The prevailing attitude on Wall Street is that there is no such thing as predatory behavior. Or rather, that predation is part of the market ecosystem and to be

The prevailing attitude on Wall Street is that there is no such thing as predatory behavior. Or rather, that predation is part of the market ecosystem and to be viewed in a value-neutral light. People used to say that any offer to buy or sell provides a service to the market by adding information about price. But now everyone, not just expert traders, has to acknowledge that most modern operations that are mature in their use of math actually seek to add disinformation to the market. I would suggest a yet more sophisticated view is that multiple sources of randomness should be better for the market than fewer. As you can see superficially in the article about Light Pool, attempting to limit the entropy in this pool does not help make the pool more "fair" or "rational". It would be better, as in more sustainable, for dark pools and electronic markets as a whole to refrain from dictating what is an acceptable algorithm. Many people read Flash Boys and applaud the notion of a rate-limited or otherwise restricted exchange platform that removes the advantage of network proximity for low latency info. I think we will find in another decade that exchanges built on this principle introduce a host of other inefficiencies, both time- and information- based arbitrage strategies that appear unfair to some market participants.