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HolyLampshade • today at 10:36 AM • 0 replies • view on HN

The first paragraph of the article drove me insane for that reason. MNPI is one of the bedrocks For a stable market system. If you trust, on some level, that the people who are counterparty to your trade and not pulling one over on you you’re more likely to participate in the market. The more that trust degrades, the less likely people are to want to interact with the market. The fewer people, the worse prices/spreads get.

Efficient and tight markets are almost entirely predicated on being able to determine that any informational asymmetry is irrelevant over differing time horizons.