First of many sanctions for hft criminals

Discussion in 'Trading' started by stock777, Sep 13, 2010.

  1. GTS

    GTS

    Dud, you are a legend in your own mind.
     
    #11     Sep 13, 2010
  2. Is it painful? Try a topical anesthetic and a sledgehammer.
     
    #12     Sep 13, 2010
  3. Sadly, stock777 is living proof of what years of exposure to this fraudulent farce of a market will do to someone. After awhile, everyone develops into a "cynic's" cynic. The inflate at all costs, damn the consequences mentality of a monetary system that is long in the tooth casts aside everyone but the tiny faction of central planners and their cronies.

    We see that every day now and in every single utterance that comes from their mouths.
     
    #13     Sep 13, 2010
  4. This is very interesting. The problem though, is that the market manipulation rules are unclear. Nowhere in the SEC or FINRA documentation can anyone find a definition of market manipulation.

    It is natural for a market to back off from a large resting order. Other's will "lean" on this order and bounce their trading prices off of it. So, these guys simply created an order for others to "lean" on, traded the other side, then yanked their large working order.

    I have seen that maneuver pulled by almost every trading company I have ever been around. I supposed the difference would be that most companies don't write this into their code, and simply do it maually--or in open outcry market making.

    I am very curious if the SEC and FINRA will actually define manipulation, and give a few examples of what is not allowed, vs what is acceptable business practices.

    The problem here, is the masssive grey area created by unclear regulations.
     
    #14     Sep 13, 2010
  5. I believe the regulations say any bid or offer you make in a stock is supposed to represent a legitimate intention to buy or sell the quantity posted at that particular price at that point in time. Yes, things can change rapidly and you can pull your order as fast as you want, but for at least the instant in which you placed the order it is supposed to be a legitimate intention to buy or sell.

    In these cases there was never any intention for those orders to be filled, they were purely placed to make a stock look strong or weak in order to drive the price up or down before executing their actual order.
     
    #15     Sep 13, 2010
  6. Tsing Tao

    Tsing Tao

    hey dont point that dick at me

    ive been right beside you on the whole robot/hft thing and agree wholeheartedly
     
    #16     Sep 13, 2010
  7. notice how the well named jerkstore (freud?) is always apologizing for crimes committed.
     
    #17     Sep 13, 2010
  8. #18     Sep 13, 2010
  9. Welcome new et user, or is it nick #143 for an old discredited one.

    Speaking of "cynic's" cynic, what does monetary policy have to do with painting the tape? You're not obsessed are you?
     
    #19     Sep 13, 2010
  10. businessstaxes

    businessstaxes Guest

    the rules on market manipulation are very clear.

    these aren't amateur traders or firms.

    these are professional firms and they know what market manipulation is.

    SEC hasn't been enforcing the market manipulation rules that is why since everybody is doing it from Goldman Sachs to small trading firms. The budget is of SEC and finra is very small.

    and did you know that scalping tickets is 'llegal' in some countries.. the financial markets are no different from any market. and in an auction, your bid is binding.

    putting fake bids with no intention of filling it is market manipulation. market makers who put bids in the market have to honor their bids or offers.

     
    #20     Sep 13, 2010