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Pensacola Discussion Forum » General Discussion » Stock market rigged by high speed traders

Stock market rigged by high speed traders

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othershoe1030

othershoe1030

Briefly a bunch of tech savvy traders discovered that the trades they were trying to make for their large investment clients were being messed with by the high speed traders. The purchase orders would be intercepted by the high speed folks then their computers would place orders for the same stocks ahead of the original order. They managed to skim off billions using this legal scheme. The new guys on the block have started their own exchange which is doing well. The people who continue to trade as before are still getting ripped off.



http://www.cbsnews.com/news/stock-market-rigged-says-michael-lewis-in-new-book/

knothead

knothead

I saw this story on "60 Minutes" only yesterday. Actually a rigged but fascinating scheme that is technically not illegal btw. If I understood it, the interception of the data was 3 milliseconds sooner than other big traders but more than enough time to give an advantage for the powerful computer programs to immediately place the buy and sell orders just ahead of everyone else.
Interesting and very informative story . . . thanks for posting OS!

Margin Call

Margin Call

I just had a flash-back to 2008. What a Face 

othershoe1030

othershoe1030

Margin Call wrote:I just had a flash-back to 2008. What a Face 

Oh NO! Not THAT again! Really, the head guys at major funds did not realize this was going on and the tech guys basically knocked on doors and explained to them what was going on. Amazing. As usual a few tricky people make millions while the rest of the country struggles on. And yes, it was not illegal. They said it was so complicated from a technological point of view that it was basically invisible, happening as it did in milliseconds.

Floridatexan

Floridatexan


http://www.zerohedge.com/news/2014-03-31/high-frequency-trading-why-now-and-what-happens-next

Guest


Guest

That's how the fascist economic model works... not much of a surprise.

Sal

Sal

"High Frequency Trading" is front-running.

And, front-running is a form of insider trading and is illegal.

When are we gonna start prosecuting these fuckers?

 Mad Mad 

knothead

knothead

Sal wrote:"High Frequency Trading" is front-running.

And, front-running is a form of insider trading and is illegal.

When are we gonna start prosecuting these fuckers?

 Mad Mad 

Sal, the story on "60 Minutes" said it was not illegal but, if true, begs the question as to "Why?" I suppose.

Floridatexan

Floridatexan

So the big guys didn't know what was going on? OK...want to buy a bridge? "Pay no attention to the man behind the curtain."

Guest


Guest

As long as they keep on printing money the stock market will be bloated.
Should be in the 700s with a daily rise to 900 maybe 1000. It does not reflect true.

But then what does these days?

Floridatexan

Floridatexan

knothead wrote:
Sal wrote:"High Frequency Trading" is front-running.

And, front-running is a form of insider trading and is illegal.

When are we gonna start prosecuting these fuckers?

 Mad Mad 

Sal, the story on "60 Minutes" said it was not illegal but, if true, begs the question as to "Why?" I suppose.  

This timeline may shed some light on the subject...or raise lots more questions:

http://www.waterstechnology.com/waters/news/1610603/remember-when

Sal

Sal

knothead wrote:

Sal, the story on "60 Minutes" said it was not illegal but, if true, begs the question as to "Why?" I suppose.  

I'd take issue with that assertion.

Just because they've found a new way to commit an old crime does not make it legal.

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