From the original link: No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution; From your link: No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution; It is the same text buddy
Yes. But this is not the definition of spoofing. It's the legal base that permits to sanction a good bunch of manipulative techniques : spoofing, layering, fake orders during pre open to look for iceberg or stop orders, this technique we are talking about...
Good Evening MarkBrown, Thank you for the advice. I am constantly canceling limit orders trying to get better fill to avoid slippage with market orders, is this illegal to do?
Good Evening TraDaToR, Is this legal? I am not trying to spoof or fool anyone, but sometimes my limit orders do not get filled right away, and I have cancel the limit order. https://www.elitetrader.com/et/threads/beware-of-this-behaviour.380986/page-3#post-6015922
Upon further review, you are correct. I read only through the initial bit about the guy using other IDs.
You can cancel your limit orders all you want as long as you wanted the order to be executed when you entered it. What is prohibited is to place orders for the sole purpose of influencing the order book and canceling them when you obtained the desired effect. That's why the original case in this thread is more in my grey area. Because most of the time you genuinely improve and compete with a bot until you realize he went too far...
Good Morning TraDaToR, Happy Labor Day. Thank for the response. I enter limit orders trying to get filled for my trading strategy, but sometimes I have to cancel the order, because my orders is not filled. I do not want to cheat to win and do all the extra fraud in trading. I trade fair. My goal is to enter the trade, not create fake trade positions and all that stuff, so this means CME will not fine me or send me to jail, correct? Thank you.