https://www.bloomberg.com/news/articles/2022-07-08/jpmorgan-trade...

https://www.bloomberg.com/news/articles/2022-07-08/jpmorgan-traders-ripped-off-gold-market-for-years-jurors-told

"Spoofing, banned by law in 2010, involves huge orders that traders cancel before they can be executed in a bid to push prices in the direction they want to make their genuine trades profitable. While canceling orders isn’t illegal, it is unlawful as part of a strategy intended to dupe others."

"Jonathan Cogan, Smith’s attorney, said gold and other precious metals were traded in a marketplace where computer-generated algorithms can buy and sell commodities in one-millionth of a second. To compete with the so-called “algos,” and to execute trades on behalf of JPMorgan clients, Smith routinely had buy and sell orders at the same time, Cogan said. While some orders were only active for seconds, that’s “an eternity” in such a fast-moving market, he said.

According to Meister, evidence presented at the trial will show that the vast majority of all market orders are canceled, and the typical lifespan of an order is just a couple of seconds."