1. Transaction-based manipulation includes:

a. Spoofing

b. Cascading

c. Both of the above

d. None of the above

2. Layering means:

a. Where multiple non-bona fide orders are entered on one side of the market at various price levels away from the best bid or offer in order to create the appearance of a change in the levels of supply and demand followed by executing an order on the opposite side of the market at the artificially created price.

b. Where multiple bona fide orders are executed at the market price

c. When multiple bona fide orders are layered outside the bid-offer

d. All of the above