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Re:SEC approves Texas Stock Exchange, first new US integrate... by drob518 on Wednesday October 08, 2025 @03:17PM (#45519586)
I suspect that randomness of some sort is the only way. Without that, whatever the rules of the game, there is a way to somehow get a slim advantage. You can make the advantage small and the costs to try to gain it large, such that it isn’t cost effective to try, but as we’ve seen with HFT, it’s amazing how much people will spend to pick up pennies. Even a tiny gain, exploited frequently enough can be quite profitable.

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