I understand the industry quite well and from experience. BTW My only daggers were aimed at HFT.
Let me be clear. Anybody that puts an order in not expecting to get executed but to create favorable conditions for their next order is engaging in what I call "high speed rumor mongering". There are lots of variations of this game. Never happens? Always happens? You tell me.
But markets aren't chess. "Rumor-mongering" is a legal term I chose on purpose. It is generally prohibited because it destroys liquidity in markets, which hurts investors and issuers. The term is intentionally objectionable, but not inaccurate. Just don't trouble the regulators to figure it out.
Let me be clear. Anybody that puts an order in not expecting to get executed but to create favorable conditions for their next order is engaging in what I call "high speed rumor mongering". There are lots of variations of this game. Never happens? Always happens? You tell me.
But markets aren't chess. "Rumor-mongering" is a legal term I chose on purpose. It is generally prohibited because it destroys liquidity in markets, which hurts investors and issuers. The term is intentionally objectionable, but not inaccurate. Just don't trouble the regulators to figure it out.