Running discussion on SP, page-54075

So it is obvious, spoofing in Australia is legal and tolerated....
Placing an order 3 x times market value does not represent a realistic sales order.
I thought ASX/ASIC stopped this about 5 months ago, but yeah does it matter if the ASX still allows it.
Maybe having the ASX as a private company is not a very sound idea.
They definitely don't seem to have the ability to self regulate.
We have seen the same cavelier behaviour of the privately owned casinos.

What is “spoofing”?
Spoofing is a form of market manipulation whereby a trader submits and then cancels offers or bids in a security or commodity on an exchange or other trading platform with no intent or willingness to execute those orders when placed.
To put it another way, spoofing occurs where a trader places an order with the co-existent intent to cancel the bid or offer before it can be executed.
Spoofing may take various forms, but it often involves the placing of non-bona fide, large or small volume orders on one side of the order book, and then cancelling those orders either immediately or within a very short period of time after placement.
A spoofing trader’s intent may be to alter the appearance of supply or demand to artificially move the price and thus mislead - or spoof - other traders in the relevant security or commodity, and thus benefit his or her own trading position(s).
Spoofing is also referred to as “layering” the order book, which involves the trader placing multiple, non-bona fide orders on one side of the order book to manipulate the price and thus benefit their position(s) on the other side of the order book.
Spoofing often utilises algorithmic and high frequency trading technology, which allows trading decisions to be generated quickly and transactions to be completed in fractions of a second.
In general, algorithmic and high frequency trading are legitimate trading strategies. However, regulators have scrutinised algorithmic trading methods and consider some to be market manipulation.

In the US, spoofing is a specified criminal and civil offence, and other provisions of the securities laws may also be used to enforce against spoofing-like behaviour.

In the UK, spoofing is not a specified offence. However, spoofing behaviour may contravene civil and/or regulatory provisions in the EU Market Abuse Regulation (596/2014)(MAR) (which has direct effect in the UK) and/or amount to a criminal offence under the Financial Services Act 2012 (FS Act 2012) or the Fraud Act 2006. In the US, the trader’s intent is pivotal. To prosecute spoofing, US authorities must prove that there was intent to cancel the order at the time it was placed. In the UK, authorities generally focus on the impact of the spoof order on the market. While there is limited UK case law to date, in general terms the trader’s intent may be irrelevant (in a UK civil case) or less central (in a UK criminal case) than in a case under US law.