Spoofing

Spoofing is placing orders with the intention of cancelling them before execution, so that other participants misread the order book and move the price toward a smaller genuine order on the other side.

manipulation techniques · updated 2026-10-16

Where does spoofing come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Spoofing — Spoofing is placing orders a trader intends to cancel before execution, to create a false impression of supply or demand and move the price toward a smaller genuine order on the other side.

Enforcement actions involving these techniques

See also

• Layering — Layering is spoofing spread across several consecutive price levels, building an apparent wall of depth rather than a single outsi…
• Bona fide order — A bona fide order is one placed with a genuine intention to trade if the market reaches it. The concept does most of the work in s…

Terms that refer here

Bona fide order · Layering · Phantom liquidity

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