"Updating" orders seems a far more accurate terminology than "cancelling" in the market maker case.
Although of course making such a distinction by law is problematic, because updating an order to be "out-of-the-money" (have an absurdly low or high price) is almost equivalent to canceling, and objectively determining if an order is "out-of-the-money" is problematic.
Although of course making such a distinction by law is problematic, because updating an order to be "out-of-the-money" (have an absurdly low or high price) is almost equivalent to canceling, and objectively determining if an order is "out-of-the-money" is problematic.