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Day traders convicted for tricking trading machine

Anonymous Coward writes | more than 3 years ago

2

An anonymous reader writes "Financial Times reports that day traders Svend Egil Larsen and Peder Veiby have been fined and handed suspended prison sentences for working out how a computerized trading system would respond to certain trades and profiting from "illegal trades." While sympathy for the two day traders, and admiration for their triumph of of man versus machine, is widespread, "Christian Stenberg, the Norwegian police attorney responsible for the case, said any admiration for the men was misplaced. 'This is a new kind of manipulation but it is still at the expense of other investors in the market,' he said.""
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2 comments

Article Requires Registration (1)

thehossman (198379) | more than 3 years ago | (#33900772)

"FT.com articles are only available to registered users and subscribers."

Re:Article Requires Registration (0)

Anonymous Coward | more than 3 years ago | (#33900978)

Weird. Didn't give any fuss earlier. Perhaps the URL Google provides includes a temporary token that allows unrestricted access to a story, but times out after a while or prevents access from other IP addresses, or something. Anyway, the story is also at http://www.networkworld.com/news/2010/101410-traders-convicted-for-manipulating-stock.html?hpg1=bn [networkworld.com], http://dealbook.blogs.nytimes.com/2010/10/14/oslo-court-sentences-traders-for-beating-machine/ [nytimes.com], and a few other places. But I am too lazy to re-submit.
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