Emory Law Journal


Tom C. W. Lin


Markets face a new and daunting mode of manipulation. With this new mode of market manipulation, millions of dollars can vanish in seconds, rogue actors can halt the trading of billion-dollar companies, and trillion-dollar financial markets can be distorted with a simple click or a few lines of code. This Article is about this dangerous new mode of market manipulation and the need for pragmatic policies to better address the rising threats to our financial markets. The Article surveys the changing landscape of market manipulation, identifying traditional manipulation methods, as well as new manipulation methods. It explains how new cybernetic market manipulation schemes that leverage modern technologies like electronic networks, social media, and artificial intelligence are more harmful than traditional schemes. This Article recommends three pragmatic proposals for combating the new threats of cybernetic market manipulation by improving intermediary integrity, enhancing financial cybersecurity, and simplifying investment strategies.