&gt; It would be like seeing the same house on three different real estate websites and then thinking you can buy three houses.<p>No it&#x27;s not, since with the houses it would be easy to verify that there&#x27;s no 3 houses available. The trader in the Nanex article had no way to know how many of the 24800 shares were actually available. He&#x27;s trading at an information disadvantage.<p>To your analogy, it would be similar to a real estate agent flooding the market with multiple listings of each house, but with different pictures and different addresses, giving the impression of a buyers market to a buyer (phantom liquidity).