John Coates
Australian lawyer and former president of the Australian Olympic Committee
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Sep 22, 2026
Is Trump Media’s Early-Access Feed Lawful?
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Jack GoldsmithHOST
John, outside the truth social context, isn't selling low latency access to already public information a standard business practice done by Bloomberg, Dow Jones and the like?

John CoatesGUEST
I mean, even 50 milliseconds of a timing advantage is commonly paid for by third parties in the markets.

John CoatesGUEST
The easiest example is arbitrageurs who are trading in two different markets and they see the same asset being traded at slightly different prices.

John CoatesGUEST
They buy in one, they sell in the other, and the faster they can exploit that gap, hopefully before anybody else does, the more likely they're gonna profit from that.

John CoatesGUEST
And so they'll pay millions to co-locate, to physically locate their computer systems to be very close to the source of whatever information they're trading on.

John CoatesGUEST
Um, but here's the difference between that, which is pretty common and what's going on here in those situations.