I suppose that's technically correct-- we don't know how the algorithm works. But they make it sound like they have no idea to whom the algorithm belongs. If your logging can't get you this information (the bot's owner), I have no hope for the security of the exchanges.
If this kind of thing is a problem, then read your logs, visit the 'offending' party, and Do Something About It.
Read your logs? The people that identified the algo are just looking at quotes coming in from different exchanges. What logs do you think they can look at?
So, requests come into the trading system and there's no tracability? No credentials? No security? I'm not very religious, but heaven help us if this is the state of the Wall Street automation!
Each participant is identified to the exchange (or ECN or ATS) by a MPID (market participant ID), but individual quotes on an exchange's limit order book are not tagged.
I suppose that's technically correct-- we don't know how the algorithm works. But they make it sound like they have no idea to whom the algorithm belongs. If your logging can't get you this information (the bot's owner), I have no hope for the security of the exchanges.
If this kind of thing is a problem, then read your logs, visit the 'offending' party, and Do Something About It.