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So it has come to this. In America, anyway, and surely in Europe too, regulatory authorities wish to be empowered to look at every click, every number, every trading strategy of ANYONE in order to detect fraud and make sure that markets are fair, open and transparent. This is the same SEC that did not bother Bernie Madoff, that did not anticipate any part of the mortgage meltdown, that idled its people so that they had nothing to do but sit around all day watching pornography.