[caffeine]

I’m saying it’s not really deceptive or fraudulent.

Is it fraudulent that you offer your house for sale, but when you get a few buyers willing to pay the asking price, you move the price up?

Not really. But that is WAY more manipulative than anything that is even POSSIBLE in the public markets, let alone what’s allowed. (The FX markets are an exception where this can happen on certain platforms).

I’m saying we tolerate these behaviours in every other market because they are not really fraud. It’s not lying to say you are bid and then cancel it later, so long as you honor any trades you do get.