Yes, I am talking about where the wholesaler fabricates in order in response to your order. Such behavior is front-running, by definition.<p>The wholesaler is making off-market trades and treating them as if they are on-market. The wholesaler would not trade, if it did not think it would profit. The wholesaler&#x27;s profit is the difference between their buy-price and what they actually paid you.<p>Are you suggesting that if the wholesaler wasn&#x27;t interdicting orders the average price improvement for these orders wouldn&#x27;t be close to the average profit the wholesaler makes on each instance of such a trade?