I'm not going to take the time to watch the video but I'm guessing this is the whole Hide or Slide thing the WSJ wrote about a year or so ago. Is that right? IIRC the guy who was complaining about it was a dude who ran an, ultimately unsuccessful, HFT firm so maybe not as one-sided as he might possibly make it out to be. The SEC approved this stuff. Is there some evidence that they misrepresented it? And there's also the bizarre rule that you can have a choice (or I guess equity guys call it locked) market which is what basically allows for something like Hide or Slide. I guess at the end of the day I just can't make myself get all scandalized about the fact that exchanges try to draw liquidity providers. There are some nuckleheads who mess with stuff (quote stuffing and all that) but it seems like that mostly hurts other guys (other HFTs) that should be able to defend themselves. And it seems like that's what's happening as HFT revenues have declined considerably in the last 5 years.