&quot;Updating&quot; orders seems a far more accurate terminology than &quot;cancelling&quot; in the market maker case.<p>Although of course making such a distinction by law is problematic, because updating an order to be &quot;out-of-the-money&quot; (have an absurdly low or high price) is almost equivalent to canceling, and objectively determining if an order is &quot;out-of-the-money&quot; is problematic.