FSA warns firms over spoofing and layering

LONDON - The UK's Financial Services Authority (FSA) has warned financial firms about the recent growth of trading practices known as 'layering' or 'spoofing' that may constitute market abuse and for which they can be held responsible.

These practices occur when a firm's client is given direct market access (DMA) for trading, effectively piggy-backing on the firm's trading platform.

In this way, a bank or broker's client can submit multiple orders at different prices on one side of the order

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