FSA warns on spoofing

The Financial Services Authority said yesterday that it will fine or suspend market operators involved in manipulation practices known as &ldquo;spoofing&rdquo; and &ldquo;layering&rdquo;. Spoofing and layering involve putting apparent trades on share order books to create a misleading impression of the stock price or liquidity.<br /><br />The warning follows a &pound;35,000 fine imposed last year by the London Stock Exchange on an unidentified firm.