Howard A. Fischer is quoted in a CNBC article titled, "When does arbitrage become market manipulation? India crackdown brings issue into focus." The line between arbitrage and market manipulation has long been one of the grayest areas in financial markets. India’s case against Jane Street spotlights the line between legal arbitrage and illegal market manipulation — a line defined largely by intent and impact on market prices. While Jane Street insists its trades were lawful arbitrage, SEBI argues they manipulated India’s less-liquid markets to profit elsewhere. Howard notes that arbitrage is akin to "looking at one’s neighbor’s house, seeing he keeps stacks of newspapers and lit candles everywhere, and taking out fire insurance on his home. Manipulation is giving him a July 4th present of firecrackers and propane tanks.”