Hi thanks for your enlightening posts. Could you make a guess that in liquid markets, how much impact the spoofing can cause on price specially on intraday time frame? What solutions do you offer? Should retail just add extra spoofing noise to confuse the HFT algos? As you said this could result in exaggerated volatility and perhaps lower liquidity so if retail does it in parallel with HFTs what outcome do you think might ultimately happen? Thanks