> I would imagine it to be illegal to trade on that data before it's released to publicly-available trade streams. But what would be the penalty if you are ca

> I would imagine it to be illegal to trade on that data before it's released to publicly-available trade streams. But what would be the penalty if you are caught? A few hundred million dollar fine? Absolute peanuts to any of the firms operating these pools. Of course there is corruption in the system, it is set up to facilitate corruption. Without corruption there would be little reason for these to even exist.