The archive
The full run of Trades Reconstructed, grouped by theme and ordered newest first, with series kept together in sequence.
A three-part series
market manipulation · part 1
Market manipulation and collusion require intent. An autonomous trading model can reach the same pattern with none of it, and the offense, as written, finds nothing to charge. Part 1 of three on market manipulation by machines.
market manipulation · part 2
The trade record reconstructs what happened and can establish an artificial price, but not why an autonomous model acted. The failure of causation, and the runtime answer taking shape. Part 2 of three.
market manipulation · part 3
The studies behind the series, in pictures: how a reward shapes a trading agent, and how autonomous agents have been made to collude with no agreement between them. Part 3 of three.
5 essays
surveillance
Insider dealing is the most flagged market-abuse offense in the EU and the least sanctioned. Why the order book cannot prove intent, where the evidence leaks, and the three court-tested moves that answer off-channel evasion.
surveillance
The metrics that flag market manipulation describe behavior, not intent: each has a legitimate twin that produces the same signature. Why the number surfaces a suspect but only reconstruction proves a case, traced through US and UK enforcement.
surveillance
Most surveillance alerts are false positives, and the same calibration choices that produce them can let genuine abuse pass unexamined. A plain account of why, drawn from the regulators of the United States, Europe, and Singapore.
surveillance
Market-abuse surveillance shares a reference frame built in Brussels and Washington, but five Asian markets each write their own rulebook. Where India, Korea, Australia, Singapore, and Hong Kong diverge, and why reconstruction multiplies across borders.
surveillance
Harmonized identifiers now travel across every border; the records behind them do not. Why no single regulator sees a cross-border trade whole.
1 essay
best execution
European regulators have repealed the reports firms once used to disclose best execution. This traces what replaced them, how the American and British models compare, and whether the duty itself has actually grown more subjective.
1 essay
market structure
The proposal to rescind the trade-through rule removes the mechanical test at the center of equity routing. What remains is best execution, measured against benchmarks and shown through the record.