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The only issue I have with an exchange + MM combination is data sharing. An exchange can see 100% of the activity on its market, and a MM can't. If FTX is sharing all its data with Alameda, that's an unfair & unethical advantage. But do we know if this the case?
As long as FTX & Alameda aren't sharing any data between each other I honestly don't see a huge issue with their exchange/MM relationship. Am I missing anything with this angle?
The last angle is the MM-broker tie up. We also have a precedent here in the US equities world - PFOF/broker internalization of retail flow. If Robinhood wants to & is allowed to internalize its own flow, isn't that effectively a MM-broker tie up? Is that unethical?
To conclude, I think as the structure currently stands the FTX - Alameda - Blockfolio tie up is not perfect. There is room for unethical behavior to appear. BUT - if best ex & data sharing rules are put in place, the unethical behavior in theory can't happen... right? Right?
The question here is - what's the line between vertical integration (all chains of order flow/liquidity provision under one roof to cut costs) and shady activity (extracting more money from customers & hindering competition)? The line is thin. Where is FTX on the line?
I'm still learning in this arena & this whole thread may end up sounding incredibly dumb. Thanks in advance for teaching/helping me understand & learn 
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