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Norwegian Day Traders Convicted For Manipulating Computer Trading System
An anonymous reader submits news of the conviction of two Norwegian day traders, Svend Egil Larsen and Peder Veiby, who were on Wednesday fined and given suspended sentences (Norwegian court, Norwegian document) for cleverly working out — and cashing in on — the way the computerized trading system of Interactive Brokers subsidiary Timber Hill would respond to certain trades. They used the system's predictable responses to manipulate the value of low-priced stocks. The pair have gotten some sympathetic reactions from around the world, and promise to appeal.
FTFA:In yesterday's conviction of the Norweigan traders, the prosecution said the pair had given "false and misleading signals about supply, demand and prices"
In the US the official body that does this is called the Working Group on Financial Markets.
They hate it when other people cut in on their action.
Set your phasers on "funky"!
"It startled him even more when just after he was awarded the Galactic Institute's Prize for Extreme Cleverness he got lynched by a rampaging mob of respectable physicists who had finally realized that the one thing they really couldn't stand was a smartass."
In soviet Russia, YOU control market.
This is a hacked account, for which the owner can not be held responsible.
and the machines they beat were honest and genuinely based on real belief in the value of the stocks
gtfo
So basically stock market now is just another incarnation of COREWARS?
So a common folk unleashes her DWARF. Then the trading house unleashes ANTIDWARF to get all the money from DWARF. Then two norwegians run ANTIANTIDWARF and eat up both DWARF and ANTIDWARF profits.
Just wonderful :-/
As it's a Norwegian-related story, shouldn't trolls be modded UP? .
They will never know the simple pleasure of a monkey knife fight
How cyberpunk.
-- Sorry, I can't think of anything funny to say here.
Synopsis:
while (true) {
if (stockMarket.isDown()) {
sueHumansRandomlyToCoverLosses();
else {
buyStock();
laughAtHumanMinions();<br>
printf("Greed is 01000111011011110110111101100100");
}
}
From the dark, old days of the Internet when men were men, women were men, and children FBI agents
Bernard Baruch noticed that the ball tended to land opposite to heavy bets in a roulette game. He placed his his bets likewise.
After a bit he was asked to leave, but until then he was making money on someone else's crooked wheel.
Unless that group of people are wealthy enough and call themselves an "investment firm", in which case it would become OK.