UK trader arrested for May 2010 U.S. Stock market flash crash

[Gamer]

Uh...doesn't take a genius to know that some of that 14 million pounds of claimed expenses were bogus. I mean even if he went to the strip club twice a day, he couldn't have blown that much cash in a year.

Do you understand that every year a UK company has to file its corporation tax to HMRC and file an annual report to Companies House? And do you really think a multi-millionnaire trader like him would get involved in an accounting arrangement if it wasn't watertight?

You should have said "Although I am not an accountant, I still think he's in huge trouble with the UK taxing authorities, let alone the CFTC" - and all would have been clear.

 

[EON Kid]

Deutsche Bank are to pay a record $2.5 billion fine to settle Libor

http://rt.com/business/252389-deutsche-bank-libor-fine/

"The authorities have ordered seven managers suspected of involvement in the rigging to be fired. They are reportedly among more than two dozen employees believed to have taken part. Most have already left the bank."

what a fricken slap on the wrist for these traders

 

[TraDaToR]

It 's possible he is not in trouble legally for his tax avoidance scheme(That's what I meant... In my country "tax evasion" means tax avoidance not tax fraud ...), but it is not working in his favor...And telling a regulator about having his biggest day while sleeping neither...I am just commenting his behaviour outside trading, he is probably an incredible trader...

 

[just21]

http://www.wsj.com/articles/trading...s-shifted-1429881318?KEYWORDS=trading+arcades

WSJ claims 200 trading arcades in UK 10 years ago.

 

[syswizard]

he is probably an incredible trader...

That remains to be seen....he had a distinct advantage with his spoofing algo and his co-lo arrangement. Let's take them away and see how he does then.

 

[londonkid]

Is CME globex in slough?

I believe they connect into the LD4 data centre which is on the slough trading estate. HFT microwave into there.

 

[just21]

I believe they connect into the LD4 data centre which is on the slough trading estate. HFT microwave into there.

Equinex LD4 in Slough. Do you think Nav had an edge because he was in hounslow as the Daily Mail claims?

 

[TraDaToR]

That remains to be seen....he had a distinct advantage with his spoofing algo and his co-lo arrangement. Let's take them away and see how he does then.

Many people tried the spoofing game and really few did well...The biggest( Rotter, Igor, Sadao ) did well...Those who manipulate the most makes the most...The only problem I have ( apart from the manipulation itself ) is that it is too short-gamma. Imagine he is flashing 2600 lots on a surprise rate cut or a 9/11 like event and the ES spikes instantly 50 handles, that's a year worth of profits gone in one second...

 

[syswizard]

Many people tried the spoofing game and really few did well...

I know that, and Nav's brilliance shows in the design of the Algo...the layering and large-bet placement...and timing. Everything had to be orchestrated together to make it work.

Those who manipulate the most makes the most...The only problem I have ( apart from the manipulation itself ) is that it is too short-gamma. Imagine he is flashing 2600 lots on a surprise rate cut or a 9/11 like event and the ES spikes instantly 50 handles, that's a year worth of profits gone in one second...

Well at one point he was trading $ 9 billion notional....so that was massive manipulation.
Do you think for a minute he would ever consider trading near events like that ?
No question, an atomic bomb could go off, but what are the chances ?
Also, I am sure that he had some logic in there to immediately close all positions based on the tick rate or price movement or some other metric or condition.
One second is like a lifetime in Nav's world.

 

[dealmaker]

He needs to raise bail and then run, not walk, to the Ecuadorian embassy here in London and request asylum (see Julian Assange). Probably only chance for him to escape the wrath of the Empire , ooops i meant the USA.

Why Ecuador when can run to India where there is no extradition treaty with US.