Frontrunning is when an investor enters into an equity trade, derivative, option, futures contract, or security-based swap in order to profit in advance of the trade by obtaining non-public knowledge of a large pending order to in turn purchase a substantial amount of an asset—dramatically impacting the asset’s price. Frontrunning, also known as tailgating, is commonly regarded as a form of insider trading or market manipulation, both of which are illegal in many jurisdictions.