[runeks]

They didn’t spoof trades. They placed orders without the intent of trading anything.

> The order finds that, from at least 2008 through 2016, JPM, through numerous traders on its precious metals and Treasuries trading desks, including the heads of both desks, placed hundreds of thousands of orders to buy or sell certain gold, silver, platinum, palladium, Treasury note, and Treasury bond futures contracts with the intent to cancel those orders prior to execution.

[arcticbull]

> They didn’t spoof trades. They placed orders without the intent of trading anything.

That's the definition of a spoof trade. [1]

> Spoofing is a form of market manipulation in which a trader places one or more highly-visible orders but has no intention of keeping them.

[1] https://www.investopedia.com/terms/s/spoofy.asp

[caffeine]

I think you misunderstood GP - he is saying they didn’t spoof trades, ie order executions, which is correct because you can’t spoof trades.

You are talking about spoofed orders.

A spoofed trade doesn’t really exist - the closest thing would be a wash trade, where you trade with yourself to make other people think a price is trading.

[arcticbull]

I see your point, and thank you for the clarification. I've often heard this referred to as "spoof trading" and "spoof orders" interchangeably. I could be mistaken, of course. For instance [1].

[1] https://constantinecannon.com/practice/whistleblower/whistle...

[bboreham]

Cross that website off your list of useful definitive sources.

“Order” is before execution, “trade” is after.