

Norwegian traders convicted for outsmarting US stock broker algorithm - rojisan
http://www.computerworlduk.com/news/security/3244186/norwegian-traders-convicted-for-outsmarting-us-stock-broker-algorithm/

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iworkforthem
In yesterday's conviction of the Norweigan traders, the prosecution said the
pair had given "false and misleading signals about supply, demand and prices"
when they manipulated several Norwegian stocks through Timber Hill’s online
trading platform. Anders Brosveet, the lawyer for Veiby, admitted that his
client had learnt how the Timber Hill trading algorithm would behave in
response to certain trades. However, he denied this amounted to "market
manipulation".

Brosveet told the Financial Times, They had an idea of how the computer would
change the prices but that does not make them responsible for what the
computer did.

\- Apparently it is ok for the computer to poll for supply, demand and
prices.. but it's illegal for traders to do it. The last time I checked it is
a free market out there, I guess I missed out on the fine prints.

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MrFlibble
At this point the stock market truly appears to be by and for the big players
who can process thousands of trades a second. For the rest of us it is
basically akin to gambling in a fixed casino... that everyone knows is fixed.

