333
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 06 Aug 2023
333 points (98.5% liked)
Today I Learned (TIL)
6441 readers
13 users here now
You learn something new every day; what did you learn today?
/c/til is a community for any true knowledge that you would like to share, regardless of topic or of source.
Share your knowledge and experience!
Rules
- Information must be true
- Follow site rules
- No, you don't have to have literally learned the fact today
- Posts must be about something you learned
founded 2 years ago
MODERATORS
They were real dollars, and this legend got house arrest for a year for helping to trip the algos limit orders, and briefly wiped 1 trillion dollars of value off the US stock market
https://www.bbc.com/news/explainers-51265169
Not even mad. Respect to this dude for striking fear into the hearts of the asshole class, if only for a few glorious minutes.
So the guy played with the system, doing things the system allows ,but because he wasn't in the club he got punished 🤷
A tale as old as time.
He wasn't the real cause of it though.
What do you mean? There was a liquidity crunch because of a massive mutual fund order and his spoofing tripped the algos into selling
OP's article is quite good.
It's more likely that there were several factors in play, including Wadell & Reed.
But if the market practices weren't so flawed with HFTs, none of that would have caused what happened.
Yeah, as it says it's like blaming lightning for starting a forest far.
The current dark pool stuff is probably ten times worse.