electronic trader

同学你好，Spoofng, also known as layering, is a trading practice in which traders place
exposed standing limit orders to convey an impression to other traders that the
market is more liquid than it is or to suggest to other traders that the security is
under- or overvalued

根据定义，他并不是想获得套利，是想快速且廉价的进行交易，目的是liquidity请知悉

同学你好，各个地区的监管尺度不一样，而且从现实的角度上，我们也是先发展业务后出台监管政策。我们这边介绍的都是曾经可以用的方法，其合法性有待商榷。建议同学针对本章只了解介绍过的概念。

嗨，从没放弃的小努力你好：

同学你好，根据原版书定义，Trading for market impact involves trading to raise or lower prices deliberately.
A market manipulator often is willing to incur substantial transaction costs to
raise or lower the price of a security to influence other traders’ perceptions of
value
Flickering quotes. Electronic markets often have flickering quotes, which are exposed
limit orders that electronic traders submit and then cancel shortly thereafter, often
within a second.
尽管二者都是让其他人错误的估计价格，从而达到自己的交易目的，但是后者是一个limit order，这一点如果有考题中有相关表述可以区分下

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加油吧，让我们一起遇见更好的自己！