Originally <a href='/showthread.php?p=16966830'>posted</a> on 12/01/2012:
No, it doesn't. In a real, regulated gambling business (stock trading), you can't offer certain prices to certain customers only, based on your perception of their skill level. Any market made on the Nasdaq, for example, is there to be taken by a giant hedge fund or some 18-year-old's $100 account -- doesn't matter. You cannot check the source of the bid and then shrink your offer size (or shift your market) if you're nervous the source might be sharp.