It baffles me that "news trading" is even in the discussion... in stocks, insider trading is forbidden... but who in their right mind would expects the markets to NOT react to news? the whole premise of technical analysis is that the current price has taken everything into account, factual and psychological.
Might it be possible, that some spikes are created by a market maker, in order to trigger their customer's stops? Losing them money... but when a trader takes advantage of this spike, they call it incorrect pricing. That is a double-edged sword and a very dangerous game... should they come under scrutiny I would say they might be in deep trouble.