Leading experts from academia and industry gathered at Lancaster University for the second international conference on Financial Fraud, Misconduct, and Market Manipulation.

The second Financial Fraud, Misconduct and Market Manipulation (FFMM) Conference was held on September 11th and 12th, 2025, organised by Centre for Financial Econometrics, Asset Markets and Macroeconomic Policy (EMP) at Lancaster University Management School (LUMS). The event brought together researchers and practitioners to explore cutting-edge developments in understanding and combating financial misconduct.

The two-day conference featured diverse research spanning traditional and emerging areas of financial misconduct. Researchers explored multiple topics ranging from CEO overconfidence and corporate misconduct to the economics of greenwashing funds. Special sessions were dedicated to cybersecurity risks spread by software companies, information leakage in business groups, and the persistent challenges of insider trading. The conference featured innovative fraud detection methods, including interpretable probabilistic neural networks for identifying spoofing in limit order books and network-based machine learning approaches to uncover VAT fraud.

A significant focus was placed on the evolving digital finance landscape, with dedicated sessions on risks and manipulation in decentralized finance, wash trading on decentralized exchanges, and the impact of social media on stock manipulation. The delegates further examined the role of media as both watchdog and potential accomplice in financial misconduct, alongside discussions on disclosure manipulation and retail investor protection in the digital age.

Professor Olga Kolokolova, Chair in Finance at the Accounting and Finance Department at LUMS, noted: “This year’s conference demonstrated the remarkable breadth and depth of financial misconduct research. From traditional forms of market manipulation to emerging threats in digital finance, our participants explored these dark corners of financial markets while considering the fundamental question of what keeps our financial system together.”

The conference was anchored by a thought-provoking keynote address from Professor Jonathan M. Karpoff of the University of Washington, who spoke on “Social Capital and Trust,” providing crucial context for understanding the social foundations that underpin market integrity.

The event fostered vibrant intellectual exchange through parallel sessions, poster presentations, and networking opportunities, including a conference dinner at the Toll House Inn Lancaster, strengthening collaborations within the global community researchers.

The FFMM Conference organizing committee extends sincere gratitude to all speakers, participants, and supporters who contributed to making this second conference such a stimulating and successful event, and looks forward to continuing this important dialogue in the future.