Yes, clients.
For a bid to be a spoof, the party that placed the bid must have intent to manipulate the market. That is the law.
It is fairly likely that many or all of the bids being asserted here, and in Harrington, were from clients. Proving motive w/o access to the parties records would be difficult.
If the NWBO case goes this far, might be interesting to see who might have been be trying to spoof the price down in the windows where NWBO was selling based on that price.
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