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What is phishing?

According to MAR's Commission Delegated Regulation (EU) 2016/522 of 17/Dec/2015, phishing is entering orders to trade, or a series of orders to trade, in order to uncover orders of other participants, and then entering an order to trade to take advantage of the information obtained.


Phishing vs. pinging
My interpretation is that phishing is like pinging, but while pinging seeks to obtain information about pending orders in dark pools, phishing seeks to obtain information about pending iceberg orders in light venues.


Does phishing exist?
I really cannot understand how one participant can make a profit by uncovering iceberg orders (see the 2 examples below).


Example 1
In this example, I cannot see how the manipulator can make use of the newly obtained information to make a profit.
Ok, now the manipulator and everyone (!) know that there are pending orders to sell 17,000 shares (4,000 more than previously known) at 1.38 € and therefore everyone can buy against them.
Why is that manipulative? And how can the manipulator make a profit out of that?


Example 2
In this example, I also cannot see how the manipulator can make use of the newly obtained information to make a profit.
Ok, now the manipulator and everyone (!) know that there is a pending order to sell 4,000 shares at 1.38 € and therefore anyone can buy against it.
Why is that manipulative? And how can the manipulator make a profit out of that?


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