Themis Trading Blog

Where Were The Regulators?

23

Apr, 2015

nanexflash

“On average, on the Example Price-Impact Days, Defendants used the Layering Algorithm to place hundreds of orders for tens of thousands of contracts that were modified thousands of times and eventually canceled over 99% without ever resulting in a trade.” – CFTC Complaint Against Navinder Singh Sarao, 4/21/15

The numbers in the above statement are astonishing  especially since they were done by a single trader.  But more astonishing is the fact that Navinder Singh Sarao perpetrated this alleged fraud for years before finally being arrested yesterday in the UK.  While the folks at [ continue reading this post » ]

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The UK Flash Crash Spoofer Case Brings More Questions Than Answers

22

Apr, 2015

flashcrash3

After reading both the Department of Justice and the CFTC cases against the UK Flash Crash spoofer, Navinder Singh Sarao, we are left with more questions than answers.  While some in our industry are already debating whether or not Sarao was a high frequency trader, we don’t think this is the important issue in this case.  This case is about manipulation and the lack of regulatory oversight which allowed it to continue for five years.  

We trust by now that you are familiar with the details of the case but if not the CFTC…
[ continue reading this post » ]

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