Flash Crash trader who allegedly helped trigger the £500 billion Wall Street
Apr 22, 2015 at 19:27
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6 Replies
Biedrs kopš
297 ieraksti
Apr 22, 2015 at 19:27
(labots Apr 22, 2015 at 19:40)
Brunel University graduate Navinder Singh Sarao, who allegedly helped trigger the £500 billion Wall Street 'flash crash' in 2010, is granted £5m bail as he fights extradition
https://www.telegraph.co.uk/news/uknews/crime/11556372/Flash-Crash-trader-Navinder-Singh-Sarao-a-prankster-who-always-got-away-with-it-friends-say.html
very interesting story . start reading from page 7-9 as it explained how did he do it .
i think you can still do is now but u need to be somewhere safe and well away from US , UK and EU borders ( only joking )
https://www.telegraph.co.uk/news/uknews/crime/11556372/Flash-Crash-trader-Navinder-Singh-Sarao-a-prankster-who-always-got-away-with-it-friends-say.html
very interesting story . start reading from page 7-9 as it explained how did he do it .
i think you can still do is now but u need to be somewhere safe and well away from US , UK and EU borders ( only joking )
Biedrs kopš
40 ieraksti
Apr 23, 2015 at 13:04
I doubt you can get away no matter where you live.. maybe from Iran or Russia ;)
Biedrs kopš
297 ieraksti
Apr 23, 2015 at 14:52
well , he was doing that from 2009 until 2014 and he was PAYED ( without a problem ) every single time... greed thats what got him at the end . what i dont understand is why is his broker never stopped him from doing what he was doing .they could just told him not to do it again and refuse a withdraw ( on grounds it was illegal move or what ever .... ) but they never stopped him ..
Biedrs kopš
40 ieraksti
Apr 23, 2015 at 15:33
DrVodka posted:
well , he was doing that from 2009 until 2014 and he was PAYED ( without a problem ) every single time... greed thats what got him at the end . what i dont understand is why is his broker never stopped him from doing what he was doing .they could just told him not to do it again and refuse a withdraw ( on grounds it was illegal move or what ever .... ) but they never stopped him ..
More volumes = more commissions, I guess.
But yes, greed does catch up at some point. That 'one last time' and boom!!
Biedrs kopš
2 ieraksti
Apr 23, 2015 at 17:44
I don't get why is this illegal. Perhaps because I'm a newbie, but from what I understand, he placed huge orders to trick algos and traders into buying or selling (moving the price to where he wanted) and then withdraw those orders and bought cheap.
Biedrs kopš
297 ieraksti
Apr 23, 2015 at 18:44
well he was 'spoofing ' the market with massive false orders - it is illegal i think . But Then again what is spoofing ??? what if i changed my mind and cancel the order or something is that a spoofing as well .
Biedrs kopš
44 ieraksti
Apr 23, 2015 at 21:16
DrVodka posted:
well he was 'spoofing ' the market with massive false orders - it is illegal i think . But Then again what is spoofing ??? what if i changed my mind and cancel the order or something is that a spoofing as well .
If convicted this could open a whole new can of worms for large traders.
I'm not sure as traders we should use the word 'Greed' we play a zero sum game. There's Wealth Accumulation and Excessive Wealth Accumulation, neither of which IMO is Greed.
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