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Why Trader Nav Sarao Had To Be Destroyed: He Found A Way To Beat The HFTs At Their Own Game

 

by Tyler Durden

And while the world wonders how it is that (HFT firm) Virtu can have 6 years of trading with just one trading day lossSarao not only figured out how to outmanipulate the manipulators, but how to profit from it.

....Sarao continued:

 
 

ICE : The iceberg function on the CME isn't adequate for me, I hardly ever use it because it puts me at the back of the queue all the time. Hence, 2,000 needs to trade to get me out of 800 lots for example, My iceberg function is placed at a price and as soon as it is bid/offered at the price the iceberg will take all contracts at the price up to and including the number of my order. Again, there is a minimum volume box, so for example 1 can put 50 into it and put a sell ICE of 1,000 and then at that price every time the bid is more than 50, the ICE wilt take all contracts out until 1,000 is traded. This is a good way of catching spoofers, and et voila I can trade 1.000 lots at one price (following on from the above example),

 

The other orders I sometimes place during the day are slightly away from the market price and move up and down as the market moves with It. This Is to catch any blips up/down in the market so that I can make a small profit as the market comes back into line (almost immediately). These orders are placed rarely and only when I believe the market Is excessively weak or strong. Again, this was inspired by other traders I could see doing the exact same thing.

 

I am a member of the CME.

Alas, not any more, for one simple reason: you showed the broken system that it can be beaten, and explained how.

As a result, the only response the broken system had was to put you away for good.

Oh and as for the actual question whether Nav Sarao caused the Flash Crash, the answer is: of course not.

Please read more here.

Chevron Phillips Chemical: 3,000 Jobs with Six-Figure Salaries

 

A representative from Chevron Phillips Chemical Co., told a crowded room of community college students that her employer needs to fill 3,000 positions in the coming years.  Startting salaries can top $100,000.

Please learn more in the Wall Street Journal.

Nobel Laureate Stiglitz: "U.S. Economy Not Working for Most of America"

 

Is this the new high-tech way to land a job interview?

Bill Withers: "Lovely Day"

 

European Central Bank President Mario Draghi Attacked by Protester

 

Military Contractor Deagel Forecasts U.S. Population to Decrease by 78% by 2025

Please see more here, here and here.

"Bulls and Bears" (Trading Documentary)

Please see more here, here and here.

UK Oil & Gas Investments: 100 Billion Barrels of Oil Discovered

 

An oil field found near Gatwick Airport is believed to be much bigger than previously thought.

An independent body has said that there may be 100 billion barrels of onshore oil in the area. In the last 40 years, North Sea extraction has produced around 45 billion.

Stephen Sanderson, UK Oil and Gas Investments, told the BBC: ‘We think we’ve found a very significant discovery here, probably the largest in the last 30 years, and we think it has national significance.’

But there’s a problem.

The terrain isn’t very forgiving and has been compared to places with similar geology in the U.S. and west Siberia. They estimate that only between three per cent to 15 per cent could actually be extracted.

Please read more here and here.

Energy --- Gangnam Style!

 

When my alarm clock rang at 5:30 am, I laid in bed for a few minutes trying to convince myself that I wouldn't feel too guilty if I skip my gym workout.  But after thinking about this cute video, I decided to drag myself to the gym.  These cute kids have so much energy!

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