I agree. I'm not one to use the "disruptive" term frequently, but that's what's going on here, IMO - traders are using disruptive technology. As with mp3s, the answer (again, IMO) is not to try to prevent their use, but to adapt the business model and laws to take advantage of them. That might mean significant changes to - and upheavals in - the financial world, but the financial world has never had qualms about inflicting those on other people.

Sooner or later, people are going to be able to communicate using encrypted channels without even needing an external device, just like they're going to be able to capture stills and video without needing anything other than their eyes and implanted hardware.

Rather than trying to enforce increasingly-unenforceable rules, I think it makes more sense to think about the business (or other organization) those rules are designed to protect, and make a call on whether it's even practical or needs to be reworked - or maybe even scrapped and replaced with something else.