What Is The Difference Between Layering And Spoofing?

What Is The Difference Between Layering And Spoofing? Some regulators use the terms “spoofing” and “layering” interchangeably, while others, including FINRA, use “layering” to describe entering multiple non-bona fide orders at multiple price tiers, and “spoofing” to describe entering one or more non-bona fide orders at the top of the order book only. What is