UK trader arrested for May 2010 U.S. Stock market flash crash
- Thread starter just21
- Start date
This case is such complete and utter horseshit.
5 years after the "flash crash," and this is the guy they're holding up as its poster boy? lol, really, this is THE BEST the SEC and CFTC can do?
They're going to crucify this kid for no other reason than to pat themselves on the back, and show mom 'n pop that they're on task. How many traders at the CME have received messaging violations since that became a thing? Seriously, think back to what your messaging ratios have been and give me a good reason why THAT'S not evidence of spoofing?
They say he made $40mm since the flash crash, and anectdotally list some of his bigger P&L days, but they make no mention of his losing days. For all we know he made $900k on flash crash day and lost $2mm the next.. so what?
If we're going after individuals because they (somehow, inexplicably) cause markets to go down, then I want Lloyd Blankfein arrested for causing my 401k to plummet during the financial crisis, and Jamie Dimon hung, drawn and quartered because my house depreciated 10%.
Doesn't sound logical, because it's not. This case is no different.
Again, some random dude trading on EXCEL SPREADSHEETS is to blame for flash crash? The way the indictment reads serves no other purpose than to poison the jury pool, and make certain this a quick win/slam dunk for the government.
This really is too much; SEC/CFTC incompetence on display.
5 years after the "flash crash," and this is the guy they're holding up as its poster boy? lol, really, this is THE BEST the SEC and CFTC can do?
They're going to crucify this kid for no other reason than to pat themselves on the back, and show mom 'n pop that they're on task. How many traders at the CME have received messaging violations since that became a thing? Seriously, think back to what your messaging ratios have been and give me a good reason why THAT'S not evidence of spoofing?
They say he made $40mm since the flash crash, and anectdotally list some of his bigger P&L days, but they make no mention of his losing days. For all we know he made $900k on flash crash day and lost $2mm the next.. so what?
If we're going after individuals because they (somehow, inexplicably) cause markets to go down, then I want Lloyd Blankfein arrested for causing my 401k to plummet during the financial crisis, and Jamie Dimon hung, drawn and quartered because my house depreciated 10%.
Doesn't sound logical, because it's not. This case is no different.
Again, some random dude trading on EXCEL SPREADSHEETS is to blame for flash crash? The way the indictment reads serves no other purpose than to poison the jury pool, and make certain this a quick win/slam dunk for the government.
This really is too much; SEC/CFTC incompetence on display.
Most HFT firms are smarter than this. And they aren't going to "front run" an order that isn't even making a trade.
It affects algo traders that are relying on unintelligent order book strategies. These are probably not HFT firms.
some traders watch the bid ask at different levels to get hints, supposedly , of the degree of interestn buying and selling.
Don't get me wrong, he was an idiot.
If the Merc gets in touch with you (and you want to continue in this business) then you work with them in a constructive manner to resolve any issues.
You certainly don't tell your FCM (who by definition is in bed with the CME) that you "told ‘em to kiss my ass".
The fact that he's been foolish however doesn't change the fact that numerous institutional players operate in EXACTLY this way here in The City and I assume in the States. The difference is they are infinitely more powerful (the biggies having significant lobbying power in D.C.)
The reality is the CFTC needed a scapegoat to save their sorry arses from being dragged up in front of various committees. By virtue of the fact he (a) mouthed off about the CME and (b) left such an obvious paper trail, he made himself a prime candidate.
Coming from a humble background and making millions the guy must have felt untouchable.
This was the most beautiful off topic rambling I have read all day!! And for that, I thank you.
There is a huge difference between a shit car and a decent car. You don't need a flashy car specially if you live in a not so good neighbourhood, but if you have 40 mill in the Caymans, you should have your own car not your parents, otherwise you are just cheap....
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And don't forget - small trader with a lot of profit made (which the big boys absolutely fucking hate).
http://www.dailymail.co.uk/video/video/video-1177666/Home-Hound-Hounslow.html
neighbors interviewed....
neighbors interviewed....