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bears21
Registered: Jan 2007
Posts: 195 |
09-26-12 09:36 PM
Quote from traderpro:
Bottom line, creating a false market is illegal!
an execution trader has to get rid of a ton of size for his client. do you think he should show his entire hand to the whole market so everybody can front run his orders just for the sake of making the markets look crystal clear without any false impressions.
by your theory the game of poker should be illegal too since they are trying to give false impressions on the hands they are playing.
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traderpro
Registered: Feb 2003
Posts: 641 |
09-26-12 10:15 PM
Quote from propseeker:
oh, i see. yes, i'll have to do that. thanks for the advice.
Your welcome! This whole manipulation case is about exploiting execution, at one time this was not illegal or wasn't looked at. The laws changed, we just need to follow the rules as they change. They pop stop orders as they know where the orders are set to execute, so on the big institutions shame on them. For the day traders, they got tempted but remember the public's money is at stake and for some their 401s, retirement and so on.
You will see more cases like this come in the future.
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Grandluxe
Registered: Aug 2006
Posts: 2461 |
09-27-12 12:42 AM
Quote from traderpro:
Your welcome! This whole manipulation case is about exploiting execution, at one time this was not illegal or wasn't looked at. The laws changed, we just need to follow the rules as they change. They pop stop orders as they know where the orders are set to execute, so on the big institutions shame on them. For the day traders, they got tempted but remember the public's money is at stake and for some their 401s, retirement and so on.
You will see more cases like this come in the future.
LOL pretty sure he was being sarcastic.
Anyone who has traded in a hedge fund, prop firm, market making firm will have done stuff like that a million times over.......
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brokerboy
Registered: Oct 2003
Posts: 1881 |
09-27-12 12:56 AM
i am not debating what people do. its like if you walked into a store with a toy gun that looked real and you asked for a package of free cigarettes. when doing that you did not point the gun, or say you would use the gun, you just made it noticeable. is that legal?
Quote from propseeker:
i make money trading, my questions are rhetorical. the purpose of which, is to give some of you who aren't particularly well-versed in market microstructure something to think about before making broad spectrum assessments like, "it's all illegal if you need to give a false view."
what does that even mean? a "false view"? if you post huge fake size, even if you have no intention of filling it and even if only for a few hundred milliseconds, and i stuff you, your "false view" is going to get awfully truthful very quickly.
this happened to hold a couple of years ago. one of their russian subsidiaries spoofed outrageous size on an etf. they got instantly stuffed, turned off their computers, and were never heard from again. hold spent the rest of the day liquidating that position and ended up eating about million on that trade.
the markets can and do work this stuff out.
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traderpro
Registered: Feb 2003
Posts: 641 |
09-27-12 01:36 AM
Quote from Grandluxe:
LOL pretty sure he was being sarcastic.
Anyone who has traded in a hedge fund, prop firm, market making firm will have done stuff like that a million times over.......
LMAO ive been trading close to 15 years, im one of the last soes bandits. Ive seen it all
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