A snippet from the Financial Post:

Canadian regulators are setting the stage for a crackdown on “manipulative and deceptive” trading practices, particularly related to lightningfast electronic trading.

The Investment Industry Regulatory Organization of Canada proposed guidance this week that would confirm the self-regulatory body’s position that employing trading strategies often associated with “algorithmic” and “highfrequency” trading — such as layering, quote stuffing, quote manipulations, spoofing or abusive liquidity detection — is a manipulative and deceptive trading practice.

Layering, quote stuffing and spoofing involve entering bids that a trader has no intention of completing with the intention of artificially raising or lowering a security in order to profit from the movement.

“IIROC would remind participants and access persons that these strategies are prohibited, whether conducted manually or electronically,” the regulator said.