Thanks, that's interesting. > If exchanges allowed this and profited by it by erecting artificial delays it would be extraordinarily immoral, but because it's

Thanks, that's interesting. > If exchanges allowed this and profited by it by erecting artificial delays it would be extraordinarily immoral, but because it's a natural delay it is still illegal. This sounds a lot like "if casinos used XYZ poker strategy clearly it would be illegal, but for some reason we let other players use it!" Well, of course, they're players, no? > This has nothing at all to do with the separate issue of high frequency traders providing liquidity... they can do that without a time delay advantage over everyone else. Can you explain this more? Not sure I fully understand.