executing orders to trade, or a series of orders to trade, in order to uncover orders of other participants, and then entering an order to trade to take advantage of the information obtained
Effective implementation of surveillance alerts for ping orders requires capturing the following trade data:
order data (including unexecuted orders)
trade data
Phishing is another terms used to describe similar behaviour to ping orders. Ping order and phishing could be treated as the same group of behaviours.
Executing orders to trade, or a series of orders to trade, in order to uncover orders of other participants, and then entering an order to trade to take advantage of the information obtained — usually known as ‘phishing’.
COMMISSION DELEGATED REGULATION (EU) 2016/522, Annex II, Section I, 1 (d)