I am trying to understand the economics of spoofing (I am a lay person).
I understand that from a risk point of view, aside from the legal risk, the main risk is that of having a limit order filled before one can cancel it.
My main question is: on US exchanges, do professional participants also have to pay for canceling a limit order? (is there a deterministic cost to consider as well?)
(I understand that some brokers impose charges for canceled order. But presumably, these fee schedules are more relevant for retail investors. I'am specifically wondering about non retail HFT type operations.)