CampBX has been very closely tracing Coinbase's price now for some days. I've never seen it follow another exchange so closely. My theory is that their ACH beta testers have been arbitraging any inefficiency out of the price...
I think you're getting warm... pure speculation here, but let's piece together the available information:
Dwolla – BX's primary method of deposit – has been gone for nearly 2 months, and with it, likely a huge percentage of their transaction fees (revenue). They've got to be hurting pretty bad financially.
However, despite deposit options drying up, we've seen the BTC price on BX rise to the point where it's nearly on par with other exchanges (a rarity), along with a noticeable increase in transaction volume and market depth. And yet, we're hearing story after story about delayed/missing deposits/withdrawals. How is all of this trading occurring on BX if everyone's money is in limbo?
On its face, this makes no sense... unless you consider this angle: Perhaps the folks running BX – and not these mysterious "beta-testers" (who may or may not actually exist) – are using this new ACH deposit system TO ARBITRAGE THE HELL OUT OF CUSTOMER FUNDS in order to stay afloat? This explains everything – the stall tactics, the missed deadlines, the delayed deposits/withdrawals, the price/volume oddities...
Tread carefully, folks.