Are you joking me? Between all the scandals of NYSE specialists, Nasdaq market makers and Option market makers, you are gonna claim they have no special edge? I don't know what chop shops you worked at but there was a reason why the dealers that counted tried to keep it in the family and close friends. Just the business of buying on the bid & selling at the ask (like Forex dealers) is one of the best businesses out there.
I tell what is efficient, my future mother-in-law, no matter what I do, I am always most deffinetely wrong. Now that's efficiency p.s. You can't even counter action, as if you do the opposite of what you wanted to do, you'd still be wrong.
The fact that some of those guys cheated does not give them an edge. It just means they were criminals. Again read my response carefully, I didn't say they didn't have an edge only that you should stop fetishisizing it as something special. The fact that all the traders in my book Millionaire Traders beat them every day is a testament to the idea that they beatable. And finally you have no clue where I worked or what I did, so please refrain form insulting me with the "chop shop" moniker. I've tried to keep the discussion on point, attempt to do the same thing.