You need to whiteboard an example. You cannot say "this random piece of $foo terminology" is #anything. Because there are "other random peices of terminology" b

You need to whiteboard an example. You cannot say "this random piece of $foo terminology" is #anything. Because there are "other random peices of terminology" besides the ones you've heard of that might come into play. And these come into play in complex systems. And you need to define the system as well. And then go through the -N- permeutations of the system at a physical level. And then at the social level (including norms and regulations). [Again, this is just like a security analysis. You'd never accept #random_persons_problem thrown your way without context, would you?] #1 In a simple world like open-outcry, exchange-exclusive markets (not dis-similar to the 1990's) even the most basic scenario is nothing HFT intermediation today. Not only instanaeous execution but live-presence real-time surveilance and extended serial-reciprocity, etc. These are non-reproducible safe-guards {all} in HFT sceanios of ineterst. #2 "Cancellation of a resting limit order isn't "bad faith"" even this concept in plain english is wrong. I may act in bad faith deliberately. You can't rule that out. You can't make indference about my intentions. You can only hope that the consequences are not a problem. If the rules are perfectly written and enforced, &tc. #3 The consequences of #2 depend upon the context of #1, but fleshed out in full detail. Its possible to design systems where the <consequences> of bad faith are greater and lesser problem/s. Totally fair point. And if you assume a perfect world, you asymptoically get to a place where "you don't need to worry about it". Alternatively, you can design a world that goes in the other directin. #4 "Cancellation is one of the rules of the game." Rules everywhere are grey. And this is buy only a single one of many that interact together. Read the second link in my earlier note. This is as much technical issue. Unless you are at that level, everything else is completely trivial. Anyways, enjoy the rest of the book.