This page has been archived and commenting is disabled.
Why Nav Sarao Had To Be Destroyed: He Found A Way To Beat The HFTs At Their Own Game
Now that the confusion and the initial smoke following the stunning CFTC/DOJ/FBI allegation that the entire Flash Crash was the result of just one high latency UK trader's actions has cleared, several critical things have emerged.
First: Nav Sarao not a typical massively funded, connected and lobby-protected High Frequency Trader, such as Citadel or Virtu, using countless algos across numerous fragmented markets to frontrun size order blocks, but an old-school "point and click" prop trader. This is how he described his trading style in a response to the UK regulator:
I am an old school point and click prop trader. To this day I am still using the mouse to trade. That is how I trade, that is how I always have traded, admittedly very very fast because I have always been good with reflexes and doing things quick. My trading is for the most part very short term and for very small profits, a large proportion of my profits are 1 price movements, which in the eminiSP's case would be a quarter of a tick. I have also take longer term positions In the past and my biggest day was actually made for the most part whilst I was sleeping!
I am a trader who changes his mind very very quickly, one second I am prepared to buy the limit of 2,000, the next second I may change my mind and get out. This is what is unique about my trading I trade very large but change my mind in a second. This is why MF Global had to speed up their systems for me, yes they have other hedge funds etc trading 2,000 lots, but they didn't have anyone buying 2,000 and getting out seconds later and then going short a thousand ! All this traded volume was something that MF Global's system was not prepared for and I remember at the start their system was too slow for me. And all this is done with the my hand and a mouse.
What makes me change my mind? Well it could be anything, a move in one of the other markets that I look at, a chart set up that I suddenly remember from my 11 years of trading, or simply the WAY I was filled made me doubt my position, or for the large part it is just my INTUITION.
And while nobody will ever accuse Sarao of being a fundamental trader, he worked on a time horizon that is infinitely longer than that of collocated algos: while HFTs deal in tiny oddlots on a constant basis (for fear of being actually hit or lifted thus never actually providing liquidity) Sarao held on to large lots of what in HFT terms is an eternity: seconds or longer.
My orders are 100% at risk, 100% of the time. If I want to trade 300 lots I clip 300 lots as one order, I do not trade 300 one lot trades (so that it counts as 300 orders) in order to fulfil the CME messaging policy like HFT's have to do in order to make up for their 95% of orders which are neither genuine or possibly not even tradeable. Certainly not for a guy like me who is trading from the UK and whose system is miles too slow compared to these people due to the fact my orders have to travel further than everyone else's who are trading In USA. No wonder they can manipulative (sic) on top of my orders without any risk, for even when I change my mind and decide to sell into my buy order, the manipulative orders on top of my initial buy order disappear in the 4 milliseconds It takes for my buy order to be cancelled and replaced with my sell order so that I do not trade with myself !!!!!
Second, as we first observed yesterday, the real reason Nav was picked as a scapegoat is because he threatened to expose the "mass manipulation of high frequency nerds." This was validated last night when Bloomberg reported that "the sleuth who pieced together Navinder Singh Sarao’s pattern of spoofing isn’t an FBI agent or regulator. He’s an academic whose research has taken the view that high-frequency trading is good for markets." Hence, Sarao is bad for the HFTs and should be "eliminated."
Today, we find precisely how and why Sarao was singled out: he not only exposed out the parasitic trading strategies of the real culprits behind the broken market, the massive HFT firms (such as Virtu which went public 24 hours before the Sarao charges were filed) which gave the "regulators" no choice: one of them had to be put away for good, but found a way to capitalize on the algos' stupidity, and actually make money by beating them at their own game.
As such, regulators and exchanges such as the CFTC and CME had no choice but arrest him and prevent him from trading ever again!
Here are the details from his May 29, 2014 email to a FSA regulator:
I don't like the HFT arena and have complained to the exchange numerous times about their manipulative practices, please BAN IT, Another good rule change would be to increase the maximum clip size of the market from 2,000 to 5,000 lots. This would make people more wary of putting fake orders up and down the market depth because they would be more at risk of getting hit. I have asked the exchange a few times for this, and this was then proposed, but unfortunately rejected by the other people questioned !!!!
I have traded using a basic TT for numerous years. Due to the tact that there were some individuals In the emini SP who quite remarkably seemed to know WHERE 100% OF MY ORDERS WERE RESTING, even If they were over 90% partially filled !!! and hence made a concentrated effort to manipulate around those orders so they would not get filled, I decided to pay Edge Financial to build a program for me that would help disguise my orders more effectively. Initially 1 was told that the reason these individuals knew where all my orders were was because traded so big and was as such 'the elephant in the room'. However, It is worth noting that further examination showed that their special manipulative activity occurred exactly the same if I did a 20 lot order or a 200 lot order.
In other words, precisely what we have claimed from day 1: HFTs do not provide any liquidity at all - they merely look for size orders and immediately seek to frontrun them, in the process actually soaking up market liquidity .
And while the world wonders how it is that Virtu can have 6 years of trading with just one trading day loss, Sarao not only figured out how to outmanipulate the manipulators, but how to profit from it.
Here is his explanation:
I asked Edge to design 3 more functions specifically to help try and hide my orders from these people. I do not know if this can be described as HFT, to me it is just giving me the ability to have some extra functions that my base trading software (TT) does not give me and it should be noted that I only use these functions intermittently and sometimes not at all. it is called Navtrader, but it could be called anything and I was the only one who helped design it, albeit my design ideas were 100% generated from what I had already seen other traders using already in the emini SP, Please note I believe I have only had this NavTrader since the beginning of 2013 at the very earliest.
I decided that the only way I could mask my orders, was to place them as the market changed price so that they may not be seen in the 'chaos' of a price change. So I would have my orders pending to be placed as the market went from bid to offer or offer to bid.
The 3 main functions are as follows:
JOIN : These are pending orders that will be joined anywhere requested along the order book and become active when the price changed. Remarkably, these orders were still subject to the insider trading I describe above, even when they are as small as a 50 lot!
SNAP : These are orders that are the same as JOIN but at the market best price so that they become traded almost immediately. I also have a function that lets you put in a minimum quantity so that the buy/sell SNAP order only becomes active when there is a minimum of that number of contracts on the offer/bid. This worked rather beautifully when the mass manipulator of the e-mini sp was doing his normal manipulative activity at price 1800,00 on Friday 24th January circa 12.23pm. The fake bids he had placed were being removed too quickly for me to hit If I had put a snap for 700 with 0 as minimum volume it would not have been filled because as soon the bid was more than 1 lot big the 700 would have been active. With my 699 then resting the normal forms of manipulation that occur on 100% of my orders EXCLUSIVELY would then have preceded to follow. So i put a 700 lot SNAP with a minimum volume of 6OO, et voila I got my full 70.
Here is Nanex' Eric Hunsader showing precisely how he did it:
The Sarao vs #HFT spoofing battle captured on a Nanex chart: pic.twitter.com/rScgu6kuW2
— Eric Scott Hunsader (@nanexllc) April 24, 2015
Sarao continued:
ICE : The iceberg function on the CME isn't adequate for me, I hardly ever use it because it puts me at the back of the queue all the time. Hence, 2,000 needs to trade to get me out of 800 lots for example, My iceberg function is placed at a price and as soon as it is bid/offered at the price the iceberg will take all contracts at the price up to and including the number of my order. Again, there is a minimum volume box, so for example 1 can put 50 into it and put a sell ICE of 1,000 and then at that price every time the bid is more than 50, the ICE wilt take all contracts out until 1,000 is traded. This is a good way of catching spoofers, and et voila I can trade 1.000 lots at one price (following on from the above example),
The other orders I sometimes place during the day are slightly away from the market price and move up and down as the market moves with It. This Is to catch any blips up/down in the market so that I can make a small profit as the market comes back into line (almost immediately). These orders are placed rarely and only when I believe the market Is excessively weak or strong. Again, this was inspired by other traders I could see doing the exact same thing.
I am a member of the CME.
Alas, not any more, for one simple reason: you showed the broken system that it can be beaten, and explained how.
As a result, the only response the broken system had was to put you away for good.
Oh and as for the actual question whether Nav Sarao caused the Flash Crash, the answer is: of course not.
This chart exonerates Sarao for causing the flash crash (did he contribute? MAYBE. Cause it? NO) pic.twitter.com/OPdLtgieSe
— Eric Scott Hunsader (@nanexllc) April 24, 2015
- 129625 reads
- Printer-friendly version
- Send to friend
- advertisements -


Corzined
An Indian dude out mathed a boat load of idiots educated by USSA govt schools. Whodathunkit!
Who still uses hotmail?
This guy knew the way to bring down their system. That is why he was outed.
Doesn't hurt that he was on the sellside and brown.
pods
Can it be done again?
Do I sense an offer of employment to Sarao from Zero Hedge to be a fellow Tyler Durden?
NO fuckin CLINTONs
NO fuckin BUSHs
spread the word!
May 1st: CPX Jackson
https://sparks31.wordpress.com/2015/04/22/may-1st-2015-cpx-jackson/
Find it fascinating that he is of Indian Origin and actually DOES live with his pa-rents :-) Too ironic.
His name does not sound Indian at all, I thought it was an italian name.
Savvy Navvy....I hope he guts the beast...
Meanwhile, a stream of consciusness...
https://www.youtube.com/watch?v=x6F6olSbupc
To do that stuff on May 1st though, won't that get painted as 'commie sympathizing' by the media?
Ok, the question of "why wait five years" to bring this case in at the last moment just under the statute of limitations?
Perhaps this: In legal cases involving 'cases that are in need of a resolution (or scapegoat)' but are sensitive for one reason or another (corruption, or for political reasons, etc), it is strategically beneficial to wait until the last minute to bring said harmless scapegoat to court just under the statute of limitiations. For two primary reasons:
1. It allows one party to be accused and tried (scapegoated) for said crime within the allowed statute of limitiations. Chosing a harmless scapegoat can minimize any fallout to interested parties.
2. It allows all other parties involved to be 'unofficially' absolved of any wrongdoing after the statute of limitations is up.
The above is important in any case that has significant pressure to reach an end point or resolution due to public interest or blatent overwhelming evidence of wrongdoing by the parties involved. The prosecution, having been corrupted, will opt for the scapegoating a harmless party just before the statute closes while allowing the others to lapse, thereby absolving them of any wrondoing.
In short, it's a complete sham.
Welcome to the world we live in.
Malice disguised as incompetence. The whole "tick tock" thing is really sinking in.
in an age of deceit, telling the truth becomes a radical act.
God bless Zerohedge.
MSM, go fuck yourself
Agreed.
ZH is doing G--'s work with this unfolding story.
Great stuff.
Zerohedge, this is the type of work I'm talking about. What a fucked up story and that Nanex chart that shows he turned off his algo before the flash crash will NEVER see the light of day on CNBC or be allowed as usable evidence at his trial. What a joke.
Wait for Elizabeth Warren ( .gov) and Yellen ( .banks) proclaim "We need more regulators!"
Clearly.
This whole gov/regulatory racket is owned and operated by the financial industry.
Impressive guy to say the least. Not many who dare or got the brains to fuck the HFTs. Hope he is exonerated and the REAL thieves and con-artists get som quality time in Sing-Sing.
correct. this guy is a trading superstar.
correct. this guy is a trading superstar.
I think you got it backwards. The whole financial industry is owned and operated by the gov/regulatory racket.
The Law is force. Money is not.
Money buys the law and force.
Has everyone already forgotten that the flash crash occurred at the EXACT TIME that CONgress was in session debating whether to limit the size of banks or allow them to grow even larger than TBTF&Jail?
https://en.wikipedia.org/wiki/Brown%E2%80%93Kaufman_amendment
"The proposal failed on the Senate floor by a vote of 61 to 33 on May 6, 2010."
https://en.wikipedia.org/wiki/2010_Flash_Crash
"The May 6, 2010 Flash Crash[1] also known as The Crash of 2:45, the 2010 Flash Crash, or simply the Flash Crash, was a United States trillion-dollar[2] stock market crash, in the "course of about 36 minutes starting at 2:32pm ET"
For those that don't know, the vote occurred AFTER the flash crash.
Cui bono to those in the know...
Next time can you leave your delusion at the door please?
His full name is Navinder Singh sarao...and yes we all hope he slays the beast...but i doubt it...he is merely one man with an industry against him. I hope he simply lets everone know how he does it so others can slay the beast
His full name is Navinder Singh sarao...and yes we all hope he slays the beast...but i doubt it...he is merely one man with an industry against him. I hope he simply lets everone know how he does it so others can slay the beast
Oh regional Indian, I think "Navinder" gave it away for me LOL
I suspect if the USA continues to pursue this guy he will make his way to the Russian embassy in London.
I don't buy it
Everyone knows if you want a 1000 share position you must short 1000
Then buy 2000 shares....works all the time.
SEC: "Do as I say not as I allow others that prop the system."
Yes, but no one outside of some HFT algo writers and a British South Asian living in his parents' basement seem to bother the reading the technical circulars on order types from the Exchanges, so it probably won't be done again until someone gets off their ass and actually reads the rulebook instead of simply (and blindly) complaining about "the system" or "the man".
I sometimes make millions flipping houses ... while I'm sleeping too.
Problem is, when I wake up it's all gone!
Are you stuck to the sheets?
I'm stuck on your avatar
There was widespread impression that you cannot beat the computers. Now that the secret is out every professional out there will be very,very interested. Their problem is not Sarao fucking with the system. Their problem is that now everyone knows that it can be done and as the case progresses further, more and more details about exactly how it was done will emerge.
WhenEVER manipulative distortions are introduced into a system there are also introduced ways to scam the scammers. When you see this happen look to see if you can find the way to profit from it. After awhile they will plug the hole but another will appear with the new patch. Count on it.
If the CFTC/HFT crowd want to play whackamole they are welcome. Even the 4chan retards will start trying to fuck them over.
Picture the E-Trade baby with darker skin and a British accent clicking away making big bucks...and then the door flies open as men-in-blacks charge in and snatch his ass out of his highchair, rip his computer away, and curse loudly as said baby fills his diaper with human fertilizer.
Hopefully this dude beats these BS charges and counter-sues for bigtime damages.
If Sarao had a civil service job at the SEC, he would be too busy planning where to go to lunch to have had time figuring out how to cloak his trades from the all-seeing NWO HFT traders.
"His name was Nav Sarao! His name was Nav Sarao! His name was Nav Sarao!"
Brilliant
"Man, I see in fight club the strongest and smartest men who’ve ever lived. I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off."
Lets get this party started
Unfortunate fatal accident in 5....4.....3.....
people who value its considerable security and privacy advantages relative to at least yahoo and gmail?
those people?
He works for google, ignore his sophomoric comment.
What's wrong with using Hotmail? I've been rockin' the same email address since '98. ;/ I was listening to Tom Sullivan show yesterday and he did a segment on this guy and then the next segment was on Chase and the new rules for safety deposit boxes. Sure sounded like a ZH reader on both issues.
"Good Nav Hunting".
The 'Nobody' genius, who showed up TPTB. LOL.
A: "Kilingons", They have always been at war with Uranus!
Spock to Captain Kirk - there's Klingons around Uranus...
- Beavis and Butthead
If this ever goes to a jury trial, all the defense needs is this chart.
This Sarao guy is going to be able to write his own fucking ticket. GS is probably already in touch. Buy and control. Beats jail, and he ain't goin there anyway. Good for him for exposing more of this shit.
Not sure about this, but if this guy is genuine and willing to go full retard on these bastards (for a good cause) AND a trial is what it takes along with good personal security), how about crowd-funding his legal defense. I would expect they will try to buy him off or offer a plea deal but IF this could turn the tables on those pricks.
just a thought...
Looks like we have a few hero's popping up now, one flying a whirlligig and this cat. Looks like a trend to me.
Naw, it should be a heads-up display out the cockpit of an F-16.
Clingon WMDs - Cling-on Weapons of Mass Deception.
Where can I get a Sarao t-shirt?
I know right. I'm beginning to really like this guy.
Free Sarao.
And Corzine gets to open a new hedge fund.
Even nightmares hold fairer outcomes.
I for one did enjoy my account at MF/Harris Bank. Their account execs were responsive to the client needs.
I wonder, not really, if his letters were "leaked" to the HFT firms by the very regulators he was outing them to..
It could have him seated at a bloomberg with a motto like, Virtu has no virtue.
His name was Nav Sarao.
The regulatory puppets will ignore such facts...
tick tock motherfuckers...
"I am an old school point and click prop trader"
PLAY.AT.YOUR.OWN.RISK - Planet Patrol
https://www.youtube.com/watch?v=2RcVjArINpA&noredirect=1
Free market my ass.
This guy is the Edward Snowden of HFT. And will likely meet the same fate.
If he's got aspergers, or can fake it, he may have a chance.
He hasn't done anything criminal, he shouldn't worry. I guarantee this goes very quietly in court and is dismissed.
I don't know if that benchmark still applies.
That is exactly what I was thinking. He unmasked the beast and now it is set on destroying him. Just like with Snowden. What a rotten system we live under.
They will never let this get to a trial...Too many people will either look stupid or be proven to be blatant manipulators.
This guy should be very, very careful as 'accidents' happen everyday...
You mean nail gun time?
Or falling out his basement window
I wouln't want to be on a flight with him
I predict Aaron Swartz-type "suicide" soon.
See Below
I feel bad for this guy...he may never see the light of day again. Even murderers get out on good behavior
You don't mess with pseudo capitalist mafia.
HA HA. MF Global.. Fucking amazing. .... fraud is everywhere !!!
Good luck. I'm rooting for him.
Yup...hero
Well the CFTC/HFT camp is still screwed. Now that Sarao's method is out in the open, many traders will pick up on it and start using and expandng on it. What will the CFTC do next ban trading methods that "upset HFT flow"? Hell, someone will even come up with a counter HFT algo and then what. This will be hilarious to watch unfold.
now if enough people use this strategy...
Exactly fucking right, he was doing exactly what they have been doing but he ain't apart of the club. So he gets hunted down and thrown in prison. This story will be hush hush a a few days and never hear of him again. Best thing for him to do is to set his algorithm free on the internet for everyone one to use.
He's a human individual, therefore he must be punished!
All hail the corporatocracy! All hail the machines! All hail the New Rome!
It's time for someone to put their foot down....and that foot is me.
Fucking awesome!
Put another way: Its a big club, and he ain't in it.
If Gordon Gekko had a son....
So anyone with half a brain who understands the markets knows that it is massively rigged (by banks and bank funded political sycophants) to extract liquidity from the muppets (investing public) and we really don't need a corrupt US Gov/State entity to make a public statement through the bought and controlled corrupt media to believe this. But the fact this Sarao has been outed now seems like a warning to insiders to start GETTING OUT NOW (no MOAR!). They're posturing the notion to the muppets that something as small/innocuos as a rogue trader (lone wolf) can BRING DOWN THE SYSTEM. Get ready to be told by the criminals on Wall Street (Banks and US GOV) that a Sarao #2, state sponsor, patsy, mystery man, lone wolf collapsed this whole fucking thing when it finally happens.
Interesting analysis, thanks.
It's either Russian hackers or a lone wolf rogue trader. Yep, that's the shitty future ahead.
Man, look at this chart
https://pbs.twimg.com/media/CDXvLu2WMAEOvCG.png:large
and see how Navinder Singh Sarao has engineered the selloff in the S&P 500 in october at junction of the round level SPX*DXY = 170k and the trend channel top by plunging the oil price and spreading the ebola craze in the media.
This wiped out $2 trillion, according to Bloomberg.
http://www.bloomberg.com/news/articles/2014-12-01/record-s-p-500-momentu...
And of course, caused the 11 std. dev. move in the bond market on oct. 15.
James Bullard is a real modern-day hero for the countermanipulation he provided with excellent timing on the 16th at the channel floor.
But it is like one of three markets left in the USA.
They can't really shut down the only game in town, can they??
He was nabbed becasue he fucked up the Central Banks perception with investors. No more BTFD...they can't have that now can they.
Thanks Tyler.
You've been on this since the very beginning. Most of us wouldn't know shit about this without your efforts to expose this pathetic garbage posing as a "market".
Tyler's talking about it 6 years now and we all appreciate it very much. But witches of Bloomberg and CSSNBC are willfully ignorant proving again and again that command and control system runs media in these USA. Pure Orwell.
Smart dude!!
obviously too smart for his pants
Interesting article retweeted by Nanex.
So you think you can trade like Sarao?
http://anish8fx.blogspot.co.uk/2015/04/so-you-think-you-can-trade-like-s...
Lesson to Anish. If you want the FBI Fin-crime unit to see your posting then do this: #FBI
Let us all learn from Sarao and be spoofers and kill Virtu and Citadel once and for all.
He is not a spoofer, and he didn't learn to beat them. All he did was learn how to get his god damned order filled with a minimum of inteference. He's still just a chart trader.
If I'm reading this wrong, then he would deserve to go to jail. Totally beside the point that a lot of others, mainly banksters, do too.
Reminds me of the scene in "Good Will Hunting" where the janitor solves the math problem.
Except he didn't go to jail...
Don't try this technique at home.
"Don't try this at home"
not even with robots (who are above human law) as since retail investors are below the laws of the elite scam and so are their robots!
Now we know why all the HFT shops had to type c:/stop Dude was making their spoofed orders get filled. Fucking hilarious.
haha, good for this guy.
fuck TPTB and fuck these 'markets' aka fraud pools!
"Fraud pools". Yea because the fascist got to ruin capitalism as since capitalism is the fall guy for more fascist crap!
Brilliant coverage, guys, with help from Nanex. Damn, it hurts to wach what's happening to this country (and not only this one)...
Exactly, and that this doesn't just make everyone angry and want to destroy this fucking system, nothing will.
Double post
Do you remember when we didn't have enough broadband credits? You know who has sitting in the bat cave smoking her cigarette. How time accelerates. Well done WB7.
This is 180 degrees of the actual snapshot. Thought you would enjoy
http://www.google.com/search?q=zerohedge++maintenance+smoking&tbm=isch&e...
I'm surprised the wigs at Virtu didn't just hire him. Now they have made a celebrity of him and his trading strategies.
Moar stupidity. This racket can't last forever, they're too damn dumb.
They will just 'use' (steal) his methods.
Now that the trick is revealed, all those Virtu and Citadel competitors that follow this case will now get to spoof Virtu and Citadel like crazy.
I bet from today onwards, there won't be a 1-day loss for Virtu no more.
Go long Virtu. But wait Tyler, Nanex r still watching! Destroy 'em too !!
Thanks to your avatar, I just about smashed the screen of my phone a moment ago. ; )
He made it look like there's a bug you can squish, and when you go to squish it it's not there. I.e., he spoofed you.
Now if you ever manage to figure out how to squish that damn bug, you'll end up under investigation, facing prison time, loss of bug-squishing privileges for life, and those charges will be filed a few days before the "bug manipulation" statute of limitations runs out. The masses will be made to understand that you are a bad person and fully responsible for all kinds of bad stuff that was in no way caused by bugs - bugs are good for liquidity (but not by squishing their guts into a liquid!).
What was the last thing to go through a bugs mind when it hit a windshield? It's asshhole.
The avartar is brilliant is and does the infinity dance... Nice one.
He/she got me a few times with that one. One of the better non-tittie avatars ever seen here.
Why think Virtu just IPO'd? Game over time to sell off to the muppets
Where is the "Free Sarao" Facebook petition?
#FreeNavSarao - let's get it started.
I just saw a #FreeNav hashtag thingy on twitter (I know, I know).
The people behind Virtu and Citadel may start to say to themselves, "Huh? We are starting to experience persistent loss of over 95% probability!!! What just happened?!?!"
The more people taking part in Sarao's algo, the faster Virtu and Citadel will burn to the ground.
When CBS was pumping Michael Lewis' book "Flash Boys", they made IEX look like the ultimate solution for preventing low latency HTFs from frontrunning everybody else. It sounds like all Sarao did was figure out a way to protect his orders without going through a dark pool?
Yep. That's how I read it too.
This whole Nav Sarao affair is a massive massive deal. The ramifications will be immense. As this unwinds over the next few weeks and months the whole industry will be shaken to the core. It's a 9/11 event and I'm prepared to say it's going to unearth the black swan event that crashes the markets. There are whistle blowers on tap who are outraged by this scapegoating Of Nav Sarao. Most interesting will be the academic who was financed by a large investment house to present their finds to the CFTC and frame Nav (as they were getting their orders disrupted).
I do still find it unbelievable that spreadbetting is not allowed in the USA because (and no laughing please) it has the ability to destabilise the financial markets. The CFTC very much like the FCA in England are academics..they have never traded, not even a football card in their whole lives and they regulate a system without ever understanding it at grass roots.
Six months from now the CFTC will wish they had the balls to not bow to the investment bank, and in a curious twist of fate that bank will wish they had just let it go.
If ZH really wants to play an active role in accelerating this to justice I would recommend that at least once a week they post their spoofing article with that days action.
Don't bet on it. This guy is going to jail and they will arrest the next guy that tries it too. We are way past rule of law. Keep your head down, care for your family, enjoy your kids and try to have some fun with whatever time remains before the world economy implodes.
US is culturally different from London and England. US has never had a Monarch in Country nor a House of Lords Exactly.
- London has probably been doing this kind of thing and getting away with it for hundreds of Years.
- USA maybe have the Morals & Ethos to Crash this Fraudulent "free Market" of HFT, US Culture of Freedom, Liberty, and Equality in Markets MIGHT just STAND UP and STOP the Game Playing
Big Might.
- US adopted much of British and London Style Thinking. We are corrupt politically and Economically like London. But we are not English.
And if you've paid any attention to ZH, Nanex in the past few years they have constantly brought these type of things to the publics attention.
Nanex has been at the front of the pack in exposing HFT. Their "Rise of the HFT Machines" animation in '12 was one of the finest.
http://www.nanex.net/aqck/2804.html
London has the best bookies - bar none
I actually hope you are correct.....
Remember ZH made its mark on the world by bringing to the fore HFT trading back in 2009...
It started the ball rolling and even the financially unwashed like myself in 2010 were aware of what ZH and the likes were writing on the Net about WHY the crisis had occurred and why it was NOT what the administration made it out to be.
So its only right that ZH nails its theses to the walls of WS and capitalist reforms.
Quick click crowd-fund film rights.
I just read about The Yellowstone supervolcano, so BTFATH isn't the worst thing the Bear could suffer
He is a genius but dared not not to offer his service to Wall St.
The genrally accpted crimes (GCA) get fast-tracked.
Nav is the Nelson Mandela of the HFT world - #FreeNavSarao!
Perhaps a more profound heresy is that he demonstrates that a human being with sufficient natural aptitude can make better decisions than any computer system yet built.
Ha ha, unless your name is Corzine.
The wagons trains are circling around Wall Street fraud.
Rage Against The Machine "Bulls on parade"http://www.dailymotion.com/video/xtheq0_rage-against-the-machine-bulls-o...
Gotta love RATM!
Yeah, you gotta love leftist morons who blame a system (capitalism) that doesn't exist and want to replace it (fascism) because it does everything their proposed solution (communism) would do even more of.
OK. What's the fix?
Rhetorical question. Quite obvious.