Since frontrunning is again being talked about by technologists, would like to explain the classical version of it, which is almost the opposite of the way that most technologists think it works:
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When people propose e.g. "You need to let large positional traders somehow execute their trades without exposing this fact to other market participants, or they will be 'front run'", they are proposing substantially rolling back effective front-running protection mechanisms.
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With trade confirmations at 1 second granularity, small-edge front-running is still entirely feasible. There is a market in the legal industry for attempting to prove subsecond front running on behalf of large retail clients.
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