Comment Text:
Fliegenklatsche,
"Fly swatter" is funny and gave me a laugh.
Perhaps I wasn't clear and you missed my point. My point throughout was that if market centers use these methods they should adopt best practices for sampling, bias reviews, and disclosures. And regulators need to revise the law. These methods are a fundamental change to exchange trading technology and even to the very nature of an "exchange." No one should pretend they fit within long-standing statutory and regulatory frameworks or participant expectations and experience. They don't.
The world is a fine place, and there is more to it than arithmetic.
R. T. Leuchtkafer
