Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
How can we tell the difference between profits from market-making and front-loading?

Simple, presuming you meant front-running.  The exchange pays them ~1/4 cent per trade "to provide liquidity."  Subtract that out.  GS should be paying the exchange for the "cover" that this "liquidity provision" service affords, IMO.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jul 15th, 2009 at 02:10:41 PM EST
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