rsh01
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Re: Norwegians convicted for outwitting trading system - overturned
All hail to the free markets, wherever they are.
All hail to the free markets, wherever they are.
Norwegians convicted for outwitting trading system - OVERTURNED
Is short squeeze illegal in UK?
The Leopard
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This is an old one, albeit it's usually the other side working it.
There's a story in Reminiscences of a Stock Operator about how the old bucket shops would have dealers run the prices up or down a few cents on the exchange when their clients were heavily into some hot stock or other. Typically it would be something small with not much liquidity, but that a lot of punters were betting on (probably on the strength of tip by someone working for the bucketeer
).
Most traded on a shoe string with tight stops. So the dealers washing the price a few cents would be enough of a spike to close down the punters when the next price came through on the ticker, at minimal cost in the real market and for a massive profit in the shop.
Apparently the floor traders would see this activity and comment that "the laundry is active today".
There's a story in Reminiscences of a Stock Operator about how the old bucket shops would have dealers run the prices up or down a few cents on the exchange when their clients were heavily into some hot stock or other. Typically it would be something small with not much liquidity, but that a lot of punters were betting on (probably on the strength of tip by someone working for the bucketeer
).Most traded on a shoe string with tight stops. So the dealers washing the price a few cents would be enough of a spike to close down the punters when the next price came through on the ticker, at minimal cost in the real market and for a massive profit in the shop.
Apparently the floor traders would see this activity and comment that "the laundry is active today"
.montmorencyt2w
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Re: Norwegians convicted for outwitting trading system - overturned
Does seem odd. He was simply a private retail trader wasn't he? He wasn't abusing a position of privilege? Am I right in thinking this "fine" was from the FSA? It wasn't a court case? I'm not sure what status that has in law (although I'm sure if he refused to pay then he'd probably hear from Inspector Knacker). Without knowing more, I must say my immediate reaction is 'well done that man'.
Does seem odd. He was simply a private retail trader wasn't he? He wasn't abusing a position of privilege? Am I right in thinking this "fine" was from the FSA? It wasn't a court case? I'm not sure what status that has in law (although I'm sure if he refused to pay then he'd probably hear from Inspector Knacker). Without knowing more, I must say my immediate reaction is 'well done that man'.
