>> Then there are companies, or rather teams inside companies, that send buy and sell orders into the exchange that they never want to execute, on millisecond t

>> Then there are companies, or rather teams inside companies, that send buy and sell orders into the exchange that they never want to execute, on millisecond timescales, to disrupt the market. They are trying, in simplified terms, to create signals for other market participants that do not really exist, and then execute trades that they know will be profitable by exploiting other participants for whom they generated buy signals. This is well-known. But for some reason, only kids trading in their parents basement, across the ocean, over a non-fibre connection to the internet, get charged and convicted.