I have had enough watching the 'theatre of insanity'... And I am not talking about the actual demo contest. In my humble opinion, this contest has been created to demonstrate to 'profit-hungry' people what it can be achieved with the so called 'High Frequency Trading' aka HFT and especially to a certain part of it which is latency arbitrage. Now, if these so called 'profit-hungry' people will be penalised for their addiction or despair is not my job at all. I am writing this post for other reasons, and one of them is to express in writing my personal anger about the notion of 'misleading'. Hence, I will expand:
First thing first: Is 'cheating':
1) being more informed than the others?
2) being more workaholic than the others?
3) being smarter than the others?
and at the end of the day...
4) being more geek than the others?
In the world we are living and since the ancient times of commerce / trading, profit was made out of a merchant's / trader's ability to understand the market he was(is) participating in. More specifically. to understand the structure of supply and demand and the most influencing parameters of them and then exploit his resulted competitive advantage.
Was he OR is he a cheater?
Organised society invented the concept of a general accepted and therefore 'objective' regulator so to be appropriate to answer the billion dollar question of 'cheating or not' and decide to enforce the appropriate actions. Former Securities and Exchange Commission Chairwoman Mary Schapiro stated that the onus for determining “whether the markets are functioning fairly” should fall on someone other than the investors themselves (Greg McFarlane, Investopedia).
Based on the above said:
Supply and demand makes a market. Human beings make a market. Is that market regulated? And if it is by whom? Should it be regulated at all? And finally, should, could, would we the traders-investors being able to exploit our co market participants (other traders, brokers etc), inability to follow and adopt to any dimension evolution?
Conclusion: Misleading for me is the result of the 'A blind leads the blinds'. And that is what makes me angry.