	of	of	ADP
cblr-9109	882	26	these	these	DET
cblr-9109	882	27	stocks	stock	NOUN
cblr-9109	882	28	by	by	ADP
cblr-9109	882	29	buying	buy	VERB
cblr-9109	882	30	shares	share	NOUN
cblr-9109	882	31	in	in	ADP
cblr-9109	882	32	the	the	DET
cblr-9109	882	33	secondary	secondary	ADJ
cblr-9109	882	34	market	market	NOUN
cblr-9109	882	35	,	,	PUNCT
cblr-9109	882	36	presumably	presumably	ADV
cblr-9109	882	37	to	to	PART
cblr-9109	882	38	increase	increase	VERB
cblr-9109	882	39	its	its	PRON
cblr-9109	882	40	clients	client	NOUN
cblr-9109	882	41	’	’	PART
cblr-9109	882	42	appetites	appetite	NOUN
cblr-9109	882	43	for	for	ADP
cblr-9109	882	44	its	its	PRON
cblr-9109	882	45	next	next	ADJ
cblr-9109	882	46	round	round	NOUN
cblr-9109	882	47	of	of	ADP
cblr-9109	882	48	recommendations	recommendation	NOUN
cblr-9109	882	49	.	.	PUNCT
cblr-9109	883	1	the	the	DET
cblr-9109	883	2	case	case	NOUN
cblr-9109	883	3	involves	involve	VERB
cblr-9109	883	4	a	a	DET
cblr-9109	883	5	defendant	defendant	NOUN
cblr-9109	883	6	,	,	PUNCT
cblr-9109	883	7	who	who	PRON
cblr-9109	883	8	,	,	PUNCT
cblr-9109	883	9	rather	rather	ADV
cblr-9109	883	10	than	than	ADP
cblr-9109	883	11	being	be	AUX
cblr-9109	883	12	the	the	DET
cblr-9109	883	13	broker	broker	NOUN
cblr-9109	883	14	-	-	PUNCT
cblr-9109	883	15	dealer	dealer	NOUN
cblr-9109	883	16	itself	itself	PRON
cblr-9109	883	17	,	,	PUNCT
cblr-9109	883	18	was	be	AUX
cblr-9109	883	19	someone	someone	PRON
cblr-9109	883	20	accused	accuse	VERB
cblr-9109	883	21	of	of	ADP
cblr-9109	883	22	allowing	allow	VERB
cblr-9109	883	23	the	the	DET
cblr-9109	883	24	broker	broker	NOUN
cblr-9109	883	25	-	-	PUNCT
cblr-9109	883	26	dealer	dealer	NOUN
cblr-9109	883	27	to	to	ADP
cblr-9109	883	28	“	"	PUNCT
cblr-9109	883	29	park	park	NOUN
cblr-9109	883	30	”	"	PUNCT
cblr-9109	883	31	these	these	DET
cblr-9109	883	32	shares	share	NOUN
cblr-9109	883	33	in	in	ADP
cblr-9109	883	34	his	his	PRON
cblr-9109	883	35	account	account	NOUN
cblr-9109	883	36	(	(	PUNCT
cblr-9109	883	37	i.e.	i.e.	X
cblr-9109	883	38	,	,	PUNCT
cblr-9109	883	39	allowing	allow	VERB
cblr-9109	883	40	the	the	DET
cblr-9109	883	41	broker	broker	NOUN
cblr-9109	883	42	-	-	PUNCT
cblr-9109	883	43	dealer	dealer	NOUN
cblr-9109	883	44	to	to	PART
cblr-9109	883	45	sell	sell	VERB
cblr-9109	883	46	him	he	PRON
cblr-9109	883	47	the	the	DET
cblr-9109	883	48	shares	share	NOUN
cblr-9109	883	49	it	it	PRON
cblr-9109	883	50	had	have	AUX
cblr-9109	883	51	purchased	purchase	VERB
cblr-9109	883	52	but	but	CCONJ
cblr-9109	883	53	with	with	ADP
cblr-9109	883	54	an	an	DET
cblr-9109	883	55	understanding	understanding	NOUN
cblr-9109	883	56	that	that	PRON
cblr-9109	883	57	he	he	PRON
cblr-9109	883	58	would	would	AUX
cblr-9109	883	59	be	be	AUX
cblr-9109	883	60	protected	protect	VERB
cblr-9109	883	61	against	against	ADP
cblr-9109	883	62	any	any	DET
cblr-9109	883	63	drop	drop	NOUN
cblr-9109	883	64	in	in	ADP
cblr-9109	883	65	price	price	NOUN
cblr-9109	883	66	)	)	PUNCT
cblr-9109	883	67	.	.	PUNCT
cblr-9109	884	1	i	i	PRON
cblr-9109	884	2	d.	d.	PROPN
cblr-9109	884	3	at	at	ADP
cblr-9109	884	4	572	572	NUM
cblr-9109	884	5	.	.	PUNCT
cblr-9109	885	1	the	the	DET
cblr-9109	885	2	language	language	NOUN
cblr-9109	885	3	quoted	quote	VERB
cblr-9109	885	4	in	in	ADP
cblr-9109	885	5	the	the	DET
cblr-9109	885	6	text	text	NOUN
cblr-9109	885	7	is	be	AUX
cblr-9109	885	8	dictum	dictum	NOUN
cblr-9109	885	9	because	because	SCONJ
cblr-9109	885	10	the	the	DET
cblr-9109	885	11	court	court	NOUN
cblr-9109	885	12	dismissed	dismiss	VERB
cblr-9109	885	13	the	the	DET
cblr-9109	885	14	complaint	complaint	NOUN
cblr-9109	885	15	against	against	ADP
cblr-9109	885	16	the	the	DET
cblr-9109	885	17	defendant	defendant	NOUN
cblr-9109	885	18	.	.	PUNCT
cblr-9109	886	1	according	accord	VERB
cblr-9109	886	2	to	to	ADP
cblr-9109	886	3	the	the	DET
cblr-9109	886	4	court	court	NOUN
cblr-9109	886	5	,	,	PUNCT
cblr-9109	886	6	the	the	DET
cblr-9109	886	7	plaintiff	plaintiff	NOUN
cblr-9109	886	8	failed	fail	VERB
cblr-9109	886	9	“	"	PUNCT
cblr-9109	886	10	to	to	PART
cblr-9109	886	11	allege	allege	VERB
cblr-9109	886	12	acts	act	NOUN
cblr-9109	886	13	by	by	ADP
cblr-9109	886	14	[	[	X
cblr-9109	886	15	the	the	DET
cblr-9109	886	16	defendant	defendant	NOUN
cblr-9109	886	17	]	]	PUNCT
cblr-9109	886	18	that	that	PRON
cblr-9109	886	19	amounted	amount	VERB
cblr-9109	886	20	to	to	ADP
cblr-9109	886	21	more	more	ADV
cblr-9109	886	22	than	than	ADP
cblr-9109	886	23	knowingly	knowingly	ADV
cblr-9109	886	24	participating	participate	VERB
cblr-9109	886	25	in	in	ADP
cblr-9109	886	26	,	,	PUNCT
cblr-9109	886	27	or	or	CCONJ
cblr-9109	886	28	facilitating	facilitate	VERB
cblr-9109	886	29	,	,	PUNCT
cblr-9109	886	30	”	"	PUNCT
cblr-9109	886	31	the	the	DET
cblr-9109	886	32	broker	broker	NOUN
cblr-9109	886	33	-	-	PUNCT
cblr-9109	886	34	dealer	dealer	NOUN
cblr-9109	886	35	’s	’s	PART
cblr-9109	886	36	fraud	fraud	NOUN
cblr-9109	886	37	.	.	PUNCT
cblr-9109	887	1	i	i	PRON
cblr-9109	887	2	d.	d.	PROPN
cblr-9109	887	3	at	at	ADP
cblr-9109	887	4	25	25	NUM
cblr-9109	887	5	.	.	PUNCT
cblr-9109	887	6	to	to	PART
cblr-9109	887	7	be	be	AUX
cblr-9109	887	8	liable	liable	ADJ
cblr-9109	887	9	in	in	ADP
cblr-9109	887	10	a	a	DET
cblr-9109	887	11	private	private	ADJ
cblr-9109	887	12	damages	damage	NOUN
cblr-9109	887	13	action	action	NOUN
cblr-9109	887	14	,	,	PUNCT
cblr-9109	887	15	the	the	DET
cblr-9109	887	16	court	court	NOUN
cblr-9109	887	17	concluded	conclude	VERB
cblr-9109	887	18	that	that	SCONJ
cblr-9109	887	19	the	the	DET
cblr-9109	887	20	defendant	defendant	NOUN
cblr-9109	887	21	would	would	AUX
cblr-9109	887	22	have	have	AUX
cblr-9109	887	23	needed	need	VERB
cblr-9109	887	24	to	to	PART
cblr-9109	887	25	make	make	VERB
cblr-9109	887	26	the	the	DET
cblr-9109	887	27	false	false	ADJ
cblr-9109	887	28	communication	communication	NOUN
cblr-9109	887	29	himself	himself	PRON
cblr-9109	887	30	.	.	PUNCT
cblr-9109	888	1	i	i	PRON
cblr-9109	888	2	d.	d.	PROPN
cblr-9109	888	3	the	the	DET
cblr-9109	888	4	fact	fact	NOUN
cblr-9109	888	5	that	that	SCONJ
cblr-9109	888	6	this	this	DET
cblr-9109	888	7	language	language	NOUN
cblr-9109	888	8	is	be	AUX
cblr-9109	888	9	dictum	dictum	NOUN
cblr-9109	888	10	is	be	AUX
cblr-9109	888	11	no	no	PRON
cblr-9109	888	12	.	.	PUNCT
cblr-9109	889	1	3:1244	3:1244	NUM
cblr-9109	889	2	]	]	X
cblr-9109	889	3	spoofing	spoofing	NOUN
cblr-9109	889	4	and	and	CCONJ
cblr-9109	889	5	its	its	PRON
cblr-9109	889	6	regulation	regulation	NOUN
cblr-9109	889	7	1307	1307	NUM
cblr-9109	889	8	showing	showing	NOUN
cblr-9109	889	9	of	of	ADP
cblr-9109	889	10	reliance	reliance	NOUN
cblr-9109	889	11	may	may	AUX
cblr-9109	889	12	be	be	AUX
cblr-9109	889	13	based	base	VERB
cblr-9109	889	14	on	on	ADP
cblr-9109	889	15	‘	'	PUNCT
cblr-9109	889	16	market	market	NOUN
cblr-9109	889	17	activity	activity	NOUN
cblr-9109	889	18	’	'	PUNCT
cblr-9109	889	19	intended	intend	VERB
cblr-9109	889	20	to	to	PART
cblr-9109	889	21	mislead	mislead	VERB
cblr-9109	889	22	investors	investor	NOUN
cblr-9109	889	23	by	by	ADP
cblr-9109	889	24	sending	send	VERB
cblr-9109	889	25	‘	'	PUNCT
cblr-9109	889	26	a	a	DET
cblr-9109	889	27	false	false	ADJ
cblr-9109	889	28	pricing	pricing	NOUN
cblr-9109	889	29	signal	signal	NOUN
cblr-9109	889	30	to	to	ADP
cblr-9109	889	31	the	the	DET
cblr-9109	889	32	market	market	NOUN
cblr-9109	889	33	,	,	PUNCT
cblr-9109	889	34	’	'	PUNCT
cblr-9109	889	35	upon	upon	SCONJ
cblr-9109	889	36	which	which	PRON
cblr-9109	889	37	victims	victim	NOUN
cblr-9109	889	38	of	of	ADP
cblr-9109	889	39	the	the	DET
cblr-9109	889	40	manipulation	manipulation	NOUN
cblr-9109	889	41	rely	rely	VERB
cblr-9109	889	42	.	.	PUNCT
cblr-9109	889	43	”187	”187	PUNCT
cblr-9109	890	1	2	2	NUM
cblr-9109	890	2	.	.	X
cblr-9109	890	3	rule	rule	NOUN
cblr-9109	890	4	10b-5	10b-5	NUM
cblr-9109	890	5	spoofing	spoof	VERB
cblr-9109	890	6	cases	case	NOUN
cblr-9109	890	7	we	we	PRON
cblr-9109	890	8	have	have	AUX
cblr-9109	890	9	already	already	ADV
cblr-9109	890	10	considered	consider	VERB
cblr-9109	890	11	the	the	DET
cblr-9109	890	12	lek	lek	PROPN
cblr-9109	890	13	case	case	NOUN
cblr-9109	890	14	in	in	ADP
cblr-9109	890	15	connection	connection	NOUN
cblr-9109	890	16	with	with	ADP
cblr-9109	890	17	section	section	NOUN
cblr-9109	890	18	9(a)(2),188	9(a)(2),188	PROPN
cblr-9109	891	1	but	but	CCONJ
cblr-9109	891	2	the	the	DET
cblr-9109	891	3	court	court	NOUN
cblr-9109	891	4	’s	’s	PART
cblr-9109	891	5	pronouncements	pronouncement	NOUN
cblr-9109	891	6	concerning	concern	VERB
cblr-9109	891	7	that	that	DET
cblr-9109	891	8	section	section	NOUN
cblr-9109	891	9	of	of	ADP
cblr-9109	891	10	the	the	DET
cblr-9109	891	11	statute	statute	NOUN
cblr-9109	891	12	are	be	AUX
cblr-9109	891	13	dicta	dicta	ADJ
cblr-9109	891	14	because	because	SCONJ
cblr-9109	891	15	the	the	DET
cblr-9109	891	16	sec	sec	PROPN
cblr-9109	891	17	’s	’s	PART
cblr-9109	891	18	claim	claim	NOUN
cblr-9109	891	19	was	be	AUX
cblr-9109	891	20	that	that	SCONJ
cblr-9109	891	21	the	the	DET
cblr-9109	891	22	defendant	defendant	NOUN
cblr-9109	891	23	’s	’s	PART
cblr-9109	891	24	quoting	quote	VERB
cblr-9109	891	25	activity	activity	NOUN
cblr-9109	891	26	violated	violate	VERB
cblr-9109	891	27	section	section	NOUN
cblr-9109	891	28	10(b	10(b	NUM
cblr-9109	891	29	)	)	PUNCT
cblr-9109	891	30	and	and	CCONJ
cblr-9109	891	31	rule	rule	VERB
cblr-9109	891	32	10b-5	10b-5	NUM
cblr-9109	891	33	.	.	PUNCT
cblr-9109	892	1	the	the	DET
cblr-9109	892	2	court	court	NOUN
cblr-9109	892	3	concludes	conclude	VERB
cblr-9109	892	4	that	that	SCONJ
cblr-9109	892	5	a	a	DET
cblr-9109	892	6	violation	violation	NOUN
cblr-9109	892	7	of	of	ADP
cblr-9109	892	8	section	section	NOUN
cblr-9109	892	9	10(b	10(b	NUM
cblr-9109	892	10	)	)	PUNCT
cblr-9109	892	11	and	and	CCONJ
cblr-9109	892	12	rule	rule	NOUN
cblr-9109	892	13	10b-5	10b-5	NUM
cblr-9109	892	14	has	have	AUX
cblr-9109	892	15	been	be	AUX
cblr-9109	892	16	adequately	adequately	ADV
cblr-9109	892	17	pled	plead	VERB
cblr-9109	892	18	under	under	ADP
cblr-9109	892	19	a	a	DET
cblr-9109	892	20	theory	theory	NOUN
cblr-9109	892	21	that	that	SCONJ
cblr-9109	892	22	under	under	ADP
cblr-9109	892	23	the	the	DET
cblr-9109	892	24	alleged	allege	VERB
cblr-9109	892	25	circumstances	circumstance	NOUN
cblr-9109	892	26	,	,	PUNCT
cblr-9109	892	27	the	the	DET
cblr-9109	892	28	bids	bid	NOUN
cblr-9109	892	29	and	and	CCONJ
cblr-9109	892	30	offers	offer	NOUN
cblr-9109	892	31	involved	involve	VERB
cblr-9109	892	32	constituted	constitute	VERB
cblr-9109	892	33	“	"	PUNCT
cblr-9109	892	34	false	false	ADJ
cblr-9109	892	35	”	"	PUNCT
cblr-9109	892	36	pricing	pricing	NOUN
cblr-9109	892	37	information.189	information.189	NUM
cblr-9109	892	38	in	in	ADP
cblr-9109	892	39	doing	do	VERB
cblr-9109	892	40	so	so	ADV
cblr-9109	892	41	,	,	PUNCT
cblr-9109	892	42	however	however	ADV
cblr-9109	892	43	,	,	PUNCT
cblr-9109	892	44	the	the	DET
cblr-9109	892	45	court	court	NOUN
cblr-9109	892	46	does	do	AUX
cblr-9109	892	47	not	not	PART
cblr-9109	892	48	provide	provide	VERB
cblr-9109	892	49	helpful	helpful	ADJ
cblr-9109	892	50	or	or	CCONJ
cblr-9109	892	51	critical	critical	ADJ
cblr-9109	892	52	analysis	analysis	NOUN
cblr-9109	892	53	beyond	beyond	ADP
cblr-9109	892	54	a	a	DET
cblr-9109	892	55	recitation	recitation	NOUN
cblr-9109	892	56	of	of	ADP
cblr-9109	892	57	trade	trade	NOUN
cblr-9109	892	58	-	-	PUNCT
cblr-9109	892	59	based	base	VERB
cblr-9109	892	60	manipulation	manipulation	NOUN
cblr-9109	892	61	case	case	NOUN
cblr-9109	892	62	law	law	NOUN
cblr-9109	892	63	.	.	PUNCT
cblr-9109	893	1	the	the	DET
cblr-9109	893	2	court	court	NOUN
cblr-9109	893	3	assumed	assume	VERB
cblr-9109	893	4	the	the	DET
cblr-9109	893	5	bids	bid	NOUN
cblr-9109	893	6	or	or	CCONJ
cblr-9109	893	7	offers	offer	VERB
cblr-9109	893	8	in	in	ADP
cblr-9109	893	9	question	question	NOUN
cblr-9109	893	10	to	to	PART
cblr-9109	893	11	have	have	AUX
cblr-9109	893	12	been	be	AUX
cblr-9109	893	13	non	non	ADJ
cblr-9109	893	14	-	-	ADJ
cblr-9109	893	15	bona	bona	ADJ
cblr-9109	893	16	fide	fide	NOUN
cblr-9109	893	17	,	,	PUNCT
cblr-9109	893	18	irrespective	irrespective	ADV
cblr-9109	893	19	of	of	ADP
cblr-9109	893	20	whether	whether	SCONJ
cblr-9109	893	21	they	they	PRON
cblr-9109	893	22	were	be	AUX
cblr-9109	893	23	executed	execute	VERB
cblr-9109	893	24	against.190	against.190	VERB
cblr-9109	893	25	in	in	ADP
cblr-9109	893	26	another	another	DET
cblr-9109	893	27	case	case	NOUN
cblr-9109	893	28	,	,	PUNCT
cblr-9109	893	29	cp	cp	NUM
cblr-9109	893	30	stone	stone	PROPN
cblr-9109	893	31	fort	fort	PROPN
cblr-9109	893	32	holdings	holding	NOUN
cblr-9109	893	33	,	,	PUNCT
cblr-9109	893	34	llc	llc	PROPN
cblr-9109	893	35	v.	v.	CCONJ
cblr-9109	893	36	doe(s	doe(s	PROPN
cblr-9109	893	37	)	)	PUNCT
cblr-9109	893	38	,	,	PUNCT
cblr-9109	893	39	the	the	DET
cblr-9109	893	40	court	court	NOUN
cblr-9109	893	41	determined	determine	VERB
cblr-9109	893	42	that	that	SCONJ
cblr-9109	893	43	all	all	DET
cblr-9109	893	44	elements	element	NOUN
cblr-9109	893	45	of	of	ADP
cblr-9109	893	46	rule	rule	NOUN
cblr-9109	893	47	10b-5	10b-5	NUM
cblr-9109	893	48	other	other	ADJ
cblr-9109	893	49	than	than	ADP
cblr-9109	893	50	loss	loss	NOUN
cblr-9109	893	51	causation	causation	NOUN
cblr-9109	893	52	had	have	AUX
cblr-9109	893	53	been	be	AUX
cblr-9109	893	54	adequately	adequately	ADV
cblr-9109	893	55	pled	plead	VERB
cblr-9109	893	56	in	in	ADP
cblr-9109	893	57	plaintiff	plaintiff	NOUN
cblr-9109	893	58	’s	’s	PART
cblr-9109	893	59	important	important	ADJ
cblr-9109	893	60	because	because	SCONJ
cblr-9109	893	61	,	,	PUNCT
cblr-9109	893	62	although	although	SCONJ
cblr-9109	893	63	the	the	DET
cblr-9109	893	64	circuit	circuit	NOUN
cblr-9109	893	65	appeared	appear	VERB
cblr-9109	893	66	to	to	ADP
cblr-9109	893	67	moving	move	VERB
cblr-9109	893	68	in	in	ADP
cblr-9109	893	69	this	this	DET
cblr-9109	893	70	direction	direction	NOUN
cblr-9109	893	71	,	,	PUNCT
cblr-9109	893	72	there	there	PRON
cblr-9109	893	73	is	be	VERB
cblr-9109	893	74	earlier	early	ADJ
cblr-9109	893	75	precedent	precedent	NOUN
cblr-9109	893	76	going	go	VERB
cblr-9109	893	77	the	the	DET
cblr-9109	893	78	other	other	ADJ
cblr-9109	893	79	way	way	NOUN
cblr-9109	893	80	.	.	PUNCT
cblr-9109	894	1	for	for	ADP
cblr-9109	894	2	a	a	DET
cblr-9109	894	3	review	review	NOUN
cblr-9109	894	4	of	of	ADP
cblr-9109	894	5	this	this	DET
cblr-9109	894	6	history	history	NOUN
cblr-9109	894	7	,	,	PUNCT
cblr-9109	894	8	see	see	VERB
cblr-9109	894	9	fox	fox	PROPN
cblr-9109	894	10	et	et	PROPN
cblr-9109	894	11	al	al	PROPN
cblr-9109	894	12	.	.	PROPN
cblr-9109	894	13	,	,	PUNCT
cblr-9109	894	14	manipulation	manipulation	NOUN
cblr-9109	894	15	,	,	PUNCT
cblr-9109	894	16	supra	supra	PROPN
cblr-9109	894	17	note	note	NOUN
cblr-9109	894	18	3	3	NUM
cblr-9109	894	19	,	,	PUNCT
cblr-9109	894	20	at	at	ADP
cblr-9109	894	21	120–21	120–21	NUM
cblr-9109	894	22	.	.	PUNCT
cblr-9109	895	1	187	187	NUM
cblr-9109	895	2	fezzani	fezzani	NOUN
cblr-9109	895	3	,	,	PUNCT
cblr-9109	895	4	777	777	NUM
cblr-9109	895	5	f.3d	f.3d	NUM
cblr-9109	895	6	at	at	ADP
cblr-9109	895	7	571–72	571–72	NUM
cblr-9109	895	8	.	.	PUNCT
cblr-9109	895	9	188	188	NUM
cblr-9109	895	10	see	see	VERB
cblr-9109	895	11	supra	supra	PROPN
cblr-9109	895	12	notes	note	VERB
cblr-9109	895	13	149–152	149–152	NUM
cblr-9109	895	14	.	.	PUNCT
cblr-9109	895	15	189	189	NUM
cblr-9109	895	16	sec	sec	PROPN
cblr-9109	895	17	v.	v.	ADP
cblr-9109	895	18	lek	lek	PROPN
cblr-9109	895	19	sec	sec	PROPN
cblr-9109	895	20	.	.	PROPN
cblr-9109	895	21	corp	corp	PROPN
cblr-9109	895	22	.	.	PROPN
cblr-9109	895	23	,	,	PUNCT
cblr-9109	895	24	276	276	NUM
cblr-9109	895	25	f.	f.	PROPN
cblr-9109	895	26	supp	supp	PROPN
cblr-9109	895	27	.	.	PUNCT
cblr-9109	896	1	3d	3d	NUM
cblr-9109	896	2	49	49	NUM
cblr-9109	896	3	,	,	PUNCT
cblr-9109	896	4	58–60	58–60	NUM
cblr-9109	896	5	(	(	PUNCT
cblr-9109	896	6	s.d.n.y	s.d.n.y	PROPN
cblr-9109	896	7	.	.	PROPN
cblr-9109	896	8	2017	2017	NUM
cblr-9109	896	9	)	)	PUNCT
cblr-9109	896	10	.	.	PUNCT
cblr-9109	897	1	190	190	NUM
cblr-9109	898	1	i	i	PRON
cblr-9109	898	2	d.	d.	PROPN
cblr-9109	898	3	at	at	ADP
cblr-9109	898	4	55	55	NUM
cblr-9109	898	5	.	.	PUNCT
cblr-9109	899	1	the	the	DET
cblr-9109	899	2	court	court	NOUN
cblr-9109	899	3	in	in	ADP
cblr-9109	899	4	lek	lek	PROPN
cblr-9109	899	5	does	do	AUX
cblr-9109	899	6	state	state	VERB
cblr-9109	899	7	the	the	DET
cblr-9109	899	8	following	following	NOUN
cblr-9109	899	9	,	,	PUNCT
cblr-9109	899	10	again	again	ADV
cblr-9109	899	11	focused	focus	VERB
cblr-9109	899	12	on	on	ADP
cblr-9109	899	13	a	a	DET
cblr-9109	899	14	pattern	pattern	NOUN
cblr-9109	899	15	of	of	ADP
cblr-9109	899	16	quoting	quote	VERB
cblr-9109	899	17	,	,	PUNCT
cblr-9109	899	18	in	in	ADP
cblr-9109	899	19	dicta	dicta	ADV
cblr-9109	899	20	in	in	ADP
cblr-9109	899	21	response	response	NOUN
cblr-9109	899	22	to	to	ADP
cblr-9109	899	23	lek	lek	PROPN
cblr-9109	899	24	’s	’s	PART
cblr-9109	899	25	argument	argument	NOUN
cblr-9109	899	26	that	that	SCONJ
cblr-9109	899	27	their	their	PRON
cblr-9109	899	28	“	"	PUNCT
cblr-9109	899	29	orders	order	NOUN
cblr-9109	899	30	were	be	AUX
cblr-9109	899	31	‘	'	PUNCT
cblr-9109	899	32	live	live	ADJ
cblr-9109	899	33	,	,	PUNCT
cblr-9109	899	34	real	real	ADJ
cblr-9109	899	35	,	,	PUNCT
cblr-9109	899	36	and	and	CCONJ
cblr-9109	899	37	actionable	actionable	ADJ
cblr-9109	899	38	’	'	PUNCT
cblr-9109	899	39	orders	order	NOUN
cblr-9109	899	40	that	that	PRON
cblr-9109	899	41	were	be	AUX
cblr-9109	899	42	subject	subject	ADJ
cblr-9109	899	43	to	to	ADP
cblr-9109	899	44	market	market	NOUN
cblr-9109	899	45	risk	risk	NOUN
cblr-9109	899	46	and	and	CCONJ
cblr-9109	899	47	therefore	therefore	ADV
cblr-9109	899	48	could	could	AUX
cblr-9109	899	49	not	not	PART
cblr-9109	899	50	create	create	VERB
cblr-9109	899	51	a	a	DET
cblr-9109	899	52	false	false	ADJ
cblr-9109	899	53	impression	impression	NOUN
cblr-9109	899	54	of	of	ADP
cblr-9109	899	55	supply	supply	NOUN
cblr-9109	899	56	and	and	CCONJ
cblr-9109	899	57	demand	demand	NOUN
cblr-9109	899	58	or	or	CCONJ
cblr-9109	899	59	send	send	VERB
cblr-9109	899	60	a	a	DET
cblr-9109	899	61	false	false	ADJ
cblr-9109	899	62	pricing	pricing	NOUN
cblr-9109	899	63	signal	signal	NOUN
cblr-9109	899	64	”	"	PUNCT
cblr-9109	899	65	:	:	PUNCT
cblr-9109	899	66	to	to	ADP
cblr-9109	899	67	the	the	DET
cblr-9109	899	68	extent	extent	NOUN
cblr-9109	899	69	that	that	SCONJ
cblr-9109	899	70	the	the	DET
cblr-9109	899	71	lek	lek	PROPN
cblr-9109	899	72	defendants	defendant	NOUN
cblr-9109	899	73	argue	argue	VERB
cblr-9109	899	74	that	that	SCONJ
cblr-9109	899	75	the	the	DET
cblr-9109	899	76	entry	entry	NOUN
cblr-9109	899	77	of	of	ADP
cblr-9109	899	78	an	an	DET
cblr-9109	899	79	order	order	NOUN
cblr-9109	899	80	in	in	ADP
cblr-9109	899	81	the	the	DET
cblr-9109	899	82	open	open	ADJ
cblr-9109	899	83	market	market	NOUN
cblr-9109	899	84	may	may	AUX
cblr-9109	899	85	never	never	ADV
cblr-9109	899	86	constitute	constitute	VERB
cblr-9109	899	87	manipulative	manipulative	ADJ
cblr-9109	899	88	conduct	conduct	NOUN
cblr-9109	899	89	,	,	PUNCT
cblr-9109	899	90	they	they	PRON
cblr-9109	899	91	are	be	AUX
cblr-9109	899	92	wrong	wrong	ADJ
cblr-9109	899	93	.	.	PUNCT
cblr-9109	900	1	moreover	moreover	ADV
cblr-9109	900	2	,	,	PUNCT
cblr-9109	900	3	this	this	DET
cblr-9109	900	4	argument	argument	NOUN
cblr-9109	900	5	largely	largely	ADV
cblr-9109	900	6	misses	miss	VERB
cblr-9109	900	7	the	the	DET
cblr-9109	900	8	mark	mark	NOUN
cblr-9109	900	9	.	.	PUNCT
cblr-9109	901	1	it	it	PRON
cblr-9109	901	2	ignores	ignore	VERB
cblr-9109	901	3	the	the	DET
cblr-9109	901	4	thrust	thrust	NOUN
cblr-9109	901	5	of	of	ADP
cblr-9109	901	6	the	the	DET
cblr-9109	901	7	sec	sec	PROPN
cblr-9109	901	8	’s	’s	PART
cblr-9109	901	9	claim	claim	NOUN
cblr-9109	901	10	,	,	PUNCT
cblr-9109	901	11	which	which	PRON
cblr-9109	901	12	concerns	concern	VERB
cblr-9109	901	13	coordinated	coordinated	ADJ
cblr-9109	901	14	patterns	pattern	NOUN
cblr-9109	901	15	of	of	ADP
cblr-9109	901	16	trading	trading	NOUN
cblr-9109	901	17	,	,	PUNCT
cblr-9109	901	18	indeed	indeed	ADV
cblr-9109	901	19	voluminous	voluminous	ADJ
cblr-9109	901	20	trading	trading	NOUN
cblr-9109	901	21	,	,	PUNCT
cblr-9109	901	22	designed	design	VERB
cblr-9109	901	23	to	to	PART
cblr-9109	901	24	mislead	mislead	VERB
cblr-9109	901	25	the	the	DET
cblr-9109	901	26	market	market	NOUN
cblr-9109	901	27	.	.	PUNCT
cblr-9109	902	1	i	i	PRON
cblr-9109	902	2	d.	d.	PROPN
cblr-9109	902	3	at	at	ADP
cblr-9109	902	4	64	64	NUM
cblr-9109	902	5	(	(	PUNCT
cblr-9109	902	6	emphasis	emphasis	NOUN
cblr-9109	902	7	added	add	VERB
cblr-9109	902	8	)	)	PUNCT
cblr-9109	902	9	.	.	PUNCT
cblr-9109	903	1	1308	1308	NUM
cblr-9109	903	2	columbia	columbia	PROPN
cblr-9109	903	3	business	business	PROPN
cblr-9109	903	4	law	law	PROPN
cblr-9109	903	5	review	review	NOUN
cblr-9109	903	6	[	[	X
cblr-9109	903	7	vol	vol	NOUN
cblr-9109	903	8	.	.	PUNCT
cblr-9109	903	9	2021	2021	NUM
cblr-9109	903	10	complaint.191	complaint.191	NOUN
cblr-9109	903	11	although	although	SCONJ
cblr-9109	903	12	the	the	DET
cblr-9109	903	13	complaint	complaint	NOUN
cblr-9109	903	14	is	be	AUX
cblr-9109	903	15	somewhat	somewhat	ADV
cblr-9109	903	16	confusing	confusing	ADJ
cblr-9109	903	17	,	,	PUNCT
cblr-9109	903	18	the	the	DET
cblr-9109	903	19	alleged	allege	VERB
cblr-9109	903	20	manipulative	manipulative	ADJ
cblr-9109	903	21	scheme	scheme	NOUN
cblr-9109	903	22	had	have	VERB
cblr-9109	903	23	the	the	DET
cblr-9109	903	24	hallmarks	hallmark	NOUN
cblr-9109	903	25	of	of	ADP
cblr-9109	903	26	spoofing	spoof	VERB
cblr-9109	903	27	and	and	CCONJ
cblr-9109	903	28	appears	appear	VERB
cblr-9109	903	29	to	to	PART
cblr-9109	903	30	have	have	AUX
cblr-9109	903	31	been	be	AUX
cblr-9109	903	32	very	very	ADV
cblr-9109	903	33	similar	similar	ADJ
cblr-9109	903	34	to	to	ADP
cblr-9109	903	35	the	the	DET
cblr-9109	903	36	atlee	atlee	PROPN
cblr-9109	903	37	example	example	NOUN
cblr-9109	903	38	:	:	PUNCT
cblr-9109	903	39	the	the	DET
cblr-9109	903	40	defendant	defendant	NOUN
cblr-9109	903	41	added	add	VERB
cblr-9109	903	42	size	size	NOUN
cblr-9109	903	43	at	at	ADP
cblr-9109	903	44	the	the	DET
cblr-9109	903	45	nbo	nbo	PROPN
cblr-9109	903	46	,	,	PUNCT
cblr-9109	903	47	put	put	VERB
cblr-9109	903	48	in	in	ADP
cblr-9109	903	49	a	a	DET
cblr-9109	903	50	marketable	marketable	ADJ
cblr-9109	903	51	order	order	NOUN
cblr-9109	903	52	going	go	VERB
cblr-9109	903	53	in	in	ADP
cblr-9109	903	54	the	the	DET
cblr-9109	903	55	opposite	opposite	ADJ
cblr-9109	903	56	direction	direction	NOUN
cblr-9109	903	57	,	,	PUNCT
cblr-9109	903	58	and	and	CCONJ
cblr-9109	903	59	after	after	SCONJ
cblr-9109	903	60	that	that	DET
cblr-9109	903	61	order	order	NOUN
cblr-9109	903	62	executed	execute	VERB
cblr-9109	903	63	,	,	PUNCT
cblr-9109	903	64	very	very	ADV
cblr-9109	903	65	quickly	quickly	ADV
cblr-9109	903	66	cancelled	cancel	VERB
cblr-9109	903	67	the	the	DET
cblr-9109	903	68	added	add	VERB
cblr-9109	903	69	size	size	NOUN
cblr-9109	903	70	at	at	ADP
cblr-9109	903	71	the	the	DET
cblr-9109	903	72	nbo	nbo	PROPN
cblr-9109	903	73	,	,	PUNCT
cblr-9109	903	74	and	and	CCONJ
cblr-9109	903	75	then	then	ADV
cblr-9109	903	76	engaged	engage	VERB
cblr-9109	903	77	in	in	ADP
cblr-9109	903	78	a	a	DET
cblr-9109	903	79	mirror	mirror	NOUN
cblr-9109	903	80	set	set	NOUN
cblr-9109	903	81	of	of	ADP
cblr-9109	903	82	transactions	transaction	NOUN
cblr-9109	903	83	going	go	VERB
cblr-9109	903	84	the	the	DET
cblr-9109	903	85	other	other	ADJ
cblr-9109	903	86	way.192	way.192	NOUN
cblr-9109	903	87	in	in	ADP
cblr-9109	903	88	adjudicating	adjudicate	VERB
cblr-9109	903	89	defendant	defendant	NOUN
cblr-9109	903	90	’s	’s	PART
cblr-9109	903	91	motion	motion	NOUN
cblr-9109	903	92	to	to	PART
cblr-9109	903	93	dismiss	dismiss	VERB
cblr-9109	903	94	the	the	DET
cblr-9109	903	95	amended	amend	VERB
cblr-9109	903	96	complaint	complaint	NOUN
cblr-9109	903	97	,	,	PUNCT
cblr-9109	903	98	the	the	DET
cblr-9109	903	99	court	court	NOUN
cblr-9109	903	100	“	"	PUNCT
cblr-9109	903	101	agrees	agree	VERB
cblr-9109	903	102	with	with	ADP
cblr-9109	903	103	plaintiff	plaintiff	NOUN
cblr-9109	903	104	that	that	SCONJ
cblr-9109	903	105	by	by	ADP
cblr-9109	903	106	alleging	allege	VERB
cblr-9109	903	107	a	a	DET
cblr-9109	903	108	pattern	pattern	NOUN
cblr-9109	903	109	.	.	PUNCT
cblr-9109	903	110	.	.	PUNCT
cblr-9109	903	111	.	.	PUNCT
cblr-9109	904	1	it	it	PRON
cblr-9109	904	2	has	have	AUX
cblr-9109	904	3	sufficiently	sufficiently	ADV
cblr-9109	904	4	alleged	allege	VERB
cblr-9109	904	5	that	that	SCONJ
cblr-9109	904	6	defendants	defendant	NOUN
cblr-9109	904	7	have	have	AUX
cblr-9109	904	8	both	both	PRON
cblr-9109	904	9	injected	inject	VERB
cblr-9109	904	10	inaccurate	inaccurate	ADJ
cblr-9109	904	11	information	information	NOUN
cblr-9109	904	12	into	into	ADP
cblr-9109	904	13	the	the	DET
cblr-9109	904	14	market	market	NOUN
cblr-9109	904	15	,	,	PUNCT
cblr-9109	904	16	created	create	VERB
cblr-9109	904	17	a	a	DET
cblr-9109	904	18	false	false	ADJ
cblr-9109	904	19	impression	impression	NOUN
cblr-9109	904	20	of	of	ADP
cblr-9109	904	21	market	market	NOUN
cblr-9109	904	22	activity	activity	NOUN
cblr-9109	904	23	,	,	PUNCT
cblr-9109	904	24	and	and	CCONJ
cblr-9109	904	25	had	have	VERB
cblr-9109	904	26	an	an	DET
cblr-9109	904	27	illegal	illegal	ADJ
cblr-9109	904	28	intent	intent	NOUN
cblr-9109	904	29	.	.	PUNCT
cblr-9109	904	30	”193	”193	PUNCT
cblr-9109	905	1	nearly	nearly	ADV
cblr-9109	905	2	all	all	DET
cblr-9109	905	3	the	the	DET
cblr-9109	905	4	other	other	ADJ
cblr-9109	905	5	law	law	NOUN
cblr-9109	905	6	that	that	PRON
cblr-9109	905	7	has	have	AUX
cblr-9109	905	8	developed	develop	VERB
cblr-9109	905	9	around	around	ADP
cblr-9109	905	10	quote	quote	INTJ
cblr-9109	905	11	manipulation	manipulation	NOUN
cblr-9109	905	12	under	under	ADP
cblr-9109	905	13	section	section	NOUN
cblr-9109	905	14	10(b	10(b	NUM
cblr-9109	905	15	)	)	PUNCT
cblr-9109	905	16	and	and	CCONJ
cblr-9109	905	17	rule	rule	NOUN
cblr-9109	905	18	10b-5	10b-5	NUM
cblr-9109	905	19	has	have	AUX
cblr-9109	905	20	developed	develop	VERB
cblr-9109	905	21	in	in	ADP
cblr-9109	905	22	the	the	DET
cblr-9109	905	23	context	context	NOUN
cblr-9109	905	24	of	of	ADP
cblr-9109	905	25	sec	sec	PROPN
cblr-9109	905	26	administrative	administrative	ADJ
cblr-9109	905	27	proceedings	proceeding	NOUN
cblr-9109	905	28	.	.	PUNCT
cblr-9109	906	1	the	the	DET
cblr-9109	906	2	sec	sec	PROPN
cblr-9109	906	3	has	have	AUX
cblr-9109	906	4	entered	enter	VERB
cblr-9109	906	5	into	into	ADP
cblr-9109	906	6	multiple	multiple	ADJ
cblr-9109	906	7	settlements	settlement	NOUN
cblr-9109	906	8	with	with	ADP
cblr-9109	906	9	firms	firm	NOUN
cblr-9109	906	10	pursuant	pursuant	ADJ
cblr-9109	906	11	to	to	ADP
cblr-9109	906	12	section	section	NOUN
cblr-9109	906	13	10(b	10(b	NUM
cblr-9109	906	14	)	)	PUNCT
cblr-9109	906	15	and	and	CCONJ
cblr-9109	906	16	rule	rule	VERB
cblr-9109	906	17	10b-5	10b-5	NUM
cblr-9109	906	18	concerning	concern	VERB
cblr-9109	906	19	a	a	DET
cblr-9109	906	20	variety	variety	NOUN
cblr-9109	906	21	of	of	ADP
cblr-9109	906	22	kinds	kind	NOUN
cblr-9109	906	23	of	of	ADP
cblr-9109	906	24	quote	quote	INTJ
cblr-9109	906	25	manipulation.194	manipulation.194	INTJ
cblr-9109	906	26	such	such	ADJ
cblr-9109	906	27	manipulation	manipulation	NOUN
cblr-9109	906	28	has	have	AUX
cblr-9109	906	29	been	be	AUX
cblr-9109	906	30	described	describe	VERB
cblr-9109	906	31	191	191	NUM
cblr-9109	906	32	cp	cp	INTJ
cblr-9109	906	33	stone	stone	PROPN
cblr-9109	906	34	fort	fort	NOUN
cblr-9109	906	35	holdings	holding	NOUN
cblr-9109	906	36	v.	v.	ADP
cblr-9109	906	37	doe(s	doe(s	PROPN
cblr-9109	906	38	)	)	PUNCT
cblr-9109	906	39	,	,	PUNCT
cblr-9109	906	40	no	no	INTJ
cblr-9109	906	41	.	.	NOUN
cblr-9109	906	42	16	16	NUM
cblr-9109	906	43	-	-	PUNCT
cblr-9109	906	44	cv-4991	cv-4991	NOUN
cblr-9109	906	45	,	,	PUNCT
cblr-9109	906	46	2017	2017	NUM
cblr-9109	906	47	wl	wl	NOUN
cblr-9109	906	48	1093166	1093166	NUM
cblr-9109	906	49	(	(	PUNCT
cblr-9109	906	50	n.d	n.d	PROPN
cblr-9109	906	51	.	.	PROPN
cblr-9109	906	52	ill	ill	PROPN
cblr-9109	906	53	.	.	PUNCT
cblr-9109	907	1	mar	mar	PROPN
cblr-9109	907	2	.	.	PROPN
cblr-9109	907	3	22	22	NUM
cblr-9109	907	4	,	,	PUNCT
cblr-9109	907	5	2017	2017	NUM
cblr-9109	907	6	)	)	PUNCT
cblr-9109	907	7	.	.	PUNCT
cblr-9109	908	1	192	192	NUM
cblr-9109	908	2	second	second	ADJ
cblr-9109	908	3	amended	amend	VERB
cblr-9109	908	4	complaint	complaint	NOUN
cblr-9109	908	5	at	at	ADP
cblr-9109	908	6	6–7	6–7	NUM
cblr-9109	908	7	,	,	PUNCT
cblr-9109	908	8	cp	cp	NUM
cblr-9109	908	9	stone	stone	PROPN
cblr-9109	908	10	fort	fort	NOUN
cblr-9109	908	11	holdings	holding	NOUN
cblr-9109	908	12	v.	v.	ADP
cblr-9109	908	13	doe(s	doe(s	PROPN
cblr-9109	908	14	)	)	PUNCT
cblr-9109	908	15	,	,	PUNCT
cblr-9109	908	16	no	no	INTJ
cblr-9109	908	17	.	.	NOUN
cblr-9109	908	18	16	16	NUM
cblr-9109	908	19	-	-	PUNCT
cblr-9109	908	20	cv-4991	cv-4991	NOUN
cblr-9109	908	21	,	,	PUNCT
cblr-9109	908	22	2017	2017	NUM
cblr-9109	908	23	wl	wl	NOUN
cblr-9109	908	24	1093166	1093166	NUM
cblr-9109	908	25	(	(	PUNCT
cblr-9109	908	26	n.d	n.d	PROPN
cblr-9109	908	27	.	.	PROPN
cblr-9109	908	28	ill	ill	PROPN
cblr-9109	908	29	.	.	PUNCT
cblr-9109	909	1	mar	mar	PROPN
cblr-9109	909	2	.	.	PROPN
cblr-9109	909	3	22	22	NUM
cblr-9109	909	4	,	,	PUNCT
cblr-9109	909	5	2017	2017	NUM
cblr-9109	909	6	)	)	PUNCT
cblr-9109	909	7	.	.	PUNCT
cblr-9109	910	1	193	193	NUM
cblr-9109	910	2	cp	cp	NUM
cblr-9109	910	3	stone	stone	PROPN
cblr-9109	910	4	fort	fort	PROPN
cblr-9109	910	5	holdings	holding	NOUN
cblr-9109	910	6	,	,	PUNCT
cblr-9109	910	7	2017	2017	NUM
cblr-9109	910	8	wl	wl	NOUN
cblr-9109	910	9	1093166	1093166	NUM
cblr-9109	910	10	,	,	PUNCT
cblr-9109	910	11	at	at	ADP
cblr-9109	910	12	*	*	NOUN
cblr-9109	910	13	4	4	NUM
cblr-9109	910	14	(	(	PUNCT
cblr-9109	910	15	emphasis	emphasis	NOUN
cblr-9109	910	16	added	add	VERB
cblr-9109	910	17	)	)	PUNCT
cblr-9109	910	18	.	.	PUNCT
cblr-9109	911	1	interestingly	interestingly	ADV
cblr-9109	911	2	,	,	PUNCT
cblr-9109	911	3	the	the	DET
cblr-9109	911	4	court	court	NOUN
cblr-9109	911	5	originally	originally	ADV
cblr-9109	911	6	dismissed	dismiss	VERB
cblr-9109	911	7	the	the	DET
cblr-9109	911	8	case	case	NOUN
cblr-9109	911	9	because	because	SCONJ
cblr-9109	911	10	plaintiff	plaintiff	NOUN
cblr-9109	911	11	’s	’s	PART
cblr-9109	911	12	theory	theory	NOUN
cblr-9109	911	13	amounted	amount	VERB
cblr-9109	911	14	to	to	ADP
cblr-9109	911	15	one	one	NUM
cblr-9109	911	16	equating	equate	VERB
cblr-9109	911	17	cancellation	cancellation	NOUN
cblr-9109	911	18	with	with	ADP
cblr-9109	911	19	the	the	DET
cblr-9109	911	20	intention	intention	NOUN
cblr-9109	911	21	to	to	PART
cblr-9109	911	22	never	never	ADV
cblr-9109	911	23	execute	execute	VERB
cblr-9109	911	24	.	.	PUNCT
cblr-9109	912	1	cp	cp	PROPN
cblr-9109	912	2	stone	stone	PROPN
cblr-9109	912	3	fort	fort	NOUN
cblr-9109	912	4	holdings	holding	NOUN
cblr-9109	912	5	v.	v.	ADP
cblr-9109	912	6	doe(s	doe(s	PROPN
cblr-9109	912	7	)	)	PUNCT
cblr-9109	912	8	,	,	PUNCT
cblr-9109	912	9	no	no	INTJ
cblr-9109	912	10	.	.	NOUN
cblr-9109	912	11	16	16	NUM
cblr-9109	912	12	-	-	PUNCT
cblr-9109	912	13	cv-4991	cv-4991	NOUN
cblr-9109	912	14	,	,	PUNCT
cblr-9109	912	15	2016	2016	NUM
cblr-9109	912	16	wl	wl	NOUN
cblr-9109	912	17	5934096	5934096	NUM
cblr-9109	912	18	,	,	PUNCT
cblr-9109	912	19	at	at	ADP
cblr-9109	912	20	*	*	NUM
cblr-9109	912	21	6	6	NUM
cblr-9109	912	22	(	(	PUNCT
cblr-9109	912	23	n.d	n.d	PROPN
cblr-9109	912	24	.	.	PROPN
cblr-9109	912	25	ill	ill	PROPN
cblr-9109	912	26	.	.	PUNCT
cblr-9109	912	27	oct	oct	PROPN
cblr-9109	912	28	11	11	NUM
cblr-9109	912	29	,	,	PUNCT
cblr-9109	912	30	2016	2016	NUM
cblr-9109	912	31	)	)	PUNCT
cblr-9109	912	32	.	.	PUNCT
cblr-9109	913	1	the	the	DET
cblr-9109	913	2	court	court	NOUN
cblr-9109	913	3	is	be	AUX
cblr-9109	913	4	of	of	ADP
cblr-9109	913	5	course	course	NOUN
cblr-9109	913	6	correct	correct	ADJ
cblr-9109	913	7	to	to	ADP
cblr-9109	913	8	this	this	DET
cblr-9109	913	9	extent	extent	NOUN
cblr-9109	913	10	:	:	PUNCT
cblr-9109	913	11	there	there	PRON
cblr-9109	913	12	are	be	VERB
cblr-9109	913	13	many	many	ADJ
cblr-9109	913	14	reasons	reason	NOUN
cblr-9109	913	15	—	—	PUNCT
cblr-9109	913	16	many	many	ADJ
cblr-9109	913	17	of	of	ADP
cblr-9109	913	18	which	which	PRON
cblr-9109	913	19	perfectly	perfectly	ADV
cblr-9109	913	20	legitimate	legitimate	ADJ
cblr-9109	913	21	—	—	PUNCT
cblr-9109	913	22	for	for	ADP
cblr-9109	913	23	cancelling	cancel	VERB
cblr-9109	913	24	an	an	DET
cblr-9109	913	25	order	order	NOUN
cblr-9109	913	26	prior	prior	ADV
cblr-9109	913	27	to	to	ADP
cblr-9109	913	28	execution	execution	NOUN
cblr-9109	913	29	.	.	PUNCT
cblr-9109	914	1	without	without	ADP
cblr-9109	914	2	“	"	PUNCT
cblr-9109	914	3	any	any	DET
cblr-9109	914	4	allegation	allegation	NOUN
cblr-9109	914	5	of	of	ADP
cblr-9109	914	6	how	how	SCONJ
cblr-9109	914	7	many	many	ADJ
cblr-9109	914	8	orders	order	NOUN
cblr-9109	914	9	were	be	AUX
cblr-9109	914	10	executed	execute	VERB
cblr-9109	914	11	,	,	PUNCT
cblr-9109	914	12	how	how	SCONJ
cblr-9109	914	13	long	long	ADV
cblr-9109	914	14	the	the	DET
cblr-9109	914	15	ultimately	ultimately	ADV
cblr-9109	914	16	cancelled	cancel	VERB
cblr-9109	914	17	orders	order	NOUN
cblr-9109	914	18	had	have	AUX
cblr-9109	914	19	remained	remained	AUX
cblr-9109	914	20	resting	rest	VERB
cblr-9109	914	21	and	and	CCONJ
cblr-9109	914	22	available	available	ADJ
cblr-9109	914	23	for	for	ADP
cblr-9109	914	24	execution	execution	NOUN
cblr-9109	914	25	prior	prior	ADV
cblr-9109	914	26	to	to	ADP
cblr-9109	914	27	cancellation	cancellation	NOUN
cblr-9109	914	28	,	,	PUNCT
cblr-9109	914	29	or	or	CCONJ
cblr-9109	914	30	whether	whether	SCONJ
cblr-9109	914	31	the	the	DET
cblr-9109	914	32	platform	platform	NOUN
cblr-9109	914	33	rules	rule	NOUN
cblr-9109	914	34	required	require	VERB
cblr-9109	914	35	the	the	DET
cblr-9109	914	36	orders	order	NOUN
cblr-9109	914	37	to	to	PART
cblr-9109	914	38	be	be	AUX
cblr-9109	914	39	exposed	expose	VERB
cblr-9109	914	40	further	far	ADV
cblr-9109	914	41	[	[	X
cblr-9109	914	42	,	,	PUNCT
cblr-9109	914	43	]	]	X
cblr-9109	914	44	”	"	PUNCT
cblr-9109	914	45	the	the	DET
cblr-9109	914	46	court	court	NOUN
cblr-9109	914	47	originally	originally	ADV
cblr-9109	914	48	agreed	agree	VERB
cblr-9109	914	49	with	with	ADP
cblr-9109	914	50	defendant	defendant	NOUN
cblr-9109	914	51	“	"	PUNCT
cblr-9109	914	52	that	that	DET
cblr-9109	914	53	plaintiff	plaintiff	NOUN
cblr-9109	914	54	’s	’s	PART
cblr-9109	914	55	theory	theory	NOUN
cblr-9109	914	56	boils	boil	VERB
cblr-9109	914	57	down	down	ADP
cblr-9109	914	58	to	to	ADP
cblr-9109	914	59	an	an	DET
cblr-9109	914	60	allegation	allegation	NOUN
cblr-9109	914	61	that	that	SCONJ
cblr-9109	914	62	‘	'	PUNCT
cblr-9109	914	63	if	if	SCONJ
cblr-9109	914	64	a	a	DET
cblr-9109	914	65	subset	subset	NOUN
cblr-9109	914	66	of	of	ADP
cblr-9109	914	67	orders	order	NOUN
cblr-9109	914	68	was	be	AUX
cblr-9109	914	69	ultimately	ultimately	ADV
cblr-9109	914	70	cancelled	cancel	VERB
cblr-9109	914	71	,	,	PUNCT
cblr-9109	914	72	those	those	DET
cblr-9109	914	73	orders	order	NOUN
cblr-9109	914	74	,	,	PUNCT
cblr-9109	914	75	in	in	ADP
cblr-9109	914	76	hindsight	hindsight	ADJ
cblr-9109	914	77	,	,	PUNCT
cblr-9109	914	78	must	must	AUX
cblr-9109	914	79	never	never	ADV
cblr-9109	914	80	have	have	AUX
cblr-9109	914	81	been	be	AUX
cblr-9109	914	82	intended	intend	VERB
cblr-9109	914	83	to	to	PART
cblr-9109	914	84	be	be	AUX
cblr-9109	914	85	executed	execute	VERB
cblr-9109	914	86	.	.	PUNCT
cblr-9109	914	87	’	'	PUNCT
cblr-9109	914	88	”	"	PUNCT
cblr-9109	915	1	i	i	PRON
cblr-9109	915	2	d.	d.	PROPN
cblr-9109	915	3	nevertheless	nevertheless	ADV
cblr-9109	915	4	,	,	PUNCT
cblr-9109	915	5	the	the	DET
cblr-9109	915	6	court	court	NOUN
cblr-9109	915	7	,	,	PUNCT
cblr-9109	915	8	in	in	ADP
cblr-9109	915	9	its	its	PRON
cblr-9109	915	10	ruling	ruling	NOUN
cblr-9109	915	11	on	on	ADP
cblr-9109	915	12	the	the	DET
cblr-9109	915	13	subsequent	subsequent	ADJ
cblr-9109	915	14	amended	amend	VERB
cblr-9109	915	15	complaint	complaint	NOUN
cblr-9109	915	16	,	,	PUNCT
cblr-9109	915	17	seemed	seem	VERB
cblr-9109	915	18	to	to	PART
cblr-9109	915	19	endorse	endorse	VERB
cblr-9109	915	20	plaintiff	plaintiff	VERB
cblr-9109	915	21	’s	’s	PART
cblr-9109	915	22	theory	theory	NOUN
cblr-9109	915	23	of	of	ADP
cblr-9109	915	24	wrongdoing	wrongdoing	NOUN
cblr-9109	915	25	under	under	ADP
cblr-9109	915	26	rule	rule	NOUN
cblr-9109	915	27	10b-5	10b-5	NUM
cblr-9109	915	28	,	,	PUNCT
cblr-9109	915	29	though	though	SCONJ
cblr-9109	915	30	it	it	PRON
cblr-9109	915	31	again	again	ADV
cblr-9109	915	32	dismissed	dismiss	VERB
cblr-9109	915	33	the	the	DET
cblr-9109	915	34	complaint	complaint	NOUN
cblr-9109	915	35	but	but	CCONJ
cblr-9109	915	36	this	this	DET
cblr-9109	915	37	time	time	NOUN
cblr-9109	915	38	on	on	ADP
cblr-9109	915	39	the	the	DET
cblr-9109	915	40	grounds	ground	NOUN
cblr-9109	915	41	that	that	SCONJ
cblr-9109	915	42	plaintiff	plaintiff	NOUN
cblr-9109	915	43	did	do	AUX
cblr-9109	915	44	not	not	PART
cblr-9109	915	45	adequately	adequately	ADV
cblr-9109	915	46	allege	allege	VERB
cblr-9109	915	47	loss	loss	NOUN
cblr-9109	915	48	causation	causation	NOUN
cblr-9109	915	49	.	.	PUNCT
cblr-9109	916	1	i	i	PRON
cblr-9109	916	2	d.	d.	PROPN
cblr-9109	916	3	at	at	ADP
cblr-9109	916	4	*	*	PROPN
cblr-9109	916	5	4	4	NUM
cblr-9109	916	6	,	,	PUNCT
cblr-9109	916	7	6–7	6–7	NUM
cblr-9109	916	8	.	.	NOUN
cblr-9109	916	9	194	194	NUM
cblr-9109	917	1	see	see	VERB
cblr-9109	917	2	infra	infra	NOUN
cblr-9109	917	3	note	note	VERB
cblr-9109	917	4	195–196	195–196	NUM
cblr-9109	917	5	.	.	PUNCT
cblr-9109	918	1	no	no	INTJ
cblr-9109	918	2	.	.	PUNCT
cblr-9109	919	1	3:1244	3:1244	NUM
cblr-9109	919	2	]	]	X
cblr-9109	919	3	spoofing	spoofing	NOUN
cblr-9109	919	4	and	and	CCONJ
cblr-9109	919	5	its	its	PRON
cblr-9109	919	6	regulation	regulation	NOUN
cblr-9109	919	7	1309	1309	NUM
cblr-9109	919	8	in	in	ADP
cblr-9109	919	9	one	one	NUM
cblr-9109	919	10	representative	representative	ADJ
cblr-9109	919	11	settlement	settlement	NOUN
cblr-9109	919	12	as	as	ADP
cblr-9109	919	13	the	the	DET
cblr-9109	919	14	submission	submission	NOUN
cblr-9109	919	15	of	of	ADP
cblr-9109	919	16	“	"	PUNCT
cblr-9109	919	17	nonbona	nonbona	NOUN
cblr-9109	919	18	fide	fide	ADJ
cblr-9109	919	19	orders	order	NOUN
cblr-9109	919	20	,	,	PUNCT
cblr-9109	919	21	or	or	CCONJ
cblr-9109	919	22	orders	order	NOUN
cblr-9109	919	23	that	that	PRON
cblr-9109	919	24	the	the	DET
cblr-9109	919	25	trader	trader	NOUN
cblr-9109	919	26	does	do	AUX
cblr-9109	919	27	not	not	PART
cblr-9109	919	28	intend	intend	VERB
cblr-9109	919	29	to	to	PART
cblr-9109	919	30	have	have	AUX
cblr-9109	919	31	executed	execute	VERB
cblr-9109	919	32	,	,	PUNCT
cblr-9109	919	33	to	to	PART
cblr-9109	919	34	induce	induce	VERB
cblr-9109	919	35	others	other	NOUN
cblr-9109	919	36	to	to	PART
cblr-9109	919	37	buy	buy	VERB
cblr-9109	919	38	or	or	CCONJ
cblr-9109	919	39	sell	sell	VERB
cblr-9109	919	40	the	the	DET
cblr-9109	919	41	security	security	NOUN
cblr-9109	919	42	at	at	ADP
cblr-9109	919	43	a	a	DET
cblr-9109	919	44	price	price	NOUN
cblr-9109	919	45	not	not	PART
cblr-9109	919	46	representative	representative	NOUN
cblr-9109	919	47	of	of	ADP
cblr-9109	919	48	actual	actual	ADJ
cblr-9109	919	49	supply	supply	NOUN
cblr-9109	919	50	and	and	CCONJ
cblr-9109	919	51	demand	demand	NOUN
cblr-9109	919	52	.	.	PUNCT
cblr-9109	919	53	”195	”195	PROPN
cblr-9109	919	54	more	more	ADV
cblr-9109	919	55	broadly	broadly	ADV
cblr-9109	919	56	,	,	PUNCT
cblr-9109	919	57	in	in	ADP
cblr-9109	919	58	an	an	DET
cblr-9109	919	59	administrative	administrative	ADJ
cblr-9109	919	60	proceeding	proceeding	NOUN
cblr-9109	919	61	concerning	concern	VERB
cblr-9109	919	62	auto	auto	NOUN
cblr-9109	919	63	-	-	PUNCT
cblr-9109	919	64	execution	execution	NOUN
cblr-9109	919	65	manipulation	manipulation	NOUN
cblr-9109	919	66	,	,	PUNCT
cblr-9109	919	67	the	the	DET
cblr-9109	919	68	sec	sec	PROPN
cblr-9109	919	69	took	take	VERB
cblr-9109	919	70	the	the	DET
cblr-9109	919	71	position	position	NOUN
cblr-9109	919	72	that	that	SCONJ
cblr-9109	919	73	“	"	PUNCT
cblr-9109	919	74	manipulation	manipulation	NOUN
cblr-9109	919	75	is	be	AUX
cblr-9109	919	76	intentional	intentional	ADJ
cblr-9109	919	77	interference	interference	NOUN
cblr-9109	919	78	with	with	ADP
cblr-9109	919	79	the	the	DET
cblr-9109	919	80	free	free	ADJ
cblr-9109	919	81	forces	force	NOUN
cblr-9109	919	82	of	of	ADP
cblr-9109	919	83	supply	supply	NOUN
cblr-9109	919	84	and	and	CCONJ
cblr-9109	919	85	demand.196	demand.196	VERB
cblr-9109	919	86	the	the	DET
cblr-9109	919	87	defendant	defendant	NOUN
cblr-9109	919	88	,	,	PUNCT
cblr-9109	919	89	terrance	terrance	PROPN
cblr-9109	919	90	yoshikawa	yoshikawa	PROPN
cblr-9109	919	91	,	,	PUNCT
cblr-9109	919	92	had	have	AUX
cblr-9109	919	93	allegedly	allegedly	ADV
cblr-9109	919	94	“	"	PUNCT
cblr-9109	919	95	engaged	engage	VERB
cblr-9109	919	96	in	in	ADP
cblr-9109	919	97	a	a	DET
cblr-9109	919	98	manipulative	manipulative	ADJ
cblr-9109	919	99	scheme	scheme	NOUN
cblr-9109	919	100	by	by	ADP
cblr-9109	919	101	artificially	artificially	ADV
cblr-9109	919	102	moving	move	VERB
cblr-9109	919	103	the	the	DET
cblr-9109	919	104	nbbo	nbbo	NOUN
cblr-9109	919	105	in	in	ADP
cblr-9109	919	106	the	the	DET
cblr-9109	919	107	specified	specified	ADJ
cblr-9109	919	108	securities	security	NOUN
cblr-9109	919	109	and	and	CCONJ
cblr-9109	919	110	thereby	thereby	ADV
cblr-9109	919	111	fraudulently	fraudulently	ADV
cblr-9109	919	112	affected	affect	VERB
cblr-9109	919	113	the	the	DET
cblr-9109	919	114	nature	nature	NOUN
cblr-9109	919	115	of	of	ADP
cblr-9109	919	116	the	the	DET
cblr-9109	919	117	market	market	NOUN
cblr-9109	919	118	for	for	ADP
cblr-9109	919	119	these	these	DET
cblr-9109	919	120	securities	security	NOUN
cblr-9109	919	121	.	.	PUNCT
cblr-9109	919	122	”197	”197	PROPN
cblr-9109	919	123	specifically	specifically	ADV
cblr-9109	919	124	,	,	PUNCT
cblr-9109	919	125	yoshikawa	yoshikawa	PROPN
cblr-9109	919	126	had	have	AUX
cblr-9109	919	127	repeatedly	repeatedly	ADV
cblr-9109	919	128	placed	place	VERB
cblr-9109	919	129	a	a	DET
cblr-9109	919	130	small	small	ADJ
cblr-9109	919	131	limit	limit	NOUN
cblr-9109	919	132	order	order	NOUN
cblr-9109	919	133	in	in	ADP
cblr-9109	919	134	one	one	NUM
cblr-9109	919	135	direction	direction	NOUN
cblr-9109	919	136	that	that	PRON
cblr-9109	919	137	reset	reset	VERB
cblr-9109	919	138	the	the	DET
cblr-9109	919	139	nbo	nbo	NOUN
cblr-9109	919	140	or	or	CCONJ
cblr-9109	919	141	nbb	nbb	NOUN
cblr-9109	919	142	and	and	CCONJ
cblr-9109	919	143	then	then	ADV
cblr-9109	919	144	placed	place	VERB
cblr-9109	919	145	a	a	DET
cblr-9109	919	146	much	much	ADV
cblr-9109	919	147	larger	large	ADJ
cblr-9109	919	148	order	order	NOUN
cblr-9109	919	149	in	in	ADP
cblr-9109	919	150	the	the	DET
cblr-9109	919	151	opposite	opposite	ADJ
cblr-9109	919	152	direction	direction	NOUN
cblr-9109	919	153	that	that	SCONJ
cblr-9109	919	154	he	he	PRON
cblr-9109	919	155	had	have	VERB
cblr-9109	919	156	good	good	ADJ
cblr-9109	919	157	reason	reason	NOUN
cblr-9109	919	158	to	to	PART
cblr-9109	919	159	believe	believe	VERB
cblr-9109	919	160	would	would	AUX
cblr-9109	919	161	be	be	AUX
cblr-9109	919	162	executed	execute	VERB
cblr-9109	919	163	in	in	ADP
cblr-9109	919	164	a	a	DET
cblr-9109	919	165	venue	venue	NOUN
cblr-9109	919	166	that	that	PRON
cblr-9109	919	167	used	use	VERB
cblr-9109	919	168	the	the	DET
cblr-9109	919	169	nbo	nbo	PROPN
cblr-9109	919	170	and	and	CCONJ
cblr-9109	919	171	nbb	nbb	NOUN
cblr-9109	919	172	as	as	ADP
cblr-9109	919	173	reference	reference	NOUN
cblr-9109	919	174	prices	price	NOUN
cblr-9109	919	175	even	even	ADV
cblr-9109	919	176	when	when	SCONJ
cblr-9109	919	177	the	the	DET
cblr-9109	919	178	order	order	NOUN
cblr-9109	919	179	it	it	PRON
cblr-9109	919	180	received	receive	VERB
cblr-9109	919	181	was	be	AUX
cblr-9109	919	182	larger	large	ADJ
cblr-9109	919	183	than	than	ADP
cblr-9109	919	184	the	the	DET
cblr-9109	919	185	amount	amount	NOUN
cblr-9109	919	186	195	195	NUM
cblr-9109	919	187	hold	hold	NOUN
cblr-9109	919	188	bros	bros	INTJ
cblr-9109	919	189	.	.	PUNCT
cblr-9109	920	1	on	on	ADP
cblr-9109	920	2	-	-	PUNCT
cblr-9109	920	3	line	line	NOUN
cblr-9109	920	4	inv	inv	NOUN
cblr-9109	920	5	.	.	PUNCT
cblr-9109	921	1	servs	servs	PROPN
cblr-9109	921	2	.	.	PUNCT
cblr-9109	921	3	,	,	PUNCT
cblr-9109	921	4	exchange	exchange	PROPN
cblr-9109	921	5	act	act	PROPN
cblr-9109	921	6	release	release	VERB
cblr-9109	921	7	no	no	NOUN
cblr-9109	921	8	.	.	NOUN
cblr-9109	921	9	67,924	67,924	NUM
cblr-9109	921	10	,	,	PUNCT
cblr-9109	921	11	investment	investment	NOUN
cblr-9109	921	12	company	company	NOUN
cblr-9109	921	13	act	act	VERB
cblr-9109	921	14	release	release	VERB
cblr-9109	921	15	no	no	PRON
cblr-9109	921	16	.	.	NOUN
cblr-9109	921	17	30,213	30,213	NUM
cblr-9109	921	18	,	,	PUNCT
cblr-9109	921	19	104	104	NUM
cblr-9109	921	20	sec	sec	PROPN
cblr-9109	921	21	docket	docket	NOUN
cblr-9109	921	22	2686	2686	NUM
cblr-9109	921	23	(	(	PUNCT
cblr-9109	921	24	sept	sept	PROPN
cblr-9109	921	25	.	.	PROPN
cblr-9109	921	26	25	25	NUM
cblr-9109	921	27	,	,	PUNCT
cblr-9109	921	28	2012	2012	NUM
cblr-9109	921	29	)	)	PUNCT
cblr-9109	921	30	(	(	PUNCT
cblr-9109	921	31	inside	inside	ADP
cblr-9109	921	32	the	the	DET
cblr-9109	921	33	spread	spread	ADJ
cblr-9109	921	34	manipulation	manipulation	NOUN
cblr-9109	921	35	)	)	PUNCT
cblr-9109	921	36	(	(	PUNCT
cblr-9109	921	37	“	"	PUNCT
cblr-9109	921	38	layering	layer	VERB
cblr-9109	921	39	concerns	concern	NOUN
cblr-9109	921	40	the	the	DET
cblr-9109	921	41	use	use	NOUN
cblr-9109	921	42	of	of	ADP
cblr-9109	921	43	non	non	ADJ
cblr-9109	921	44	-	-	ADJ
cblr-9109	921	45	bona	bona	ADJ
cblr-9109	921	46	fide	fide	ADJ
cblr-9109	921	47	orders	order	NOUN
cblr-9109	921	48	,	,	PUNCT
cblr-9109	921	49	or	or	CCONJ
cblr-9109	921	50	orders	order	NOUN
cblr-9109	921	51	that	that	PRON
cblr-9109	921	52	the	the	DET
cblr-9109	921	53	trader	trader	NOUN
cblr-9109	921	54	does	do	AUX
cblr-9109	921	55	not	not	PART
cblr-9109	921	56	intend	intend	VERB
cblr-9109	921	57	to	to	PART
cblr-9109	921	58	have	have	AUX
cblr-9109	921	59	executed	execute	VERB
cblr-9109	921	60	,	,	PUNCT
cblr-9109	921	61	to	to	PART
cblr-9109	921	62	induce	induce	VERB
cblr-9109	921	63	others	other	NOUN
cblr-9109	921	64	to	to	PART
cblr-9109	921	65	buy	buy	VERB
cblr-9109	921	66	or	or	CCONJ
cblr-9109	921	67	sell	sell	VERB
cblr-9109	921	68	the	the	DET
cblr-9109	921	69	security	security	NOUN
cblr-9109	921	70	at	at	ADP
cblr-9109	921	71	a	a	DET
cblr-9109	921	72	price	price	NOUN
cblr-9109	921	73	not	not	PART
cblr-9109	921	74	representative	representative	NOUN
cblr-9109	921	75	of	of	ADP
cblr-9109	921	76	actual	actual	ADJ
cblr-9109	921	77	supply	supply	NOUN
cblr-9109	921	78	and	and	CCONJ
cblr-9109	921	79	demand	demand	NOUN
cblr-9109	921	80	.	.	PUNCT
cblr-9109	921	81	”	"	PUNCT
cblr-9109	921	82	)	)	PUNCT
cblr-9109	921	83	.	.	PUNCT
cblr-9109	922	1	there	there	PRON
cblr-9109	922	2	are	be	VERB
cblr-9109	922	3	a	a	DET
cblr-9109	922	4	number	number	NOUN
cblr-9109	922	5	of	of	ADP
cblr-9109	922	6	sec	sec	PROPN
cblr-9109	922	7	settlements	settlement	NOUN
cblr-9109	922	8	for	for	ADP
cblr-9109	922	9	quote	quote	INTJ
cblr-9109	922	10	manipulation	manipulation	NOUN
cblr-9109	922	11	in	in	ADP
cblr-9109	922	12	violation	violation	NOUN
cblr-9109	922	13	of	of	ADP
cblr-9109	922	14	rule	rule	NOUN
cblr-9109	922	15	10b-5	10b-5	NUM
cblr-9109	922	16	,	,	PUNCT
cblr-9109	922	17	which	which	PRON
cblr-9109	922	18	offer	offer	VERB
cblr-9109	922	19	little	little	ADJ
cblr-9109	922	20	in	in	ADP
cblr-9109	922	21	the	the	DET
cblr-9109	922	22	way	way	NOUN
cblr-9109	922	23	of	of	ADP
cblr-9109	922	24	specific	specific	ADJ
cblr-9109	922	25	guidance	guidance	NOUN
cblr-9109	922	26	in	in	ADP
cblr-9109	922	27	assessing	assess	VERB
cblr-9109	922	28	violations	violation	NOUN
cblr-9109	922	29	of	of	ADP
cblr-9109	922	30	the	the	DET
cblr-9109	922	31	law	law	NOUN
cblr-9109	922	32	and	and	CCONJ
cblr-9109	922	33	do	do	VERB
cblr-9109	922	34	little	little	ADJ
cblr-9109	922	35	to	to	PART
cblr-9109	922	36	distinguish	distinguish	VERB
cblr-9109	922	37	among	among	ADP
cblr-9109	922	38	the	the	DET
cblr-9109	922	39	types	type	NOUN
cblr-9109	922	40	of	of	ADP
cblr-9109	922	41	quote	quote	INTJ
cblr-9109	922	42	manipulation	manipulation	NOUN
cblr-9109	922	43	we	we	PRON
cblr-9109	922	44	have	have	AUX
cblr-9109	922	45	identified	identify	VERB
cblr-9109	922	46	in	in	ADP
cblr-9109	922	47	this	this	DET
cblr-9109	922	48	article	article	NOUN
cblr-9109	922	49	.	.	PUNCT
cblr-9109	923	1	see	see	VERB
cblr-9109	923	2	,	,	PUNCT
cblr-9109	923	3	e.g.	e.g.	ADV
cblr-9109	923	4	,	,	PUNCT
cblr-9109	923	5	behruz	behruz	NOUN
cblr-9109	923	6	afshar	afshar	ADJ
cblr-9109	923	7	,	,	PUNCT
cblr-9109	923	8	securities	security	NOUN
cblr-9109	923	9	act	act	NOUN
cblr-9109	923	10	release	release	VERB
cblr-9109	923	11	no	no	NOUN
cblr-9109	923	12	.	.	NOUN
cblr-9109	923	13	10,094	10,094	NUM
cblr-9109	923	14	,	,	PUNCT
cblr-9109	923	15	exchange	exchange	NOUN
cblr-9109	923	16	act	act	NOUN
cblr-9109	923	17	release	release	VERB
cblr-9109	923	18	no	no	NOUN
cblr-9109	923	19	.	.	NOUN
cblr-9109	923	20	78,043	78,043	NUM
cblr-9109	923	21	,	,	PUNCT
cblr-9109	923	22	investment	investment	NOUN
cblr-9109	923	23	company	company	NOUN
cblr-9109	923	24	act	act	AUX
cblr-9109	923	25	release	release	VERB
cblr-9109	923	26	no	no	NOUN
cblr-9109	923	27	.	.	NOUN
cblr-9109	924	1	32,144	32,144	NUM
cblr-9109	924	2	,	,	PUNCT
cblr-9109	924	3	114	114	NUM
cblr-9109	924	4	sec	sec	PROPN
cblr-9109	924	5	docket	docket	NOUN
cblr-9109	924	6	1731	1731	NUM
cblr-9109	924	7	(	(	PUNCT
cblr-9109	924	8	june	june	PROPN
cblr-9109	924	9	13	13	NUM
cblr-9109	924	10	,	,	PUNCT
cblr-9109	924	11	2016	2016	NUM
cblr-9109	924	12	)	)	PUNCT
cblr-9109	924	13	(	(	PUNCT
cblr-9109	924	14	inside	inside	ADP
cblr-9109	924	15	the	the	DET
cblr-9109	924	16	spread	spread	ADJ
cblr-9109	924	17	manipulation	manipulation	NOUN
cblr-9109	924	18	)	)	PUNCT
cblr-9109	924	19	(	(	PUNCT
cblr-9109	924	20	“	"	PUNCT
cblr-9109	924	21	market	market	NOUN
cblr-9109	924	22	participants	participant	NOUN
cblr-9109	924	23	were	be	AUX
cblr-9109	924	24	deceived	deceive	VERB
cblr-9109	924	25	when	when	SCONJ
cblr-9109	924	26	they	they	PRON
cblr-9109	924	27	interpreted	interpret	VERB
cblr-9109	924	28	the	the	DET
cblr-9109	924	29	small	small	ADJ
cblr-9109	924	30	-	-	PUNCT
cblr-9109	924	31	lot	lot	NOUN
cblr-9109	924	32	orders	order	NOUN
cblr-9109	924	33	as	as	ADP
cblr-9109	924	34	reflecting	reflect	VERB
cblr-9109	924	35	genuine	genuine	ADJ
cblr-9109	924	36	demand	demand	NOUN
cblr-9109	924	37	or	or	CCONJ
cblr-9109	924	38	supply	supply	NOUN
cblr-9109	924	39	and	and	CCONJ
cblr-9109	924	40	joined	join	VERB
cblr-9109	924	41	those	those	DET
cblr-9109	924	42	orders	order	NOUN
cblr-9109	924	43	with	with	ADP
cblr-9109	924	44	hopes	hope	NOUN
cblr-9109	924	45	of	of	ADP
cblr-9109	924	46	offering	offer	VERB
cblr-9109	924	47	liquidity	liquidity	NOUN
cblr-9109	924	48	and	and	CCONJ
cblr-9109	924	49	earning	earn	VERB
cblr-9109	924	50	rebates	rebate	NOUN
cblr-9109	924	51	.	.	PUNCT
cblr-9109	924	52	”	"	PUNCT
cblr-9109	924	53	)	)	PUNCT
cblr-9109	924	54	;	;	PUNCT
cblr-9109	924	55	briargate	briargate	VERB
cblr-9109	924	56	trading	trading	NOUN
cblr-9109	924	57	,	,	PUNCT
cblr-9109	924	58	securities	security	NOUN
cblr-9109	924	59	act	act	NOUN
cblr-9109	924	60	release	release	VERB
cblr-9109	924	61	no	no	DET
cblr-9109	924	62	.	.	NOUN
cblr-9109	924	63	9,959	9,959	NUM
cblr-9109	924	64	,	,	PUNCT
cblr-9109	924	65	exchange	exchange	NOUN
cblr-9109	924	66	act	act	NOUN
cblr-9109	924	67	release	release	VERB
cblr-9109	924	68	no	no	NOUN
cblr-9109	924	69	.	.	NOUN
cblr-9109	924	70	76,104	76,104	NUM
cblr-9109	924	71	,	,	PUNCT
cblr-9109	924	72	112	112	NUM
cblr-9109	924	73	sec	sec	PROPN
cblr-9109	924	74	docket	docket	NOUN
cblr-9109	924	75	3263	3263	NUM
cblr-9109	924	76	,	,	PUNCT
cblr-9109	924	77	3265	3265	NUM
cblr-9109	924	78	(	(	PUNCT
cblr-9109	924	79	oct	oct	PROPN
cblr-9109	924	80	.	.	PROPN
cblr-9109	924	81	8	8	NUM
cblr-9109	924	82	,	,	PUNCT
cblr-9109	924	83	2015	2015	NUM
cblr-9109	924	84	)	)	PUNCT
cblr-9109	924	85	(	(	PUNCT
cblr-9109	924	86	open	open	ADJ
cblr-9109	924	87	market	market	NOUN
cblr-9109	924	88	manipulation	manipulation	NOUN
cblr-9109	924	89	)	)	PUNCT
cblr-9109	924	90	(	(	PUNCT
cblr-9109	924	91	“	"	PUNCT
cblr-9109	924	92	the	the	DET
cblr-9109	924	93	non	non	ADJ
cblr-9109	924	94	-	-	ADJ
cblr-9109	924	95	bona	bona	ADJ
cblr-9109	924	96	fide	fide	NOUN
cblr-9109	924	97	buy	buy	VERB
cblr-9109	924	98	or	or	CCONJ
cblr-9109	924	99	sell	sell	VERB
cblr-9109	924	100	orders	order	NOUN
cblr-9109	924	101	create	create	VERB
cblr-9109	924	102	a	a	DET
cblr-9109	924	103	false	false	ADJ
cblr-9109	924	104	appearance	appearance	NOUN
cblr-9109	924	105	of	of	ADP
cblr-9109	924	106	buy	buy	NOUN
cblr-9109	924	107	or	or	CCONJ
cblr-9109	924	108	sell	sell	VERB
cblr-9109	924	109	interest	interest	NOUN
cblr-9109	924	110	in	in	ADP
cblr-9109	924	111	the	the	DET
cblr-9109	924	112	security	security	NOUN
cblr-9109	924	113	,	,	PUNCT
cblr-9109	924	114	which	which	PRON
cblr-9109	924	115	often	often	ADV
cblr-9109	924	116	results	result	VERB
cblr-9109	924	117	in	in	ADP
cblr-9109	924	118	a	a	DET
cblr-9109	924	119	price	price	NOUN
cblr-9109	924	120	change	change	NOUN
cblr-9109	924	121	.	.	PUNCT
cblr-9109	924	122	”	"	PUNCT
cblr-9109	924	123	)	)	PUNCT
cblr-9109	924	124	.	.	PUNCT
cblr-9109	925	1	196	196	NUM
cblr-9109	925	2	application	application	NOUN
cblr-9109	925	3	of	of	ADP
cblr-9109	925	4	terrance	terrance	PROPN
cblr-9109	925	5	yoshikawa	yoshikawa	PROPN
cblr-9109	925	6	for	for	ADP
cblr-9109	925	7	review	review	NOUN
cblr-9109	925	8	of	of	ADP
cblr-9109	925	9	disciplinary	disciplinary	ADJ
cblr-9109	925	10	action	action	NOUN
cblr-9109	925	11	taken	take	VERB
cblr-9109	925	12	by	by	ADP
cblr-9109	925	13	nasd	nasd	NOUN
cblr-9109	925	14	,	,	PUNCT
cblr-9109	925	15	exchange	exchange	NOUN
cblr-9109	925	16	act	act	NOUN
cblr-9109	925	17	release	release	VERB
cblr-9109	925	18	no	no	NOUN
cblr-9109	925	19	.	.	NOUN
cblr-9109	925	20	53,731	53,731	NUM
cblr-9109	925	21	,	,	PUNCT
cblr-9109	925	22	87	87	NUM
cblr-9109	925	23	sec	sec	PROPN
cblr-9109	925	24	docket	docket	NOUN
cblr-9109	925	25	2580	2580	NUM
cblr-9109	925	26	,	,	PUNCT
cblr-9109	925	27	at	at	ADP
cblr-9109	925	28	8	8	NUM
cblr-9109	925	29	(	(	PUNCT
cblr-9109	925	30	apr	apr	PROPN
cblr-9109	925	31	.	.	PROPN
cblr-9109	925	32	26	26	NUM
cblr-9109	925	33	,	,	PUNCT
cblr-9109	925	34	2006	2006	NUM
cblr-9109	925	35	)	)	PUNCT
cblr-9109	925	36	.	.	PUNCT
cblr-9109	926	1	197	197	NUM
cblr-9109	927	1	i	i	PRON
cblr-9109	927	2	d.	d.	PROPN
cblr-9109	927	3	at	at	ADP
cblr-9109	927	4	11	11	NUM
cblr-9109	927	5	.	.	PUNCT
cblr-9109	928	1	1310	1310	NUM
cblr-9109	928	2	columbia	columbia	PROPN
cblr-9109	928	3	business	business	NOUN
cblr-9109	928	4	law	law	PROPN
cblr-9109	928	5	review	review	NOUN
cblr-9109	928	6	[	[	X
cblr-9109	928	7	vol	vol	NOUN
cblr-9109	928	8	.	.	PUNCT
cblr-9109	928	9	2021	2021	NUM
cblr-9109	928	10	available	available	ADJ
cblr-9109	928	11	in	in	ADP
cblr-9109	928	12	the	the	DET
cblr-9109	928	13	market	market	NOUN
cblr-9109	928	14	at	at	ADP
cblr-9109	928	15	the	the	DET
cblr-9109	928	16	nbo	nbo	PROPN
cblr-9109	928	17	or	or	CCONJ
cblr-9109	928	18	nbb.198	nbb.198	VERB
cblr-9109	928	19	this	this	DET
cblr-9109	928	20	case	case	NOUN
cblr-9109	928	21	is	be	AUX
cblr-9109	928	22	one	one	NUM
cblr-9109	928	23	of	of	ADP
cblr-9109	928	24	many	many	ADJ
cblr-9109	928	25	auto	auto	NOUN
cblr-9109	928	26	-	-	PUNCT
cblr-9109	928	27	execution	execution	NOUN
cblr-9109	928	28	manipulation	manipulation	NOUN
cblr-9109	928	29	cases	case	NOUN
cblr-9109	928	30	that	that	PRON
cblr-9109	928	31	enabled	enable	VERB
cblr-9109	928	32	a	a	DET
cblr-9109	928	33	manipulator	manipulator	NOUN
cblr-9109	928	34	“	"	PUNCT
cblr-9109	928	35	to	to	PART
cblr-9109	928	36	buy	buy	VERB
cblr-9109	928	37	or	or	CCONJ
cblr-9109	928	38	sell	sell	VERB
cblr-9109	928	39	a	a	DET
cblr-9109	928	40	security	security	NOUN
cblr-9109	928	41	at	at	ADP
cblr-9109	928	42	a	a	DET
cblr-9109	928	43	price	price	NOUN
cblr-9109	928	44	that	that	PRON
cblr-9109	928	45	otherwise	otherwise	ADV
cblr-9109	928	46	would	would	AUX
cblr-9109	928	47	not	not	PART
cblr-9109	928	48	have	have	AUX
cblr-9109	928	49	been	be	AUX
cblr-9109	928	50	available	available	ADJ
cblr-9109	928	51	in	in	ADP
cblr-9109	928	52	the	the	DET
cblr-9109	928	53	market	market	NOUN
cblr-9109	928	54	,	,	PUNCT
cblr-9109	928	55	”	"	PUNCT
cblr-9109	928	56	as	as	SCONJ
cblr-9109	928	57	“	"	PUNCT
cblr-9109	928	58	the	the	DET
cblr-9109	928	59	investing	invest	VERB
cblr-9109	928	60	public	public	ADJ
cblr-9109	928	61	and	and	CCONJ
cblr-9109	928	62	other	other	ADJ
cblr-9109	928	63	market	market	NOUN
cblr-9109	928	64	participants	participant	NOUN
cblr-9109	928	65	,	,	PUNCT
cblr-9109	928	66	including	include	VERB
cblr-9109	928	67	broker	broker	NOUN
cblr-9109	928	68	-	-	PUNCT
cblr-9109	928	69	dealers	dealer	NOUN
cblr-9109	928	70	who	who	PRON
cblr-9109	928	71	rely	rely	VERB
cblr-9109	928	72	on	on	ADP
cblr-9109	928	73	the	the	DET
cblr-9109	928	74	integrity	integrity	NOUN
cblr-9109	928	75	of	of	ADP
cblr-9109	928	76	the	the	DET
cblr-9109	928	77	nbbo	nbbo	NOUN
cblr-9109	928	78	,	,	PUNCT
cblr-9109	928	79	were	be	AUX
cblr-9109	928	80	unaware	unaware	ADJ
cblr-9109	928	81	that	that	SCONJ
cblr-9109	928	82	the	the	DET
cblr-9109	928	83	nbbo	nbbo	NOUN
cblr-9109	928	84	quotes	quote	NOUN
cblr-9109	928	85	altered	alter	VERB
cblr-9109	928	86	as	as	ADP
cblr-9109	928	87	result	result	NOUN
cblr-9109	928	88	of	of	ADP
cblr-9109	928	89	[	[	PUNCT
cblr-9109	928	90	the	the	DET
cblr-9109	928	91	manipulator	manipulator	NOUN
cblr-9109	928	92	’s	’s	PART
cblr-9109	928	93	]	]	PUNCT
cblr-9109	928	94	orders	order	NOUN
cblr-9109	928	95	,	,	PUNCT
cblr-9109	928	96	reflected	reflect	VERB
cblr-9109	928	97	not	not	PART
cblr-9109	928	98	genuine	genuine	ADJ
cblr-9109	928	99	market	market	NOUN
cblr-9109	928	100	activity	activity	NOUN
cblr-9109	928	101	,	,	PUNCT
cblr-9109	928	102	but	but	CCONJ
cblr-9109	928	103	the	the	DET
cblr-9109	928	104	[	[	X
cblr-9109	928	105	manipulator	manipulator	NOUN
cblr-9109	928	106	’s	’s	PART
cblr-9109	928	107	]	]	PUNCT
cblr-9109	928	108	coordinated	coordinated	ADJ
cblr-9109	928	109	actions	action	NOUN
cblr-9109	928	110	.	.	PUNCT
cblr-9109	928	111	”199	”199	PROPN
cblr-9109	929	1	vii	vii	PROPN
cblr-9109	929	2	.	.	PUNCT
cblr-9109	930	1	assessing	assess	VERB
cblr-9109	930	2	the	the	DET
cblr-9109	930	3	law	law	NOUN
cblr-9109	930	4	of	of	ADP
cblr-9109	930	5	spoofing	spoof	VERB
cblr-9109	930	6	in	in	ADP
cblr-9109	930	7	our	our	PRON
cblr-9109	930	8	view	view	NOUN
cblr-9109	930	9	,	,	PUNCT
cblr-9109	930	10	spoofing	spoof	VERB
cblr-9109	930	11	—	—	PUNCT
cblr-9109	930	12	submitting	submit	VERB
cblr-9109	930	13	to	to	ADP
cblr-9109	930	14	an	an	DET
cblr-9109	930	15	exchange	exchange	NOUN
cblr-9109	930	16	one	one	NUM
cblr-9109	930	17	or	or	CCONJ
cblr-9109	930	18	more	more	ADJ
cblr-9109	930	19	quotes	quote	NOUN
cblr-9109	930	20	,	,	PUNCT
cblr-9109	930	21	each	each	PRON
cblr-9109	930	22	for	for	ADP
cblr-9109	930	23	a	a	DET
cblr-9109	930	24	large	large	ADJ
cblr-9109	930	25	number	number	NOUN
cblr-9109	930	26	of	of	ADP
cblr-9109	930	27	shares	share	NOUN
cblr-9109	930	28	at	at	ADP
cblr-9109	930	29	a	a	DET
cblr-9109	930	30	price	price	NOUN
cblr-9109	930	31	equal	equal	ADJ
cblr-9109	930	32	to	to	ADP
cblr-9109	930	33	,	,	PUNCT
cblr-9109	930	34	or	or	CCONJ
cblr-9109	930	35	less	less	ADV
cblr-9109	930	36	favorable	favorable	ADJ
cblr-9109	930	37	than	than	ADP
cblr-9109	930	38	,	,	PUNCT
cblr-9109	930	39	the	the	DET
cblr-9109	930	40	preexisting	preexist	VERB
cblr-9109	930	41	best	good	ADJ
cblr-9109	930	42	quote	quote	NOUN
cblr-9109	930	43	in	in	ADP
cblr-9109	930	44	the	the	DET
cblr-9109	930	45	market	market	NOUN
cblr-9109	930	46	,	,	PUNCT
cblr-9109	930	47	and	and	CCONJ
cblr-9109	930	48	then	then	ADV
cblr-9109	930	49	taking	take	VERB
cblr-9109	930	50	advantage	advantage	NOUN
cblr-9109	930	51	of	of	ADP
cblr-9109	930	52	the	the	DET
cblr-9109	930	53	resulting	result	VERB
cblr-9109	930	54	change	change	NOUN
cblr-9109	930	55	in	in	ADP
cblr-9109	930	56	the	the	DET
cblr-9109	930	57	market	market	NOUN
cblr-9109	930	58	’s	’s	PART
cblr-9109	930	59	view	view	NOUN
cblr-9109	930	60	of	of	ADP
cblr-9109	930	61	the	the	DET
cblr-9109	930	62	value	value	NOUN
cblr-9109	930	63	of	of	ADP
cblr-9109	930	64	the	the	DET
cblr-9109	930	65	security	security	NOUN
cblr-9109	930	66	by	by	ADP
cblr-9109	930	67	trading	trade	VERB
cblr-9109	930	68	in	in	ADP
cblr-9109	930	69	the	the	DET
cblr-9109	930	70	opposite	opposite	ADJ
cblr-9109	930	71	direction	direction	NOUN
cblr-9109	930	72	—	—	PUNCT
cblr-9109	930	73	should	should	AUX
cblr-9109	930	74	be	be	AUX
cblr-9109	930	75	considered	consider	VERB
cblr-9109	930	76	illegal	illegal	ADJ
cblr-9109	930	77	.	.	PUNCT
cblr-9109	931	1	in	in	ADP
cblr-9109	931	2	part	part	NOUN
cblr-9109	931	3	i	i	PRON
cblr-9109	931	4	we	we	PRON
cblr-9109	931	5	posed	pose	VERB
cblr-9109	931	6	a	a	DET
cblr-9109	931	7	four	four	NUM
cblr-9109	931	8	-	-	PUNCT
cblr-9109	931	9	question	question	NOUN
cblr-9109	931	10	test	test	NOUN
cblr-9109	931	11	for	for	ADP
cblr-9109	931	12	when	when	SCONJ
cblr-9109	931	13	a	a	DET
cblr-9109	931	14	quoting	quote	VERB
cblr-9109	931	15	strategy	strategy	NOUN
cblr-9109	931	16	should	should	AUX
cblr-9109	931	17	be	be	AUX
cblr-9109	931	18	condemned	condemn	VERB
cblr-9109	931	19	.	.	PUNCT
cblr-9109	932	1	first	first	ADV
cblr-9109	932	2	,	,	PUNCT
cblr-9109	932	3	is	be	AUX
cblr-9109	932	4	the	the	DET
cblr-9109	932	5	strategy	strategy	NOUN
cblr-9109	932	6	,	,	PUNCT
cblr-9109	932	7	purely	purely	ADV
cblr-9109	932	8	as	as	ADP
cblr-9109	932	9	a	a	DET
cblr-9109	932	10	conceptual	conceptual	ADJ
cblr-9109	932	11	matter	matter	NOUN
cblr-9109	932	12	,	,	PUNCT
cblr-9109	932	13	distinguishable	distinguishable	ADJ
cblr-9109	932	14	from	from	ADP
cblr-9109	932	15	other	other	ADJ
cblr-9109	932	16	,	,	PUNCT
cblr-9109	932	17	clearly	clearly	ADV
cblr-9109	932	18	acceptable	acceptable	ADJ
cblr-9109	932	19	quote	quote	INTJ
cblr-9109	932	20	198	198	NUM
cblr-9109	932	21	i	i	PRON
cblr-9109	932	22	d.	d.	PROPN
cblr-9109	932	23	at	at	ADP
cblr-9109	932	24	2–3	2–3	PROPN
cblr-9109	932	25	.	.	PROPN
cblr-9109	932	26	199	199	NUM
cblr-9109	932	27	ian	ian	PROPN
cblr-9109	932	28	fishman	fishman	PROPN
cblr-9109	932	29	,	,	PUNCT
cblr-9109	932	30	securities	security	NOUN
cblr-9109	932	31	act	act	PROPN
cblr-9109	932	32	release	release	VERB
cblr-9109	932	33	no	no	PRON
cblr-9109	932	34	.	.	NOUN
cblr-9109	932	35	7547	7547	NUM
cblr-9109	932	36	,	,	PUNCT
cblr-9109	932	37	exchange	exchange	NOUN
cblr-9109	932	38	act	act	NOUN
cblr-9109	932	39	release	release	VERB
cblr-9109	932	40	no	no	NOUN
cblr-9109	932	41	.	.	NOUN
cblr-9109	932	42	40,115	40,115	NUM
cblr-9109	932	43	,	,	PUNCT
cblr-9109	932	44	67	67	NUM
cblr-9109	932	45	sec	sec	PROPN
cblr-9109	932	46	docket	docket	NOUN
cblr-9109	932	47	783	783	NUM
cblr-9109	932	48	(	(	PUNCT
cblr-9109	932	49	june	june	PROPN
cblr-9109	932	50	24	24	NUM
cblr-9109	932	51	,	,	PUNCT
cblr-9109	932	52	1998	1998	NUM
cblr-9109	932	53	)	)	PUNCT
cblr-9109	932	54	.	.	PUNCT
cblr-9109	933	1	see	see	VERB
cblr-9109	933	2	also	also	ADV
cblr-9109	933	3	,	,	PUNCT
cblr-9109	933	4	e.g.	e.g.	ADV
cblr-9109	933	5	,	,	PUNCT
cblr-9109	933	6	jason	jason	PROPN
cblr-9109	933	7	t.	t.	PROPN
cblr-9109	933	8	frazee	frazee	PROPN
cblr-9109	933	9	,	,	PUNCT
cblr-9109	933	10	securities	security	NOUN
cblr-9109	933	11	act	act	PROPN
cblr-9109	933	12	release	release	VERB
cblr-9109	933	13	no	no	PRON
cblr-9109	933	14	.	.	PUNCT
cblr-9109	933	15	8,209	8,209	NUM
cblr-9109	933	16	,	,	PUNCT
cblr-9109	933	17	exchange	exchange	NOUN
cblr-9109	933	18	act	act	NOUN
cblr-9109	933	19	release	release	VERB
cblr-9109	933	20	no	no	PROPN
cblr-9109	933	21	.	.	NOUN
cblr-9109	933	22	47,522	47,522	NUM
cblr-9109	933	23	,	,	PUNCT
cblr-9109	933	24	79	79	NUM
cblr-9109	933	25	sec	sec	PROPN
cblr-9109	933	26	docket	docket	NOUN
cblr-9109	933	27	2361	2361	NUM
cblr-9109	933	28	(	(	PUNCT
cblr-9109	933	29	mar	mar	PROPN
cblr-9109	933	30	.	.	PROPN
cblr-9109	933	31	18	18	NUM
cblr-9109	933	32	,	,	PUNCT
cblr-9109	933	33	2003	2003	NUM
cblr-9109	933	34	)	)	PUNCT
cblr-9109	933	35	(	(	PUNCT
cblr-9109	933	36	violating	violate	VERB
cblr-9109	933	37	section	section	NOUN
cblr-9109	933	38	10(b	10(b	NUM
cblr-9109	933	39	)	)	PUNCT
cblr-9109	933	40	and	and	CCONJ
cblr-9109	933	41	rule	rule	NOUN
cblr-9109	933	42	10b-5	10b-5	NUM
cblr-9109	933	43	,	,	PUNCT
cblr-9109	933	44	“	"	PUNCT
cblr-9109	933	45	frazee	frazee	PROPN
cblr-9109	933	46	repeatedly	repeatedly	ADV
cblr-9109	933	47	engaged	engage	VERB
cblr-9109	933	48	in	in	ADP
cblr-9109	933	49	a	a	DET
cblr-9109	933	50	pattern	pattern	NOUN
cblr-9109	933	51	of	of	ADP
cblr-9109	933	52	conduct	conduct	NOUN
cblr-9109	933	53	that	that	PRON
cblr-9109	933	54	affected	affect	VERB
cblr-9109	933	55	the	the	DET
cblr-9109	933	56	nbbo	nbbo	NOUN
cblr-9109	933	57	and	and	CCONJ
cblr-9109	933	58	permitted	permit	VERB
cblr-9109	933	59	the	the	DET
cblr-9109	933	60	execution	execution	NOUN
cblr-9109	933	61	of	of	ADP
cblr-9109	933	62	orders	order	NOUN
cblr-9109	933	63	at	at	ADP
cblr-9109	933	64	prices	price	NOUN
cblr-9109	933	65	that	that	PRON
cblr-9109	933	66	would	would	AUX
cblr-9109	933	67	not	not	PART
cblr-9109	933	68	otherwise	otherwise	ADV
cblr-9109	933	69	have	have	AUX
cblr-9109	933	70	been	be	AUX
cblr-9109	933	71	available	available	ADJ
cblr-9109	933	72	in	in	ADP
cblr-9109	933	73	the	the	DET
cblr-9109	933	74	market	market	NOUN
cblr-9109	933	75	.	.	PUNCT
cblr-9109	934	1	frazee	frazee	PROPN
cblr-9109	934	2	’s	’s	PART
cblr-9109	934	3	actions	action	NOUN
cblr-9109	934	4	interfered	interfere	VERB
cblr-9109	934	5	with	with	ADP
cblr-9109	934	6	the	the	DET
cblr-9109	934	7	free	free	ADJ
cblr-9109	934	8	forces	force	NOUN
cblr-9109	934	9	of	of	ADP
cblr-9109	934	10	supply	supply	NOUN
cblr-9109	934	11	and	and	CCONJ
cblr-9109	934	12	demand	demand	NOUN
cblr-9109	934	13	and	and	CCONJ
cblr-9109	934	14	undermined	undermine	VERB
cblr-9109	934	15	the	the	DET
cblr-9109	934	16	integrity	integrity	NOUN
cblr-9109	934	17	of	of	ADP
cblr-9109	934	18	the	the	DET
cblr-9109	934	19	nbbo	nbbo	NOUN
cblr-9109	934	20	.	.	PUNCT
cblr-9109	934	21	”	"	PUNCT
cblr-9109	934	22	)	)	PUNCT
cblr-9109	934	23	;	;	PUNCT
cblr-9109	934	24	leonard	leonard	PROPN
cblr-9109	934	25	sheehan	sheehan	PROPN
cblr-9109	934	26	,	,	PUNCT
cblr-9109	934	27	securities	security	NOUN
cblr-9109	934	28	act	act	VERB
cblr-9109	934	29	release	release	VERB
cblr-9109	934	30	no	no	DET
cblr-9109	934	31	.	.	NOUN
cblr-9109	934	32	8208	8208	NUM
cblr-9109	934	33	,	,	PUNCT
cblr-9109	934	34	exchange	exchange	NOUN
cblr-9109	934	35	act	act	NOUN
cblr-9109	934	36	release	release	VERB
cblr-9109	934	37	no	no	NOUN
cblr-9109	934	38	.	.	NOUN
cblr-9109	934	39	47,521	47,521	NUM
cblr-9109	934	40	,	,	PUNCT
cblr-9109	934	41	79	79	NUM
cblr-9109	934	42	sec	sec	PROPN
cblr-9109	934	43	docket	docket	NOUN
cblr-9109	934	44	2359	2359	NUM
cblr-9109	934	45	(	(	PUNCT
cblr-9109	934	46	mar	mar	PROPN
cblr-9109	934	47	.	.	PROPN
cblr-9109	934	48	18	18	NUM
cblr-9109	934	49	,	,	PUNCT
cblr-9109	934	50	2003	2003	NUM
cblr-9109	934	51	)	)	PUNCT
cblr-9109	934	52	(	(	PUNCT
cblr-9109	934	53	violating	violate	VERB
cblr-9109	934	54	section	section	NOUN
cblr-9109	934	55	10(b	10(b	NUM
cblr-9109	934	56	)	)	PUNCT
cblr-9109	934	57	and	and	CCONJ
cblr-9109	934	58	rule	rule	NOUN
cblr-9109	934	59	10b-5	10b-5	NUM
cblr-9109	934	60	,	,	PUNCT
cblr-9109	934	61	“	"	PUNCT
cblr-9109	934	62	sheehan	sheehan	PROPN
cblr-9109	934	63	repeatedly	repeatedly	ADV
cblr-9109	934	64	engaged	engage	VERB
cblr-9109	934	65	in	in	ADP
cblr-9109	934	66	a	a	DET
cblr-9109	934	67	pattern	pattern	NOUN
cblr-9109	934	68	of	of	ADP
cblr-9109	934	69	conduct	conduct	NOUN
cblr-9109	934	70	that	that	PRON
cblr-9109	934	71	affected	affect	VERB
cblr-9109	934	72	the	the	DET
cblr-9109	934	73	nbbo	nbbo	NOUN
cblr-9109	934	74	and	and	CCONJ
cblr-9109	934	75	permitted	permit	VERB
cblr-9109	934	76	the	the	DET
cblr-9109	934	77	execution	execution	NOUN
cblr-9109	934	78	of	of	ADP
cblr-9109	934	79	orders	order	NOUN
cblr-9109	934	80	at	at	ADP
cblr-9109	934	81	prices	price	NOUN
cblr-9109	934	82	that	that	PRON
cblr-9109	934	83	would	would	AUX
cblr-9109	934	84	not	not	PART
cblr-9109	934	85	otherwise	otherwise	ADV
cblr-9109	934	86	have	have	AUX
cblr-9109	934	87	been	be	AUX
cblr-9109	934	88	available	available	ADJ
cblr-9109	934	89	in	in	ADP
cblr-9109	934	90	the	the	DET
cblr-9109	934	91	market	market	NOUN
cblr-9109	934	92	.	.	PUNCT
cblr-9109	935	1	sheehan	sheehan	PROPN
cblr-9109	935	2	’s	’s	PART
cblr-9109	935	3	actions	action	NOUN
cblr-9109	935	4	interfered	interfere	VERB
cblr-9109	935	5	with	with	ADP
cblr-9109	935	6	the	the	DET
cblr-9109	935	7	free	free	ADJ
cblr-9109	935	8	forces	force	NOUN
cblr-9109	935	9	of	of	ADP
cblr-9109	935	10	supply	supply	NOUN
cblr-9109	935	11	and	and	CCONJ
cblr-9109	935	12	demand	demand	NOUN
cblr-9109	935	13	and	and	CCONJ
cblr-9109	935	14	undermined	undermine	VERB
cblr-9109	935	15	the	the	DET
cblr-9109	935	16	integrity	integrity	NOUN
cblr-9109	935	17	of	of	ADP
cblr-9109	935	18	the	the	DET
cblr-9109	935	19	nbbo	nbbo	NOUN
cblr-9109	935	20	.	.	PUNCT
cblr-9109	935	21	”	"	PUNCT
cblr-9109	935	22	)	)	PUNCT
cblr-9109	935	23	;	;	PUNCT
cblr-9109	935	24	joseph	joseph	PROPN
cblr-9109	935	25	r.	r.	PROPN
cblr-9109	935	26	blackwell	blackwell	PROPN
cblr-9109	935	27	,	,	PUNCT
cblr-9109	935	28	securities	security	NOUN
cblr-9109	935	29	act	act	NOUN
cblr-9109	935	30	release	release	VERB
cblr-9109	935	31	no	no	DET
cblr-9109	935	32	.	.	NOUN
cblr-9109	935	33	8030	8030	NUM
cblr-9109	935	34	,	,	PUNCT
cblr-9109	935	35	exchange	exchange	NOUN
cblr-9109	935	36	act	act	NOUN
cblr-9109	935	37	release	release	VERB
cblr-9109	935	38	no	no	NOUN
cblr-9109	935	39	.	.	NOUN
cblr-9109	936	1	45,018	45,018	NUM
cblr-9109	936	2	,	,	PUNCT
cblr-9109	936	3	76	76	NUM
cblr-9109	936	4	sec	sec	PROPN
cblr-9109	936	5	docket	docket	NOUN
cblr-9109	936	6	502	502	NUM
cblr-9109	936	7	(	(	PUNCT
cblr-9109	936	8	nov	nov	PROPN
cblr-9109	936	9	.	.	PROPN
cblr-9109	936	10	5	5	NUM
cblr-9109	936	11	,	,	PUNCT
cblr-9109	936	12	2001	2001	NUM
cblr-9109	936	13	)	)	PUNCT
cblr-9109	936	14	(	(	PUNCT
cblr-9109	936	15	same	same	ADJ
cblr-9109	936	16	)	)	PUNCT
cblr-9109	936	17	;	;	PUNCT
cblr-9109	936	18	israel	israel	PROPN
cblr-9109	936	19	m.	m.	NOUN
cblr-9109	936	20	shenker	shenker	PROPN
cblr-9109	936	21	,	,	PUNCT
cblr-9109	936	22	securities	security	NOUN
cblr-9109	936	23	act	act	NOUN
cblr-9109	936	24	release	release	VERB
cblr-9109	936	25	no	no	PRON
cblr-9109	936	26	.	.	NOUN
cblr-9109	936	27	8029	8029	NUM
cblr-9109	936	28	,	,	PUNCT
cblr-9109	936	29	exchange	exchange	NOUN
cblr-9109	936	30	act	act	NOUN
cblr-9109	936	31	release	release	VERB
cblr-9109	936	32	no	no	NOUN
cblr-9109	936	33	.	.	NOUN
cblr-9109	937	1	45,017	45,017	NUM
cblr-9109	937	2	,	,	PUNCT
cblr-9109	937	3	76	76	NUM
cblr-9109	937	4	sec	sec	PROPN
cblr-9109	937	5	docket	docket	NOUN
cblr-9109	937	6	501	501	NUM
cblr-9109	937	7	(	(	PUNCT
cblr-9109	937	8	nov	nov	PROPN
cblr-9109	937	9	.	.	PROPN
cblr-9109	937	10	5	5	NUM
cblr-9109	937	11	,	,	PUNCT
cblr-9109	937	12	2001	2001	NUM
cblr-9109	937	13	)	)	PUNCT
cblr-9109	937	14	(	(	PUNCT
cblr-9109	937	15	same	same	ADJ
cblr-9109	937	16	)	)	PUNCT
cblr-9109	937	17	;	;	PUNCT
cblr-9109	937	18	robert	robert	PROPN
cblr-9109	937	19	j.	j.	PROPN
cblr-9109	937	20	monski	monski	PROPN
cblr-9109	937	21	,	,	PUNCT
cblr-9109	937	22	securities	security	NOUN
cblr-9109	937	23	act	act	NOUN
cblr-9109	937	24	release	release	VERB
cblr-9109	937	25	no	no	NOUN
cblr-9109	937	26	.	.	NOUN
cblr-9109	937	27	7,975	7,975	NUM
cblr-9109	937	28	,	,	PUNCT
cblr-9109	937	29	exchange	exchange	NOUN
cblr-9109	937	30	act	act	NOUN
cblr-9109	937	31	release	release	VERB
cblr-9109	937	32	no	no	NOUN
cblr-9109	937	33	.	.	NOUN
cblr-9109	937	34	44,250	44,250	NUM
cblr-9109	937	35	,	,	PUNCT
cblr-9109	937	36	74	74	NUM
cblr-9109	937	37	sec	sec	PROPN
cblr-9109	937	38	docket	docket	NOUN
cblr-9109	937	39	1815	1815	NUM
cblr-9109	937	40	(	(	PUNCT
cblr-9109	937	41	may	may	PROPN
cblr-9109	937	42	3	3	NUM
cblr-9109	937	43	,	,	PUNCT
cblr-9109	937	44	2001	2001	NUM
cblr-9109	937	45	)	)	PUNCT
cblr-9109	937	46	(	(	PUNCT
cblr-9109	937	47	same	same	ADJ
cblr-9109	937	48	)	)	PUNCT
cblr-9109	937	49	.	.	PUNCT
cblr-9109	938	1	no	no	INTJ
cblr-9109	938	2	.	.	PUNCT
cblr-9109	939	1	3:1244	3:1244	NUM
cblr-9109	939	2	]	]	X
cblr-9109	939	3	spoofing	spoofing	NOUN
cblr-9109	939	4	and	and	CCONJ
cblr-9109	939	5	its	its	PRON
cblr-9109	939	6	regulation	regulation	NOUN
cblr-9109	939	7	1311	1311	NUM
cblr-9109	939	8	driven	drive	VERB
cblr-9109	939	9	strategies	strategy	NOUN
cblr-9109	939	10	,	,	PUNCT
cblr-9109	939	11	and	and	CCONJ
cblr-9109	939	12	does	do	AUX
cblr-9109	939	13	the	the	DET
cblr-9109	939	14	strategy	strategy	NOUN
cblr-9109	939	15	under	under	ADP
cblr-9109	939	16	examination	examination	NOUN
cblr-9109	939	17	cause	cause	VERB
cblr-9109	939	18	social	social	ADJ
cblr-9109	939	19	harm	harm	NOUN
cblr-9109	939	20	?	?	PUNCT
cblr-9109	940	1	second	second	ADV
cblr-9109	940	2	,	,	PUNCT
cblr-9109	940	3	does	do	AUX
cblr-9109	940	4	the	the	DET
cblr-9109	940	5	strategy	strategy	NOUN
cblr-9109	940	6	plausibly	plausibly	ADV
cblr-9109	940	7	fit	fit	ADJ
cblr-9109	940	8	under	under	ADP
cblr-9109	940	9	the	the	DET
cblr-9109	940	10	broad	broad	ADJ
cblr-9109	940	11	dictionary	dictionary	ADJ
cblr-9109	940	12	meaning	meaning	NOUN
cblr-9109	940	13	of	of	ADP
cblr-9109	940	14	the	the	DET
cblr-9109	940	15	term	term	NOUN
cblr-9109	940	16	“	"	PUNCT
cblr-9109	940	17	manipulation	manipulation	NOUN
cblr-9109	940	18	”	"	PUNCT
cblr-9109	940	19	?	?	PUNCT
cblr-9109	941	1	third	third	ADV
cblr-9109	941	2	,	,	PUNCT
cblr-9109	941	3	are	be	AUX
cblr-9109	941	4	there	there	PRON
cblr-9109	941	5	circumstances	circumstance	NOUN
cblr-9109	941	6	under	under	ADP
cblr-9109	941	7	which	which	PRON
cblr-9109	941	8	the	the	DET
cblr-9109	941	9	strategy	strategy	NOUN
cblr-9109	941	10	can	can	AUX
cblr-9109	941	11	yield	yield	VERB
cblr-9109	941	12	positive	positive	ADJ
cblr-9109	941	13	expected	expect	VERB
cblr-9109	941	14	profits	profit	NOUN
cblr-9109	941	15	,	,	PUNCT
cblr-9109	941	16	and	and	CCONJ
cblr-9109	941	17	do	do	AUX
cblr-9109	941	18	they	they	PRON
cblr-9109	941	19	occur	occur	VERB
cblr-9109	941	20	frequently	frequently	ADV
cblr-9109	941	21	enough	enough	ADJ
cblr-9109	941	22	to	to	PART
cblr-9109	941	23	cause	cause	VERB
cblr-9109	941	24	concern	concern	NOUN
cblr-9109	941	25	?	?	PUNCT
cblr-9109	942	1	fourth	fourth	ADJ
cblr-9109	942	2	,	,	PUNCT
cblr-9109	942	3	are	be	AUX
cblr-9109	942	4	there	there	PRON
cblr-9109	942	5	practical	practical	ADJ
cblr-9109	942	6	procedures	procedure	NOUN
cblr-9109	942	7	for	for	ADP
cblr-9109	942	8	implementing	implement	VERB
cblr-9109	942	9	a	a	DET
cblr-9109	942	10	ban	ban	NOUN
cblr-9109	942	11	on	on	ADP
cblr-9109	942	12	the	the	DET
cblr-9109	942	13	strategy	strategy	NOUN
cblr-9109	942	14	whereby	whereby	SCONJ
cblr-9109	942	15	the	the	DET
cblr-9109	942	16	social	social	ADJ
cblr-9109	942	17	gains	gain	NOUN
cblr-9109	942	18	from	from	ADP
cblr-9109	942	19	its	its	PRON
cblr-9109	942	20	reduction	reduction	NOUN
cblr-9109	942	21	or	or	CCONJ
cblr-9109	942	22	elimination	elimination	NOUN
cblr-9109	942	23	exceed	exceed	VERB
cblr-9109	942	24	the	the	DET
cblr-9109	942	25	social	social	ADJ
cblr-9109	942	26	costs	cost	NOUN
cblr-9109	942	27	of	of	ADP
cblr-9109	942	28	doing	do	VERB
cblr-9109	942	29	so	so	ADV
cblr-9109	942	30	,	,	PUNCT
cblr-9109	942	31	including	include	VERB
cblr-9109	942	32	deterring	deter	VERB
cblr-9109	942	33	socially	socially	ADV
cblr-9109	942	34	valuable	valuable	ADJ
cblr-9109	942	35	activity	activity	NOUN
cblr-9109	942	36	that	that	PRON
cblr-9109	942	37	might	might	AUX
cblr-9109	942	38	be	be	AUX
cblr-9109	942	39	erroneously	erroneously	ADV
cblr-9109	942	40	identified	identify	VERB
cblr-9109	942	41	as	as	ADP
cblr-9109	942	42	examples	example	NOUN
cblr-9109	942	43	of	of	ADP
cblr-9109	942	44	the	the	DET
cblr-9109	942	45	practice	practice	NOUN
cblr-9109	942	46	?	?	PUNCT
cblr-9109	943	1	with	with	ADP
cblr-9109	943	2	spoofing	spoof	VERB
cblr-9109	943	3	,	,	PUNCT
cblr-9109	943	4	as	as	SCONJ
cblr-9109	943	5	discussed	discuss	VERB
cblr-9109	943	6	below	below	ADV
cblr-9109	943	7	,	,	PUNCT
cblr-9109	943	8	all	all	DET
cblr-9109	943	9	four	four	NUM
cblr-9109	943	10	questions	question	NOUN
cblr-9109	943	11	can	can	AUX
cblr-9109	943	12	be	be	AUX
cblr-9109	943	13	answered	answer	VERB
cblr-9109	943	14	affirmatively	affirmatively	ADV
cblr-9109	943	15	.	.	PUNCT
cblr-9109	944	1	the	the	DET
cblr-9109	944	2	existing	exist	VERB
cblr-9109	944	3	case	case	NOUN
cblr-9109	944	4	law	law	NOUN
cblr-9109	944	5	roughly	roughly	ADV
cblr-9109	944	6	accomplishes	accomplish	VERB
cblr-9109	944	7	the	the	DET
cblr-9109	944	8	goal	goal	NOUN
cblr-9109	944	9	of	of	ADP
cblr-9109	944	10	making	make	VERB
cblr-9109	944	11	the	the	DET
cblr-9109	944	12	practice	practice	NOUN
cblr-9109	944	13	illegal	illegal	ADJ
cblr-9109	944	14	,	,	PUNCT
cblr-9109	944	15	but	but	CCONJ
cblr-9109	944	16	it	it	PRON
cblr-9109	944	17	lacks	lack	VERB
cblr-9109	944	18	clarity	clarity	NOUN
cblr-9109	944	19	and	and	CCONJ
cblr-9109	944	20	makes	make	VERB
cblr-9109	944	21	errors	error	NOUN
cblr-9109	944	22	in	in	ADP
cblr-9109	944	23	its	its	PRON
cblr-9109	944	24	reach	reach	NOUN
cblr-9109	944	25	.	.	PUNCT
cblr-9109	945	1	a.	a.	NOUN
cblr-9109	945	2	optimal	optimal	ADJ
cblr-9109	945	3	regulation	regulation	NOUN
cblr-9109	945	4	the	the	DET
cblr-9109	945	5	analysis	analysis	NOUN
cblr-9109	945	6	in	in	ADP
cblr-9109	945	7	this	this	DET
cblr-9109	945	8	article	article	NOUN
cblr-9109	945	9	easily	easily	ADV
cblr-9109	945	10	shows	show	VERB
cblr-9109	945	11	affirmative	affirmative	ADJ
cblr-9109	945	12	answers	answer	NOUN
cblr-9109	945	13	to	to	ADP
cblr-9109	945	14	the	the	DET
cblr-9109	945	15	first	first	ADJ
cblr-9109	945	16	,	,	PUNCT
cblr-9109	945	17	third	third	ADJ
cblr-9109	945	18	and	and	CCONJ
cblr-9109	945	19	fourth	fourth	ADJ
cblr-9109	945	20	questions	question	NOUN
cblr-9109	945	21	.	.	PUNCT
cblr-9109	946	1	as	as	ADP
cblr-9109	946	2	for	for	ADP
cblr-9109	946	3	the	the	DET
cblr-9109	946	4	first	first	ADJ
cblr-9109	946	5	question	question	NOUN
cblr-9109	946	6	,	,	PUNCT
cblr-9109	946	7	we	we	PRON
cblr-9109	946	8	established	establish	VERB
cblr-9109	946	9	in	in	ADP
cblr-9109	946	10	part	part	NOUN
cblr-9109	946	11	v	v	ADP
cblr-9109	946	12	that	that	SCONJ
cblr-9109	946	13	the	the	DET
cblr-9109	946	14	strategy	strategy	NOUN
cblr-9109	946	15	is	be	AUX
cblr-9109	946	16	distinguishable	distinguishable	ADJ
cblr-9109	946	17	from	from	ADP
cblr-9109	946	18	clearly	clearly	ADV
cblr-9109	946	19	acceptable	acceptable	ADJ
cblr-9109	946	20	quote	quote	ADV
cblr-9109	946	21	-	-	PUNCT
cblr-9109	946	22	driven	drive	VERB
cblr-9109	946	23	activities	activity	NOUN
cblr-9109	946	24	and	and	CCONJ
cblr-9109	946	25	causes	cause	VERB
cblr-9109	946	26	social	social	ADJ
cblr-9109	946	27	harm	harm	NOUN
cblr-9109	946	28	.	.	PUNCT
cblr-9109	947	1	spoofing	spoof	VERB
cblr-9109	947	2	,	,	PUNCT
cblr-9109	947	3	directly	directly	ADV
cblr-9109	947	4	,	,	PUNCT
cblr-9109	947	5	or	or	CCONJ
cblr-9109	947	6	indirectly	indirectly	ADV
cblr-9109	947	7	through	through	ADP
cblr-9109	947	8	the	the	DET
cblr-9109	947	9	market	market	NOUN
cblr-9109	947	10	anticipating	anticipate	VERB
cblr-9109	947	11	its	its	PRON
cblr-9109	947	12	occurrence	occurrence	NOUN
cblr-9109	947	13	,	,	PUNCT
cblr-9109	947	14	lessens	lessen	VERB
cblr-9109	947	15	both	both	DET
cblr-9109	947	16	liquidity	liquidity	NOUN
cblr-9109	947	17	and	and	CCONJ
cblr-9109	947	18	price	price	NOUN
cblr-9109	947	19	accuracy	accuracy	NOUN
cblr-9109	947	20	,	,	PUNCT
cblr-9109	947	21	wastes	waste	VERB
cblr-9109	947	22	productive	productive	ADJ
cblr-9109	947	23	resources	resource	NOUN
cblr-9109	947	24	by	by	ADP
cblr-9109	947	25	supporting	support	VERB
cblr-9109	947	26	a	a	DET
cblr-9109	947	27	socially	socially	ADV
cblr-9109	947	28	useless	useless	ADJ
cblr-9109	947	29	activity	activity	NOUN
cblr-9109	947	30	,	,	PUNCT
cblr-9109	947	31	and	and	CCONJ
cblr-9109	947	32	lessens	lessen	VERB
cblr-9109	947	33	market	market	NOUN
cblr-9109	947	34	confidence.200	confidence.200	PROPN
cblr-9109	947	35	we	we	PRON
cblr-9109	947	36	have	have	AUX
cblr-9109	947	37	also	also	ADV
cblr-9109	947	38	seen	see	VERB
cblr-9109	947	39	that	that	SCONJ
cblr-9109	947	40	the	the	DET
cblr-9109	947	41	practice	practice	NOUN
cblr-9109	947	42	can	can	AUX
cblr-9109	947	43	yield	yield	VERB
cblr-9109	947	44	positive	positive	ADJ
cblr-9109	947	45	expected	expect	VERB
cblr-9109	947	46	profits.201	profits.201	VERB
cblr-9109	947	47	the	the	DET
cblr-9109	947	48	instances	instance	NOUN
cblr-9109	947	49	of	of	ADP
cblr-9109	947	50	enforcement	enforcement	NOUN
cblr-9109	947	51	against	against	ADP
cblr-9109	947	52	spoofers	spoofer	NOUN
cblr-9109	947	53	and	and	CCONJ
cblr-9109	947	54	the	the	DET
cblr-9109	947	55	sizes	size	NOUN
cblr-9109	947	56	of	of	ADP
cblr-9109	947	57	their	their	PRON
cblr-9109	947	58	alleged	allege	VERB
cblr-9109	947	59	profits	profit	NOUN
cblr-9109	947	60	suggest	suggest	VERB
cblr-9109	947	61	that	that	SCONJ
cblr-9109	947	62	instances	instance	NOUN
cblr-9109	947	63	of	of	ADP
cblr-9109	947	64	it	it	PRON
cblr-9109	947	65	occur	occur	VERB
cblr-9109	947	66	frequently	frequently	ADV
cblr-9109	947	67	enough	enough	ADJ
cblr-9109	947	68	to	to	PART
cblr-9109	947	69	cause	cause	VERB
cblr-9109	947	70	concern.202	concern.202	PROPN
cblr-9109	948	1	and	and	CCONJ
cblr-9109	948	2	we	we	PRON
cblr-9109	948	3	have	have	AUX
cblr-9109	948	4	identified	identify	VERB
cblr-9109	948	5	objectively	objectively	ADV
cblr-9109	948	6	observable	observable	ADJ
cblr-9109	948	7	factors	factor	NOUN
cblr-9109	948	8	that	that	PRON
cblr-9109	948	9	can	can	AUX
cblr-9109	948	10	serve	serve	VERB
cblr-9109	948	11	as	as	ADP
cblr-9109	948	12	a	a	DET
cblr-9109	948	13	condition	condition	NOUN
cblr-9109	948	14	for	for	ADP
cblr-9109	948	15	imposing	impose	VERB
cblr-9109	948	16	legal	legal	ADJ
cblr-9109	948	17	sanctions	sanction	NOUN
cblr-9109	948	18	on	on	ADP
cblr-9109	948	19	undesirable	undesirable	ADJ
cblr-9109	948	20	trades	trade	NOUN
cblr-9109	948	21	,	,	PUNCT
cblr-9109	948	22	while	while	SCONJ
cblr-9109	948	23	minimizing	minimize	VERB
cblr-9109	948	24	prosecution	prosecution	NOUN
cblr-9109	948	25	of	of	ADP
cblr-9109	948	26	socially	socially	ADV
cblr-9109	948	27	desirable	desirable	ADJ
cblr-9109	948	28	trades	trade	NOUN
cblr-9109	948	29	.	.	PUNCT
cblr-9109	949	1	the	the	DET
cblr-9109	949	2	answer	answer	NOUN
cblr-9109	949	3	to	to	ADP
cblr-9109	949	4	the	the	DET
cblr-9109	949	5	second	second	ADJ
cblr-9109	949	6	question	question	NOUN
cblr-9109	949	7	requires	require	VERB
cblr-9109	949	8	a	a	DET
cblr-9109	949	9	bit	bit	NOUN
cblr-9109	949	10	more	more	ADJ
cblr-9109	949	11	explication	explication	NOUN
cblr-9109	949	12	.	.	PUNCT
cblr-9109	950	1	we	we	PRON
cblr-9109	950	2	do	do	AUX
cblr-9109	950	3	not	not	PART
cblr-9109	950	4	have	have	VERB
cblr-9109	950	5	any	any	DET
cblr-9109	950	6	trouble	trouble	NOUN
cblr-9109	950	7	concluding	conclude	VERB
cblr-9109	950	8	that	that	SCONJ
cblr-9109	950	9	spoofing	spoofing	NOUN
cblr-9109	950	10	fits	fit	VERB
cblr-9109	950	11	within	within	ADP
cblr-9109	950	12	the	the	DET
cblr-9109	950	13	dictionary	dictionary	ADJ
cblr-9109	950	14	definition	definition	NOUN
cblr-9109	950	15	of	of	ADP
cblr-9109	950	16	200	200	NUM
cblr-9109	950	17	see	see	NOUN
cblr-9109	950	18	supra	supra	PROPN
cblr-9109	950	19	section	section	NOUN
cblr-9109	950	20	v.b.4	v.b.4	PROPN
cblr-9109	950	21	.	.	PUNCT
cblr-9109	951	1	201	201	NUM
cblr-9109	951	2	see	see	VERB
cblr-9109	951	3	supra	supra	PROPN
cblr-9109	951	4	section	section	PROPN
cblr-9109	951	5	v.a	v.a	PROPN
cblr-9109	951	6	.	.	PROPN
cblr-9109	951	7	202	202	NUM
cblr-9109	951	8	see	see	VERB
cblr-9109	951	9	supra	supra	PROPN
cblr-9109	951	10	part	part	PROPN
cblr-9109	951	11	vi	vi	PROPN
cblr-9109	951	12	.	.	PROPN
cblr-9109	951	13	1312	1312	NUM
cblr-9109	951	14	columbia	columbia	PROPN
cblr-9109	951	15	business	business	NOUN
cblr-9109	951	16	law	law	PROPN
cblr-9109	951	17	review	review	NOUN
cblr-9109	951	18	[	[	X
cblr-9109	951	19	vol	vol	NOUN
cblr-9109	951	20	.	.	PUNCT
cblr-9109	951	21	2021	2021	NUM
cblr-9109	951	22	“	"	PUNCT
cblr-9109	951	23	manipulation	manipulation	NOUN
cblr-9109	951	24	.	.	PUNCT
cblr-9109	951	25	”203	”203	PUNCT
cblr-9109	952	1	the	the	DET
cblr-9109	952	2	problem	problem	NOUN
cblr-9109	952	3	is	be	AUX
cblr-9109	952	4	that	that	SCONJ
cblr-9109	952	5	neither	neither	CCONJ
cblr-9109	952	6	exchange	exchange	NOUN
cblr-9109	952	7	act	act	NOUN
cblr-9109	952	8	section	section	NOUN
cblr-9109	952	9	9(a)(2)204	9(a)(2)204	NOUN
cblr-9109	952	10	nor	nor	CCONJ
cblr-9109	952	11	section	section	NOUN
cblr-9109	952	12	10(b)205	10(b)205	NUM
cblr-9109	952	13	and	and	CCONJ
cblr-9109	952	14	rule	rule	VERB
cblr-9109	952	15	10b-5206	10b-5206	NUM
cblr-9109	952	16	directly	directly	ADV
cblr-9109	952	17	outlaw	outlaw	VERB
cblr-9109	952	18	anything	anything	PRON
cblr-9109	952	19	that	that	PRON
cblr-9109	952	20	could	could	AUX
cblr-9109	952	21	be	be	AUX
cblr-9109	952	22	termed	term	VERB
cblr-9109	952	23	“	"	PUNCT
cblr-9109	952	24	manipulation	manipulation	NOUN
cblr-9109	952	25	.	.	PUNCT
cblr-9109	952	26	”	"	PUNCT
cblr-9109	953	1	section	section	NOUN
cblr-9109	953	2	9(a)(2	9(a)(2	NUM
cblr-9109	953	3	)	)	PUNCT
cblr-9109	953	4	outlaws	outlaw	NOUN
cblr-9109	953	5	“	"	PUNCT
cblr-9109	953	6	a	a	DET
cblr-9109	953	7	series	series	NOUN
cblr-9109	953	8	of	of	ADP
cblr-9109	953	9	transactions	transaction	NOUN
cblr-9109	953	10	”	"	PUNCT
cblr-9109	953	11	that	that	PRON
cblr-9109	953	12	in	in	ADP
cblr-9109	953	13	effect	effect	NOUN
cblr-9109	953	14	have	have	VERB
cblr-9109	953	15	as	as	ADP
cblr-9109	953	16	their	their	PRON
cblr-9109	953	17	purpose	purpose	NOUN
cblr-9109	953	18	manipulation.207	manipulation.207	NOUN
cblr-9109	953	19	it	it	PRON
cblr-9109	953	20	may	may	AUX
cblr-9109	953	21	be	be	AUX
cblr-9109	953	22	too	too	ADV
cblr-9109	953	23	great	great	ADJ
cblr-9109	953	24	a	a	DET
cblr-9109	953	25	stretch	stretch	NOUN
cblr-9109	953	26	,	,	PUNCT
cblr-9109	953	27	however	however	ADV
cblr-9109	953	28	,	,	PUNCT
cblr-9109	953	29	to	to	PART
cblr-9109	953	30	argue	argue	VERB
cblr-9109	953	31	that	that	SCONJ
cblr-9109	953	32	quoting	quoting	NOUN
cblr-9109	953	33	involves	involve	VERB
cblr-9109	953	34	engaging	engage	VERB
cblr-9109	953	35	in	in	ADP
cblr-9109	953	36	“	"	PUNCT
cblr-9109	953	37	transactions	transaction	NOUN
cblr-9109	953	38	.	.	PUNCT
cblr-9109	953	39	”	"	PUNCT
cblr-9109	954	1	as	as	SCONJ
cblr-9109	954	2	we	we	PRON
cblr-9109	954	3	have	have	AUX
cblr-9109	954	4	seen	see	VERB
cblr-9109	954	5	,	,	PUNCT
cblr-9109	954	6	the	the	DET
cblr-9109	954	7	district	district	NOUN
cblr-9109	954	8	courts	court	NOUN
cblr-9109	954	9	that	that	PRON
cblr-9109	954	10	have	have	AUX
cblr-9109	954	11	found	find	VERB
cblr-9109	954	12	quoting	quote	VERB
cblr-9109	954	13	activity	activity	NOUN
cblr-9109	954	14	to	to	PART
cblr-9109	954	15	violate	violate	VERB
cblr-9109	954	16	section	section	NOUN
cblr-9109	954	17	9(a)(2	9(a)(2	NUM
cblr-9109	954	18	)	)	PUNCT
cblr-9109	954	19	have	have	AUX
cblr-9109	954	20	either	either	CCONJ
cblr-9109	954	21	largely	largely	ADV
cblr-9109	954	22	ignored	ignore	VERB
cblr-9109	954	23	this	this	DET
cblr-9109	954	24	difficulty	difficulty	NOUN
cblr-9109	954	25	or	or	CCONJ
cblr-9109	954	26	dealt	deal	VERB
cblr-9109	954	27	with	with	ADP
cblr-9109	954	28	it	it	PRON
cblr-9109	954	29	in	in	ADP
cblr-9109	954	30	an	an	DET
cblr-9109	954	31	unconvincing	unconvincing	ADJ
cblr-9109	954	32	fashion.208	fashion.208	NOUN
cblr-9109	954	33	if	if	SCONJ
cblr-9109	954	34	a	a	DET
cblr-9109	954	35	federal	federal	ADJ
cblr-9109	954	36	court	court	NOUN
cblr-9109	954	37	of	of	ADP
cblr-9109	954	38	appeals	appeal	NOUN
cblr-9109	954	39	or	or	CCONJ
cblr-9109	954	40	the	the	DET
cblr-9109	954	41	supreme	supreme	PROPN
cblr-9109	954	42	court	court	PROPN
cblr-9109	954	43	took	take	VERB
cblr-9109	954	44	a	a	DET
cblr-9109	954	45	serious	serious	ADJ
cblr-9109	954	46	look	look	NOUN
cblr-9109	954	47	at	at	ADP
cblr-9109	954	48	the	the	DET
cblr-9109	954	49	issue	issue	NOUN
cblr-9109	954	50	,	,	PUNCT
cblr-9109	954	51	we	we	PRON
cblr-9109	954	52	are	be	AUX
cblr-9109	954	53	not	not	PART
cblr-9109	954	54	fully	fully	ADV
cblr-9109	954	55	confident	confident	ADJ
cblr-9109	954	56	that	that	SCONJ
cblr-9109	954	57	they	they	PRON
cblr-9109	954	58	would	would	AUX
cblr-9109	954	59	find	find	VERB
cblr-9109	954	60	quotes	quote	NOUN
cblr-9109	954	61	to	to	PART
cblr-9109	954	62	be	be	AUX
cblr-9109	954	63	transactions	transaction	NOUN
cblr-9109	954	64	.	.	PUNCT
cblr-9109	955	1	section	section	NOUN
cblr-9109	955	2	10(b	10(b	NUM
cblr-9109	955	3	)	)	PUNCT
cblr-9109	955	4	and	and	CCONJ
cblr-9109	955	5	rule	rule	VERB
cblr-9109	955	6	10b-5	10b-5	NUM
cblr-9109	955	7	constitute	constitute	VERB
cblr-9109	955	8	a	a	DET
cblr-9109	955	9	more	more	ADV
cblr-9109	955	10	solid	solid	ADJ
cblr-9109	955	11	route	route	NOUN
cblr-9109	955	12	to	to	ADP
cblr-9109	955	13	finding	find	VERB
cblr-9109	955	14	a	a	DET
cblr-9109	955	15	doctrinal	doctrinal	ADJ
cblr-9109	955	16	basis	basis	NOUN
cblr-9109	955	17	for	for	ADP
cblr-9109	955	18	implementing	implement	VERB
cblr-9109	955	19	our	our	PRON
cblr-9109	955	20	approach	approach	NOUN
cblr-9109	955	21	to	to	ADP
cblr-9109	955	22	outlawing	outlaw	VERB
cblr-9109	955	23	spoofing	spoofing	NOUN
cblr-9109	955	24	.	.	PUNCT
cblr-9109	956	1	our	our	PRON
cblr-9109	956	2	analysis	analysis	NOUN
cblr-9109	956	3	in	in	ADP
cblr-9109	956	4	preceding	precede	VERB
cblr-9109	956	5	parts	part	NOUN
cblr-9109	956	6	leads	lead	VERB
cblr-9109	956	7	to	to	ADP
cblr-9109	956	8	the	the	DET
cblr-9109	956	9	conclusion	conclusion	NOUN
cblr-9109	956	10	that	that	SCONJ
cblr-9109	956	11	quote	quote	NOUN
cblr-9109	956	12	-	-	PUNCT
cblr-9109	956	13	based	base	VERB
cblr-9109	956	14	manipulation	manipulation	NOUN
cblr-9109	956	15	can	can	AUX
cblr-9109	956	16	be	be	AUX
cblr-9109	956	17	analogized	analogize	VERB
cblr-9109	956	18	to	to	ADP
cblr-9109	956	19	misstatement	misstatement	NOUN
cblr-9109	956	20	manipulation.209	manipulation.209	PROPN
cblr-9109	956	21	this	this	PRON
cblr-9109	956	22	is	be	AUX
cblr-9109	956	23	because	because	SCONJ
cblr-9109	956	24	the	the	DET
cblr-9109	956	25	manipulators	manipulator	NOUN
cblr-9109	956	26	,	,	PUNCT
cblr-9109	956	27	by	by	ADP
cblr-9109	956	28	placing	place	VERB
cblr-9109	956	29	bids	bid	NOUN
cblr-9109	956	30	and	and	CCONJ
cblr-9109	956	31	offers	offer	VERB
cblr-9109	956	32	that	that	SCONJ
cblr-9109	956	33	other	other	ADJ
cblr-9109	956	34	market	market	NOUN
cblr-9109	956	35	participants	participant	NOUN
cblr-9109	956	36	believe	believe	VERB
cblr-9109	956	37	contain	contain	VERB
cblr-9109	956	38	information	information	NOUN
cblr-9109	956	39	about	about	ADP
cblr-9109	956	40	the	the	DET
cblr-9109	956	41	future	future	ADJ
cblr-9109	956	42	prospects	prospect	NOUN
cblr-9109	956	43	of	of	ADP
cblr-9109	956	44	the	the	DET
cblr-9109	956	45	issuer	issuer	NOUN
cblr-9109	956	46	,	,	PUNCT
cblr-9109	956	47	profit	profit	NOUN
cblr-9109	956	48	off	off	ADP
cblr-9109	956	49	of	of	ADP
cblr-9109	956	50	the	the	DET
cblr-9109	956	51	market	market	NOUN
cblr-9109	956	52	’s	’s	PART
cblr-9109	956	53	reaction	reaction	NOUN
cblr-9109	956	54	.	.	PUNCT
cblr-9109	957	1	as	as	SCONJ
cblr-9109	957	2	two	two	NUM
cblr-9109	957	3	of	of	ADP
cblr-9109	957	4	us	we	PRON
cblr-9109	957	5	have	have	AUX
cblr-9109	957	6	analyzed	analyze	VERB
cblr-9109	957	7	elsewhere	elsewhere	ADV
cblr-9109	957	8	,	,	PUNCT
cblr-9109	957	9	misstatement	misstatement	NOUN
cblr-9109	957	10	manipulation	manipulation	NOUN
cblr-9109	957	11	can	can	AUX
cblr-9109	957	12	be	be	AUX
cblr-9109	957	13	thought	think	VERB
cblr-9109	957	14	of	of	ADP
cblr-9109	957	15	as	as	ADP
cblr-9109	957	16	a	a	DET
cblr-9109	957	17	subset	subset	NOUN
cblr-9109	957	18	of	of	ADP
cblr-9109	957	19	informed	informed	ADJ
cblr-9109	957	20	trading	trading	NOUN
cblr-9109	957	21	,	,	PUNCT
cblr-9109	957	22	where	where	SCONJ
cblr-9109	957	23	the	the	DET
cblr-9109	957	24	manipulator	manipulator	NOUN
cblr-9109	957	25	is	be	AUX
cblr-9109	957	26	privately	privately	ADV
cblr-9109	957	27	informed	inform	VERB
cblr-9109	957	28	that	that	SCONJ
cblr-9109	957	29	the	the	DET
cblr-9109	957	30	information	information	NOUN
cblr-9109	957	31	that	that	PRON
cblr-9109	957	32	the	the	DET
cblr-9109	957	33	market	market	NOUN
cblr-9109	957	34	believes	believe	VERB
cblr-9109	957	35	to	to	PART
cblr-9109	957	36	be	be	AUX
cblr-9109	957	37	true	true	ADJ
cblr-9109	957	38	is	be	AUX
cblr-9109	957	39	in	in	ADP
cblr-9109	957	40	fact	fact	NOUN
cblr-9109	957	41	false.210	false.210	NOUN
cblr-9109	957	42	203	203	NUM
cblr-9109	957	43	in	in	ADP
cblr-9109	957	44	its	its	PRON
cblr-9109	957	45	definition	definition	NOUN
cblr-9109	957	46	of	of	ADP
cblr-9109	957	47	“	"	PUNCT
cblr-9109	957	48	manipulate	manipulate	VERB
cblr-9109	957	49	,	,	PUNCT
cblr-9109	957	50	”	"	PUNCT
cblr-9109	957	51	the	the	DET
cblr-9109	957	52	merriam	merriam	PROPN
cblr-9109	957	53	-	-	PUNCT
cblr-9109	957	54	webster	webster	PROPN
cblr-9109	957	55	dictionary	dictionary	PROPN
cblr-9109	957	56	includes	include	VERB
cblr-9109	957	57	“	"	PUNCT
cblr-9109	957	58	to	to	PART
cblr-9109	957	59	change	change	VERB
cblr-9109	957	60	by	by	ADP
cblr-9109	957	61	artful	artful	ADJ
cblr-9109	957	62	or	or	CCONJ
cblr-9109	957	63	unfair	unfair	ADJ
cblr-9109	957	64	means	mean	NOUN
cblr-9109	957	65	so	so	SCONJ
cblr-9109	957	66	as	as	SCONJ
cblr-9109	957	67	to	to	PART
cblr-9109	957	68	serve	serve	VERB
cblr-9109	957	69	one	one	NUM
cblr-9109	957	70	’s	’s	PART
cblr-9109	957	71	purpose	purpose	NOUN
cblr-9109	958	1	[	[	X
cblr-9109	958	2	.	.	X
cblr-9109	958	3	]	]	X
cblr-9109	958	4	”	"	PUNCT
cblr-9109	958	5	manipulate	manipulate	NOUN
cblr-9109	958	6	,	,	PUNCT
cblr-9109	958	7	merriam	merriam	PROPN
cblr-9109	958	8	-	-	PUNCT
cblr-9109	958	9	webster	webster	PROPN
cblr-9109	958	10	,	,	PUNCT
cblr-9109	958	11	https://www.merriamwebster.com/dictionary/manipulate	https://www.merriamwebster.com/dictionary/manipulate	VERB
cblr-9109	958	12	[	[	X
cblr-9109	958	13	https://perma.cc/5vm5-qnax	https://perma.cc/5vm5-qnax	X
cblr-9109	958	14	]	]	X
cblr-9109	958	15	(	(	PUNCT
cblr-9109	958	16	last	last	ADV
cblr-9109	958	17	visited	visit	VERB
cblr-9109	958	18	dec	dec	PROPN
cblr-9109	958	19	.	.	PROPN
cblr-9109	958	20	24	24	NUM
cblr-9109	958	21	,	,	PUNCT
cblr-9109	958	22	2021	2021	NUM
cblr-9109	958	23	)	)	PUNCT
cblr-9109	958	24	.	.	PUNCT
cblr-9109	959	1	204	204	NUM
cblr-9109	959	2	15	15	NUM
cblr-9109	959	3	u.s.c	u.s.c	ADJ
cblr-9109	959	4	.	.	PUNCT
cblr-9109	960	1	§	§	PROPN
cblr-9109	960	2	78i(a)(2	78i(a)(2	NOUN
cblr-9109	960	3	)	)	PUNCT
cblr-9109	960	4	(	(	PUNCT
cblr-9109	960	5	2018	2018	NUM
cblr-9109	960	6	)	)	PUNCT
cblr-9109	960	7	.	.	PUNCT
cblr-9109	961	1	205	205	NUM
cblr-9109	962	1	i	i	PRON
cblr-9109	962	2	d.	d.	PROPN
cblr-9109	962	3	§	§	PROPN
cblr-9109	962	4	78j(b	78j(b	PROPN
cblr-9109	962	5	)	)	PUNCT
cblr-9109	962	6	.	.	PUNCT
cblr-9109	963	1	206	206	NUM
cblr-9109	963	2	employment	employment	NOUN
cblr-9109	963	3	of	of	ADP
cblr-9109	963	4	manipulative	manipulative	ADJ
cblr-9109	963	5	and	and	CCONJ
cblr-9109	963	6	deceptive	deceptive	ADJ
cblr-9109	963	7	devices	device	NOUN
cblr-9109	963	8	,	,	PUNCT
cblr-9109	963	9	17	17	NUM
cblr-9109	963	10	c.f.r	c.f.r	NOUN
cblr-9109	963	11	.	.	PUNCT
cblr-9109	964	1	§	§	PROPN
cblr-9109	964	2	240.10b-5	240.10b-5	NUM
cblr-9109	964	3	(	(	PUNCT
cblr-9109	964	4	2021	2021	NUM
cblr-9109	964	5	)	)	PUNCT
cblr-9109	964	6	.	.	PUNCT
cblr-9109	965	1	207	207	NUM
cblr-9109	965	2	see	see	VERB
cblr-9109	965	3	15	15	NUM
cblr-9109	965	4	u.s.c	u.s.c	ADJ
cblr-9109	965	5	.	.	PUNCT
cblr-9109	966	1	§	§	PROPN
cblr-9109	966	2	78i(a)(2	78i(a)(2	NOUN
cblr-9109	966	3	)	)	PUNCT
cblr-9109	966	4	.	.	PUNCT
cblr-9109	967	1	208	208	NUM
cblr-9109	967	2	see	see	VERB
cblr-9109	967	3	supra	supra	PROPN
cblr-9109	967	4	section	section	NOUN
cblr-9109	967	5	vi.a	vi.a	PROPN
cblr-9109	967	6	.	.	PUNCT
cblr-9109	968	1	209	209	NUM
cblr-9109	968	2	see	see	VERB
cblr-9109	968	3	supra	supra	PROPN
cblr-9109	968	4	section	section	PROPN
cblr-9109	968	5	vi.b	vi.b	X
cblr-9109	968	6	.	.	PROPN
cblr-9109	968	7	210	210	NUM
cblr-9109	968	8	see	see	VERB
cblr-9109	968	9	fox	fox	PROPN
cblr-9109	968	10	et	et	PROPN
cblr-9109	968	11	al	al	PROPN
cblr-9109	968	12	.	.	PROPN
cblr-9109	968	13	,	,	PUNCT
cblr-9109	968	14	manipulation	manipulation	NOUN
cblr-9109	968	15	,	,	PUNCT
cblr-9109	968	16	supra	supra	PROPN
cblr-9109	968	17	note	note	NOUN
cblr-9109	968	18	3	3	NUM
cblr-9109	968	19	,	,	PUNCT
cblr-9109	968	20	at	at	ADP
cblr-9109	968	21	112	112	NUM
cblr-9109	968	22	.	.	PUNCT
cblr-9109	969	1	no	no	INTJ
cblr-9109	969	2	.	.	PUNCT
cblr-9109	970	1	3:1244	3:1244	NUM
cblr-9109	970	2	]	]	X
cblr-9109	970	3	spoofing	spoofing	NOUN
cblr-9109	970	4	and	and	CCONJ
cblr-9109	970	5	its	its	PRON
cblr-9109	970	6	regulation	regulation	NOUN
cblr-9109	970	7	1313	1313	NUM
cblr-9109	970	8	rule	rule	NOUN
cblr-9109	970	9	10b-5(b	10b-5(b	NUM
cblr-9109	970	10	)	)	PUNCT
cblr-9109	970	11	makes	make	VERB
cblr-9109	970	12	it	it	PRON
cblr-9109	970	13	unlawful	unlawful	ADJ
cblr-9109	970	14	for	for	ADP
cblr-9109	970	15	any	any	DET
cblr-9109	970	16	person	person	NOUN
cblr-9109	970	17	“	"	PUNCT
cblr-9109	970	18	to	to	PART
cblr-9109	970	19	make	make	VERB
cblr-9109	970	20	any	any	DET
cblr-9109	970	21	untrue	untrue	ADJ
cblr-9109	970	22	statement	statement	NOUN
cblr-9109	970	23	of	of	ADP
cblr-9109	970	24	a	a	DET
cblr-9109	970	25	material	material	ADJ
cblr-9109	970	26	fact	fact	NOUN
cblr-9109	970	27	or	or	CCONJ
cblr-9109	970	28	to	to	PART
cblr-9109	970	29	omit	omit	VERB
cblr-9109	970	30	to	to	PART
cblr-9109	970	31	state	state	VERB
cblr-9109	970	32	a	a	DET
cblr-9109	970	33	material	material	ADJ
cblr-9109	970	34	fact	fact	NOUN
cblr-9109	970	35	necessary	necessary	ADJ
cblr-9109	970	36	in	in	ADP
cblr-9109	970	37	order	order	NOUN
cblr-9109	970	38	to	to	PART
cblr-9109	970	39	make	make	VERB
cblr-9109	970	40	the	the	DET
cblr-9109	970	41	statements	statement	NOUN
cblr-9109	970	42	made	make	VERB
cblr-9109	970	43	,	,	PUNCT
cblr-9109	970	44	in	in	ADP
cblr-9109	970	45	light	light	NOUN
cblr-9109	970	46	of	of	ADP
cblr-9109	970	47	the	the	DET
cblr-9109	970	48	circumstances	circumstance	NOUN
cblr-9109	970	49	under	under	ADP
cblr-9109	970	50	which	which	PRON
cblr-9109	970	51	they	they	PRON
cblr-9109	970	52	were	be	AUX
cblr-9109	970	53	made	make	VERB
cblr-9109	970	54	,	,	PUNCT
cblr-9109	970	55	not	not	PART
cblr-9109	970	56	misleading	misleading	ADJ
cblr-9109	970	57	.	.	PUNCT
cblr-9109	970	58	.	.	PUNCT
cblr-9109	971	1	.	.	PUNCT
cblr-9109	972	1	in	in	ADP
cblr-9109	972	2	connection	connection	NOUN
cblr-9109	972	3	with	with	ADP
cblr-9109	972	4	the	the	DET
cblr-9109	972	5	purchase	purchase	NOUN
cblr-9109	972	6	or	or	CCONJ
cblr-9109	972	7	sale	sale	NOUN
cblr-9109	972	8	of	of	ADP
cblr-9109	972	9	a	a	DET
cblr-9109	972	10	security	security	NOUN
cblr-9109	972	11	.	.	PUNCT
cblr-9109	972	12	”211	”211	PUNCT
cblr-9109	973	1	when	when	SCONJ
cblr-9109	973	2	,	,	PUNCT
cblr-9109	973	3	in	in	ADP
cblr-9109	973	4	our	our	PRON
cblr-9109	973	5	spoofing	spoof	VERB
cblr-9109	973	6	example	example	NOUN
cblr-9109	973	7	,	,	PUNCT
cblr-9109	973	8	atlee	atlee	PROPN
cblr-9109	973	9	has	have	VERB
cblr-9109	973	10	his	his	PRON
cblr-9109	973	11	broker	broker	NOUN
cblr-9109	973	12	submit	submit	VERB
cblr-9109	973	13	a	a	DET
cblr-9109	973	14	quote	quote	NOUN
cblr-9109	973	15	to	to	ADP
cblr-9109	973	16	an	an	DET
cblr-9109	973	17	exchange	exchange	NOUN
cblr-9109	973	18	on	on	ADP
cblr-9109	973	19	his	his	PRON
cblr-9109	973	20	behalf	behalf	NOUN
cblr-9109	973	21	,	,	PUNCT
cblr-9109	973	22	he	he	PRON
cblr-9109	973	23	is	be	AUX
cblr-9109	973	24	in	in	ADP
cblr-9109	973	25	essence	essence	NOUN
cblr-9109	973	26	making	make	VERB
cblr-9109	973	27	the	the	DET
cblr-9109	973	28	following	follow	VERB
cblr-9109	973	29	statement	statement	NOUN
cblr-9109	973	30	:	:	PUNCT
cblr-9109	973	31	“	"	PUNCT
cblr-9109	973	32	i	i	PRON
cblr-9109	973	33	am	be	AUX
cblr-9109	973	34	prepared	prepare	VERB
cblr-9109	973	35	,	,	PUNCT
cblr-9109	973	36	unless	unless	SCONJ
cblr-9109	973	37	and	and	CCONJ
cblr-9109	973	38	until	until	SCONJ
cblr-9109	973	39	i	i	PRON
cblr-9109	973	40	cancel	cancel	VERB
cblr-9109	973	41	,	,	PUNCT
cblr-9109	973	42	to	to	PART
cblr-9109	973	43	be	be	AUX
cblr-9109	973	44	legally	legally	ADV
cblr-9109	973	45	bound	bind	VERB
cblr-9109	973	46	to	to	PART
cblr-9109	973	47	buy	buy	VERB
cblr-9109	973	48	or	or	CCONJ
cblr-9109	973	49	sell	sell	VERB
cblr-9109	973	50	x	x	SYM
cblr-9109	973	51	amount	amount	NOUN
cblr-9109	973	52	of	of	ADP
cblr-9109	973	53	securities	security	NOUN
cblr-9109	973	54	at	at	ADP
cblr-9109	973	55	y	y	PROPN
cblr-9109	973	56	price	price	NOUN
cblr-9109	973	57	.	.	PUNCT
cblr-9109	973	58	”	"	PUNCT
cblr-9109	974	1	this	this	DET
cblr-9109	974	2	statement	statement	NOUN
cblr-9109	974	3	is	be	AUX
cblr-9109	974	4	communicated	communicate	VERB
cblr-9109	974	5	to	to	ADP
cblr-9109	974	6	the	the	DET
cblr-9109	974	7	market	market	NOUN
cblr-9109	974	8	by	by	ADP
cblr-9109	974	9	the	the	DET
cblr-9109	974	10	posting	posting	NOUN
cblr-9109	974	11	of	of	ADP
cblr-9109	974	12	the	the	DET
cblr-9109	974	13	quote	quote	NOUN
cblr-9109	974	14	on	on	ADP
cblr-9109	974	15	an	an	DET
cblr-9109	974	16	exchange	exchange	NOUN
cblr-9109	974	17	.	.	PUNCT
cblr-9109	975	1	though	though	SCONJ
cblr-9109	975	2	literally	literally	ADV
cblr-9109	975	3	true	true	ADJ
cblr-9109	975	4	,	,	PUNCT
cblr-9109	975	5	it	it	PRON
cblr-9109	975	6	is	be	AUX
cblr-9109	975	7	at	at	ADP
cblr-9109	975	8	least	least	ADJ
cblr-9109	975	9	arguably	arguably	ADV
cblr-9109	975	10	misleading	misleading	ADJ
cblr-9109	975	11	.	.	PUNCT
cblr-9109	976	1	others	other	NOUN
cblr-9109	976	2	would	would	AUX
cblr-9109	976	3	reasonably	reasonably	ADV
cblr-9109	976	4	assume	assume	VERB
cblr-9109	976	5	that	that	SCONJ
cblr-9109	976	6	submitter	submitter	NOUN
cblr-9109	976	7	of	of	ADP
cblr-9109	976	8	the	the	DET
cblr-9109	976	9	quote	quote	NOUN
cblr-9109	976	10	in	in	ADP
cblr-9109	976	11	fact	fact	NOUN
cblr-9109	976	12	wants	want	VERB
cblr-9109	976	13	someone	someone	PRON
cblr-9109	976	14	to	to	PART
cblr-9109	976	15	execute	execute	VERB
cblr-9109	976	16	against	against	ADP
cblr-9109	976	17	the	the	DET
cblr-9109	976	18	bid	bid	NOUN
cblr-9109	976	19	or	or	CCONJ
cblr-9109	976	20	offer	offer	NOUN
cblr-9109	976	21	,	,	PUNCT
cblr-9109	976	22	when	when	SCONJ
cblr-9109	976	23	the	the	DET
cblr-9109	976	24	opposite	opposite	NOUN
cblr-9109	976	25	is	be	AUX
cblr-9109	976	26	the	the	DET
cblr-9109	976	27	case	case	NOUN
cblr-9109	976	28	.	.	PUNCT
cblr-9109	977	1	atlee	atlee	PROPN
cblr-9109	977	2	would	would	AUX
cblr-9109	977	3	have	have	VERB
cblr-9109	977	4	to	to	PART
cblr-9109	977	5	say	say	VERB
cblr-9109	977	6	he	he	PRON
cblr-9109	977	7	does	do	AUX
cblr-9109	977	8	not	not	PART
cblr-9109	977	9	want	want	VERB
cblr-9109	977	10	anyone	anyone	PRON
cblr-9109	977	11	to	to	PART
cblr-9109	977	12	execute	execute	VERB
cblr-9109	977	13	against	against	ADP
cblr-9109	977	14	his	his	PRON
cblr-9109	977	15	quote	quote	NOUN
cblr-9109	977	16	to	to	PART
cblr-9109	977	17	make	make	VERB
cblr-9109	977	18	the	the	DET
cblr-9109	977	19	statement	statement	NOUN
cblr-9109	977	20	not	not	PART
cblr-9109	977	21	misleading.212	misleading.212	PROPN
cblr-9109	977	22	211	211	NUM
cblr-9109	977	23	17	17	NUM
cblr-9109	977	24	c.f.r	c.f.r	NOUN
cblr-9109	977	25	.	.	PUNCT
cblr-9109	978	1	§	§	PROPN
cblr-9109	978	2	240.10b-5	240.10b-5	NUM
cblr-9109	978	3	.	.	PUNCT
cblr-9109	979	1	212	212	NUM
cblr-9109	979	2	at	at	ADV
cblr-9109	979	3	least	least	ADV
cblr-9109	979	4	one	one	NUM
cblr-9109	979	5	precedent	precedent	NOUN
cblr-9109	979	6	exists	exist	VERB
cblr-9109	979	7	that	that	SCONJ
cblr-9109	979	8	the	the	DET
cblr-9109	979	9	submission	submission	NOUN
cblr-9109	979	10	of	of	ADP
cblr-9109	979	11	an	an	DET
cblr-9109	979	12	order	order	NOUN
cblr-9109	979	13	can	can	AUX
cblr-9109	979	14	,	,	PUNCT
cblr-9109	979	15	under	under	ADP
cblr-9109	979	16	particular	particular	ADJ
cblr-9109	979	17	circumstances	circumstance	NOUN
cblr-9109	979	18	,	,	PUNCT
cblr-9109	979	19	be	be	AUX
cblr-9109	979	20	a	a	DET
cblr-9109	979	21	misleading	misleading	ADJ
cblr-9109	979	22	statement	statement	NOUN
cblr-9109	979	23	in	in	ADP
cblr-9109	979	24	violation	violation	NOUN
cblr-9109	979	25	of	of	ADP
cblr-9109	979	26	rule	rule	NOUN
cblr-9109	979	27	10b-5	10b-5	NUM
cblr-9109	979	28	.	.	PUNCT
cblr-9109	980	1	vancook	vancook	NOUN
cblr-9109	980	2	v.	v.	CCONJ
cblr-9109	980	3	sec	sec	PROPN
cblr-9109	980	4	,	,	PUNCT
cblr-9109	980	5	653	653	NUM
cblr-9109	980	6	f.3d	f.3d	NUM
cblr-9109	980	7	130	130	NUM
cblr-9109	980	8	(	(	PUNCT
cblr-9109	980	9	2d	2d	NUM
cblr-9109	980	10	cir	cir	NOUN
cblr-9109	980	11	.	.	PUNCT
cblr-9109	980	12	2011	2011	NUM
cblr-9109	980	13	)	)	PUNCT
cblr-9109	980	14	is	be	AUX
cblr-9109	980	15	a	a	DET
cblr-9109	980	16	case	case	NOUN
cblr-9109	980	17	arising	arise	VERB
cblr-9109	980	18	out	out	ADP
cblr-9109	980	19	of	of	ADP
cblr-9109	980	20	the	the	DET
cblr-9109	980	21	mutual	mutual	ADJ
cblr-9109	980	22	fund	fund	NOUN
cblr-9109	980	23	“	"	PUNCT
cblr-9109	980	24	late	late	ADJ
cblr-9109	980	25	trading	trading	NOUN
cblr-9109	980	26	”	"	PUNCT
cblr-9109	980	27	scandals	scandal	NOUN
cblr-9109	980	28	of	of	ADP
cblr-9109	980	29	the	the	DET
cblr-9109	980	30	early	early	ADJ
cblr-9109	980	31	2000s	2000s	NUM
cblr-9109	980	32	.	.	PUNCT
cblr-9109	981	1	the	the	DET
cblr-9109	981	2	defendant	defendant	NOUN
cblr-9109	981	3	vancook	vancook	VERB
cblr-9109	981	4	,	,	PUNCT
cblr-9109	981	5	a	a	DET
cblr-9109	981	6	broker	broker	NOUN
cblr-9109	981	7	,	,	PUNCT
cblr-9109	981	8	aided	aid	VERB
cblr-9109	981	9	his	his	PRON
cblr-9109	981	10	mutual	mutual	ADJ
cblr-9109	981	11	-	-	PUNCT
cblr-9109	981	12	fund	fund	NOUN
cblr-9109	981	13	-	-	PUNCT
cblr-9109	981	14	specialized	specialized	ADJ
cblr-9109	981	15	hedge	hedge	NOUN
cblr-9109	981	16	fund	fund	NOUN
cblr-9109	981	17	customers	customer	NOUN
cblr-9109	981	18	in	in	ADP
cblr-9109	981	19	an	an	DET
cblr-9109	981	20	arrangement	arrangement	NOUN
cblr-9109	981	21	that	that	PRON
cblr-9109	981	22	regularly	regularly	ADV
cblr-9109	981	23	allowed	allow	VERB
cblr-9109	981	24	them	they	PRON
cblr-9109	981	25	to	to	PART
cblr-9109	981	26	determine	determine	VERB
cblr-9109	981	27	after	after	ADP
cblr-9109	981	28	4:00	4:00	NUM
cblr-9109	981	29	p.m.	p.m.	NOUN
cblr-9109	981	30	their	their	PRON
cblr-9109	981	31	orders	order	NOUN
cblr-9109	981	32	for	for	ADP
cblr-9109	981	33	amount	amount	NOUN
cblr-9109	981	34	of	of	ADP
cblr-9109	981	35	mutual	mutual	ADJ
cblr-9109	981	36	fund	fund	NOUN
cblr-9109	981	37	shares	share	NOUN
cblr-9109	981	38	to	to	PART
cblr-9109	981	39	buy	buy	VERB
cblr-9109	981	40	or	or	CCONJ
cblr-9109	981	41	redeem	redeem	VERB
cblr-9109	981	42	for	for	ADP
cblr-9109	981	43	the	the	DET
cblr-9109	981	44	day	day	NOUN
cblr-9109	981	45	.	.	PUNCT
cblr-9109	982	1	i	i	PRON
cblr-9109	982	2	d.	d.	PROPN
cblr-9109	982	3	at	at	ADP
cblr-9109	982	4	133	133	NUM
cblr-9109	982	5	.	.	PUNCT
cblr-9109	983	1	4:00	4:00	NUM
cblr-9109	983	2	p.m.	p.m.	NOUN
cblr-9109	983	3	was	be	AUX
cblr-9109	983	4	the	the	DET
cblr-9109	983	5	time	time	NOUN
cblr-9109	983	6	at	at	ADP
cblr-9109	983	7	which	which	PRON
cblr-9109	983	8	each	each	DET
cblr-9109	983	9	mutual	mutual	ADJ
cblr-9109	983	10	fund	fund	NOUN
cblr-9109	983	11	set	set	VERB
cblr-9109	983	12	its	its	PRON
cblr-9109	983	13	net	net	ADJ
cblr-9109	983	14	asset	asset	NOUN
cblr-9109	983	15	value	value	NOUN
cblr-9109	983	16	(	(	PUNCT
cblr-9109	983	17	nav	nav	NOUN
cblr-9109	983	18	)	)	PUNCT
cblr-9109	983	19	,	,	PUNCT
cblr-9109	983	20	the	the	DET
cblr-9109	983	21	price	price	NOUN
cblr-9109	983	22	at	at	ADP
cblr-9109	983	23	which	which	PRON
cblr-9109	983	24	it	it	PRON
cblr-9109	983	25	would	would	AUX
cblr-9109	983	26	redeem	redeem	VERB
cblr-9109	983	27	or	or	CCONJ
cblr-9109	983	28	sell	sell	VERB
cblr-9109	983	29	its	its	PRON
cblr-9109	983	30	shares	share	NOUN
cblr-9109	983	31	for	for	ADP
cblr-9109	983	32	the	the	DET
cblr-9109	983	33	day	day	NOUN
cblr-9109	983	34	.	.	PUNCT
cblr-9109	984	1	i	i	PRON
cblr-9109	984	2	d.	d.	PROPN
cblr-9109	984	3	this	this	DET
cblr-9109	984	4	nav	nav	NOUN
cblr-9109	984	5	was	be	AUX
cblr-9109	984	6	based	base	VERB
cblr-9109	984	7	on	on	ADP
cblr-9109	984	8	the	the	DET
cblr-9109	984	9	closing	closing	NOUN
cblr-9109	984	10	prices	price	NOUN
cblr-9109	984	11	of	of	ADP
cblr-9109	984	12	the	the	DET
cblr-9109	984	13	securities	security	NOUN
cblr-9109	984	14	that	that	PRON
cblr-9109	984	15	the	the	DET
cblr-9109	984	16	mutual	mutual	ADJ
cblr-9109	984	17	fund	fund	NOUN
cblr-9109	984	18	held	hold	VERB
cblr-9109	984	19	in	in	ADP
cblr-9109	984	20	its	its	PRON
cblr-9109	984	21	portfolio	portfolio	NOUN
cblr-9109	984	22	.	.	PUNCT
cblr-9109	985	1	i	i	PRON
cblr-9109	985	2	d.	d.	PROPN
cblr-9109	985	3	vancook	vancook	VERB
cblr-9109	985	4	’s	’s	PART
cblr-9109	985	5	arrangement	arrangement	NOUN
cblr-9109	985	6	allowed	allow	VERB
cblr-9109	985	7	the	the	DET
cblr-9109	985	8	hedge	hedge	NOUN
cblr-9109	985	9	funds	fund	NOUN
cblr-9109	985	10	to	to	PART
cblr-9109	985	11	take	take	VERB
cblr-9109	985	12	advantage	advantage	NOUN
cblr-9109	985	13	of	of	ADP
cblr-9109	985	14	post-4:00	post-4:00	ADP
cblr-9109	985	15	p.m.	p.m.	NOUN
cblr-9109	985	16	developments	development	NOUN
cblr-9109	985	17	that	that	PRON
cblr-9109	985	18	indicated	indicate	VERB
cblr-9109	985	19	expected	expect	VERB
cblr-9109	985	20	profits	profit	NOUN
cblr-9109	985	21	from	from	ADP
cblr-9109	985	22	a	a	DET
cblr-9109	985	23	purchase	purchase	NOUN
cblr-9109	985	24	or	or	CCONJ
cblr-9109	985	25	redemption	redemption	NOUN
cblr-9109	985	26	that	that	PRON
cblr-9109	985	27	could	could	AUX
cblr-9109	985	28	be	be	AUX
cblr-9109	985	29	made	make	VERB
cblr-9109	985	30	given	give	VERB
cblr-9109	985	31	the	the	DET
cblr-9109	985	32	nav	nav	NOUN
cblr-9109	985	33	that	that	PRON
cblr-9109	985	34	was	be	AUX
cblr-9109	985	35	set	set	VERB
cblr-9109	985	36	at	at	ADP
cblr-9109	985	37	4:00	4:00	NUM
cblr-9109	985	38	p.m.	p.m.	NOUN
cblr-9109	986	1	i	i	PRON
cblr-9109	986	2	d.	d.	NOUN
cblr-9109	986	3	the	the	DET
cblr-9109	986	4	way	way	NOUN
cblr-9109	986	5	the	the	DET
cblr-9109	986	6	arrangement	arrangement	NOUN
cblr-9109	986	7	worked	work	VERB
cblr-9109	986	8	was	be	AUX
cblr-9109	986	9	to	to	PART
cblr-9109	986	10	take	take	VERB
cblr-9109	986	11	advantage	advantage	NOUN
cblr-9109	986	12	of	of	ADP
cblr-9109	986	13	the	the	DET
cblr-9109	986	14	mutual	mutual	ADJ
cblr-9109	986	15	fund	fund	NOUN
cblr-9109	986	16	’s	’s	PART
cblr-9109	986	17	clearing	clear	VERB
cblr-9109	986	18	bank	bank	NOUN
cblr-9109	986	19	’s	’s	PART
cblr-9109	986	20	procedure	procedure	NOUN
cblr-9109	986	21	that	that	PRON
cblr-9109	986	22	permitted	permit	VERB
cblr-9109	986	23	persons	person	NOUN
cblr-9109	986	24	who	who	PRON
cblr-9109	986	25	had	have	AUX
cblr-9109	986	26	submitted	submit	VERB
cblr-9109	986	27	orders	order	NOUN
cblr-9109	986	28	prior	prior	ADV
cblr-9109	986	29	to	to	ADP
cblr-9109	986	30	4:00	4:00	NUM
cblr-9109	986	31	p.m.	p.m.	NOUN
cblr-9109	986	32	to	to	PART
cblr-9109	986	33	correct	correct	VERB
cblr-9109	986	34	errors	error	NOUN
cblr-9109	986	35	in	in	ADP
cblr-9109	986	36	those	those	DET
cblr-9109	986	37	orders	order	NOUN
cblr-9109	986	38	after	after	ADP
cblr-9109	986	39	4:00	4:00	NUM
cblr-9109	986	40	p.m.	p.m.	NOUN
cblr-9109	987	1	i	i	PRON
cblr-9109	987	2	d.	d.	PROPN
cblr-9109	987	3	at	at	ADP
cblr-9109	987	4	134	134	NUM
cblr-9109	987	5	.	.	PUNCT
cblr-9109	988	1	vancook	vancook	PROPN
cblr-9109	988	2	assisted	assist	VERB
cblr-9109	988	3	his	his	PRON
cblr-9109	988	4	customers	customer	NOUN
cblr-9109	988	5	to	to	PART
cblr-9109	988	6	take	take	VERB
cblr-9109	988	7	advantage	advantage	NOUN
cblr-9109	988	8	of	of	ADP
cblr-9109	988	9	this	this	DET
cblr-9109	988	10	procedure	procedure	NOUN
cblr-9109	988	11	by	by	ADP
cblr-9109	988	12	submitting	submit	VERB
cblr-9109	988	13	orders	order	NOUN
cblr-9109	988	14	prior	prior	ADV
cblr-9109	988	15	to	to	ADP
cblr-9109	988	16	4:00	4:00	NUM
cblr-9109	988	17	p.m.	p.m.	NOUN
cblr-9109	988	18	that	that	PRON
cblr-9109	988	19	did	do	AUX
cblr-9109	988	20	not	not	PART
cblr-9109	988	21	really	really	ADV
cblr-9109	988	22	reflect	reflect	VERB
cblr-9109	988	23	how	how	SCONJ
cblr-9109	988	24	many	many	ADJ
cblr-9109	988	25	shares	share	NOUN
cblr-9109	988	26	they	they	PRON
cblr-9109	988	27	wanted	want	VERB
cblr-9109	988	28	to	to	PART
cblr-9109	988	29	buy	buy	VERB
cblr-9109	988	30	or	or	CCONJ
cblr-9109	988	31	redeem	redeem	VERB
cblr-9109	988	32	,	,	PUNCT
cblr-9109	988	33	but	but	CCONJ
cblr-9109	988	34	rather	rather	ADV
cblr-9109	988	35	were	be	AUX
cblr-9109	988	36	simply	simply	ADV
cblr-9109	988	37	a	a	DET
cblr-9109	988	38	place	place	NOUN
cblr-9109	988	39	holder	holder	NOUN
cblr-9109	988	40	that	that	PRON
cblr-9109	988	41	they	they	PRON
cblr-9109	988	42	would	would	AUX
cblr-9109	988	43	alter	alter	VERB
cblr-9109	988	44	,	,	PUNCT
cblr-9109	988	45	using	use	VERB
cblr-9109	988	46	the	the	DET
cblr-9109	988	47	error	error	NOUN
cblr-9109	988	48	-	-	PUNCT
cblr-9109	988	49	cleaning	clean	VERB
cblr-9109	988	50	-	-	PUNCT
cblr-9109	988	51	up	up	ADP
cblr-9109	988	52	procedure	procedure	NOUN
cblr-9109	988	53	,	,	PUNCT
cblr-9109	988	54	after	after	ADP
cblr-9109	988	55	4:00	4:00	NUM
cblr-9109	988	56	p.m.	p.m.	NOUN
cblr-9109	988	57	based	base	VERB
cblr-9109	988	58	on	on	ADP
cblr-9109	988	59	post-4:00	post-4:00	ADP
cblr-9109	988	60	p.m.	p.m.	NOUN
cblr-9109	988	61	determinations	determination	NOUN
cblr-9109	988	62	of	of	ADP
cblr-9109	988	63	how	how	SCONJ
cblr-9109	988	64	many	many	ADJ
cblr-9109	988	65	shares	share	NOUN
cblr-9109	988	66	to	to	PART
cblr-9109	988	67	redeem	redeem	VERB
cblr-9109	988	68	or	or	CCONJ
cblr-9109	988	69	purchase	purchase	VERB
cblr-9109	988	70	.	.	PUNCT
cblr-9109	989	1	i	i	PRON
cblr-9109	989	2	d.	d.	PROPN
cblr-9109	989	3	in	in	ADP
cblr-9109	989	4	other	other	ADJ
cblr-9109	989	5	words	word	NOUN
cblr-9109	989	6	,	,	PUNCT
cblr-9109	989	7	they	they	PRON
cblr-9109	989	8	regularly	regularly	ADV
cblr-9109	989	9	submitted	submit	VERB
cblr-9109	989	10	to	to	PART
cblr-9109	989	11	vancook	vancook	VERB
cblr-9109	989	12	orders	order	NOUN
cblr-9109	989	13	prior	prior	ADV
cblr-9109	989	14	to	to	ADP
cblr-9109	989	15	4:00	4:00	NUM
cblr-9109	989	16	p.m.	p.m.	NOUN
cblr-9109	989	17	which	which	PRON
cblr-9109	989	18	were	be	AUX
cblr-9109	989	19	time	time	NOUN
cblr-9109	989	20	-	-	PUNCT
cblr-9109	989	21	stamped	stamp	VERB
cblr-9109	989	22	as	as	ADP
cblr-9109	989	23	such	such	ADJ
cblr-9109	989	24	,	,	PUNCT
cblr-9109	989	25	and	and	CCONJ
cblr-9109	989	26	then	then	ADV
cblr-9109	989	27	,	,	PUNCT
cblr-9109	989	28	after	after	ADP
cblr-9109	989	29	4:00	4:00	NUM
cblr-9109	989	30	1314	1314	NUM
cblr-9109	989	31	columbia	columbia	PROPN
cblr-9109	989	32	business	business	NOUN
cblr-9109	989	33	law	law	PROPN
cblr-9109	989	34	review	review	NOUN
cblr-9109	989	35	[	[	X
cblr-9109	989	36	vol	vol	NOUN
cblr-9109	989	37	.	.	PUNCT
cblr-9109	989	38	2021	2021	NUM
cblr-9109	989	39	there	there	PRON
cblr-9109	989	40	has	have	AUX
cblr-9109	989	41	long	long	ADV
cblr-9109	989	42	been	be	AUX
cblr-9109	989	43	a	a	DET
cblr-9109	989	44	basis	basis	NOUN
cblr-9109	989	45	in	in	ADP
cblr-9109	989	46	court	court	NOUN
cblr-9109	989	47	-	-	PUNCT
cblr-9109	989	48	made	make	VERB
cblr-9109	989	49	law	law	NOUN
cblr-9109	989	50	for	for	ADP
cblr-9109	989	51	imposing	impose	VERB
cblr-9109	989	52	sanctions	sanction	NOUN
cblr-9109	989	53	for	for	ADP
cblr-9109	989	54	making	make	VERB
cblr-9109	989	55	misstatements	misstatement	NOUN
cblr-9109	989	56	related	relate	VERB
cblr-9109	989	57	to	to	ADP
cblr-9109	989	58	securities	security	NOUN
cblr-9109	989	59	trading	trading	NOUN
cblr-9109	989	60	.	.	PUNCT
cblr-9109	990	1	as	as	ADV
cblr-9109	990	2	far	far	ADV
cblr-9109	990	3	back	back	ADV
cblr-9109	990	4	as	as	ADP
cblr-9109	990	5	1968	1968	NUM
cblr-9109	990	6	,	,	PUNCT
cblr-9109	990	7	the	the	DET
cblr-9109	990	8	second	second	ADJ
cblr-9109	990	9	circuit	circuit	NOUN
cblr-9109	990	10	ruled	rule	VERB
cblr-9109	990	11	in	in	ADP
cblr-9109	990	12	sec	sec	PROPN
cblr-9109	990	13	v.	v.	PROPN
cblr-9109	990	14	texas	texas	PROPN
cblr-9109	990	15	gulf	gulf	PROPN
cblr-9109	990	16	sulphur	sulphur	NOUN
cblr-9109	990	17	that	that	SCONJ
cblr-9109	990	18	whenever	whenever	SCONJ
cblr-9109	990	19	an	an	DET
cblr-9109	990	20	issuer	issuer	NOUN
cblr-9109	990	21	makes	make	VERB
cblr-9109	990	22	a	a	DET
cblr-9109	990	23	statement	statement	NOUN
cblr-9109	990	24	that	that	PRON
cblr-9109	990	25	is	be	AUX
cblr-9109	990	26	“	"	PUNCT
cblr-9109	990	27	reasonably	reasonably	ADV
cblr-9109	990	28	calculated	calculate	VERB
cblr-9109	990	29	to	to	PART
cblr-9109	990	30	influence	influence	VERB
cblr-9109	990	31	the	the	DET
cblr-9109	990	32	investing	investing	NOUN
cblr-9109	990	33	public	public	NOUN
cblr-9109	990	34	,	,	PUNCT
cblr-9109	990	35	”	"	PUNCT
cblr-9109	990	36	such	such	DET
cblr-9109	990	37	a	a	DET
cblr-9109	990	38	statement	statement	NOUN
cblr-9109	990	39	satisfies	satisfie	NOUN
cblr-9109	990	40	rule	rule	VERB
cblr-9109	990	41	10b-5	10b-5	NUM
cblr-9109	990	42	’s	’s	PART
cblr-9109	990	43	requirement	requirement	NOUN
cblr-9109	990	44	that	that	SCONJ
cblr-9109	990	45	it	it	PRON
cblr-9109	990	46	be	be	VERB
cblr-9109	990	47	“	"	PUNCT
cblr-9109	990	48	in	in	ADP
cblr-9109	990	49	connection	connection	NOUN
cblr-9109	990	50	with	with	ADP
cblr-9109	990	51	the	the	DET
cblr-9109	990	52	purchase	purchase	NOUN
cblr-9109	990	53	or	or	CCONJ
cblr-9109	990	54	sale	sale	NOUN
cblr-9109	990	55	of	of	ADP
cblr-9109	990	56	a	a	DET
cblr-9109	990	57	security	security	NOUN
cblr-9109	990	58	,	,	PUNCT
cblr-9109	990	59	”	"	PUNCT
cblr-9109	990	60	even	even	ADV
cblr-9109	990	61	if	if	SCONJ
cblr-9109	990	62	neither	neither	CCONJ
cblr-9109	990	63	the	the	DET
cblr-9109	990	64	issuer	issuer	NOUN
cblr-9109	990	65	nor	nor	CCONJ
cblr-9109	990	66	its	its	PRON
cblr-9109	990	67	managers	manager	NOUN
cblr-9109	990	68	buy	buy	VERB
cblr-9109	990	69	or	or	CCONJ
cblr-9109	990	70	sell	sell	VERB
cblr-9109	990	71	shares	share	NOUN
cblr-9109	990	72	themselves.213	themselves.213	VERB
cblr-9109	990	73	this	this	DET
cblr-9109	990	74	interpretation	interpretation	NOUN
cblr-9109	990	75	of	of	ADP
cblr-9109	990	76	the	the	PRON
cblr-9109	990	77	“	"	PUNCT
cblr-9109	990	78	in	in	ADP
cblr-9109	990	79	connection	connection	NOUN
cblr-9109	990	80	with	with	ADP
cblr-9109	990	81	”	"	PUNCT
cblr-9109	990	82	requirement	requirement	NOUN
cblr-9109	990	83	has	have	AUX
cblr-9109	990	84	subsequently	subsequently	ADV
cblr-9109	990	85	been	be	AUX
cblr-9109	990	86	expanded	expand	VERB
cblr-9109	990	87	to	to	PART
cblr-9109	990	88	reach	reach	VERB
cblr-9109	990	89	other	other	ADJ
cblr-9109	990	90	persons	person	NOUN
cblr-9109	990	91	besides	besides	SCONJ
cblr-9109	990	92	the	the	DET
cblr-9109	990	93	issuer	issuer	NOUN
cblr-9109	990	94	and	and	CCONJ
cblr-9109	990	95	its	its	PRON
cblr-9109	990	96	officials	official	NOUN
cblr-9109	990	97	,	,	PUNCT
cblr-9109	990	98	and	and	CCONJ
cblr-9109	990	99	to	to	PART
cblr-9109	990	100	include	include	VERB
cblr-9109	990	101	the	the	DET
cblr-9109	990	102	statements	statement	NOUN
cblr-9109	990	103	of	of	ADP
cblr-9109	990	104	these	these	DET
cblr-9109	990	105	other	other	ADJ
cblr-9109	990	106	persons	person	NOUN
cblr-9109	990	107	p.m.	p.m.	ADV
cblr-9109	990	108	,	,	PUNCT
cblr-9109	990	109	sent	send	VERB
cblr-9109	990	110	in	in	ADP
cblr-9109	990	111	“	"	PUNCT
cblr-9109	990	112	corrected	correct	VERB
cblr-9109	990	113	”	"	PUNCT
cblr-9109	990	114	orders	order	NOUN
cblr-9109	990	115	that	that	PRON
cblr-9109	990	116	were	be	AUX
cblr-9109	990	117	really	really	ADV
cblr-9109	990	118	represented	represent	VERB
cblr-9109	990	119	post-4:00	post-4:00	ADP
cblr-9109	990	120	p.m.	p.m.	NOUN
cblr-9109	990	121	purchase	purchase	NOUN
cblr-9109	990	122	or	or	CCONJ
cblr-9109	990	123	redemption	redemption	NOUN
cblr-9109	990	124	determinations	determination	NOUN
cblr-9109	990	125	.	.	PUNCT
cblr-9109	991	1	vancook	vancook	VERB
cblr-9109	991	2	then	then	ADV
cblr-9109	991	3	passed	pass	VERB
cblr-9109	991	4	on	on	ADP
cblr-9109	991	5	to	to	ADP
cblr-9109	991	6	the	the	DET
cblr-9109	991	7	clearing	clearing	NOUN
cblr-9109	991	8	bank	bank	NOUN
cblr-9109	991	9	these	these	DET
cblr-9109	991	10	“	"	PUNCT
cblr-9109	991	11	corrections	correction	NOUN
cblr-9109	991	12	.	.	PUNCT
cblr-9109	991	13	”	"	PUNCT
cblr-9109	992	1	investment	investment	NOUN
cblr-9109	992	2	company	company	NOUN
cblr-9109	992	3	act	act	VERB
cblr-9109	992	4	rule	rule	NOUN
cblr-9109	992	5	22c-1	22c-1	NUM
cblr-9109	992	6	,	,	PUNCT
cblr-9109	992	7	17	17	NUM
cblr-9109	992	8	c.f.r	c.f.r	NOUN
cblr-9109	992	9	§	§	PROPN
cblr-9109	992	10	270.22c-1	270.22c-1	NOUN
cblr-9109	992	11	,	,	PUNCT
cblr-9109	992	12	requires	require	VERB
cblr-9109	992	13	that	that	SCONJ
cblr-9109	992	14	orders	order	NOUN
cblr-9109	992	15	submitted	submit	VERB
cblr-9109	992	16	by	by	ADP
cblr-9109	992	17	customers	customer	NOUN
cblr-9109	992	18	to	to	ADP
cblr-9109	992	19	their	their	PRON
cblr-9109	992	20	brokers	broker	NOUN
cblr-9109	992	21	after	after	SCONJ
cblr-9109	992	22	the	the	DET
cblr-9109	992	23	determination	determination	NOUN
cblr-9109	992	24	of	of	ADP
cblr-9109	992	25	the	the	DET
cblr-9109	992	26	day	day	NOUN
cblr-9109	992	27	’s	’s	PART
cblr-9109	992	28	nav	nav	NOUN
cblr-9109	992	29	must	must	AUX
cblr-9109	992	30	be	be	AUX
cblr-9109	992	31	executed	execute	VERB
cblr-9109	992	32	at	at	ADP
cblr-9109	992	33	the	the	DET
cblr-9109	992	34	next	next	ADJ
cblr-9109	992	35	day	day	NOUN
cblr-9109	992	36	’s	’s	PART
cblr-9109	992	37	nav	nav	NOUN
cblr-9109	992	38	.	.	PUNCT
cblr-9109	993	1	i	i	PRON
cblr-9109	993	2	d.	d.	PROPN
cblr-9109	993	3	at	at	ADP
cblr-9109	993	4	135	135	NUM
cblr-9109	993	5	.	.	PUNCT
cblr-9109	994	1	the	the	DET
cblr-9109	994	2	second	second	ADJ
cblr-9109	994	3	circuit	circuit	NOUN
cblr-9109	994	4	found	find	VERB
cblr-9109	994	5	that	that	DET
cblr-9109	994	6	vancook	vancook	NOUN
cblr-9109	994	7	was	be	AUX
cblr-9109	994	8	aiding	aid	VERB
cblr-9109	994	9	a	a	DET
cblr-9109	994	10	violation	violation	NOUN
cblr-9109	994	11	of	of	ADP
cblr-9109	994	12	rule	rule	NOUN
cblr-9109	994	13	10b-5(b	10b-5(b	NUM
cblr-9109	994	14	)	)	PUNCT
cblr-9109	994	15	by	by	ADP
cblr-9109	994	16	his	his	PRON
cblr-9109	994	17	hedge	hedge	NOUN
cblr-9109	994	18	fund	fund	NOUN
cblr-9109	994	19	customers	customer	NOUN
cblr-9109	994	20	.	.	PUNCT
cblr-9109	995	1	i	i	PRON
cblr-9109	995	2	d.	d.	PROPN
cblr-9109	995	3	at	at	ADP
cblr-9109	995	4	138	138	NUM
cblr-9109	995	5	.	.	PUNCT
cblr-9109	996	1	the	the	DET
cblr-9109	996	2	idea	idea	NOUN
cblr-9109	996	3	was	be	AUX
cblr-9109	996	4	that	that	SCONJ
cblr-9109	996	5	the	the	DET
cblr-9109	996	6	mutual	mutual	ADJ
cblr-9109	996	7	funds	fund	NOUN
cblr-9109	996	8	reasonably	reasonably	ADV
cblr-9109	996	9	assumed	assume	VERB
cblr-9109	996	10	that	that	SCONJ
cblr-9109	996	11	the	the	DET
cblr-9109	996	12	submission	submission	NOUN
cblr-9109	996	13	of	of	ADP
cblr-9109	996	14	an	an	DET
cblr-9109	996	15	order	order	NOUN
cblr-9109	996	16	for	for	ADP
cblr-9109	996	17	execution	execution	NOUN
cblr-9109	996	18	at	at	ADP
cblr-9109	996	19	the	the	DET
cblr-9109	996	20	current	current	ADJ
cblr-9109	996	21	day	day	NOUN
cblr-9109	996	22	’s	’s	PART
cblr-9109	996	23	nav	nav	NOUN
cblr-9109	996	24	was	be	AUX
cblr-9109	996	25	in	in	ADP
cblr-9109	996	26	an	an	DET
cblr-9109	996	27	amount	amount	NOUN
cblr-9109	996	28	determined	determine	VERB
cblr-9109	996	29	prior	prior	ADV
cblr-9109	996	30	to	to	ADP
cblr-9109	996	31	the	the	DET
cblr-9109	996	32	setting	setting	NOUN
cblr-9109	996	33	of	of	ADP
cblr-9109	996	34	the	the	DET
cblr-9109	996	35	day	day	NOUN
cblr-9109	996	36	’s	’s	PART
cblr-9109	996	37	nav	nav	NOUN
cblr-9109	996	38	since	since	SCONJ
cblr-9109	996	39	rule	rule	NOUN
cblr-9109	996	40	22c-1	22c-1	NUM
cblr-9109	996	41	would	would	AUX
cblr-9109	996	42	prohibit	prohibit	VERB
cblr-9109	996	43	execution	execution	NOUN
cblr-9109	996	44	,	,	PUNCT
cblr-9109	996	45	at	at	ADP
cblr-9109	996	46	that	that	DET
cblr-9109	996	47	day	day	NOUN
cblr-9109	996	48	’s	’s	PART
cblr-9109	996	49	nav	nav	NOUN
cblr-9109	996	50	,	,	PUNCT
cblr-9109	996	51	of	of	ADP
cblr-9109	996	52	post-4:00	post-4:00	ADP
cblr-9109	996	53	p.m.	p.m.	NOUN
cblr-9109	996	54	determined	determine	VERB
cblr-9109	996	55	orders	order	NOUN
cblr-9109	996	56	.	.	PUNCT
cblr-9109	997	1	i	i	PRON
cblr-9109	997	2	d.	d.	PROPN
cblr-9109	997	3	while	while	SCONJ
cblr-9109	997	4	this	this	DET
cblr-9109	997	5	precedent	precedent	NOUN
cblr-9109	997	6	establishes	establish	VERB
cblr-9109	997	7	that	that	SCONJ
cblr-9109	997	8	a	a	DET
cblr-9109	997	9	purchase	purchase	NOUN
cblr-9109	997	10	or	or	CCONJ
cblr-9109	997	11	sale	sale	NOUN
cblr-9109	997	12	order	order	NOUN
cblr-9109	997	13	can	can	AUX
cblr-9109	997	14	be	be	AUX
cblr-9109	997	15	a	a	DET
cblr-9109	997	16	misleading	misleading	ADJ
cblr-9109	997	17	statement	statement	NOUN
cblr-9109	997	18	,	,	PUNCT
cblr-9109	997	19	it	it	PRON
cblr-9109	997	20	is	be	AUX
cblr-9109	997	21	admittedly	admittedly	ADV
cblr-9109	997	22	not	not	PART
cblr-9109	997	23	a	a	DET
cblr-9109	997	24	perfect	perfect	ADJ
cblr-9109	997	25	analogy	analogy	NOUN
cblr-9109	997	26	to	to	ADP
cblr-9109	997	27	spoofing	spoof	VERB
cblr-9109	997	28	.	.	PUNCT
cblr-9109	998	1	in	in	ADP
cblr-9109	998	2	the	the	DET
cblr-9109	998	3	late	late	ADJ
cblr-9109	998	4	-	-	PUNCT
cblr-9109	998	5	trading	trading	NOUN
cblr-9109	998	6	case	case	NOUN
cblr-9109	998	7	,	,	PUNCT
cblr-9109	998	8	it	it	PRON
cblr-9109	998	9	violated	violate	VERB
cblr-9109	998	10	an	an	DET
cblr-9109	998	11	sec	sec	PROPN
cblr-9109	998	12	rule	rule	NOUN
cblr-9109	998	13	for	for	ADP
cblr-9109	998	14	the	the	DET
cblr-9109	998	15	mutual	mutual	ADJ
cblr-9109	998	16	funds	fund	NOUN
cblr-9109	998	17	to	to	PART
cblr-9109	998	18	execute	execute	VERB
cblr-9109	998	19	the	the	DET
cblr-9109	998	20	orders	order	NOUN
cblr-9109	998	21	passed	pass	VERB
cblr-9109	998	22	on	on	ADP
cblr-9109	998	23	by	by	ADP
cblr-9109	998	24	vancook	vancook	NOUN
cblr-9109	998	25	at	at	ADP
cblr-9109	998	26	the	the	DET
cblr-9109	998	27	current	current	ADJ
cblr-9109	998	28	day	day	NOUN
cblr-9109	998	29	’s	’s	PART
cblr-9109	998	30	nav	nav	NOUN
cblr-9109	998	31	and	and	CCONJ
cblr-9109	998	32	so	so	ADV
cblr-9109	998	33	the	the	DET
cblr-9109	998	34	court	court	NOUN
cblr-9109	998	35	was	be	AUX
cblr-9109	998	36	saying	say	VERB
cblr-9109	998	37	in	in	ADP
cblr-9109	998	38	essence	essence	NOUN
cblr-9109	998	39	that	that	SCONJ
cblr-9109	998	40	it	it	PRON
cblr-9109	998	41	is	be	AUX
cblr-9109	998	42	reasonable	reasonable	ADJ
cblr-9109	998	43	for	for	SCONJ
cblr-9109	998	44	the	the	DET
cblr-9109	998	45	mutual	mutual	ADJ
cblr-9109	998	46	fund	fund	NOUN
cblr-9109	998	47	to	to	PART
cblr-9109	998	48	assume	assume	VERB
cblr-9109	998	49	that	that	SCONJ
cblr-9109	998	50	the	the	DET
cblr-9109	998	51	orders	order	NOUN
cblr-9109	998	52	it	it	PRON
cblr-9109	998	53	received	receive	VERB
cblr-9109	998	54	would	would	AUX
cblr-9109	998	55	be	be	AUX
cblr-9109	998	56	in	in	ADP
cblr-9109	998	57	compliance	compliance	NOUN
cblr-9109	998	58	with	with	ADP
cblr-9109	998	59	rule	rule	NOUN
cblr-9109	998	60	22c-1	22c-1	NUM
cblr-9109	998	61	when	when	SCONJ
cblr-9109	998	62	executed	execute	VERB
cblr-9109	998	63	.	.	PUNCT
cblr-9109	999	1	in	in	ADP
cblr-9109	999	2	contrast	contrast	NOUN
cblr-9109	999	3	,	,	PUNCT
cblr-9109	999	4	whether	whether	SCONJ
cblr-9109	999	5	it	it	PRON
cblr-9109	999	6	is	be	AUX
cblr-9109	999	7	reasonable	reasonable	ADJ
cblr-9109	999	8	for	for	SCONJ
cblr-9109	999	9	the	the	DET
cblr-9109	999	10	market	market	NOUN
cblr-9109	999	11	to	to	PART
cblr-9109	999	12	assume	assume	VERB
cblr-9109	999	13	that	that	SCONJ
cblr-9109	999	14	quotes	quote	NOUN
cblr-9109	999	15	are	be	AUX
cblr-9109	999	16	not	not	PART
cblr-9109	999	17	the	the	DET
cblr-9109	999	18	product	product	NOUN
cblr-9109	999	19	of	of	ADP
cblr-9109	999	20	spoofing	spoof	VERB
cblr-9109	999	21	can	can	AUX
cblr-9109	999	22	not	not	PART
cblr-9109	999	23	depend	depend	VERB
cblr-9109	999	24	on	on	ADP
cblr-9109	999	25	whether	whether	SCONJ
cblr-9109	999	26	spoofing	spoof	VERB
cblr-9109	999	27	violates	violate	VERB
cblr-9109	999	28	rule	rule	NOUN
cblr-9109	999	29	10b-5(b	10b-5(b	NUM
cblr-9109	999	30	):	):	PUNCT
cblr-9109	999	31	we	we	PRON
cblr-9109	999	32	are	be	AUX
cblr-9109	999	33	asking	ask	VERB
cblr-9109	999	34	the	the	DET
cblr-9109	999	35	question	question	NOUN
cblr-9109	999	36	concerning	concern	VERB
cblr-9109	999	37	reasonable	reasonable	ADJ
cblr-9109	999	38	market	market	NOUN
cblr-9109	999	39	expectations	expectation	NOUN
cblr-9109	999	40	to	to	PART
cblr-9109	999	41	determine	determine	VERB
cblr-9109	999	42	whether	whether	SCONJ
cblr-9109	999	43	spoofing	spoof	VERB
cblr-9109	999	44	violates	violate	VERB
cblr-9109	999	45	rule	rule	NOUN
cblr-9109	999	46	10b-5	10b-5	NUM
cblr-9109	999	47	in	in	ADP
cblr-9109	999	48	the	the	DET
cblr-9109	999	49	first	first	ADJ
cblr-9109	999	50	place	place	NOUN
cblr-9109	999	51	.	.	PUNCT
cblr-9109	1000	1	that	that	PRON
cblr-9109	1000	2	said	say	VERB
cblr-9109	1000	3	,	,	PUNCT
cblr-9109	1000	4	we	we	PRON
cblr-9109	1000	5	have	have	AUX
cblr-9109	1000	6	shown	show	VERB
cblr-9109	1000	7	that	that	SCONJ
cblr-9109	1000	8	spoofing	spoofing	NOUN
cblr-9109	1000	9	fits	fit	VERB
cblr-9109	1000	10	the	the	DET
cblr-9109	1000	11	dictionary	dictionary	ADJ
cblr-9109	1000	12	definition	definition	NOUN
cblr-9109	1000	13	of	of	ADP
cblr-9109	1000	14	manipulation	manipulation	NOUN
cblr-9109	1000	15	and	and	CCONJ
cblr-9109	1000	16	answers	answer	VERB
cblr-9109	1000	17	our	our	PRON
cblr-9109	1000	18	three	three	NUM
cblr-9109	1000	19	other	other	ADJ
cblr-9109	1000	20	questions	question	NOUN
cblr-9109	1000	21	in	in	ADP
cblr-9109	1000	22	the	the	DET
cblr-9109	1000	23	affirmative	affirmative	NOUN
cblr-9109	1000	24	.	.	PUNCT
cblr-9109	1001	1	so	so	ADV
cblr-9109	1001	2	,	,	PUNCT
cblr-9109	1001	3	the	the	DET
cblr-9109	1001	4	fact	fact	NOUN
cblr-9109	1001	5	that	that	SCONJ
cblr-9109	1001	6	section10(b	section10(b	PROPN
cblr-9109	1001	7	)	)	PUNCT
cblr-9109	1001	8	,	,	PUNCT
cblr-9109	1001	9	under	under	ADP
cblr-9109	1001	10	which	which	PRON
cblr-9109	1001	11	rule	rule	NOUN
cblr-9109	1001	12	10b-5	10b-5	NUM
cblr-9109	1001	13	was	be	AUX
cblr-9109	1001	14	promulgated	promulgate	VERB
cblr-9109	1001	15	,	,	PUNCT
cblr-9109	1001	16	authorizes	authorize	VERB
cblr-9109	1001	17	rules	rule	NOUN
cblr-9109	1001	18	against	against	ADP
cblr-9109	1001	19	“	"	PUNCT
cblr-9109	1001	20	manipulative	manipulative	ADJ
cblr-9109	1001	21	”	"	PUNCT
cblr-9109	1001	22	as	as	ADV
cblr-9109	1001	23	well	well	ADV
cblr-9109	1001	24	“	"	PUNCT
cblr-9109	1001	25	deceptive	deceptive	ADJ
cblr-9109	1001	26	”	"	PUNCT
cblr-9109	1001	27	“	"	PUNCT
cblr-9109	1001	28	device[s	device[s	PROPN
cblr-9109	1001	29	]	]	PUNCT
cblr-9109	1001	30	”	"	PUNCT
cblr-9109	1001	31	argues	argue	VERB
cblr-9109	1001	32	in	in	ADP
cblr-9109	1001	33	favor	favor	NOUN
cblr-9109	1001	34	of	of	ADP
cblr-9109	1001	35	a	a	DET
cblr-9109	1001	36	reading	reading	NOUN
cblr-9109	1001	37	of	of	ADP
cblr-9109	1001	38	rule	rule	NOUN
cblr-9109	1001	39	10b-5(b	10b-5(b	NUM
cblr-9109	1001	40	)	)	PUNCT
cblr-9109	1001	41	to	to	PART
cblr-9109	1001	42	include	include	VERB
cblr-9109	1001	43	,	,	PUNCT
cblr-9109	1001	44	as	as	ADP
cblr-9109	1001	45	a	a	DET
cblr-9109	1001	46	misleading	misleading	ADJ
cblr-9109	1001	47	statement	statement	NOUN
cblr-9109	1001	48	,	,	PUNCT
cblr-9109	1001	49	a	a	DET
cblr-9109	1001	50	spoofer	spoofer	NOUN
cblr-9109	1001	51	’s	’s	PART
cblr-9109	1001	52	quotes	quote	NOUN
cblr-9109	1001	53	intended	intend	VERB
cblr-9109	1001	54	to	to	PART
cblr-9109	1001	55	move	move	VERB
cblr-9109	1001	56	market	market	NOUN
cblr-9109	1001	57	prices	price	NOUN
cblr-9109	1001	58	.	.	PUNCT
cblr-9109	1002	1	see	see	VERB
cblr-9109	1002	2	15	15	NUM
cblr-9109	1002	3	u.s.c	u.s.c	ADJ
cblr-9109	1002	4	.	.	PUNCT
cblr-9109	1003	1	§	§	PROPN
cblr-9109	1003	2	78j(b	78j(b	PROPN
cblr-9109	1003	3	)	)	PUNCT
cblr-9109	1003	4	;	;	PUNCT
cblr-9109	1003	5	17	17	NUM
cblr-9109	1003	6	c.f.r	c.f.r	NOUN
cblr-9109	1003	7	.	.	PUNCT
cblr-9109	1004	1	§	§	PROPN
cblr-9109	1004	2	240.10b-5	240.10b-5	NUM
cblr-9109	1004	3	.	.	PUNCT
cblr-9109	1004	4	213	213	NUM
cblr-9109	1004	5	sec	sec	PROPN
cblr-9109	1004	6	v.	v.	PROPN
cblr-9109	1004	7	tex	tex	PROPN
cblr-9109	1004	8	.	.	PROPN
cblr-9109	1004	9	gulf	gulf	PROPN
cblr-9109	1004	10	sulphur	sulphur	PROPN
cblr-9109	1004	11	co.	co.	PROPN
cblr-9109	1004	12	,	,	PUNCT
cblr-9109	1004	13	401	401	NUM
cblr-9109	1004	14	f.2d	f.2d	NOUN
cblr-9109	1004	15	833	833	NUM
cblr-9109	1004	16	,	,	PUNCT
cblr-9109	1004	17	859–62	859–62	NUM
cblr-9109	1004	18	(	(	PUNCT
cblr-9109	1004	19	2d	2d	NUM
cblr-9109	1004	20	cir	cir	NOUN
cblr-9109	1004	21	.	.	PUNCT
cblr-9109	1004	22	1968	1968	NUM
cblr-9109	1004	23	)	)	PUNCT
cblr-9109	1004	24	.	.	PUNCT
cblr-9109	1005	1	no	no	INTJ
cblr-9109	1005	2	.	.	PUNCT
cblr-9109	1006	1	3:1244	3:1244	NUM
cblr-9109	1006	2	]	]	X
cblr-9109	1006	3	spoofing	spoofing	NOUN
cblr-9109	1006	4	and	and	CCONJ
cblr-9109	1006	5	its	its	PRON
cblr-9109	1006	6	regulation	regulation	NOUN
cblr-9109	1006	7	1315	1315	NUM
cblr-9109	1006	8	when	when	SCONJ
cblr-9109	1006	9	they	they	PRON
cblr-9109	1006	10	would	would	AUX
cblr-9109	1006	11	predictably	predictably	ADV
cblr-9109	1006	12	affect	affect	VERB
cblr-9109	1006	13	investors	investor	NOUN
cblr-9109	1006	14	’	'	PUNCT
cblr-9109	1006	15	judgments.214	judgments.214	PROPN
cblr-9109	1006	16	moreover	moreover	ADV
cblr-9109	1006	17	,	,	PUNCT
cblr-9109	1006	18	the	the	DET
cblr-9109	1006	19	courts	court	NOUN
cblr-9109	1006	20	have	have	AUX
cblr-9109	1006	21	made	make	VERB
cblr-9109	1006	22	clear	clear	ADJ
cblr-9109	1006	23	that	that	SCONJ
cblr-9109	1006	24	in	in	ADP
cblr-9109	1006	25	governmentbased	governmentbased	ADJ
cblr-9109	1006	26	actions	action	NOUN
cblr-9109	1006	27	,	,	PUNCT
cblr-9109	1006	28	there	there	PRON
cblr-9109	1006	29	need	need	AUX
cblr-9109	1006	30	not	not	PART
cblr-9109	1006	31	be	be	AUX
cblr-9109	1006	32	a	a	DET
cblr-9109	1006	33	showing	showing	NOUN
cblr-9109	1006	34	of	of	ADP
cblr-9109	1006	35	reliance	reliance	NOUN
cblr-9109	1006	36	by	by	ADP
cblr-9109	1006	37	the	the	DET
cblr-9109	1006	38	particular	particular	ADJ
cblr-9109	1006	39	purchasers	purchaser	NOUN
cblr-9109	1006	40	or	or	CCONJ
cblr-9109	1006	41	sellers	seller	NOUN
cblr-9109	1006	42	of	of	ADP
cblr-9109	1006	43	shares.215	shares.215	PROPN
cblr-9109	1006	44	b.	b.	PROPN
cblr-9109	1006	45	comparing	compare	VERB
cblr-9109	1006	46	existing	exist	VERB
cblr-9109	1006	47	case	case	NOUN
cblr-9109	1006	48	law	law	NOUN
cblr-9109	1006	49	to	to	ADP
cblr-9109	1006	50	optimal	optimal	ADJ
cblr-9109	1006	51	regulation	regulation	NOUN
cblr-9109	1006	52	let	let	VERB
cblr-9109	1006	53	us	we	PRON
cblr-9109	1006	54	now	now	ADV
cblr-9109	1006	55	compare	compare	VERB
cblr-9109	1006	56	our	our	PRON
cblr-9109	1006	57	description	description	NOUN
cblr-9109	1006	58	of	of	ADP
cblr-9109	1006	59	existing	exist	VERB
cblr-9109	1006	60	case	case	NOUN
cblr-9109	1006	61	law	law	NOUN
cblr-9109	1006	62	to	to	ADP
cblr-9109	1006	63	what	what	PRON
cblr-9109	1006	64	we	we	PRON
cblr-9109	1006	65	have	have	AUX
cblr-9109	1006	66	just	just	ADV
cblr-9109	1006	67	described	describe	VERB
cblr-9109	1006	68	as	as	ADP
cblr-9109	1006	69	optimal	optimal	ADJ
cblr-9109	1006	70	regulation	regulation	NOUN
cblr-9109	1006	71	.	.	PUNCT
cblr-9109	1007	1	first	first	ADV
cblr-9109	1007	2	,	,	PUNCT
cblr-9109	1007	3	section	section	NOUN
cblr-9109	1007	4	9(a)(2	9(a)(2	NUM
cblr-9109	1007	5	)	)	PUNCT
cblr-9109	1007	6	is	be	AUX
cblr-9109	1007	7	an	an	DET
cblr-9109	1007	8	insecure	insecure	ADJ
cblr-9109	1007	9	basis	basis	NOUN
cblr-9109	1007	10	for	for	ADP
cblr-9109	1007	11	outlawing	outlaw	VERB
cblr-9109	1007	12	spoofing	spoof	VERB
cblr-9109	1007	13	in	in	ADP
cblr-9109	1007	14	the	the	DET
cblr-9109	1007	15	manner	manner	NOUN
cblr-9109	1007	16	we	we	PRON
cblr-9109	1007	17	recommend	recommend	VERB
cblr-9109	1007	18	,	,	PUNCT
cblr-9109	1007	19	because	because	SCONJ
cblr-9109	1007	20	by	by	ADP
cblr-9109	1007	21	its	its	PRON
cblr-9109	1007	22	terms	term	NOUN
cblr-9109	1007	23	,	,	PUNCT
cblr-9109	1007	24	its	its	PRON
cblr-9109	1007	25	trigger	trigger	NOUN
cblr-9109	1007	26	is	be	AUX
cblr-9109	1007	27	a	a	DET
cblr-9109	1007	28	series	series	NOUN
cblr-9109	1007	29	of	of	ADP
cblr-9109	1007	30	“	"	PUNCT
cblr-9109	1007	31	transactions	transaction	NOUN
cblr-9109	1007	32	.	.	PUNCT
cblr-9109	1007	33	”216	”216	X
cblr-9109	1007	34	although	although	SCONJ
cblr-9109	1007	35	district	district	NOUN
cblr-9109	1007	36	courts	court	NOUN
cblr-9109	1007	37	and	and	CCONJ
cblr-9109	1007	38	the	the	DET
cblr-9109	1007	39	sec	sec	PROPN
cblr-9109	1007	40	have	have	AUX
cblr-9109	1007	41	found	find	VERB
cblr-9109	1007	42	quotes	quote	NOUN
cblr-9109	1007	43	to	to	PART
cblr-9109	1007	44	be	be	AUX
cblr-9109	1007	45	“	"	PUNCT
cblr-9109	1007	46	transactions,”217	transactions,”217	INTJ
cblr-9109	1007	47	their	their	PRON
cblr-9109	1007	48	rationales	rationale	NOUN
cblr-9109	1007	49	for	for	ADP
cblr-9109	1007	50	doing	do	VERB
cblr-9109	1007	51	so	so	ADV
cblr-9109	1007	52	are	be	AUX
cblr-9109	1007	53	not	not	PART
cblr-9109	1007	54	fully	fully	ADV
cblr-9109	1007	55	convincing	convincing	ADJ
cblr-9109	1007	56	and	and	CCONJ
cblr-9109	1007	57	it	it	PRON
cblr-9109	1007	58	is	be	AUX
cblr-9109	1007	59	certainly	certainly	ADV
cblr-9109	1007	60	possible	possible	ADJ
cblr-9109	1007	61	that	that	SCONJ
cblr-9109	1007	62	an	an	DET
cblr-9109	1007	63	appellate	appellate	ADJ
cblr-9109	1007	64	court	court	NOUN
cblr-9109	1007	65	would	would	AUX
cblr-9109	1007	66	not	not	PART
cblr-9109	1007	67	agree	agree	VERB
cblr-9109	1007	68	with	with	ADP
cblr-9109	1007	69	them.218	them.218	NOUN
cblr-9109	1007	70	second	second	ADJ
cblr-9109	1007	71	,	,	PUNCT
cblr-9109	1007	72	section	section	NOUN
cblr-9109	1007	73	10(b	10(b	NUM
cblr-9109	1007	74	)	)	PUNCT
cblr-9109	1007	75	and	and	CCONJ
cblr-9109	1007	76	rule	rule	VERB
cblr-9109	1007	77	10b-5	10b-5	NUM
cblr-9109	1007	78	provide	provide	VERB
cblr-9109	1007	79	a	a	DET
cblr-9109	1007	80	doctrinally	doctrinally	ADV
cblr-9109	1007	81	sounder	sounder	ADJ
cblr-9109	1007	82	basis	basis	NOUN
cblr-9109	1007	83	.	.	PUNCT
cblr-9109	1008	1	section	section	NOUN
cblr-9109	1008	2	10(b	10(b	NUM
cblr-9109	1008	3	)	)	PUNCT
cblr-9109	1008	4	unambiguously	unambiguously	ADV
cblr-9109	1008	5	authorizes	authorize	VERB
cblr-9109	1008	6	the	the	DET
cblr-9109	1008	7	sec	sec	PROPN
cblr-9109	1008	8	to	to	PART
cblr-9109	1008	9	promulgate	promulgate	VERB
cblr-9109	1008	10	rules	rule	NOUN
cblr-9109	1008	11	against	against	ADP
cblr-9109	1008	12	manipulation	manipulation	NOUN
cblr-9109	1008	13	.	.	PUNCT
cblr-9109	1009	1	the	the	DET
cblr-9109	1009	2	language	language	NOUN
cblr-9109	1009	3	of	of	ADP
cblr-9109	1009	4	rule	rule	NOUN
cblr-9109	1009	5	10b-5	10b-5	NUM
cblr-9109	1009	6	is	be	AUX
cblr-9109	1009	7	not	not	PART
cblr-9109	1009	8	obviously	obviously	ADV
cblr-9109	1009	9	the	the	DET
cblr-9109	1009	10	rule	rule	NOUN
cblr-9109	1009	11	to	to	PART
cblr-9109	1009	12	do	do	AUX
cblr-9109	1009	13	this	this	PRON
cblr-9109	1009	14	,	,	PUNCT
cblr-9109	1009	15	but	but	CCONJ
cblr-9109	1009	16	,	,	PUNCT
cblr-9109	1009	17	as	as	SCONJ
cblr-9109	1009	18	we	we	PRON
cblr-9109	1009	19	have	have	AUX
cblr-9109	1009	20	argued	argue	VERB
cblr-9109	1009	21	,	,	PUNCT
cblr-9109	1009	22	spoofing	spoof	VERB
cblr-9109	1009	23	can	can	AUX
cblr-9109	1009	24	be	be	AUX
cblr-9109	1009	25	viewed	view	VERB
cblr-9109	1009	26	as	as	ADP
cblr-9109	1009	27	a	a	DET
cblr-9109	1009	28	kind	kind	NOUN
cblr-9109	1009	29	of	of	ADP
cblr-9109	1009	30	misleading	mislead	VERB
cblr-9109	1009	31	statement	statement	NOUN
cblr-9109	1009	32	in	in	ADP
cblr-9109	1009	33	violation	violation	NOUN
cblr-9109	1009	34	of	of	ADP
cblr-9109	1009	35	rule	rule	NOUN
cblr-9109	1009	36	10b5(b).219	10b5(b).219	PROPN
cblr-9109	1009	37	the	the	DET
cblr-9109	1009	38	existing	exist	VERB
cblr-9109	1009	39	case	case	NOUN
cblr-9109	1009	40	law	law	NOUN
cblr-9109	1009	41	,	,	PUNCT
cblr-9109	1009	42	however	however	ADV
cblr-9109	1009	43	,	,	PUNCT
cblr-9109	1009	44	is	be	AUX
cblr-9109	1009	45	rather	rather	ADV
cblr-9109	1009	46	confused	confused	ADJ
cblr-9109	1009	47	and	and	CCONJ
cblr-9109	1009	48	suggests	suggest	VERB
cblr-9109	1009	49	that	that	SCONJ
cblr-9109	1009	50	the	the	DET
cblr-9109	1009	51	statute	statute	NOUN
cblr-9109	1009	52	and	and	CCONJ
cblr-9109	1009	53	the	the	DET
cblr-9109	1009	54	rule	rule	NOUN
cblr-9109	1009	55	can	can	AUX
cblr-9109	1009	56	be	be	AUX
cblr-9109	1009	57	interpreted	interpret	VERB
cblr-9109	1009	58	both	both	CCONJ
cblr-9109	1009	59	under	under	ADP
cblr-9109	1009	60	inclusively	inclusively	NOUN
cblr-9109	1009	61	and	and	CCONJ
cblr-9109	1009	62	over	over	ADP
cblr-9109	1009	63	inclusively	inclusively	ADV
cblr-9109	1009	64	.	.	PUNCT
cblr-9109	1010	1	if	if	SCONJ
cblr-9109	1010	2	,	,	PUNCT
cblr-9109	1010	3	as	as	SCONJ
cblr-9109	1010	4	we	we	PRON
cblr-9109	1010	5	argue	argue	VERB
cblr-9109	1010	6	,	,	PUNCT
cblr-9109	1010	7	a	a	DET
cblr-9109	1010	8	spoofer	spoofer	NOUN
cblr-9109	1010	9	’s	’s	PART
cblr-9109	1010	10	submission	submission	NOUN
cblr-9109	1010	11	of	of	ADP
cblr-9109	1010	12	quotes	quote	NOUN
cblr-9109	1010	13	solely	solely	ADV
cblr-9109	1010	14	to	to	PART
cblr-9109	1010	15	move	move	VERB
cblr-9109	1010	16	price	price	NOUN
cblr-9109	1010	17	is	be	AUX
cblr-9109	1010	18	a	a	DET
cblr-9109	1010	19	violation	violation	NOUN
cblr-9109	1010	20	of	of	ADP
cblr-9109	1010	21	rule	rule	NOUN
cblr-9109	1010	22	10b-5	10b-5	NOUN
cblr-9109	1010	23	’s	’s	PART
cblr-9109	1010	24	prohibition	prohibition	NOUN
cblr-9109	1010	25	against	against	ADP
cblr-9109	1010	26	making	make	VERB
cblr-9109	1010	27	misleading	misleading	ADJ
cblr-9109	1010	28	statements	statement	NOUN
cblr-9109	1010	29	,	,	PUNCT
cblr-9109	1010	30	how	how	SCONJ
cblr-9109	1010	31	in	in	ADP
cblr-9109	1010	32	the	the	DET
cblr-9109	1010	33	absence	absence	NOUN
cblr-9109	1010	34	of	of	ADP
cblr-9109	1010	35	documentary	documentary	ADJ
cblr-9109	1010	36	evidence	evidence	NOUN
cblr-9109	1010	37	can	can	AUX
cblr-9109	1010	38	it	it	PRON
cblr-9109	1010	39	be	be	AUX
cblr-9109	1010	40	determined	determine	VERB
cblr-9109	1010	41	that	that	SCONJ
cblr-9109	1010	42	this	this	PRON
cblr-9109	1010	43	was	be	AUX
cblr-9109	1010	44	the	the	DET
cblr-9109	1010	45	sole	sole	ADJ
cblr-9109	1010	46	purpose	purpose	NOUN
cblr-9109	1010	47	for	for	ADP
cblr-9109	1010	48	submitting	submit	VERB
cblr-9109	1010	49	the	the	DET
cblr-9109	1010	50	quotes	quote	NOUN
cblr-9109	1010	51	?	?	PUNCT
cblr-9109	1011	1	we	we	PRON
cblr-9109	1011	2	have	have	AUX
cblr-9109	1011	3	suggested	suggest	VERB
cblr-9109	1011	4	that	that	SCONJ
cblr-9109	1011	5	an	an	DET
cblr-9109	1011	6	established	establish	VERB
cblr-9109	1011	7	pattern	pattern	NOUN
cblr-9109	1011	8	of	of	ADP
cblr-9109	1011	9	repeated	repeat	VERB
cblr-9109	1011	10	sequences	sequence	NOUN
cblr-9109	1011	11	of	of	ADP
cblr-9109	1011	12	large	large	ADJ
cblr-9109	1011	13	quotes	quote	NOUN
cblr-9109	1011	14	on	on	ADP
cblr-9109	1011	15	one	one	NUM
cblr-9109	1011	16	side	side	NOUN
cblr-9109	1011	17	followed	follow	VERB
cblr-9109	1011	18	almost	almost	ADV
cblr-9109	1011	19	immediately	immediately	ADV
cblr-9109	1011	20	by	by	ADP
cblr-9109	1011	21	a	a	DET
cblr-9109	1011	22	smaller	small	ADJ
cblr-9109	1011	23	214	214	NUM
cblr-9109	1011	24	see	see	VERB
cblr-9109	1011	25	adam	adam	PROPN
cblr-9109	1011	26	c.	c.	PROPN
cblr-9109	1011	27	pritchard	pritchard	PROPN
cblr-9109	1011	28	&	&	CCONJ
cblr-9109	1011	29	robert	robert	PROPN
cblr-9109	1011	30	b.	b.	PROPN
cblr-9109	1011	31	thompson	thompson	PROPN
cblr-9109	1011	32	,	,	PUNCT
cblr-9109	1011	33	texas	texas	PROPN
cblr-9109	1011	34	gulf	gulf	PROPN
cblr-9109	1011	35	sulphur	sulphur	NOUN
cblr-9109	1011	36	and	and	CCONJ
cblr-9109	1011	37	the	the	DET
cblr-9109	1011	38	genesis	genesis	NOUN
cblr-9109	1011	39	of	of	ADP
cblr-9109	1011	40	corporate	corporate	ADJ
cblr-9109	1011	41	liability	liability	NOUN
cblr-9109	1011	42	under	under	ADP
cblr-9109	1011	43	rule	rule	NOUN
cblr-9109	1011	44	10b-5	10b-5	NUM
cblr-9109	1011	45	,	,	PUNCT
cblr-9109	1011	46	71	71	NUM
cblr-9109	1011	47	smu	smu	PROPN
cblr-9109	1011	48	l.	l.	PROPN
cblr-9109	1011	49	rev	rev	PROPN
cblr-9109	1011	50	.	.	PROPN
cblr-9109	1011	51	927	927	NUM
cblr-9109	1011	52	,	,	PUNCT
cblr-9109	1011	53	939–42	939–42	NUM
cblr-9109	1011	54	(	(	PUNCT
cblr-9109	1011	55	2018	2018	NUM
cblr-9109	1011	56	)	)	PUNCT
cblr-9109	1011	57	.	.	PUNCT
cblr-9109	1012	1	215	215	NUM
cblr-9109	1013	1	i	i	PRON
cblr-9109	1013	2	d.	d.	PROPN
cblr-9109	1013	3	216	216	NUM
cblr-9109	1013	4	see	see	VERB
cblr-9109	1013	5	15	15	NUM
cblr-9109	1013	6	u.s.c	u.s.c	ADJ
cblr-9109	1013	7	.	.	PUNCT
cblr-9109	1014	1	§	§	PROPN
cblr-9109	1014	2	78i(a)(2	78i(a)(2	NOUN
cblr-9109	1014	3	)	)	PUNCT
cblr-9109	1014	4	.	.	PUNCT
cblr-9109	1015	1	217	217	NUM
cblr-9109	1015	2	see	see	VERB
cblr-9109	1015	3	supra	supra	PROPN
cblr-9109	1015	4	section	section	NOUN
cblr-9109	1015	5	vi.a	vi.a	PROPN
cblr-9109	1015	6	.	.	PROPN
cblr-9109	1016	1	218	218	NUM
cblr-9109	1016	2	see	see	VERB
cblr-9109	1016	3	supra	supra	PROPN
cblr-9109	1016	4	section	section	PROPN
cblr-9109	1016	5	vii.b	vii.b	PROPN
cblr-9109	1016	6	.	.	PROPN
cblr-9109	1016	7	219	219	NUM
cblr-9109	1016	8	see	see	VERB
cblr-9109	1016	9	i	i	PROPN
cblr-9109	1016	10	d.	d.	PROPN
cblr-9109	1016	11	1316	1316	NUM
cblr-9109	1016	12	columbia	columbia	PROPN
cblr-9109	1016	13	business	business	NOUN
cblr-9109	1016	14	law	law	PROPN
cblr-9109	1016	15	review	review	NOUN
cblr-9109	1017	1	[	[	X
cblr-9109	1017	2	vol	vol	NOUN
cblr-9109	1017	3	.	.	PUNCT
cblr-9109	1017	4	2021	2021	NUM
cblr-9109	1017	5	marketable	marketable	ADJ
cblr-9109	1017	6	quote	quote	NOUN
cblr-9109	1017	7	on	on	ADP
cblr-9109	1017	8	the	the	DET
cblr-9109	1017	9	other	other	ADJ
cblr-9109	1017	10	side	side	NOUN
cblr-9109	1017	11	and	and	CCONJ
cblr-9109	1017	12	then	then	ADV
cblr-9109	1017	13	,	,	PUNCT
cblr-9109	1017	14	upon	upon	SCONJ
cblr-9109	1017	15	execution	execution	NOUN
cblr-9109	1017	16	of	of	ADP
cblr-9109	1017	17	this	this	DET
cblr-9109	1017	18	smaller	small	ADJ
cblr-9109	1017	19	quote	quote	NOUN
cblr-9109	1017	20	,	,	PUNCT
cblr-9109	1017	21	the	the	DET
cblr-9109	1017	22	cancellation	cancellation	NOUN
cblr-9109	1017	23	of	of	ADP
cblr-9109	1017	24	the	the	DET
cblr-9109	1017	25	initial	initial	ADJ
cblr-9109	1017	26	large	large	ADJ
cblr-9109	1017	27	quote	quote	NOUN
cblr-9109	1017	28	,	,	PUNCT
cblr-9109	1017	29	is	be	AUX
cblr-9109	1017	30	sufficient	sufficient	ADJ
cblr-9109	1017	31	circumstantial	circumstantial	ADJ
cblr-9109	1017	32	evidence	evidence	NOUN
cblr-9109	1017	33	to	to	PART
cblr-9109	1017	34	conclude	conclude	VERB
cblr-9109	1017	35	that	that	SCONJ
cblr-9109	1017	36	at	at	ADP
cblr-9109	1017	37	least	least	ADJ
cblr-9109	1017	38	in	in	ADP
cblr-9109	1017	39	some	some	PRON
cblr-9109	1017	40	of	of	ADP
cblr-9109	1017	41	the	the	DET
cblr-9109	1017	42	instances	instance	NOUN
cblr-9109	1017	43	of	of	ADP
cblr-9109	1017	44	this	this	DET
cblr-9109	1017	45	pattern	pattern	NOUN
cblr-9109	1017	46	,	,	PUNCT
cblr-9109	1017	47	the	the	DET
cblr-9109	1017	48	sole	sole	ADJ
cblr-9109	1017	49	intent	intent	NOUN
cblr-9109	1017	50	to	to	PART
cblr-9109	1017	51	use	use	VERB
cblr-9109	1017	52	the	the	DET
cblr-9109	1017	53	first	first	ADJ
cblr-9109	1017	54	quote	quote	NOUN
cblr-9109	1017	55	was	be	AUX
cblr-9109	1017	56	to	to	PART
cblr-9109	1017	57	get	get	VERB
cblr-9109	1017	58	a	a	DET
cblr-9109	1017	59	more	more	ADV
cblr-9109	1017	60	advantageous	advantageous	ADJ
cblr-9109	1017	61	price	price	NOUN
cblr-9109	1017	62	for	for	ADP
cblr-9109	1017	63	the	the	DET
cblr-9109	1017	64	transaction	transaction	NOUN
cblr-9109	1017	65	going	go	VERB
cblr-9109	1017	66	the	the	DET
cblr-9109	1017	67	other	other	ADJ
cblr-9109	1017	68	way	way	NOUN
cblr-9109	1017	69	.	.	PUNCT
cblr-9109	1018	1	this	this	PRON
cblr-9109	1018	2	is	be	AUX
cblr-9109	1018	3	even	even	ADV
cblr-9109	1018	4	more	more	ADV
cblr-9109	1018	5	clear	clear	ADJ
cblr-9109	1018	6	when	when	SCONJ
cblr-9109	1018	7	this	this	DET
cblr-9109	1018	8	pattern	pattern	NOUN
cblr-9109	1018	9	in	in	ADP
cblr-9109	1018	10	most	most	ADJ
cblr-9109	1018	11	instances	instance	NOUN
cblr-9109	1018	12	is	be	AUX
cblr-9109	1018	13	followed	follow	VERB
cblr-9109	1018	14	by	by	ADP
cblr-9109	1018	15	a	a	DET
cblr-9109	1018	16	mirror	mirror	NOUN
cblr-9109	1018	17	set	set	NOUN
cblr-9109	1018	18	of	of	ADP
cblr-9109	1018	19	actions	action	NOUN
cblr-9109	1018	20	going	go	VERB
cblr-9109	1018	21	the	the	DET
cblr-9109	1018	22	other	other	ADJ
cblr-9109	1018	23	way	way	NOUN
cblr-9109	1018	24	.	.	PUNCT
cblr-9109	1019	1	those	those	DET
cblr-9109	1019	2	courts	court	NOUN
cblr-9109	1019	3	that	that	PRON
cblr-9109	1019	4	find	find	VERB
cblr-9109	1019	5	rule	rule	NOUN
cblr-9109	1019	6	10b-5	10b-5	NUM
cblr-9109	1019	7	violations	violation	NOUN
cblr-9109	1019	8	in	in	ADP
cblr-9109	1019	9	such	such	ADJ
cblr-9109	1019	10	cases	case	NOUN
cblr-9109	1019	11	,	,	PUNCT
cblr-9109	1019	12	analogizing	analogize	VERB
cblr-9109	1019	13	the	the	DET
cblr-9109	1019	14	quoting	quote	VERB
cblr-9109	1019	15	activity	activity	NOUN
cblr-9109	1019	16	to	to	ADP
cblr-9109	1019	17	trade	trade	NOUN
cblr-9109	1019	18	-	-	PUNCT
cblr-9109	1019	19	based	base	VERB
cblr-9109	1019	20	open	open	ADJ
cblr-9109	1019	21	market	market	NOUN
cblr-9109	1019	22	transactions	transaction	NOUN
cblr-9109	1019	23	,	,	PUNCT
cblr-9109	1019	24	are	be	AUX
cblr-9109	1019	25	doing	do	VERB
cblr-9109	1019	26	the	the	DET
cblr-9109	1019	27	right	right	ADJ
cblr-9109	1019	28	thing	thing	NOUN
cblr-9109	1019	29	.	.	PUNCT
cblr-9109	1020	1	as	as	SCONJ
cblr-9109	1020	2	we	we	PRON
cblr-9109	1020	3	have	have	AUX
cblr-9109	1020	4	seen	see	VERB
cblr-9109	1020	5	,	,	PUNCT
cblr-9109	1020	6	however	however	ADV
cblr-9109	1020	7	,	,	PUNCT
cblr-9109	1020	8	there	there	PRON
cblr-9109	1020	9	are	be	VERB
cblr-9109	1020	10	courts	court	NOUN
cblr-9109	1020	11	that	that	PRON
cblr-9109	1020	12	have	have	AUX
cblr-9109	1020	13	held	hold	VERB
cblr-9109	1020	14	that	that	DET
cblr-9109	1020	15	actual	actual	ADJ
cblr-9109	1020	16	trading	trading	NOUN
cblr-9109	1020	17	behavior	behavior	NOUN
cblr-9109	1020	18	on	on	ADP
cblr-9109	1020	19	its	its	PRON
cblr-9109	1020	20	own	own	ADJ
cblr-9109	1020	21	can	can	AUX
cblr-9109	1020	22	not	not	PART
cblr-9109	1020	23	constitute	constitute	VERB
cblr-9109	1020	24	a	a	DET
cblr-9109	1020	25	manipulation	manipulation	NOUN
cblr-9109	1020	26	and	and	CCONJ
cblr-9109	1020	27	that	that	SCONJ
cblr-9109	1020	28	some	some	DET
cblr-9109	1020	29	additional	additional	ADJ
cblr-9109	1020	30	unlawful	unlawful	ADJ
cblr-9109	1020	31	act	act	NOUN
cblr-9109	1020	32	is	be	AUX
cblr-9109	1020	33	necessary	necessary	ADJ
cblr-9109	1020	34	—	—	PUNCT
cblr-9109	1020	35	in	in	ADP
cblr-9109	1020	36	essence	essence	NOUN
cblr-9109	1020	37	that	that	PRON
cblr-9109	1020	38	open	open	ADJ
cblr-9109	1020	39	market	market	NOUN
cblr-9109	1020	40	manipulation	manipulation	NOUN
cblr-9109	1020	41	is	be	AUX
cblr-9109	1020	42	per	per	ADP
cblr-9109	1020	43	se	se	X
cblr-9109	1020	44	not	not	PART
cblr-9109	1020	45	illegal	illegal	ADJ
cblr-9109	1020	46	under	under	ADP
cblr-9109	1020	47	rule	rule	NOUN
cblr-9109	1020	48	10b-5.220	10b-5.220	NUM
cblr-9109	1020	49	these	these	DET
cblr-9109	1020	50	courts	court	NOUN
cblr-9109	1020	51	,	,	PUNCT
cblr-9109	1020	52	by	by	ADP
cblr-9109	1020	53	misinterpreting	misinterpret	VERB
cblr-9109	1020	54	earlier	early	ADJ
cblr-9109	1020	55	supreme	supreme	PROPN
cblr-9109	1020	56	court	court	PROPN
cblr-9109	1020	57	opinions	opinion	NOUN
cblr-9109	1020	58	relating	relate	VERB
cblr-9109	1020	59	to	to	ADP
cblr-9109	1020	60	matters	matter	NOUN
cblr-9109	1020	61	far	far	ADV
cblr-9109	1020	62	removed	remove	VERB
cblr-9109	1020	63	from	from	ADP
cblr-9109	1020	64	manipulation	manipulation	NOUN
cblr-9109	1020	65	,	,	PUNCT
cblr-9109	1020	66	are	be	AUX
cblr-9109	1020	67	doing	do	VERB
cblr-9109	1020	68	the	the	DET
cblr-9109	1020	69	wrong	wrong	ADJ
cblr-9109	1020	70	thing	thing	NOUN
cblr-9109	1020	71	with	with	ADP
cblr-9109	1020	72	regard	regard	NOUN
cblr-9109	1020	73	to	to	ADP
cblr-9109	1020	74	trade	trade	NOUN
cblr-9109	1020	75	-	-	PUNCT
cblr-9109	1020	76	based	base	VERB
cblr-9109	1020	77	manipulation	manipulation	NOUN
cblr-9109	1020	78	.	.	PUNCT
cblr-9109	1021	1	and	and	CCONJ
cblr-9109	1021	2	derivatively	derivatively	ADV
cblr-9109	1021	3	,	,	PUNCT
cblr-9109	1021	4	they	they	PRON
cblr-9109	1021	5	would	would	AUX
cblr-9109	1021	6	likely	likely	ADV
cblr-9109	1021	7	do	do	VERB
cblr-9109	1021	8	the	the	DET
cblr-9109	1021	9	wrong	wrong	ADJ
cblr-9109	1021	10	thing	thing	NOUN
cblr-9109	1021	11	as	as	ADV
cblr-9109	1021	12	well	well	ADV
cblr-9109	1021	13	if	if	SCONJ
cblr-9109	1021	14	they	they	PRON
cblr-9109	1021	15	were	be	AUX
cblr-9109	1021	16	faced	face	VERB
cblr-9109	1021	17	with	with	ADP
cblr-9109	1021	18	a	a	DET
cblr-9109	1021	19	spoofing	spoof	VERB
cblr-9109	1021	20	case	case	NOUN
cblr-9109	1021	21	.	.	PUNCT
cblr-9109	1022	1	the	the	DET
cblr-9109	1022	2	logic	logic	NOUN
cblr-9109	1022	3	they	they	PRON
cblr-9109	1022	4	use	use	VERB
cblr-9109	1022	5	in	in	ADP
cblr-9109	1022	6	trade	trade	NOUN
cblr-9109	1022	7	-	-	PUNCT
cblr-9109	1022	8	based	base	VERB
cblr-9109	1022	9	open	open	ADJ
cblr-9109	1022	10	market	market	NOUN
cblr-9109	1022	11	cases	case	NOUN
cblr-9109	1022	12	—	—	PUNCT
cblr-9109	1022	13	that	that	SCONJ
cblr-9109	1022	14	trading	trading	NOUN
cblr-9109	1022	15	by	by	ADP
cblr-9109	1022	16	itself	itself	PRON
cblr-9109	1022	17	is	be	AUX
cblr-9109	1022	18	perfectly	perfectly	ADV
cblr-9109	1022	19	legal	legal	ADJ
cblr-9109	1022	20	and	and	CCONJ
cblr-9109	1022	21	therefore	therefore	ADV
cblr-9109	1022	22	something	something	PRON
cblr-9109	1022	23	independently	independently	ADV
cblr-9109	1022	24	illegal	illegal	ADJ
cblr-9109	1022	25	is	be	AUX
cblr-9109	1022	26	necessary	necessary	ADJ
cblr-9109	1022	27	for	for	SCONJ
cblr-9109	1022	28	the	the	DET
cblr-9109	1022	29	manipulative	manipulative	ADJ
cblr-9109	1022	30	trades	trade	NOUN
cblr-9109	1022	31	to	to	PART
cblr-9109	1022	32	violate	violate	VERB
cblr-9109	1022	33	rule	rule	NOUN
cblr-9109	1022	34	10b5	10b5	NUM
cblr-9109	1022	35	—	—	PUNCT
cblr-9109	1022	36	would	would	AUX
cblr-9109	1022	37	seem	seem	VERB
cblr-9109	1022	38	equally	equally	ADV
cblr-9109	1022	39	applicable	applicable	ADJ
cblr-9109	1022	40	with	with	ADP
cblr-9109	1022	41	regard	regard	NOUN
cblr-9109	1022	42	to	to	ADP
cblr-9109	1022	43	spoofing	spoof	VERB
cblr-9109	1022	44	:	:	PUNCT
cblr-9109	1022	45	just	just	ADV
cblr-9109	1022	46	substitute	substitute	ADJ
cblr-9109	1022	47	“	"	PUNCT
cblr-9109	1022	48	quoting	quote	VERB
cblr-9109	1022	49	”	"	PUNCT
cblr-9109	1022	50	for	for	ADP
cblr-9109	1022	51	“	"	PUNCT
cblr-9109	1022	52	trading	trading	NOUN
cblr-9109	1022	53	.	.	PUNCT
cblr-9109	1022	54	”	"	PUNCT
cblr-9109	1023	1	what	what	PRON
cblr-9109	1023	2	is	be	AUX
cblr-9109	1023	3	missed	miss	VERB
cblr-9109	1023	4	in	in	ADP
cblr-9109	1023	5	this	this	DET
cblr-9109	1023	6	logic	logic	NOUN
cblr-9109	1023	7	when	when	SCONJ
cblr-9109	1023	8	it	it	PRON
cblr-9109	1023	9	comes	come	VERB
cblr-9109	1023	10	to	to	ADP
cblr-9109	1023	11	spoofing	spoofing	NOUN
cblr-9109	1023	12	is	be	AUX
cblr-9109	1023	13	that	that	SCONJ
cblr-9109	1023	14	a	a	DET
cblr-9109	1023	15	perfectly	perfectly	ADV
cblr-9109	1023	16	legal	legal	ADJ
cblr-9109	1023	17	activity	activity	NOUN
cblr-9109	1023	18	—	—	PUNCT
cblr-9109	1023	19	generally	generally	ADV
cblr-9109	1023	20	quoting	quote	VERB
cblr-9109	1023	21	—	—	PUNCT
cblr-9109	1023	22	can	can	AUX
cblr-9109	1023	23	be	be	AUX
cblr-9109	1023	24	used	use	VERB
cblr-9109	1023	25	in	in	ADP
cblr-9109	1023	26	an	an	DET
cblr-9109	1023	27	anti	anti	ADJ
cblr-9109	1023	28	-	-	ADJ
cblr-9109	1023	29	social	social	ADJ
cblr-9109	1023	30	way	way	NOUN
cblr-9109	1023	31	if	if	SCONJ
cblr-9109	1023	32	its	its	PRON
cblr-9109	1023	33	only	only	ADJ
cblr-9109	1023	34	purpose	purpose	NOUN
cblr-9109	1023	35	is	be	AUX
cblr-9109	1023	36	to	to	PART
cblr-9109	1023	37	change	change	VERB
cblr-9109	1023	38	prices	price	NOUN
cblr-9109	1023	39	by	by	ADP
cblr-9109	1023	40	sending	send	VERB
cblr-9109	1023	41	a	a	DET
cblr-9109	1023	42	misleading	misleading	ADJ
cblr-9109	1023	43	signal	signal	NOUN
cblr-9109	1023	44	.	.	PUNCT
cblr-9109	1024	1	evidence	evidence	NOUN
cblr-9109	1024	2	that	that	SCONJ
cblr-9109	1024	3	a	a	DET
cblr-9109	1024	4	person	person	NOUN
cblr-9109	1024	5	repeatedly	repeatedly	ADV
cblr-9109	1024	6	engaged	engage	VERB
cblr-9109	1024	7	in	in	ADP
cblr-9109	1024	8	spoofing	spoof	VERB
cblr-9109	1024	9	’s	’s	PART
cblr-9109	1024	10	pattern	pattern	NOUN
cblr-9109	1024	11	of	of	ADP
cblr-9109	1024	12	behaviors	behavior	NOUN
cblr-9109	1024	13	can	can	AUX
cblr-9109	1024	14	often	often	ADV
cblr-9109	1024	15	be	be	AUX
cblr-9109	1024	16	persuasive	persuasive	ADJ
cblr-9109	1024	17	evidence	evidence	NOUN
cblr-9109	1024	18	that	that	SCONJ
cblr-9109	1024	19	this	this	PRON
cblr-9109	1024	20	is	be	AUX
cblr-9109	1024	21	exactly	exactly	ADV
cblr-9109	1024	22	what	what	PRON
cblr-9109	1024	23	is	be	AUX
cblr-9109	1024	24	going	go	VERB
cblr-9109	1024	25	on	on	ADP
cblr-9109	1024	26	.	.	PUNCT
cblr-9109	1025	1	on	on	ADP
cblr-9109	1025	2	the	the	DET
cblr-9109	1025	3	other	other	ADJ
cblr-9109	1025	4	hand	hand	NOUN
cblr-9109	1025	5	,	,	PUNCT
cblr-9109	1025	6	because	because	SCONJ
cblr-9109	1025	7	quote	quote	INTJ
cblr-9109	1025	8	manipulation	manipulation	NOUN
cblr-9109	1025	9	has	have	AUX
cblr-9109	1025	10	been	be	AUX
cblr-9109	1025	11	under	under	ADP
cblr-9109	1025	12	theorized	theorize	VERB
cblr-9109	1025	13	both	both	CCONJ
cblr-9109	1025	14	economically	economically	ADV
cblr-9109	1025	15	and	and	CCONJ
cblr-9109	1025	16	legally	legally	ADV
cblr-9109	1025	17	,	,	PUNCT
cblr-9109	1025	18	courts	court	NOUN
cblr-9109	1025	19	can	can	AUX
cblr-9109	1025	20	also	also	ADV
cblr-9109	1025	21	be	be	AUX
cblr-9109	1025	22	too	too	ADV
cblr-9109	1025	23	quick	quick	ADJ
cblr-9109	1025	24	to	to	PART
cblr-9109	1025	25	include	include	VERB
cblr-9109	1025	26	some	some	DET
cblr-9109	1025	27	quoting	quote	VERB
cblr-9109	1025	28	behavior	behavior	NOUN
cblr-9109	1025	29	as	as	ADP
cblr-9109	1025	30	a	a	DET
cblr-9109	1025	31	basis	basis	NOUN
cblr-9109	1025	32	for	for	ADP
cblr-9109	1025	33	rule	rule	NOUN
cblr-9109	1025	34	10b-5	10b-5	NUM
cblr-9109	1025	35	liability	liability	NOUN
cblr-9109	1025	36	.	.	PUNCT
cblr-9109	1026	1	it	it	PRON
cblr-9109	1026	2	makes	make	VERB
cblr-9109	1026	3	little	little	ADJ
cblr-9109	1026	4	sense	sense	NOUN
cblr-9109	1026	5	,	,	PUNCT
cblr-9109	1026	6	in	in	ADP
cblr-9109	1026	7	our	our	PRON
cblr-9109	1026	8	view	view	NOUN
cblr-9109	1026	9	,	,	PUNCT
cblr-9109	1026	10	to	to	PART
cblr-9109	1026	11	apply	apply	VERB
cblr-9109	1026	12	a	a	DET
cblr-9109	1026	13	fraud	fraud	NOUN
cblr-9109	1026	14	-	-	PUNCT
cblr-9109	1026	15	on	on	ADP
cblr-9109	1026	16	-	-	PUNCT
cblr-9109	1026	17	the	the	DET
cblr-9109	1026	18	market	market	NOUN
cblr-9109	1026	19	theory	theory	NOUN
cblr-9109	1026	20	to	to	ADP
cblr-9109	1026	21	a	a	DET
cblr-9109	1026	22	spoofing	spoof	VERB
cblr-9109	1026	23	case	case	NOUN
cblr-9109	1026	24	,	,	PUNCT
cblr-9109	1026	25	as	as	SCONJ
cblr-9109	1026	26	was	be	AUX
cblr-9109	1026	27	done	do	VERB
cblr-9109	1026	28	220	220	NUM
cblr-9109	1026	29	see	see	VERB
cblr-9109	1026	30	supra	supra	PROPN
cblr-9109	1026	31	section	section	NOUN
cblr-9109	1026	32	vi.b.1	vi.b.1	PROPN
cblr-9109	1026	33	.	.	PUNCT
cblr-9109	1027	1	no	no	INTJ
cblr-9109	1027	2	.	.	PUNCT
cblr-9109	1028	1	3:1244	3:1244	NUM
cblr-9109	1028	2	]	]	X
cblr-9109	1028	3	spoofing	spoofing	NOUN
cblr-9109	1028	4	and	and	CCONJ
cblr-9109	1028	5	its	its	PRON
cblr-9109	1028	6	regulation	regulation	NOUN
cblr-9109	1028	7	1317	1317	NUM
cblr-9109	1028	8	in	in	ADP
cblr-9109	1028	9	the	the	DET
cblr-9109	1028	10	cp	cp	PROPN
cblr-9109	1028	11	stone	stone	PROPN
cblr-9109	1028	12	fort	fort	PROPN
cblr-9109	1028	13	holdings221	holdings221	PROPN
cblr-9109	1028	14	case	case	NOUN
cblr-9109	1028	15	discussed	discuss	VERB
cblr-9109	1028	16	earlier	early	ADV
cblr-9109	1028	17	.	.	PUNCT
cblr-9109	1029	1	there	there	ADV
cblr-9109	1029	2	,	,	PUNCT
cblr-9109	1029	3	the	the	DET
cblr-9109	1029	4	court	court	NOUN
cblr-9109	1029	5	ultimately	ultimately	ADV
cblr-9109	1029	6	granted	grant	VERB
cblr-9109	1029	7	the	the	DET
cblr-9109	1029	8	defendant	defendant	NOUN
cblr-9109	1029	9	’s	’s	PART
cblr-9109	1029	10	motion	motion	NOUN
cblr-9109	1029	11	to	to	PART
cblr-9109	1029	12	dismiss	dismiss	VERB
cblr-9109	1029	13	.	.	PUNCT
cblr-9109	1030	1	it	it	PRON
cblr-9109	1030	2	did	do	VERB
cblr-9109	1030	3	so	so	ADV
cblr-9109	1030	4	on	on	ADP
cblr-9109	1030	5	the	the	DET
cblr-9109	1030	6	basis	basis	NOUN
cblr-9109	1030	7	of	of	ADP
cblr-9109	1030	8	an	an	DET
cblr-9109	1030	9	erroneous	erroneous	ADJ
cblr-9109	1030	10	understanding	understanding	NOUN
cblr-9109	1030	11	of	of	ADP
cblr-9109	1030	12	what	what	PRON
cblr-9109	1030	13	needs	need	VERB
cblr-9109	1030	14	to	to	PART
cblr-9109	1030	15	be	be	AUX
cblr-9109	1030	16	shown	show	VERB
cblr-9109	1030	17	to	to	PART
cblr-9109	1030	18	establish	establish	VERB
cblr-9109	1030	19	loss	loss	NOUN
cblr-9109	1030	20	causation	causation	NOUN
cblr-9109	1030	21	in	in	ADP
cblr-9109	1030	22	a	a	DET
cblr-9109	1030	23	fraud	fraud	NOUN
cblr-9109	1030	24	-	-	PUNCT
cblr-9109	1030	25	on	on	ADP
cblr-9109	1030	26	-	-	PUNCT
cblr-9109	1030	27	the	the	DET
cblr-9109	1030	28	-	-	PUNCT
cblr-9109	1030	29	market	market	NOUN
cblr-9109	1030	30	case222	case222	PROPN
cblr-9109	1030	31	rather	rather	ADV
cblr-9109	1030	32	than	than	ADP
cblr-9109	1030	33	rejecting	reject	VERB
cblr-9109	1030	34	the	the	DET
cblr-9109	1030	35	application	application	NOUN
cblr-9109	1030	36	of	of	ADP
cblr-9109	1030	37	the	the	DET
cblr-9109	1030	38	fraud	fraud	NOUN
cblr-9109	1030	39	-	-	PUNCT
cblr-9109	1030	40	on	on	ADP
cblr-9109	1030	41	-	-	PUNCT
cblr-9109	1030	42	the	the	DET
cblr-9109	1030	43	-	-	PUNCT
cblr-9109	1030	44	market	market	NOUN
cblr-9109	1030	45	theory	theory	NOUN
cblr-9109	1030	46	to	to	ADP
cblr-9109	1030	47	a	a	DET
cblr-9109	1030	48	spoofing	spoof	VERB
cblr-9109	1030	49	case	case	NOUN
cblr-9109	1030	50	in	in	ADP
cblr-9109	1030	51	the	the	DET
cblr-9109	1030	52	first	first	ADJ
cblr-9109	1030	53	place	place	NOUN
cblr-9109	1030	54	.	.	PUNCT
cblr-9109	1031	1	the	the	DET
cblr-9109	1031	2	first	first	ADJ
cblr-9109	1031	3	step	step	NOUN
cblr-9109	1031	4	in	in	ADP
cblr-9109	1031	5	understanding	understanding	NOUN
cblr-9109	1031	6	why	why	SCONJ
cblr-9109	1031	7	it	it	PRON
cblr-9109	1031	8	is	be	AUX
cblr-9109	1031	9	inappropriate	inappropriate	ADJ
cblr-9109	1031	10	to	to	PART
cblr-9109	1031	11	apply	apply	VERB
cblr-9109	1031	12	the	the	DET
cblr-9109	1031	13	fraud	fraud	NOUN
cblr-9109	1031	14	-	-	PUNCT
cblr-9109	1031	15	on	on	ADP
cblr-9109	1031	16	-	-	PUNCT
cblr-9109	1031	17	the	the	DET
cblr-9109	1031	18	-	-	PUNCT
cblr-9109	1031	19	market	market	NOUN
cblr-9109	1031	20	theory	theory	NOUN
cblr-9109	1031	21	to	to	ADP
cblr-9109	1031	22	spoofing	spoof	VERB
cblr-9109	1031	23	cases	case	NOUN
cblr-9109	1031	24	is	be	AUX
cblr-9109	1031	25	to	to	PART
cblr-9109	1031	26	note	note	VERB
cblr-9109	1031	27	,	,	PUNCT
cblr-9109	1031	28	as	as	SCONJ
cblr-9109	1031	29	shown	show	VERB
cblr-9109	1031	30	in	in	ADP
cblr-9109	1031	31	part	part	NOUN
cblr-9109	1031	32	v	v	NOUN
cblr-9109	1031	33	,	,	PUNCT
cblr-9109	1031	34	that	that	SCONJ
cblr-9109	1031	35	it	it	PRON
cblr-9109	1031	36	is	be	AUX
cblr-9109	1031	37	liquidity	liquidity	NOUN
cblr-9109	1031	38	suppliers	supplier	NOUN
cblr-9109	1031	39	who	who	PRON
cblr-9109	1031	40	are	be	AUX
cblr-9109	1031	41	induced	induce	VERB
cblr-9109	1031	42	into	into	ADP
cblr-9109	1031	43	loss	loss	NOUN
cblr-9109	1031	44	-	-	PUNCT
cblr-9109	1031	45	resulting	result	VERB
cblr-9109	1031	46	action	action	NOUN
cblr-9109	1031	47	by	by	ADP
cblr-9109	1031	48	the	the	DET
cblr-9109	1031	49	quotes	quote	NOUN
cblr-9109	1031	50	introduced	introduce	VERB
cblr-9109	1031	51	by	by	ADP
cblr-9109	1031	52	a	a	DET
cblr-9109	1031	53	spoofer	spoofer	NOUN
cblr-9109	1031	54	.	.	PUNCT
cblr-9109	1032	1	in	in	ADP
cblr-9109	1032	2	essence	essence	NOUN
cblr-9109	1032	3	,	,	PUNCT
cblr-9109	1032	4	they	they	PRON
cblr-9109	1032	5	relied	rely	VERB
cblr-9109	1032	6	on	on	ADP
cblr-9109	1032	7	these	these	DET
cblr-9109	1032	8	quotes	quote	NOUN
cblr-9109	1032	9	as	as	ADP
cblr-9109	1032	10	being	be	AUX
cblr-9109	1032	11	statements	statement	NOUN
cblr-9109	1032	12	by	by	ADP
cblr-9109	1032	13	their	their	PRON
cblr-9109	1032	14	submitter	submitter	NOUN
cblr-9109	1032	15	that	that	PRON
cblr-9109	1032	16	it	it	PRON
cblr-9109	1032	17	genuinely	genuinely	ADV
cblr-9109	1032	18	wanted	want	VERB
cblr-9109	1032	19	the	the	DET
cblr-9109	1032	20	quote	quote	NOUN
cblr-9109	1032	21	—	—	PUNCT
cblr-9109	1032	22	unless	unless	SCONJ
cblr-9109	1032	23	and	and	CCONJ
cblr-9109	1032	24	until	until	SCONJ
cblr-9109	1032	25	cancelled	cancel	VERB
cblr-9109	1032	26	—	—	PUNCT
cblr-9109	1032	27	to	to	PART
cblr-9109	1032	28	be	be	AUX
cblr-9109	1032	29	executed	execute	VERB
cblr-9109	1032	30	against	against	ADP
cblr-9109	1032	31	.	.	PUNCT
cblr-9109	1033	1	if	if	SCONJ
cblr-9109	1033	2	a	a	DET
cblr-9109	1033	3	liquidity	liquidity	NOUN
cblr-9109	1033	4	supplier	supplier	NOUN
cblr-9109	1033	5	can	can	AUX
cblr-9109	1033	6	offer	offer	VERB
cblr-9109	1033	7	convincing	convincing	ADJ
cblr-9109	1033	8	evidence	evidence	NOUN
cblr-9109	1033	9	that	that	SCONJ
cblr-9109	1033	10	it	it	PRON
cblr-9109	1033	11	acted	act	VERB
cblr-9109	1033	12	because	because	SCONJ
cblr-9109	1033	13	of	of	ADP
cblr-9109	1033	14	the	the	DET
cblr-9109	1033	15	spoofer	spoofer	NOUN
cblr-9109	1033	16	’s	’s	PART
cblr-9109	1033	17	quotes	quote	NOUN
cblr-9109	1033	18	,	,	PUNCT
cblr-9109	1033	19	it	it	PRON
cblr-9109	1033	20	would	would	AUX
cblr-9109	1033	21	be	be	AUX
cblr-9109	1033	22	able	able	ADJ
cblr-9109	1033	23	to	to	PART
cblr-9109	1033	24	bring	bring	VERB
cblr-9109	1033	25	a	a	DET
cblr-9109	1033	26	traditional	traditional	ADJ
cblr-9109	1033	27	reliance	reliance	NOUN
cblr-9109	1033	28	-	-	PUNCT
cblr-9109	1033	29	based	base	VERB
cblr-9109	1033	30	action	action	NOUN
cblr-9109	1033	31	for	for	ADP
cblr-9109	1033	32	damages	damage	NOUN
cblr-9109	1033	33	against	against	ADP
cblr-9109	1033	34	the	the	DET
cblr-9109	1033	35	spoofer	spoofer	NOUN
cblr-9109	1033	36	.	.	PUNCT
cblr-9109	1034	1	the	the	DET
cblr-9109	1034	2	idea	idea	NOUN
cblr-9109	1034	3	consistent	consistent	ADJ
cblr-9109	1034	4	with	with	ADP
cblr-9109	1034	5	the	the	DET
cblr-9109	1034	6	traditional	traditional	ADJ
cblr-9109	1034	7	reliancebased	reliancebase	VERB
cblr-9109	1034	8	rule	rule	NOUN
cblr-9109	1034	9	10b-5	10b-5	NUM
cblr-9109	1034	10	private	private	ADJ
cblr-9109	1034	11	damages	damage	NOUN
cblr-9109	1034	12	action,223	action,223	PART
cblr-9109	1034	13	is	be	AUX
cblr-9109	1034	14	that	that	SCONJ
cblr-9109	1034	15	the	the	DET
cblr-9109	1034	16	rule	rule	NOUN
cblr-9109	1034	17	221	221	NUM
cblr-9109	1034	18	no	no	NOUN
cblr-9109	1034	19	.	.	PROPN
cblr-9109	1035	1	16	16	NUM
cblr-9109	1035	2	-	-	PUNCT
cblr-9109	1035	3	cv-4991	cv-4991	NOUN
cblr-9109	1035	4	,	,	PUNCT
cblr-9109	1035	5	2017	2017	NUM
cblr-9109	1035	6	wl	wl	NOUN
cblr-9109	1035	7	1093166	1093166	NUM
cblr-9109	1035	8	at	at	ADP
cblr-9109	1035	9	*	*	NUM
cblr-9109	1035	10	5	5	NUM
cblr-9109	1035	11	(	(	PUNCT
cblr-9109	1035	12	n.d.iii	n.d.iii	NOUN
cblr-9109	1035	13	.	.	PUNCT
cblr-9109	1036	1	mar	mar	PROPN
cblr-9109	1036	2	.	.	PROPN
cblr-9109	1036	3	22	22	NUM
cblr-9109	1036	4	,	,	PUNCT
cblr-9109	1036	5	2017	2017	NUM
cblr-9109	1036	6	)	)	PUNCT
cblr-9109	1036	7	.	.	PUNCT
cblr-9109	1037	1	222	222	NUM
cblr-9109	1038	1	i	i	PRON
cblr-9109	1038	2	d.	d.	VERB
cblr-9109	1038	3	at	at	ADP
cblr-9109	1038	4	*	*	PROPN
cblr-9109	1038	5	5–6	5–6	NOUN
cblr-9109	1038	6	.	.	PUNCT
cblr-9109	1039	1	the	the	DET
cblr-9109	1039	2	court	court	NOUN
cblr-9109	1039	3	found	find	VERB
cblr-9109	1039	4	that	that	SCONJ
cblr-9109	1039	5	the	the	DET
cblr-9109	1039	6	plaintiff	plaintiff	NOUN
cblr-9109	1039	7	failed	fail	VERB
cblr-9109	1039	8	to	to	PART
cblr-9109	1039	9	demonstrate	demonstrate	VERB
cblr-9109	1039	10	loss	loss	NOUN
cblr-9109	1039	11	causation	causation	NOUN
cblr-9109	1039	12	because	because	SCONJ
cblr-9109	1039	13	it	it	PRON
cblr-9109	1039	14	“	"	PUNCT
cblr-9109	1039	15	has	have	AUX
cblr-9109	1039	16	not	not	PART
cblr-9109	1039	17	tied	tie	VERB
cblr-9109	1039	18	those	those	DET
cblr-9109	1039	19	purchases	purchase	NOUN
cblr-9109	1039	20	or	or	CCONJ
cblr-9109	1039	21	sales	sale	NOUN
cblr-9109	1039	22	[	[	PUNCT
cblr-9109	1039	23	that	that	SCONJ
cblr-9109	1039	24	it	it	PRON
cblr-9109	1039	25	connects	connect	VERB
cblr-9109	1039	26	to	to	ADP
cblr-9109	1039	27	the	the	DET
cblr-9109	1039	28	alleged	allege	VERB
cblr-9109	1039	29	manipulation	manipulation	NOUN
cblr-9109	1039	30	]	]	PUNCT
cblr-9109	1039	31	to	to	ADP
cblr-9109	1039	32	any	any	DET
cblr-9109	1039	33	loss	loss	NOUN
cblr-9109	1039	34	because	because	SCONJ
cblr-9109	1039	35	the	the	DET
cblr-9109	1039	36	complaint	complaint	NOUN
cblr-9109	1039	37	fails	fail	VERB
cblr-9109	1039	38	to	to	PART
cblr-9109	1039	39	allege	allege	VERB
cblr-9109	1039	40	the	the	DET
cblr-9109	1039	41	reversal	reversal	NOUN
cblr-9109	1039	42	of	of	ADP
cblr-9109	1039	43	each	each	DET
cblr-9109	1039	44	transaction	transaction	NOUN
cblr-9109	1039	45	[	[	X
cblr-9109	1039	46	,	,	PUNCT
cblr-9109	1039	47	]	]	X
cblr-9109	1039	48	”	"	PUNCT
cblr-9109	1039	49	i	i	PRON
cblr-9109	1039	50	d.	d.	VERB
cblr-9109	1039	51	at	at	ADP
cblr-9109	1039	52	*	*	PROPN
cblr-9109	1039	53	6	6	NUM
cblr-9109	1039	54	,	,	PUNCT
cblr-9109	1039	55	citing	cite	VERB
cblr-9109	1039	56	the	the	DET
cblr-9109	1039	57	supreme	supreme	PROPN
cblr-9109	1039	58	court	court	PROPN
cblr-9109	1039	59	’s	’s	PART
cblr-9109	1039	60	decision	decision	NOUN
cblr-9109	1039	61	in	in	ADP
cblr-9109	1039	62	dura	dura	NOUN
cblr-9109	1039	63	pharmaceuticals	pharmaceutical	NOUN
cblr-9109	1039	64	,	,	PUNCT
cblr-9109	1039	65	inc	inc	PROPN
cblr-9109	1039	66	.	.	PROPN
cblr-9109	1040	1	v.	v.	ADP
cblr-9109	1040	2	broudo	broudo	PROPN
cblr-9109	1040	3	,	,	PUNCT
cblr-9109	1040	4	544	544	NUM
cblr-9109	1040	5	u.s	u.s	PROPN
cblr-9109	1040	6	.	.	PROPN
cblr-9109	1040	7	336	336	NUM
cblr-9109	1040	8	,	,	PUNCT
cblr-9109	1040	9	342–43	342–43	NUM
cblr-9109	1040	10	(	(	PUNCT
cblr-9109	1040	11	2005	2005	NUM
cblr-9109	1040	12	)	)	PUNCT
cblr-9109	1040	13	.	.	PUNCT
cblr-9109	1041	1	in	in	ADP
cblr-9109	1041	2	dura	dura	PROPN
cblr-9109	1041	3	,	,	PUNCT
cblr-9109	1041	4	the	the	DET
cblr-9109	1041	5	court	court	NOUN
cblr-9109	1041	6	did	do	AUX
cblr-9109	1041	7	not	not	PART
cblr-9109	1041	8	hold	hold	VERB
cblr-9109	1041	9	that	that	SCONJ
cblr-9109	1041	10	the	the	DET
cblr-9109	1041	11	plaintiff	plaintiff	NOUN
cblr-9109	1041	12	needed	need	VERB
cblr-9109	1041	13	to	to	PART
cblr-9109	1041	14	reverse	reverse	VERB
cblr-9109	1041	15	its	its	PRON
cblr-9109	1041	16	transaction	transaction	NOUN
cblr-9109	1041	17	to	to	PART
cblr-9109	1041	18	demonstrates	demonstrate	VERB
cblr-9109	1041	19	loss	loss	NOUN
cblr-9109	1041	20	causation	causation	NOUN
cblr-9109	1041	21	,	,	PUNCT
cblr-9109	1041	22	rather	rather	ADV
cblr-9109	1041	23	it	it	PRON
cblr-9109	1041	24	held	hold	VERB
cblr-9109	1041	25	that	that	SCONJ
cblr-9109	1041	26	only	only	ADV
cblr-9109	1041	27	showing	show	VERB
cblr-9109	1041	28	that	that	SCONJ
cblr-9109	1041	29	the	the	DET
cblr-9109	1041	30	purchase	purchase	NOUN
cblr-9109	1041	31	price	price	NOUN
cblr-9109	1041	32	was	be	AUX
cblr-9109	1041	33	inflated	inflate	VERB
cblr-9109	1041	34	due	due	ADP
cblr-9109	1041	35	to	to	ADP
cblr-9109	1041	36	the	the	DET
cblr-9109	1041	37	defendant	defendant	NOUN
cblr-9109	1041	38	’s	’s	PART
cblr-9109	1041	39	misstatement	misstatement	NOUN
cblr-9109	1041	40	is	be	AUX
cblr-9109	1041	41	not	not	PART
cblr-9109	1041	42	by	by	ADP
cblr-9109	1041	43	itself	itself	PRON
cblr-9109	1041	44	enough	enough	ADJ
cblr-9109	1041	45	to	to	PART
cblr-9109	1041	46	demonstrate	demonstrate	VERB
cblr-9109	1041	47	loss	loss	NOUN
cblr-9109	1041	48	causation	causation	NOUN
cblr-9109	1041	49	.	.	PUNCT
cblr-9109	1042	1	i	i	PRON
cblr-9109	1042	2	d.	d.	PROPN
cblr-9109	1042	3	at	at	ADP
cblr-9109	1042	4	346	346	NUM
cblr-9109	1042	5	.	.	PUNCT
cblr-9109	1043	1	the	the	DET
cblr-9109	1043	2	key	key	NOUN
cblr-9109	1043	3	to	to	ADP
cblr-9109	1043	4	showing	show	VERB
cblr-9109	1043	5	loss	loss	NOUN
cblr-9109	1043	6	causation	causation	NOUN
cblr-9109	1043	7	is	be	AUX
cblr-9109	1043	8	not	not	PART
cblr-9109	1043	9	resale	resale	NOUN
cblr-9109	1043	10	at	at	ADP
cblr-9109	1043	11	a	a	DET
cblr-9109	1043	12	loss	loss	NOUN
cblr-9109	1043	13	,	,	PUNCT
cblr-9109	1043	14	but	but	CCONJ
cblr-9109	1043	15	rather	rather	ADV
cblr-9109	1043	16	a	a	DET
cblr-9109	1043	17	drop	drop	NOUN
cblr-9109	1043	18	in	in	ADP
cblr-9109	1043	19	price	price	NOUN
cblr-9109	1043	20	due	due	ADP
cblr-9109	1043	21	to	to	ADP
cblr-9109	1043	22	the	the	DET
cblr-9109	1043	23	rule	rule	NOUN
cblr-9109	1043	24	10b-5	10b-5	NUM
cblr-9109	1043	25	violation	violation	NOUN
cblr-9109	1043	26	no	no	ADV
cblr-9109	1043	27	longer	long	ADV
cblr-9109	1043	28	inflating	inflate	VERB
cblr-9109	1043	29	price	price	NOUN
cblr-9109	1043	30	at	at	ADP
cblr-9109	1043	31	a	a	DET
cblr-9109	1043	32	time	time	NOUN
cblr-9109	1043	33	when	when	SCONJ
cblr-9109	1043	34	the	the	DET
cblr-9109	1043	35	plaintiff	plaintiff	NOUN
cblr-9109	1043	36	still	still	ADV
cblr-9109	1043	37	holds	hold	VERB
cblr-9109	1043	38	her	her	PRON
cblr-9109	1043	39	shares	share	NOUN
cblr-9109	1043	40	.	.	PUNCT
cblr-9109	1044	1	thus	thus	ADV
cblr-9109	1044	2	,	,	PUNCT
cblr-9109	1044	3	the	the	DET
cblr-9109	1044	4	court	court	NOUN
cblr-9109	1044	5	in	in	ADP
cblr-9109	1044	6	dura	dura	NOUN
cblr-9109	1044	7	notes	note	NOUN
cblr-9109	1044	8	that	that	SCONJ
cblr-9109	1044	9	“	"	PUNCT
cblr-9109	1044	10	the	the	DET
cblr-9109	1044	11	restatement	restatement	NOUN
cblr-9109	1044	12	of	of	ADP
cblr-9109	1044	13	torts	torts	PROPN
cblr-9109	1044	14	.	.	PUNCT
cblr-9109	1044	15	.	.	PUNCT
cblr-9109	1044	16	.	.	PUNCT
cblr-9109	1045	1	set[s	set[s	NOUN
cblr-9109	1045	2	]	]	X
cblr-9109	1045	3	forth	forth	ADP
cblr-9109	1045	4	the	the	DET
cblr-9109	1045	5	judicial	judicial	ADJ
cblr-9109	1045	6	consensus	consensus	NOUN
cblr-9109	1045	7	,	,	PUNCT
cblr-9109	1045	8	say[ing	say[ing	PROPN
cblr-9109	1045	9	]	]	PUNCT
cblr-9109	1045	10	that	that	SCONJ
cblr-9109	1045	11	a	a	DET
cblr-9109	1045	12	person	person	NOUN
cblr-9109	1045	13	who	who	PRON
cblr-9109	1045	14	‘	'	PUNCT
cblr-9109	1045	15	misrepresents	misrepresent	VERB
cblr-9109	1045	16	the	the	DET
cblr-9109	1045	17	financial	financial	ADJ
cblr-9109	1045	18	condition	condition	NOUN
cblr-9109	1045	19	of	of	ADP
cblr-9109	1045	20	a	a	DET
cblr-9109	1045	21	corporation	corporation	NOUN
cblr-9109	1045	22	in	in	ADP
cblr-9109	1045	23	order	order	NOUN
cblr-9109	1045	24	to	to	PART
cblr-9109	1045	25	sell	sell	VERB
cblr-9109	1045	26	its	its	PRON
cblr-9109	1045	27	stock	stock	NOUN
cblr-9109	1045	28	’	'	PUNCT
cblr-9109	1045	29	becomes	become	VERB
cblr-9109	1045	30	liable	liable	ADJ
cblr-9109	1045	31	to	to	ADP
cblr-9109	1045	32	a	a	DET
cblr-9109	1045	33	relying	rely	VERB
cblr-9109	1045	34	purchaser	purchaser	NOUN
cblr-9109	1045	35	‘	'	PUNCT
cblr-9109	1045	36	for	for	ADP
cblr-9109	1045	37	the	the	DET
cblr-9109	1045	38	loss	loss	NOUN
cblr-9109	1045	39	’	'	PUNCT
cblr-9109	1045	40	the	the	DET
cblr-9109	1045	41	purchaser	purchaser	NOUN
cblr-9109	1045	42	sustains	sustain	VERB
cblr-9109	1045	43	‘	'	PUNCT
cblr-9109	1045	44	when	when	SCONJ
cblr-9109	1045	45	the	the	DET
cblr-9109	1045	46	facts	fact	NOUN
cblr-9109	1045	47	.	.	PUNCT
cblr-9109	1045	48	.	.	PUNCT
cblr-9109	1045	49	.	.	PUNCT
cblr-9109	1046	1	become	become	VERB
cblr-9109	1046	2	generally	generally	ADV
cblr-9109	1046	3	known	know	VERB
cblr-9109	1046	4	’	'	PUNCT
cblr-9109	1046	5	and	and	CCONJ
cblr-9109	1046	6	‘	'	PUNCT
cblr-9109	1046	7	as	as	ADP
cblr-9109	1046	8	a	a	DET
cblr-9109	1046	9	result	result	NOUN
cblr-9109	1046	10	’	'	PUNCT
cblr-9109	1046	11	share	share	NOUN
cblr-9109	1046	12	value	value	NOUN
cblr-9109	1046	13	‘	'	PUNCT
cblr-9109	1046	14	depreciate[s	depreciate[s	PROPN
cblr-9109	1046	15	]	]	PUNCT
cblr-9109	1046	16	.	.	PUNCT
cblr-9109	1046	17	’	'	PUNCT
cblr-9109	1047	1	§	§	PROPN
cblr-9109	1047	2	548a	548a	PROPN
cblr-9109	1047	3	,	,	PUNCT
cblr-9109	1047	4	comment	comment	NOUN
cblr-9109	1047	5	b	b	NOUN
cblr-9109	1047	6	,	,	PUNCT
cblr-9109	1047	7	at	at	ADP
cblr-9109	1047	8	107	107	NUM
cblr-9109	1047	9	.	.	PUNCT
cblr-9109	1047	10	”	"	PUNCT
cblr-9109	1048	1	i	i	PRON
cblr-9109	1048	2	d.	d.	PROPN
cblr-9109	1048	3	at	at	ADP
cblr-9109	1048	4	344	344	NUM
cblr-9109	1048	5	.	.	PUNCT
cblr-9109	1048	6	223	223	NUM
cblr-9109	1048	7	see	see	VERB
cblr-9109	1048	8	merritt	merritt	PROPN
cblr-9109	1048	9	b.	b.	PROPN
cblr-9109	1048	10	fox	fox	PROPN
cblr-9109	1048	11	,	,	PUNCT
cblr-9109	1048	12	after	after	ADP
cblr-9109	1048	13	dura	dura	NOUN
cblr-9109	1048	14	:	:	PUNCT
cblr-9109	1048	15	causation	causation	NOUN
cblr-9109	1048	16	in	in	ADP
cblr-9109	1048	17	fraud	fraud	NOUN
cblr-9109	1048	18	-	-	PUNCT
cblr-9109	1048	19	on	on	ADP
cblr-9109	1048	20	-	-	PUNCT
cblr-9109	1048	21	the	the	DET
cblr-9109	1048	22	-	-	PUNCT
cblr-9109	1048	23	market	market	NOUN
cblr-9109	1048	24	actions	action	NOUN
cblr-9109	1048	25	,	,	PUNCT
cblr-9109	1048	26	31	31	NUM
cblr-9109	1048	27	j.	j.	PROPN
cblr-9109	1048	28	corp	corp	PROPN
cblr-9109	1048	29	.	.	PROPN
cblr-9109	1048	30	l.	l.	PROPN
cblr-9109	1048	31	829	829	NUM
cblr-9109	1048	32	,	,	PUNCT
cblr-9109	1048	33	832	832	NUM
cblr-9109	1048	34	(	(	PUNCT
cblr-9109	1048	35	2006	2006	NUM
cblr-9109	1048	36	)	)	PUNCT
cblr-9109	1048	37	(	(	PUNCT
cblr-9109	1048	38	exploring	explore	VERB
cblr-9109	1048	39	the	the	DET
cblr-9109	1048	40	difference	difference	NOUN
cblr-9109	1048	41	in	in	ADP
cblr-9109	1048	42	the	the	DET
cblr-9109	1048	43	causal	causal	ADJ
cblr-9109	1048	44	connection	connection	NOUN
cblr-9109	1048	45	between	between	ADP
cblr-9109	1048	46	the	the	DET
cblr-9109	1048	47	rule	rule	NOUN
cblr-9109	1048	48	10b-5	10b-5	NUM
cblr-9109	1048	49	violation	violation	NOUN
cblr-9109	1048	50	and	and	CCONJ
cblr-9109	1048	51	the	the	DET
cblr-9109	1048	52	plaintiff	plaintiff	NOUN
cblr-9109	1048	53	’s	’s	PART
cblr-9109	1048	54	loss	loss	NOUN
cblr-9109	1048	55	in	in	ADP
cblr-9109	1048	56	a	a	DET
cblr-9109	1048	57	1318	1318	NUM
cblr-9109	1048	58	columbia	columbia	PROPN
cblr-9109	1048	59	business	business	NOUN
cblr-9109	1048	60	law	law	PROPN
cblr-9109	1048	61	review	review	NOUN
cblr-9109	1048	62	[	[	X
cblr-9109	1048	63	vol	vol	NOUN
cblr-9109	1048	64	.	.	NOUN
cblr-9109	1048	65	2021	2021	NUM
cblr-9109	1048	66	10b-5	10b-5	NUM
cblr-9109	1048	67	violation	violation	NOUN
cblr-9109	1048	68	—	—	PUNCT
cblr-9109	1048	69	the	the	DET
cblr-9109	1048	70	spoofer	spoofer	NOUN
cblr-9109	1048	71	’s	’s	PART
cblr-9109	1048	72	quotes	quote	NOUN
cblr-9109	1048	73	—	—	PUNCT
cblr-9109	1048	74	caused	cause	VERB
cblr-9109	1048	75	the	the	DET
cblr-9109	1048	76	plaintiff	plaintiff	NOUN
cblr-9109	1048	77	to	to	PART
cblr-9109	1048	78	act	act	VERB
cblr-9109	1048	79	to	to	ADP
cblr-9109	1048	80	its	its	PRON
cblr-9109	1048	81	disadvantage	disadvantage	NOUN
cblr-9109	1048	82	.	.	PUNCT
cblr-9109	1049	1	the	the	DET
cblr-9109	1049	2	fraud	fraud	NOUN
cblr-9109	1049	3	-	-	PUNCT
cblr-9109	1049	4	on	on	ADP
cblr-9109	1049	5	-	-	PUNCT
cblr-9109	1049	6	the	the	DET
cblr-9109	1049	7	-	-	PUNCT
cblr-9109	1049	8	market	market	NOUN
cblr-9109	1049	9	theory	theory	NOUN
cblr-9109	1049	10	is	be	AUX
cblr-9109	1049	11	an	an	DET
cblr-9109	1049	12	alternative	alternative	ADJ
cblr-9109	1049	13	rule	rule	NOUN
cblr-9109	1049	14	10b-5	10b-5	NUM
cblr-9109	1049	15	private	private	ADJ
cblr-9109	1049	16	damages	damage	NOUN
cblr-9109	1049	17	cause	cause	NOUN
cblr-9109	1049	18	of	of	ADP
cblr-9109	1049	19	action	action	NOUN
cblr-9109	1049	20	.	.	PUNCT
cblr-9109	1050	1	it	it	PRON
cblr-9109	1050	2	is	be	AUX
cblr-9109	1050	3	based	base	VERB
cblr-9109	1050	4	on	on	ADP
cblr-9109	1050	5	the	the	DET
cblr-9109	1050	6	theory	theory	NOUN
cblr-9109	1050	7	that	that	SCONJ
cblr-9109	1050	8	the	the	DET
cblr-9109	1050	9	rule	rule	NOUN
cblr-9109	1050	10	10b-5	10b-5	NUM
cblr-9109	1050	11	violation	violation	NOUN
cblr-9109	1050	12	changed	change	VERB
cblr-9109	1050	13	the	the	DET
cblr-9109	1050	14	price	price	NOUN
cblr-9109	1050	15	at	at	ADP
cblr-9109	1050	16	which	which	PRON
cblr-9109	1050	17	the	the	DET
cblr-9109	1050	18	plaintiff	plaintiff	NOUN
cblr-9109	1050	19	traded	trade	VERB
cblr-9109	1050	20	,	,	PUNCT
cblr-9109	1050	21	even	even	ADV
cblr-9109	1050	22	though	though	SCONJ
cblr-9109	1050	23	she	she	PRON
cblr-9109	1050	24	might	might	AUX
cblr-9109	1050	25	have	have	AUX
cblr-9109	1050	26	traded	trade	VERB
cblr-9109	1050	27	even	even	ADV
cblr-9109	1050	28	if	if	SCONJ
cblr-9109	1050	29	the	the	DET
cblr-9109	1050	30	misstatement	misstatement	NOUN
cblr-9109	1050	31	had	have	AUX
cblr-9109	1050	32	not	not	PART
cblr-9109	1050	33	been	be	AUX
cblr-9109	1050	34	made.224	made.224	NOUN
cblr-9109	1050	35	as	as	SCONJ
cblr-9109	1050	36	we	we	PRON
cblr-9109	1050	37	saw	see	VERB
cblr-9109	1050	38	earlier	early	ADV
cblr-9109	1050	39	,	,	PUNCT
cblr-9109	1050	40	in	in	ADP
cblr-9109	1050	41	the	the	DET
cblr-9109	1050	42	atlee	atlee	PROPN
cblr-9109	1050	43	example	example	NOUN
cblr-9109	1050	44	,	,	PUNCT
cblr-9109	1050	45	only	only	ADV
cblr-9109	1050	46	the	the	DET
cblr-9109	1050	47	liquidity	liquidity	NOUN
cblr-9109	1050	48	suppliers	supplier	NOUN
cblr-9109	1050	49	,	,	PUNCT
cblr-9109	1050	50	no	no	DET
cblr-9109	1050	51	one	one	NOUN
cblr-9109	1050	52	else	else	ADV
cblr-9109	1050	53	,	,	PUNCT
cblr-9109	1050	54	were	be	AUX
cblr-9109	1050	55	hurt	hurt	VERB
cblr-9109	1050	56	by	by	ADP
cblr-9109	1050	57	the	the	DET
cblr-9109	1050	58	spoof	spoof	NOUN
cblr-9109	1050	59	.	.	PUNCT
cblr-9109	1051	1	as	as	ADP
cblr-9109	1051	2	a	a	DET
cblr-9109	1051	3	result	result	NOUN
cblr-9109	1051	4	,	,	PUNCT
cblr-9109	1051	5	there	there	PRON
cblr-9109	1051	6	would	would	AUX
cblr-9109	1051	7	be	be	AUX
cblr-9109	1051	8	no	no	DET
cblr-9109	1051	9	basis	basis	NOUN
cblr-9109	1051	10	for	for	ADP
cblr-9109	1051	11	a	a	DET
cblr-9109	1051	12	damages	damage	NOUN
cblr-9109	1051	13	action	action	NOUN
cblr-9109	1051	14	by	by	ADP
cblr-9109	1051	15	anyone	anyone	PRON
cblr-9109	1051	16	under	under	ADP
cblr-9109	1051	17	either	either	DET
cblr-9109	1051	18	cause	cause	NOUN
cblr-9109	1051	19	of	of	ADP
cblr-9109	1051	20	action	action	NOUN
cblr-9109	1051	21	other	other	ADJ
cblr-9109	1051	22	than	than	ADP
cblr-9109	1051	23	by	by	ADP
cblr-9109	1051	24	these	these	DET
cblr-9109	1051	25	liquidity	liquidity	NOUN
cblr-9109	1051	26	suppliers	supplier	NOUN
cblr-9109	1051	27	,	,	PUNCT
cblr-9109	1051	28	who	who	PRON
cblr-9109	1051	29	can	can	AUX
cblr-9109	1051	30	use	use	VERB
cblr-9109	1051	31	the	the	DET
cblr-9109	1051	32	traditional	traditional	ADJ
cblr-9109	1051	33	reliance	reliance	NOUN
cblr-9109	1051	34	-	-	PUNCT
cblr-9109	1051	35	based	base	VERB
cblr-9109	1051	36	cause	cause	NOUN
cblr-9109	1051	37	of	of	ADP
cblr-9109	1051	38	action.225spoofing	action.225spoofe	VERB
cblr-9109	1051	39	in	in	ADP
cblr-9109	1051	40	alternative	alternative	ADJ
cblr-9109	1051	41	configurations	configuration	NOUN
cblr-9109	1051	42	,	,	PUNCT
cblr-9109	1051	43	however	however	ADV
cblr-9109	1051	44	,	,	PUNCT
cblr-9109	1051	45	could	could	AUX
cblr-9109	1051	46	,	,	PUNCT
cblr-9109	1051	47	with	with	ADP
cblr-9109	1051	48	an	an	DET
cblr-9109	1051	49	initial	initial	ADJ
cblr-9109	1051	50	submission	submission	NOUN
cblr-9109	1051	51	of	of	ADP
cblr-9109	1051	52	quotes	quote	NOUN
cblr-9109	1051	53	at	at	ADP
cblr-9109	1051	54	or	or	CCONJ
cblr-9109	1051	55	above	above	ADP
cblr-9109	1051	56	the	the	DET
cblr-9109	1051	57	nbo	nbo	NOUN
cblr-9109	1051	58	,	,	PUNCT
cblr-9109	1051	59	result	result	VERB
cblr-9109	1051	60	in	in	ADP
cblr-9109	1051	61	a	a	DET
cblr-9109	1051	62	slight	slight	ADJ
cblr-9109	1051	63	lowering	lowering	NOUN
cblr-9109	1051	64	of	of	ADP
cblr-9109	1051	65	both	both	CCONJ
cblr-9109	1051	66	the	the	DET
cblr-9109	1051	67	nbb	nbb	NOUN
cblr-9109	1051	68	and	and	CCONJ
cblr-9109	1051	69	nbo	nbo	PROPN
cblr-9109	1051	70	.	.	PUNCT
cblr-9109	1052	1	however	however	ADV
cblr-9109	1052	2	,	,	PUNCT
cblr-9109	1052	3	this	this	DET
cblr-9109	1052	4	dip	dip	NOUN
cblr-9109	1052	5	would	would	AUX
cblr-9109	1052	6	last	last	VERB
cblr-9109	1052	7	for	for	ADP
cblr-9109	1052	8	only	only	ADV
cblr-9109	1052	9	a	a	DET
cblr-9109	1052	10	very	very	ADV
cblr-9109	1052	11	,	,	PUNCT
cblr-9109	1052	12	very	very	ADV
cblr-9109	1052	13	brief	brief	ADJ
cblr-9109	1052	14	time	time	NOUN
cblr-9109	1052	15	because	because	SCONJ
cblr-9109	1052	16	the	the	DET
cblr-9109	1052	17	spoofer	spoofer	NOUN
cblr-9109	1052	18	will	will	AUX
cblr-9109	1052	19	cancel	cancel	VERB
cblr-9109	1052	20	these	these	DET
cblr-9109	1052	21	quotes	quote	NOUN
cblr-9109	1052	22	as	as	ADV
cblr-9109	1052	23	soon	soon	ADV
cblr-9109	1052	24	as	as	ADP
cblr-9109	1052	25	his	his	PRON
cblr-9109	1052	26	sell	sell	NOUN
cblr-9109	1052	27	order	order	NOUN
cblr-9109	1053	1	executes.226	executes.226	ADV
cblr-9109	1053	2	therefore	therefore	ADV
cblr-9109	1053	3	in	in	ADP
cblr-9109	1053	4	any	any	DET
cblr-9109	1053	5	given	give	VERB
cblr-9109	1053	6	instance	instance	NOUN
cblr-9109	1053	7	of	of	ADP
cblr-9109	1053	8	a	a	DET
cblr-9109	1053	9	spoof	spoof	NOUN
cblr-9109	1053	10	with	with	ADP
cblr-9109	1053	11	such	such	ADJ
cblr-9109	1053	12	alternative	alternative	ADJ
cblr-9109	1053	13	configuration	configuration	NOUN
cblr-9109	1053	14	,	,	PUNCT
cblr-9109	1053	15	a	a	DET
cblr-9109	1053	16	few	few	ADJ
cblr-9109	1053	17	ordinary	ordinary	ADJ
cblr-9109	1053	18	trader	trader	NOUN
cblr-9109	1053	19	sellers	seller	NOUN
cblr-9109	1053	20	might	might	AUX
cblr-9109	1053	21	lose	lose	VERB
cblr-9109	1053	22	by	by	ADP
cblr-9109	1053	23	a	a	DET
cblr-9109	1053	24	small	small	ADJ
cblr-9109	1053	25	amount	amount	NOUN
cblr-9109	1053	26	and	and	CCONJ
cblr-9109	1053	27	a	a	DET
cblr-9109	1053	28	few	few	ADJ
cblr-9109	1053	29	ordinary	ordinary	ADJ
cblr-9109	1053	30	trader	trader	NOUN
cblr-9109	1053	31	buyers	buyer	NOUN
cblr-9109	1053	32	would	would	AUX
cblr-9109	1053	33	win	win	VERB
cblr-9109	1053	34	by	by	ADP
cblr-9109	1053	35	an	an	DET
cblr-9109	1053	36	equivalently	equivalently	ADV
cblr-9109	1053	37	small	small	ADJ
cblr-9109	1053	38	amount	amount	NOUN
cblr-9109	1053	39	.	.	PUNCT
cblr-9109	1054	1	with	with	ADP
cblr-9109	1054	2	the	the	DET
cblr-9109	1054	3	spoofer	spoofer	NOUN
cblr-9109	1054	4	’s	’s	PART
cblr-9109	1054	5	subsequent	subsequent	ADJ
cblr-9109	1054	6	mirror	mirror	NOUN
cblr-9109	1054	7	set	set	NOUN
cblr-9109	1054	8	of	of	ADP
cblr-9109	1054	9	actions	action	NOUN
cblr-9109	1054	10	,	,	PUNCT
cblr-9109	1054	11	the	the	DET
cblr-9109	1054	12	opposite	opposite	ADJ
cblr-9109	1054	13	effects	effect	NOUN
cblr-9109	1054	14	will	will	AUX
cblr-9109	1054	15	occur	occur	VERB
cblr-9109	1054	16	.	.	PUNCT
cblr-9109	1055	1	ex	ex	X
cblr-9109	1055	2	ante	ante	PROPN
cblr-9109	1055	3	,	,	PUNCT
cblr-9109	1055	4	an	an	DET
cblr-9109	1055	5	ordinary	ordinary	ADJ
cblr-9109	1055	6	investor	investor	NOUN
cblr-9109	1055	7	is	be	AUX
cblr-9109	1055	8	as	as	ADV
cblr-9109	1055	9	likely	likely	ADJ
cblr-9109	1055	10	to	to	PART
cblr-9109	1055	11	be	be	AUX
cblr-9109	1055	12	a	a	DET
cblr-9109	1055	13	buyer	buyer	NOUN
cblr-9109	1055	14	as	as	ADP
cblr-9109	1055	15	a	a	DET
cblr-9109	1055	16	seller	seller	NOUN
cblr-9109	1055	17	,	,	PUNCT
cblr-9109	1055	18	making	make	VERB
cblr-9109	1055	19	herself	herself	PRON
cblr-9109	1055	20	as	as	ADP
cblr-9109	1055	21	likely	likely	ADJ
cblr-9109	1055	22	to	to	PART
cblr-9109	1055	23	gain	gain	VERB
cblr-9109	1055	24	as	as	SCONJ
cblr-9109	1055	25	to	to	PART
cblr-9109	1055	26	lose	lose	VERB
cblr-9109	1055	27	if	if	SCONJ
cblr-9109	1055	28	she	she	PRON
cblr-9109	1055	29	transacted	transact	VERB
cblr-9109	1055	30	in	in	ADP
cblr-9109	1055	31	either	either	PRON
cblr-9109	1055	32	of	of	ADP
cblr-9109	1055	33	these	these	DET
cblr-9109	1055	34	two	two	NUM
cblr-9109	1055	35	stages	stage	NOUN
cblr-9109	1055	36	of	of	ADP
cblr-9109	1055	37	the	the	DET
cblr-9109	1055	38	spoof	spoof	NOUN
cblr-9109	1055	39	.	.	PUNCT
cblr-9109	1056	1	moreover	moreover	ADV
cblr-9109	1056	2	,	,	PUNCT
cblr-9109	1056	3	the	the	DET
cblr-9109	1056	4	trader	trader	NOUN
cblr-9109	1056	5	who	who	PRON
cblr-9109	1056	6	suffers	suffer	VERB
cblr-9109	1056	7	a	a	DET
cblr-9109	1056	8	loss	loss	NOUN
cblr-9109	1056	9	from	from	ADP
cblr-9109	1056	10	one	one	NUM
cblr-9109	1056	11	iteration	iteration	NOUN
cblr-9109	1056	12	of	of	ADP
cblr-9109	1056	13	a	a	DET
cblr-9109	1056	14	spoofer	spoofer	NOUN
cblr-9109	1056	15	’s	’s	PART
cblr-9109	1056	16	spoof	spoof	NOUN
cblr-9109	1056	17	quite	quite	ADV
cblr-9109	1056	18	possibly	possibly	ADV
cblr-9109	1056	19	may	may	AUX
cblr-9109	1056	20	be	be	AUX
cblr-9109	1056	21	the	the	DET
cblr-9109	1056	22	gainer	gainer	NOUN
cblr-9109	1056	23	from	from	ADP
cblr-9109	1056	24	another	another	PRON
cblr-9109	1056	25	.	.	PUNCT
cblr-9109	1057	1	such	such	DET
cblr-9109	1057	2	a	a	DET
cblr-9109	1057	3	small	small	ADJ
cblr-9109	1057	4	change	change	NOUN
cblr-9109	1057	5	in	in	ADP
cblr-9109	1057	6	price	price	NOUN
cblr-9109	1057	7	,	,	PUNCT
cblr-9109	1057	8	because	because	SCONJ
cblr-9109	1057	9	of	of	ADP
cblr-9109	1057	10	its	its	PRON
cblr-9109	1057	11	brevity	brevity	NOUN
cblr-9109	1057	12	affects	affect	VERB
cblr-9109	1057	13	only	only	ADV
cblr-9109	1057	14	a	a	DET
cblr-9109	1057	15	small	small	ADJ
cblr-9109	1057	16	number	number	NOUN
cblr-9109	1057	17	of	of	ADP
cblr-9109	1057	18	traders	trader	NOUN
cblr-9109	1057	19	in	in	ADP
cblr-9109	1057	20	any	any	DET
cblr-9109	1057	21	given	give	VERB
cblr-9109	1057	22	instance	instance	NOUN
cblr-9109	1057	23	of	of	ADP
cblr-9109	1057	24	spoofing	spoof	VERB
cblr-9109	1057	25	.	.	PUNCT
cblr-9109	1058	1	it	it	PRON
cblr-9109	1058	2	may	may	AUX
cblr-9109	1058	3	also	also	ADV
cblr-9109	1058	4	work	work	VERB
cblr-9109	1058	5	the	the	DET
cblr-9109	1058	6	other	other	ADJ
cblr-9109	1058	7	way	way	NOUN
cblr-9109	1058	8	for	for	ADP
cblr-9109	1058	9	these	these	DET
cblr-9109	1058	10	traders	trader	NOUN
cblr-9109	1058	11	in	in	ADP
cblr-9109	1058	12	another	another	DET
cblr-9109	1058	13	instance	instance	NOUN
cblr-9109	1058	14	.	.	PUNCT
cblr-9109	1059	1	thus	thus	ADV
cblr-9109	1059	2	,	,	PUNCT
cblr-9109	1059	3	it	it	PRON
cblr-9109	1059	4	is	be	AUX
cblr-9109	1059	5	not	not	PART
cblr-9109	1059	6	a	a	DET
cblr-9109	1059	7	good	good	ADJ
cblr-9109	1059	8	justification	justification	NOUN
cblr-9109	1059	9	for	for	ADP
cblr-9109	1059	10	bringing	bring	VERB
cblr-9109	1059	11	the	the	DET
cblr-9109	1059	12	traditional	traditional	ADJ
cblr-9109	1059	13	reliance	reliance	NOUN
cblr-9109	1059	14	based	base	VERB
cblr-9109	1059	15	private	private	ADJ
cblr-9109	1059	16	damages	damage	NOUN
cblr-9109	1059	17	action	action	NOUN
cblr-9109	1059	18	versus	versus	ADP
cblr-9109	1059	19	this	this	DET
cblr-9109	1059	20	causal	causal	ADJ
cblr-9109	1059	21	connection	connection	NOUN
cblr-9109	1059	22	in	in	ADP
cblr-9109	1059	23	a	a	DET
cblr-9109	1059	24	fraud	fraud	NOUN
cblr-9109	1059	25	-	-	PUNCT
cblr-9109	1059	26	on	on	ADP
cblr-9109	1059	27	-	-	PUNCT
cblr-9109	1059	28	the	the	DET
cblr-9109	1059	29	-	-	PUNCT
cblr-9109	1059	30	market	market	NOUN
cblr-9109	1059	31	one	one	NUM
cblr-9109	1059	32	)	)	PUNCT
cblr-9109	1059	33	.	.	PUNCT
cblr-9109	1060	1	224	224	NUM
cblr-9109	1060	2	see	see	VERB
cblr-9109	1060	3	i	i	PRON
cblr-9109	1060	4	d.	d.	PROPN
cblr-9109	1060	5	at	at	ADP
cblr-9109	1060	6	855	855	NUM
cblr-9109	1060	7	.	.	PUNCT
cblr-9109	1061	1	225	225	NUM
cblr-9109	1061	2	see	see	VERB
cblr-9109	1061	3	supra	supra	PROPN
cblr-9109	1061	4	part	part	PROPN
cblr-9109	1061	5	vii	vii	PROPN
cblr-9109	1061	6	.	.	PROPN
cblr-9109	1062	1	226	226	NUM
cblr-9109	1062	2	see	see	VERB
cblr-9109	1062	3	supra	supra	PROPN
cblr-9109	1062	4	note	note	NOUN
cblr-9109	1062	5	39	39	NUM
cblr-9109	1062	6	and	and	CCONJ
cblr-9109	1062	7	accompanying	accompany	VERB
cblr-9109	1062	8	text	text	NOUN
cblr-9109	1062	9	.	.	PUNCT
cblr-9109	1063	1	no	no	INTJ
cblr-9109	1063	2	.	.	PUNCT
cblr-9109	1064	1	3:1244	3:1244	NUM
cblr-9109	1064	2	]	]	X
cblr-9109	1064	3	spoofing	spoofing	NOUN
cblr-9109	1064	4	and	and	CCONJ
cblr-9109	1064	5	its	its	PRON
cblr-9109	1064	6	regulation	regulation	NOUN
cblr-9109	1064	7	1319	1319	NUM
cblr-9109	1064	8	socially	socially	ADV
cblr-9109	1064	9	expensive	expensive	ADJ
cblr-9109	1064	10	fraud	fraud	NOUN
cblr-9109	1064	11	-	-	PUNCT
cblr-9109	1064	12	on	on	ADP
cblr-9109	1064	13	-	-	PUNCT
cblr-9109	1064	14	the	the	DET
cblr-9109	1064	15	-	-	PUNCT
cblr-9109	1064	16	market	market	NOUN
cblr-9109	1064	17	class	class	NOUN
cblr-9109	1064	18	action	action	NOUN
cblr-9109	1064	19	type	type	NOUN
cblr-9109	1064	20	of	of	ADP
cblr-9109	1064	21	litigation.227	litigation.227	PROPN
cblr-9109	1064	22	in	in	ADP
cblr-9109	1064	23	the	the	DET
cblr-9109	1064	24	final	final	ADJ
cblr-9109	1064	25	analysis	analysis	NOUN
cblr-9109	1064	26	,	,	PUNCT
cblr-9109	1064	27	it	it	PRON
cblr-9109	1064	28	is	be	AUX
cblr-9109	1064	29	likely	likely	ADJ
cblr-9109	1064	30	that	that	SCONJ
cblr-9109	1064	31	the	the	DET
cblr-9109	1064	32	main	main	ADJ
cblr-9109	1064	33	deterrent	deterrent	NOUN
cblr-9109	1064	34	to	to	ADP
cblr-9109	1064	35	spoofing	spoofing	NOUN
cblr-9109	1064	36	will	will	AUX
cblr-9109	1064	37	need	need	VERB
cblr-9109	1064	38	to	to	PART
cblr-9109	1064	39	be	be	AUX
cblr-9109	1064	40	government	government	NOUN
cblr-9109	1064	41	enforcement	enforcement	NOUN
cblr-9109	1064	42	,	,	PUNCT
cblr-9109	1064	43	not	not	PART
cblr-9109	1064	44	private	private	ADJ
cblr-9109	1064	45	damages	damage	NOUN
cblr-9109	1064	46	litigation	litigation	NOUN
cblr-9109	1064	47	.	.	PUNCT
cblr-9109	1065	1	this	this	PRON
cblr-9109	1065	2	is	be	AUX
cblr-9109	1065	3	because	because	SCONJ
cblr-9109	1065	4	,	,	PUNCT
cblr-9109	1065	5	as	as	SCONJ
cblr-9109	1065	6	argued	argue	VERB
cblr-9109	1065	7	above	above	ADV
cblr-9109	1065	8	,	,	PUNCT
cblr-9109	1065	9	a	a	DET
cblr-9109	1065	10	fraudon	fraudon	NOUN
cblr-9109	1065	11	-	-	PUNCT
cblr-9109	1065	12	the	the	DET
cblr-9109	1065	13	-	-	PUNCT
cblr-9109	1065	14	market	market	NOUN
cblr-9109	1065	15	suit	suit	NOUN
cblr-9109	1065	16	is	be	AUX
cblr-9109	1065	17	not	not	PART
cblr-9109	1065	18	appropriate	appropriate	ADJ
cblr-9109	1065	19	.	.	PUNCT
cblr-9109	1066	1	it	it	PRON
cblr-9109	1066	2	is	be	AUX
cblr-9109	1066	3	also	also	ADV
cblr-9109	1066	4	because	because	SCONJ
cblr-9109	1066	5	a	a	DET
cblr-9109	1066	6	traditional	traditional	ADJ
cblr-9109	1066	7	reliance	reliance	NOUN
cblr-9109	1066	8	-	-	PUNCT
cblr-9109	1066	9	based	base	VERB
cblr-9109	1066	10	action	action	NOUN
cblr-9109	1066	11	by	by	ADP
cblr-9109	1066	12	the	the	DET
cblr-9109	1066	13	adversely	adversely	ADV
cblr-9109	1066	14	affected	affect	VERB
cblr-9109	1066	15	liquidity	liquidity	NOUN
cblr-9109	1066	16	suppliers	supplier	NOUN
cblr-9109	1066	17	,	,	PUNCT
cblr-9109	1066	18	while	while	SCONJ
cblr-9109	1066	19	perfectly	perfectly	ADV
cblr-9109	1066	20	appropriate	appropriate	ADJ
cblr-9109	1066	21	from	from	ADP
cblr-9109	1066	22	a	a	DET
cblr-9109	1066	23	doctrinal	doctrinal	ADJ
cblr-9109	1066	24	and	and	CCONJ
cblr-9109	1066	25	policy	policy	NOUN
cblr-9109	1066	26	point	point	NOUN
cblr-9109	1066	27	of	of	ADP
cblr-9109	1066	28	view	view	NOUN
cblr-9109	1066	29	,	,	PUNCT
cblr-9109	1066	30	may	may	AUX
cblr-9109	1066	31	be	be	AUX
cblr-9109	1066	32	difficult	difficult	ADJ
cblr-9109	1066	33	for	for	SCONJ
cblr-9109	1066	34	these	these	DET
cblr-9109	1066	35	suppliers	supplier	NOUN
cblr-9109	1066	36	to	to	PART
cblr-9109	1066	37	bring	bring	VERB
cblr-9109	1066	38	successfully	successfully	ADV
cblr-9109	1066	39	.	.	PUNCT
cblr-9109	1067	1	the	the	DET
cblr-9109	1067	2	problem	problem	NOUN
cblr-9109	1067	3	for	for	ADP
cblr-9109	1067	4	the	the	DET
cblr-9109	1067	5	liquidity	liquidity	NOUN
cblr-9109	1067	6	suppliers	supplier	NOUN
cblr-9109	1067	7	is	be	AUX
cblr-9109	1067	8	that	that	SCONJ
cblr-9109	1067	9	it	it	PRON
cblr-9109	1067	10	may	may	AUX
cblr-9109	1067	11	be	be	AUX
cblr-9109	1067	12	hard	hard	ADJ
cblr-9109	1067	13	for	for	SCONJ
cblr-9109	1067	14	them	they	PRON
cblr-9109	1067	15	to	to	PART
cblr-9109	1067	16	present	present	VERB
cblr-9109	1067	17	convincing	convincing	ADJ
cblr-9109	1067	18	evidence	evidence	NOUN
cblr-9109	1067	19	that	that	SCONJ
cblr-9109	1067	20	their	their	PRON
cblr-9109	1067	21	actions	action	NOUN
cblr-9109	1067	22	were	be	AUX
cblr-9109	1067	23	in	in	ADP
cblr-9109	1067	24	response	response	NOUN
cblr-9109	1067	25	to	to	ADP
cblr-9109	1067	26	the	the	DET
cblr-9109	1067	27	spoofers	spoofer	NOUN
cblr-9109	1067	28	’	'	PUNCT
cblr-9109	1067	29	quotes	quote	NOUN
cblr-9109	1067	30	even	even	ADV
cblr-9109	1067	31	when	when	SCONJ
cblr-9109	1067	32	that	that	PRON
cblr-9109	1067	33	was	be	AUX
cblr-9109	1067	34	in	in	ADP
cblr-9109	1067	35	fact	fact	NOUN
cblr-9109	1067	36	the	the	DET
cblr-9109	1067	37	case	case	NOUN
cblr-9109	1067	38	.	.	PUNCT
cblr-9109	1068	1	viii	viii	PROPN
cblr-9109	1068	2	.	.	PUNCT
cblr-9109	1069	1	conclusion	conclusion	NOUN
cblr-9109	1069	2	the	the	DET
cblr-9109	1069	3	precise	precise	ADJ
cblr-9109	1069	4	reach	reach	NOUN
cblr-9109	1069	5	of	of	ADP
cblr-9109	1069	6	federal	federal	ADJ
cblr-9109	1069	7	securities	security	NOUN
cblr-9109	1069	8	manipulation	manipulation	NOUN
cblr-9109	1069	9	law	law	NOUN
cblr-9109	1069	10	has	have	AUX
cblr-9109	1069	11	long	long	ADV
cblr-9109	1069	12	eluded	elude	VERB
cblr-9109	1069	13	critical	critical	ADJ
cblr-9109	1069	14	consensus	consensus	NOUN
cblr-9109	1069	15	.	.	PUNCT
cblr-9109	1070	1	spoofing	spoof	VERB
cblr-9109	1070	2	is	be	AUX
cblr-9109	1070	3	no	no	DET
cblr-9109	1070	4	exception	exception	NOUN
cblr-9109	1070	5	despite	despite	SCONJ
cblr-9109	1070	6	the	the	DET
cblr-9109	1070	7	spate	spate	NOUN
cblr-9109	1070	8	of	of	ADP
cblr-9109	1070	9	recent	recent	ADJ
cblr-9109	1070	10	enforcement	enforcement	NOUN
cblr-9109	1070	11	actions	action	NOUN
cblr-9109	1070	12	against	against	ADP
cblr-9109	1070	13	those	those	PRON
cblr-9109	1070	14	accused	accuse	VERB
cblr-9109	1070	15	of	of	ADP
cblr-9109	1070	16	the	the	DET
cblr-9109	1070	17	practice	practice	NOUN
cblr-9109	1070	18	.	.	PUNCT
cblr-9109	1071	1	in	in	ADP
cblr-9109	1071	2	response	response	NOUN
cblr-9109	1071	3	,	,	PUNCT
cblr-9109	1071	4	this	this	DET
cblr-9109	1071	5	article	article	NOUN
cblr-9109	1071	6	has	have	AUX
cblr-9109	1071	7	sought	seek	VERB
cblr-9109	1071	8	to	to	PART
cblr-9109	1071	9	clarify	clarify	VERB
cblr-9109	1071	10	the	the	DET
cblr-9109	1071	11	understanding	understanding	NOUN
cblr-9109	1071	12	of	of	ADP
cblr-9109	1071	13	spoofing	spoof	VERB
cblr-9109	1071	14	through	through	ADP
cblr-9109	1071	15	the	the	DET
cblr-9109	1071	16	lens	lens	NOUN
cblr-9109	1071	17	of	of	ADP
cblr-9109	1071	18	microstructure	microstructure	ADJ
cblr-9109	1071	19	economics	economic	NOUN
cblr-9109	1071	20	.	.	PUNCT
cblr-9109	1072	1	it	it	PRON
cblr-9109	1072	2	has	have	AUX
cblr-9109	1072	3	also	also	ADV
cblr-9109	1072	4	sought	seek	VERB
cblr-9109	1072	5	to	to	PART
cblr-9109	1072	6	answer	answer	VERB
cblr-9109	1072	7	essential	essential	ADJ
cblr-9109	1072	8	normative	normative	ADJ
cblr-9109	1072	9	and	and	CCONJ
cblr-9109	1072	10	practical	practical	ADJ
cblr-9109	1072	11	questions	question	NOUN
cblr-9109	1072	12	around	around	ADP
cblr-9109	1072	13	the	the	DET
cblr-9109	1072	14	scope	scope	NOUN
cblr-9109	1072	15	of	of	ADP
cblr-9109	1072	16	illegal	illegal	ADJ
cblr-9109	1072	17	manipulation	manipulation	NOUN
cblr-9109	1072	18	.	.	PUNCT
cblr-9109	1073	1	by	by	ADP
cblr-9109	1073	2	elucidating	elucidate	VERB
cblr-9109	1073	3	the	the	DET
cblr-9109	1073	4	mechanisms	mechanism	NOUN
cblr-9109	1073	5	of	of	ADP
cblr-9109	1073	6	spoofing	spoof	VERB
cblr-9109	1073	7	,	,	PUNCT
cblr-9109	1073	8	assessing	assess	VERB
cblr-9109	1073	9	who	who	PRON
cblr-9109	1073	10	is	be	AUX
cblr-9109	1073	11	hurt	hurt	VERB
cblr-9109	1073	12	and	and	CCONJ
cblr-9109	1073	13	helped	help	VERB
cblr-9109	1073	14	by	by	ADP
cblr-9109	1073	15	the	the	DET
cblr-9109	1073	16	practice	practice	NOUN
cblr-9109	1073	17	and	and	CCONJ
cblr-9109	1073	18	its	its	PRON
cblr-9109	1073	19	impact	impact	NOUN
cblr-9109	1073	20	on	on	ADP
cblr-9109	1073	21	social	social	ADJ
cblr-9109	1073	22	welfare	welfare	NOUN
cblr-9109	1073	23	,	,	PUNCT
cblr-9109	1073	24	and	and	CCONJ
cblr-9109	1073	25	evaluating	evaluate	VERB
cblr-9109	1073	26	optimal	optimal	ADJ
cblr-9109	1073	27	legal	legal	ADJ
cblr-9109	1073	28	227	227	NUM
cblr-9109	1073	29	total	total	ADJ
cblr-9109	1073	30	settlements	settlement	NOUN
cblr-9109	1073	31	for	for	ADP
cblr-9109	1073	32	the	the	DET
cblr-9109	1073	33	years	year	NOUN
cblr-9109	1073	34	2009	2009	NUM
cblr-9109	1073	35	-	-	SYM
cblr-9109	1073	36	2018	2018	NUM
cblr-9109	1073	37	have	have	AUX
cblr-9109	1073	38	averaged	average	VERB
cblr-9109	1073	39	about	about	ADP
cblr-9109	1073	40	$	$	SYM
cblr-9109	1073	41	3.55	3.55	NUM
cblr-9109	1073	42	billion	billion	NUM
cblr-9109	1073	43	per	per	ADP
cblr-9109	1073	44	year	year	NOUN
cblr-9109	1073	45	;	;	PUNCT
cblr-9109	1073	46	cornerstone	cornerstone	NOUN
cblr-9109	1073	47	rsch	rsch	NOUN
cblr-9109	1073	48	.	.	PUNCT
cblr-9109	1074	1	,	,	PUNCT
cblr-9109	1074	2	securities	security	NOUN
cblr-9109	1074	3	class	class	NOUN
cblr-9109	1074	4	action	action	NOUN
cblr-9109	1074	5	settlements	settlement	NOUN
cblr-9109	1074	6	:	:	PUNCT
cblr-9109	1074	7	2018	2018	NUM
cblr-9109	1074	8	review	review	NOUN
cblr-9109	1074	9	and	and	CCONJ
cblr-9109	1074	10	analysis	analysis	NOUN
cblr-9109	1074	11	3	3	NUM
cblr-9109	1074	12	(	(	PUNCT
cblr-9109	1074	13	2018	2018	NUM
cblr-9109	1074	14	)	)	PUNCT
cblr-9109	1074	15	.	.	PUNCT
cblr-9109	1075	1	available	available	ADJ
cblr-9109	1075	2	data	data	PROPN
cblr-9109	1075	3	suggests	suggest	VERB
cblr-9109	1075	4	that	that	SCONJ
cblr-9109	1075	5	contingent	contingent	NOUN
cblr-9109	1075	6	-	-	PUNCT
cblr-9109	1075	7	fee	fee	NOUN
cblr-9109	1075	8	awards	award	NOUN
cblr-9109	1075	9	to	to	ADP
cblr-9109	1075	10	plaintiffs	plaintiff	NOUN
cblr-9109	1075	11	’	'	PUNCT
cblr-9109	1075	12	lawyers	lawyer	NOUN
cblr-9109	1075	13	in	in	ADP
cblr-9109	1075	14	securities	security	NOUN
cblr-9109	1075	15	class	class	NOUN
cblr-9109	1075	16	-	-	PUNCT
cblr-9109	1075	17	action	action	NOUN
cblr-9109	1075	18	lawsuits	lawsuit	NOUN
cblr-9109	1075	19	average	average	VERB
cblr-9109	1075	20	around	around	ADV
cblr-9109	1075	21	25	25	NUM
cblr-9109	1075	22	percent	percent	NOUN
cblr-9109	1075	23	.	.	PUNCT
cblr-9109	1076	1	lynn	lynn	PROPN
cblr-9109	1076	2	a.	a.	PROPN
cblr-9109	1076	3	baker	baker	PROPN
cblr-9109	1076	4	,	,	PUNCT
cblr-9109	1076	5	michael	michael	PROPN
cblr-9109	1076	6	a.	a.	PROPN
cblr-9109	1076	7	perino	perino	PROPN
cblr-9109	1076	8	&	&	CCONJ
cblr-9109	1076	9	charles	charles	PROPN
cblr-9109	1076	10	silver	silver	PROPN
cblr-9109	1076	11	,	,	PUNCT
cblr-9109	1076	12	is	be	AUX
cblr-9109	1076	13	the	the	DET
cblr-9109	1076	14	price	price	NOUN
cblr-9109	1076	15	right	right	ADJ
cblr-9109	1076	16	?	?	PUNCT
cblr-9109	1077	1	an	an	DET
cblr-9109	1077	2	empirical	empirical	ADJ
cblr-9109	1077	3	study	study	NOUN
cblr-9109	1077	4	of	of	ADP
cblr-9109	1077	5	fee	fee	NOUN
cblr-9109	1077	6	-	-	PUNCT
cblr-9109	1077	7	setting	setting	NOUN
cblr-9109	1077	8	in	in	ADP
cblr-9109	1077	9	securities	security	NOUN
cblr-9109	1077	10	class	class	NOUN
cblr-9109	1077	11	actions	action	NOUN
cblr-9109	1077	12	,	,	PUNCT
cblr-9109	1077	13	115	115	NUM
cblr-9109	1077	14	colum	colum	NOUN
cblr-9109	1077	15	.	.	PUNCT
cblr-9109	1078	1	l.	l.	PROPN
cblr-9109	1078	2	rev	rev	PROPN
cblr-9109	1078	3	.	.	PROPN
cblr-9109	1078	4	1371	1371	NUM
cblr-9109	1078	5	,	,	PUNCT
cblr-9109	1078	6	1394	1394	NUM
cblr-9109	1078	7	(	(	PUNCT
cblr-9109	1078	8	2015	2015	NUM
cblr-9109	1078	9	)	)	PUNCT
cblr-9109	1078	10	.	.	PUNCT
cblr-9109	1079	1	if	if	SCONJ
cblr-9109	1079	2	we	we	PRON
cblr-9109	1079	3	assume	assume	VERB
cblr-9109	1079	4	that	that	SCONJ
cblr-9109	1079	5	defendants	defendant	NOUN
cblr-9109	1079	6	’	'	PUNCT
cblr-9109	1079	7	lawyers	lawyer	NOUN
cblr-9109	1079	8	are	be	AUX
cblr-9109	1079	9	paid	pay	VERB
cblr-9109	1079	10	fees	fee	NOUN
cblr-9109	1079	11	comparable	comparable	ADJ
cblr-9109	1079	12	to	to	ADP
cblr-9109	1079	13	this	this	DET
cblr-9109	1079	14	amount	amount	NOUN
cblr-9109	1079	15	,	,	PUNCT
cblr-9109	1079	16	this	this	PRON
cblr-9109	1079	17	would	would	AUX
cblr-9109	1079	18	suggest	suggest	VERB
cblr-9109	1079	19	that	that	SCONJ
cblr-9109	1079	20	the	the	DET
cblr-9109	1079	21	total	total	ADJ
cblr-9109	1079	22	annual	annual	ADJ
cblr-9109	1079	23	legal	legal	ADJ
cblr-9109	1079	24	expenses	expense	NOUN
cblr-9109	1079	25	in	in	ADP
cblr-9109	1079	26	recent	recent	ADJ
cblr-9109	1079	27	years	year	NOUN
cblr-9109	1079	28	for	for	ADP
cblr-9109	1079	29	the	the	DET
cblr-9109	1079	30	two	two	NUM
cblr-9109	1079	31	sides	side	NOUN
cblr-9109	1079	32	associated	associate	VERB
cblr-9109	1079	33	with	with	ADP
cblr-9109	1079	34	securities	security	NOUN
cblr-9109	1079	35	class	class	NOUN
cblr-9109	1079	36	actions	action	NOUN
cblr-9109	1079	37	(	(	PUNCT
cblr-9109	1079	38	the	the	DET
cblr-9109	1079	39	defense	defense	NOUN
cblr-9109	1079	40	’s	’s	PART
cblr-9109	1079	41	legal	legal	ADJ
cblr-9109	1079	42	fees	fee	NOUN
cblr-9109	1079	43	ultimately	ultimately	ADV
cblr-9109	1079	44	being	be	AUX
cblr-9109	1079	45	paid	pay	VERB
cblr-9109	1079	46	by	by	ADP
cblr-9109	1079	47	shareholders	shareholder	NOUN
cblr-9109	1079	48	and	and	CCONJ
cblr-9109	1079	49	the	the	DET
cblr-9109	1079	50	plaintiff	plaintiff	NOUN
cblr-9109	1079	51	’s	’s	PART
cblr-9109	1079	52	legal	legal	ADJ
cblr-9109	1079	53	fees	fee	NOUN
cblr-9109	1079	54	coming	come	VERB
cblr-9109	1079	55	out	out	ADP
cblr-9109	1079	56	of	of	ADP
cblr-9109	1079	57	the	the	DET
cblr-9109	1079	58	recovery	recovery	NOUN
cblr-9109	1079	59	)	)	PUNCT
cblr-9109	1079	60	totaled	total	VERB
cblr-9109	1079	61	about	about	ADP
cblr-9109	1079	62	$	$	SYM
cblr-9109	1079	63	1.8	1.8	NUM
cblr-9109	1079	64	billion	billion	NUM
cblr-9109	1079	65	(	(	PUNCT
cblr-9109	1079	66	(	(	PUNCT
cblr-9109	1079	67	0.25	0.25	NUM
cblr-9109	1079	68	+	+	NOUN
cblr-9109	1079	69	0.25	0.25	NUM
cblr-9109	1079	70	)	)	PUNCT
cblr-9109	1079	71	x	x	PUNCT
cblr-9109	1079	72	$	$	SYM
cblr-9109	1079	73	3.55	3.55	NUM
cblr-9109	1079	74	billion	billion	NUM
cblr-9109	1079	75	)	)	PUNCT
cblr-9109	1079	76	.	.	PUNCT
cblr-9109	1080	1	this	this	DET
cblr-9109	1080	2	figure	figure	NOUN
cblr-9109	1080	3	on	on	ADP
cblr-9109	1080	4	legal	legal	ADJ
cblr-9109	1080	5	expenses	expense	NOUN
cblr-9109	1080	6	does	do	AUX
cblr-9109	1080	7	not	not	PART
cblr-9109	1080	8	include	include	VERB
cblr-9109	1080	9	the	the	DET
cblr-9109	1080	10	additional	additional	ADJ
cblr-9109	1080	11	social	social	ADJ
cblr-9109	1080	12	costs	cost	NOUN
cblr-9109	1080	13	associated	associate	VERB
cblr-9109	1080	14	with	with	ADP
cblr-9109	1080	15	the	the	DET
cblr-9109	1080	16	time	time	NOUN
cblr-9109	1080	17	consumed	consume	VERB
cblr-9109	1080	18	by	by	ADP
cblr-9109	1080	19	the	the	DET
cblr-9109	1080	20	officials	official	NOUN
cblr-9109	1080	21	of	of	ADP
cblr-9109	1080	22	the	the	DET
cblr-9109	1080	23	parties	party	NOUN
cblr-9109	1080	24	to	to	ADP
cblr-9109	1080	25	the	the	DET
cblr-9109	1080	26	litigation	litigation	NOUN
cblr-9109	1080	27	and	and	CCONJ
cblr-9109	1080	28	by	by	ADP
cblr-9109	1080	29	the	the	DET
cblr-9109	1080	30	judiciary	judiciary	NOUN
cblr-9109	1080	31	.	.	PUNCT
cblr-9109	1081	1	1320	1320	NUM
cblr-9109	1081	2	columbia	columbia	PROPN
cblr-9109	1081	3	business	business	PROPN
cblr-9109	1081	4	law	law	PROPN
cblr-9109	1081	5	review	review	NOUN
cblr-9109	1081	6	[	[	X
cblr-9109	1081	7	vol	vol	NOUN
cblr-9109	1081	8	.	.	PUNCT
cblr-9109	1081	9	2021	2021	NUM
cblr-9109	1081	10	responses	response	NOUN
cblr-9109	1081	11	,	,	PUNCT
cblr-9109	1081	12	this	this	DET
cblr-9109	1081	13	article	article	NOUN
cblr-9109	1081	14	has	have	AUX
cblr-9109	1081	15	offered	offer	VERB
cblr-9109	1081	16	a	a	DET
cblr-9109	1081	17	new	new	ADJ
cblr-9109	1081	18	understanding	understanding	NOUN
cblr-9109	1081	19	of	of	ADP
cblr-9109	1081	20	spoofing	spoof	VERB
cblr-9109	1081	21	that	that	PRON
cblr-9109	1081	22	can	can	AUX
cblr-9109	1081	23	guide	guide	VERB
cblr-9109	1081	24	regulatory	regulatory	ADJ
cblr-9109	1081	25	responses	response	NOUN
cblr-9109	1081	26	without	without	ADP
cblr-9109	1081	27	inadvertently	inadvertently	ADV
cblr-9109	1081	28	capturing	capture	VERB
cblr-9109	1081	29	socially	socially	ADV
cblr-9109	1081	30	beneficial	beneficial	ADJ
cblr-9109	1081	31	quoting	quoting	NOUN
cblr-9109	1081	32	activity	activity	NOUN
cblr-9109	1081	33	.	.	PUNCT