John Arnold (former Enron energy trader) also posted something on Bloomberg View, and the main gist of the article was:<p>Front-running is profitable against traditional orders entered by humans.  But with spoofers in the mix, the picture looks quite different:  When the front-running HFT algorithm jumps ahead of a spoof order, the front-runner gets fooled and loses money. The HFT’s front-running algorithm can&#x27;t easily distinguish between legitimate orders and spoofs. Suddenly the front-runner faces real market risk and makes the rational choice to do less front-running. In short, spoofing poses the risk of making front-running unprofitable. Because spoofing is only profitable if front-running exists, allowing both would ensure that neither is widespread.<p><a href="http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-01-23&#x2F;high-frequency-trading-spoofers-and-front-running" rel="nofollow">http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-01-23&#x2F;high-freque...</a>