We propose a general model underlying the problem of designing trading strategies that leak no information to frontrunners and other exploiters. We study major scenarios in the market and design a family of algorithms that can be proven to leak no information in important scenarios. These algorithms can serve as building blocks for more challenging real-world scenarios beyond our current scope. In contrast to previous work, the strategies we propose protect trader using the existing trading infrastructure. 1

Large market participants (LMPs) must often execute trades while keeping their intentions secret. Sometimes secrecy is required before trades are completed to prevent other traders from anticipating (and exploiting) the price impact of their trades. This is known as “front-running”. In other cases, LMPs with proprietary