Placing ping orders, or pinging, consists in placing small orders in a dark pool to obtain knowledge whether there are large orders placed on the other side of the book. With such action, the pinger can then trade at an advantageous position, as
she holds more information about the order book than the other
market participants. Pinging can be done in combination with other types of
manipulation, such as spoofing.
The EU MAR, via its Commission Delegated Regulation (EU) 2016/522 of 17 December 2015, defines placing ping orders as "entering small orders to trade in order to ascertain the level of hidden orders and particularly to assess what is resting on a dark platform", and considers such practice to be a form of market manipulation.
Example:
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