That first graf you wrote: exactly what I was wondering about. Thanks for the crystal clear explanation.<p>The second graf is a problem I've spent some time with for clients, and figuring out that someone is shopping a block and jumping in a threat that everyone I've talked to has called "frontrunning", but I don't know what the real name is.<p>I'm working at a lower level than figuring out and trading towards optimal pricing targets, but that aside, I think there's a real future to research into the programming flaws of automated/algorithmic trading systems.