Ferru123 wrote:Does anyone know whether, legally, there is any difference between what the Barclays traders did and what manipulators on Betfair do every day of the week when they spoof the market with large orders?
Jeff
yes. there is nothing illegal about entering or withdrawing orders in a market. the rules are set by the exchange and i can't see a problem as spoofers take large risks with their own money (they've calculated that in certain situations the risk/reward ratio makes it profitable to do so). don't get me wrong, i find it a disagreeable strategy and a slightly underhand method of trading, but illegal, no way.
what Barclays and others did is very different and is fraud.
edit: futures exchanges charge for orders that are withdrawn from a market without being filled - most futures brokers absorb that cost and it is ultimately passed on to clients in their commissions on completed trades.