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How is that any different from offering the Non-farm Payroll report 1 day/minute/second/millisecond/etc early if you are willing to pay $X for it? Could you not again justify that it's acceptably because retail traders don't have the expertise & capital required to act on an early payroll...

Define intent - the issue that myself and many other traders have is that the argument is often put forward in black and white. If I bid a large size order in the order book and consistently work small offers a few ticks higher, and regularly scalp the small range, once in a while I get swept...

You're ignoring virtually all mean reverting strategies. Many strategies are providing liquidity to absorb order flow at prices they determine as irrational, and earning their return from then exiting the position when the prices return to rational levels, either in an outright or via spread...

What my post and others who have posted arguing in favor of 'spoofing' is that a one sided argument is being put forward. "Bluffing" has been around since the the beginning of markets trading in the pits. You can even see in the infamous Paul Tudor Jones documentary him sending in fill or kill...

Great article. Anyone who is involves in markets full-time knows this is correct. HFTs invest $$$ in building front-running / momentum driving algo's that profit from front-running legitimate orders - they lose money when the legitimate orders turn out to be bluff orders. ...So the regulators...