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A leading exchange's market-making turmoil: 3-second advance window triggers conflict of interest controversy.
[Chain News] The market making activities of exchanges have taken on new forms. A leading exchange is recently hiring quantitative traders specifically to handle market making and counter-trading for its sports prediction market, which sounds like they are aiming to make a significant profit while controlling risks.
But the intricacies here are worth pondering. Although this exchange claims that its internal market-making team does not have an advantage with client data, it immediately opened a 3-second front-running trading window for market makers. As soon as this rule was announced, many people in the industry became uneasy—this is somewhat similar to the practices of traditional gambling platforms, and it’s clear to everyone that there is a significant space for conflicts of interest here.
The exchange is both a market participant and a rule maker, and when this dual identity can be clarified is indeed a question.
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Market makers get a three-second head start, how can clients' orders survive? And they still dare to say there's no advantage?
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The exchange acts as both referee and player, I really can't buy this logic.
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It sounds like a rehash, just a new coat on the old scam.
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Market making in sports prediction markets? It feels like legitimizing insider trading.
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Not only conflicts of interest, but this is a direct downgrade attack on equivalent trading counterparts.
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Again, the same old saying: where there is no effective regulation, there is no real market.
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What can you do in 3 seconds? See all pending orders clearly before smashing them, that's a big problem.
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Rule makers and participants are of the same identity. This is no longer a conflict; it's outright plunder.
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Here we go again with this trick, the exchange acts as both the athlete and the referee, nobody can withstand that.
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Market makers have a 3-second window, what about retail investors? The gap is extraordinarily large.
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Claiming no data advantage then handing out priority to others, ha, can this logic get any more convoluted?
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It's no different from a casino opening a game and betting themselves, it's only a matter of time before something goes wrong.
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Why do all the big exchanges play like this? It feels like it's already become an industry standard.
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Conflict of interest? To put it bluntly, they just want to eat from both sides.
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3 seconds, how much can a trader do in that time? Everyone knows the answer.