Antron is a commodities trader for a regional bank. He often places customer orders for precious metal

futures contracts. Then shortly after placing a customer order, he will place a significantly larger order

on the other side of the trade for his personal account. So for example, when a customer order is a “sell”

order, Antron places a much larger “buy” order from his personal account. Typically, Antron’s orders for

his personal account are placed slightly lower than best price, reducing the likelihood of his order being

filled immediately. As soon as the customer order is executed, Antron cancels his personal trade order.

Antron’s actions are