1. Market manipulation.
The (illegal) practice of placing orders and then immediately cancelling or withdrawing them, with the intention of artificially manipulating market prices.
- "Coscia employed a technologist to develop a program that would place spoofing orders, execute trades at artificial prices and cancel the spoof orders as soon as his winning trades were completed. These sequences were timed to take place in milliseconds."
- The Treasurer magazine, September/October 2017, p36-37 - Gerry Harvey, chief executive of the FICC Markets Standards Board (FMSB).
2. Email fraud.
The forgery of an email header, so that the message appears to have originated from a legitimate trusted source.