Trading of securities is a regulated market. The rules about what information is available to the market are a combination of tradition and regulation. But they

Trading of securities is a regulated market. The rules about what information is available to the market are a combination of tradition and regulation. But they are man-made and arbitrary. I argue that the current fashions in regulation starve the markets of information and contribute to crises. I'll give you just one example. Large traders attempt to conceal their identity. This leads to a lot of gamesmanship, as you point out. If this information were released with every order placed then I would argue a lot of volume would dry up and volatility would decrease.