Earlier quoted context omitted.
What's interesting is that broadly speaking, people acknowledge that negotiating with asymmetric information is immortal or wrong. Take the stock market for example, insider trading is illegal and you don't often hear calls to reverse these laws. But when it comes to private markets and semi-private negotiations that same sentiment doesn't easily transfer. Does society benefit in some unique way for allowing asymmetr…
Incentive wise you're probably a lot better off if your own broker is front running you than if a HFT desk at a liquidity provider firm is doing it since the broker is at least in a position to kick some of that back to you in the form of reduced fees or whatever.
I don't disagree with you, but wow that requires a bleak outlook.