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First, the last traded price doesn't change by bids or asks, only trades. So you can spoof with passive orders, but that only affects the "midpoint" and never
by ycombobreaker 9y ago
First, the last traded price doesn't change by bids or asks, only trades. So you can spoof with passive orders, but that only affects the "midpoint" and never the "last" price. The article discusses painting the tape which means trades.
Second, outside of a "last look" type of market, no market participant can identify the time "just before [their own] order is filled". Can you identify any Bitcoin market where last look is in effect? It would be plausible (it is common in spot FX markets) but clear evidence would be available.