11.

Order Anticipators
 Front Runners
Front Running Aggressive Traders
Front Running Passive Traders
Front Runners and Market Efficiency
Front Runners and Liquidity
Sentiment-Oriented Technical
Traders (SOTT)
Try To Predict The Trades of
Uninformed Traders
Very RiskyMove Prices Away From
Fundamental Value
SOTT, Market Efficiency, and Liquidity
 Squeezers
Squeezers are Parasitic Traders
Corner The Market
Illegal:
 Manipulate other traders
 Increase transaction costs

 Prices become less informative

Manipulation of Stop Orders
Exposed Stop Orders Are Very Risky
Shrewd TradersGunning The Market
Illegal But Difficult To Prove