CM is having a difficult time proving loss causation as evidenced by the fact that the MTD was granted. Can’t imagine how difficult it will be to prove intent (albeit not absolutely required, but still important) and spoofing per the letter of the law when all the other more nuanced factors come into play, including the highly technical aspects of HFT.
Wasn’t it Posner who commented that this complaint is testing new case law, or something along those lines?
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