It depends where you live.
In most other territories, swing trading is legal.
Most jurisdictions have swing trading laws which cover the conduct of both traders and investors, who would normally be subject to penalties if caught.
The laws typically apply to financial markets but they can also apply to stock and stock-related trades. This was the case in Scotland in 2014 when the Scottish Parliament decided to legalise the practice. As the UK government’s own figures show, there’s strong support in Scotland for the change.
Legalised trades may take place within the Scottish legal framework (known as statutory instruments) but it is impossible to know whether a trading scheme is being followed, the details of which are secret. This means that when an incident did take place, it was hard to know whether the trader in question was breaking the law, or simply trying to avoid a penalty.
The practice is most common in the UK, and it would appear the UK is a hub for the industry. In London there is a long list of swing trading firms and an array of trading instruments available. In the US there are also several sites with listings of broker/dealer associations (as opposed to their individual members) and an array of financial instruments available.
Why do you want people to be safe on stocks exchanges?
The UK’s regulatory framework is still poorly defined in a number of areas but, as a result, these unregulated operators offer a wide variety of services to both traders and investors.
The fact that people are now putting a lot of trust in them is something we have to consider. In a recent episode of The Naked Gun, a man buys a pair of shoes on eBay and they end up in a woman’s hands. The guy in question is arrested.
There’s been a lot of focus on the financial services sector for some time and it’s worrying to think, for example, that criminals might now take advantage of the availability of unregulated brokers.
There is also the fear that, as the stock markets become increasingly automated, it could lead to widespread financial loss. These concerns are often combined with fear of terrorism, with many commentators suggesting that some of the recent attacks – such as the shootings in Paris – were partly a result of the increased sophistication of the techniques used on financial markets.
A more fundamental concern is that these unregulated operations are giving criminals a huge source of income.
We have to ask ourselves whether a better regulatory framework is more important than having more criminals
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