The former doesn’t create any liquidity. 
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...or if you are a Fed official.
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You're providing LIQUIDITY* which is a good and valuable service to the investors *monster fees to the Exchange in return for that high speed access / space in their data center
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I don’t like the cut of his vest.
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I remember when GS installed its HFT servers next to the trading floor of the NYSE. Its front-running apparently no violation of SEC laws. This guy was padding his own pockets, not those of GS. Suddenly it's illegal. Insider trading, lol
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correction, Polevikov worked for the mysterious "Employer Firm"
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Yep. The way the DOJ goes after this type of case and other insider trading cases (with extremely punitive jail time for something that does not hurt people) while not prosecuting much worse white collar crime that does severely impact the general public, beggars belief.
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To my mind your distinction is like the one between payola and paid placement. "Payola" was made illegal because it was the DJ pocketing money that "should have gone" to the radio station; paid placement (and disclosure thereof) has never been illegal.
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It's the who "should have" gotten paid thing. The legal system exists to support existing hierarchies (a thing a lot of people often forget) because it's created by them.
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