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Here is the response from a person closer to the Exchanges :
There were some firms that where sending thousands of orders per second and then cancel and replacing them with a slight move of the underlying. They were essentially trying to act as market makers. This not only ties up the resources of the exchange, but also of the brokerage firms and ISVs. Just think of all the option classes and strike prices they would constantly readjust and you can imagine the order flow without any revenue generating trading occurring.
Mano Appapillai
4565 Saddle Mountain Ct
San Diego, CA 92130
Tel : 858 794 8494
"The only thing necessary for evil to triumph is for good men to do nothing." - Edmund Burke (1729-97)
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