Glossary
Spoofing
Spoofing is placing orders with no intention of executing them, to create a false impression of supply or demand and move the price, then cancelling them once an order on the other side has been filled at a better price.
Why it matters for brokers and payment firms
Surveillance has to look at orders, not only fills: order bursts cancelled within seconds, with executions on the opposite side, are the signature. Brokers need order data with placement and cancellation times.