layering; spoofing
A market manipulation tactic where a trader places a large number of orders with no intention of executing them, then cancels before execution to create a false impression of demand or supply. Used in finance contexts.
Layering is prohibited under the Financial Instruments and Exchange Act.
証券取引等監視委員会が見せ板の疑いで調査を始めた。
The Securities and Exchange Surveillance Commission launched an investigation on suspicion of spoofing.
Compound of 見せ (mise, 'showing') + 板 (ita, 'board'), referring to the practice of showing fake orders on the trading board.