My issue with trading is people will pay real money for in game gear
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^THIS! A trade system means all the best gear gets farmed and sold to the highest bidder on some third party site. COMPLETELY OPPOSITE of Bungie's vision for the game and something that would be very frustrating for the majority of players. Getting beat on by someone with Vex is bad enough the way it is but can you imagine getting beat on by someone who BOUGHT Vex for $1000 vs a player who actually earned it in a damn hard raid? Trading would be terrible plus it is completely unnecessary. Play the game and you'll find the gear you want.