It is the position of regulators that placing a bona fide order on one side of the market while simultaneously "layering" orders in the consolidated market display on the other side of the market without intention to trade as a violation by inducing a false or misleading appearance of trading activity or artificial price. In this case, the purpose of the "layering" is to "bait" other market participants to react and trade with the bona fide order on the other side of the market at an artificial price. PositionWatch provides reporting that detects and alerts compliance of layering violations that require actioning.