They don't run their own exchange, except presumably when their own customers happen to have matching trades. Otherwise they use bitstamp as the clearing house

They don't run their own exchange, except presumably when their own customers happen to have matching trades. Otherwise they use bitstamp as the clearing house - they basically act as a brokerage. The price you see on their site is just a filtered version of the current bitstamp price: http://www.reddit.com/r/Bitcoin/comments/1mjjfb/how_i_successfully_manipulated_coinbases_price/ http://www.reddit.com/r/Bitcoin/comments/1mjjfb/how_i_succes...