For all those doubting how amateurish
and criminal our exchanges are, tune in yourself:
http://vocaroo.com/i/s1JIOjeIjWbNA professional criminal would never slip up, and an honest amateur would not do this. But when you combine both, you get the clusterfuck we have.
I could even believe that the
owners of the exchanges refrain from using inside information when trading at their exchanges. But the exchange itself could do unfair trading and arbitraging against their clients, automated of course. It would be profitable, undetectable, unprovable, and fully legal; why shouldn't they do it?