SoylentNews is people
SoylentNews
Nainder Sarao sits in jail because he cannot raise the £5M bail that is required for his release. He has apparently made millions while living in his parents' basement, but doesn't have access to the money because his accounts have been frozen. What is claimed by US authorities is that "... Mr Sarao placed "spoof" trades in E-Mini S&P derivatives in a bid to push the market in his favour. The orders would be placed and withdrawn in rapid succession using a customised computer programme, they allege", which sounds a lot like high-frequency trading. Perhaps his real crime was to copy the techniques of wealthy high-speed traders?
This discussion has been archived.
No new comments can be posted.
UK Citizen in Jail for Causing "Flash-Crash", or Just High-Frequency Trading?
|
Log In/Create an Account
| Top
| 37 comments
| Search Discussion
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
You have a message from the operator.
(Score: 2) by Fluffeh on Sunday May 24 2015, @11:06PM
Indeed, there should be a reward for separating stupid (people, software, corporations) from their resources as quickly as possible, to minimize the damage they can do.
The problem in itself is that it's the "stupid" people who end up footing the bill when the smart people muck it up. All those banks that were bailed out... that's taxpayer money. All those massive losses of investments... that's retirement plans. Sure, a few folks here and there who had a lot of money lost it too - but insignificant sums compared to the losses worn by the general population.
I agree with the sentiment in your comment for the most part, but not when punishing the minority also means punishing the vast majority.