Before revision:  In particular, we identify situations in which probabilistic sniping is genuinely profitable that are qualitatively different from the ones obtained in 14 . Keywords: algorithmic trading, sniping, electronic exchange, high-frequency traders, Nash equilibrium, repeated games, bandits , subgame-perfect equilibrium  , transition
After revision:  In particular, we identify situations in which probabilistic sniping is genuinely profitable that are qualitatively different from the ones obtained in 14 . Keywords: algorithmic trading, sniping, electronic exchange, high-frequency traders, Nash equilibrium, repeated games, bandits , subgame-perfect equilibrium , Sequential probability ratio , transition