Paper Title
How to Regulate Spoofing?

Abstract
The purpose of this study is to assess the order-to-trade ratio and resting time regulations recently enacted by the European Commission. We proceed with examining the background of spoofing. The examination uncovers that the incomplete display of limit order information by the stock exchange provides the key to spoofing that is essentially manipulation of the limit order display. Therefore, the effectiveness of the order-to-trade ratio and resting time regulations are limited since neither of them targets the incomplete display of limit orders. Keywords- Flash Crash, high-frequency trading, spoofing, order-to-trade ratio, resting time, complete display of order information.