Depends what the instrument is and when. If orders are spoofed during the start of day or end of day auctions or during other specific times when indexes are c

Depends what the instrument is and when. If orders are spoofed during the start of day or end of day auctions or during other specific times when indexes are calculated then this impacts the settlement prices which has a knock on impact to other features of the market. It’s like the LIBOR rigging and the FX manipulation.