[aaren]

You could intercept and then re-emit false market data, then trade against whatever position this puts the users of that data in.

Whether you could do this, and do it without being noticed, I'm not so sure.

[scottlocklin]

You're going to use ... what ... to re-remit false market data? A model airplane, compared to a giant tower designed to send microwaves over vast distances. Sure, that sounds possible. As for intercepting the signal for profit ... what are you going to do with it? The microwaves are already the shortest path.

[aaren]

I agree, it would be technically difficult.

My point is that there is a mechanism by which you could profit: false market data. Whether you could remain undetected and whether this could actually be implemented technically, legally or logistically seems uncertain.