'Flash crash' hearing told spoofing does not justify trader's extradition to US - News and Current Events | futures io social day trading
futures io futures trading


'Flash crash' hearing told spoofing does not justify trader's extradition to US
Updated: Views / Replies:1,685 / 15
Created: by xplorer Attachments:4

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 4  
 
Thread Tools Search this Thread
 

'Flash crash' hearing told spoofing does not justify trader's extradition to US

  #11 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES
 
Pedro40's Avatar
 
Posts: 555 since Jan 2013
Thanks: 31 given, 361 received


xplorer View Post

The problem is, he was too small and with no connections, that's why they went after him

Also sending 100 complaining letters to the authorities didn't help him staying under the radar. And why was he complaining when the whole set up was helping him to spoof?

1.He did spoof and eventually they are going to get him for that.
2. He was not in position when the flash crash occurered. One could say he caused it by getting out of the market.
3. Proving intent will be fairly easy, he had emails telling to his programmer what he was trying to do.

I am guessing he will get 5-10 years with profits forfeited...

Reply With Quote
 
  #12 (permalink)
Market Wizard
Bangkok
 
Futures Experience: Intermediate
Platform: MultiCharts.NET, S5, Ninj
Broker/Data: AMP, S5, IB
Favorite Futures: ES
 
DionysusToast's Avatar
 
Posts: 2,671 since Nov 2010
Thanks: 777 given, 8,737 received
Forum Reputation: Legendary


xplorer View Post
From The Guardian



So, if Sarao won on this basis, does that mean I can start spoofing the markets if I'm in the UK?

Views appreciated.


Full article here

Nope - I know a guy that got fined for spoofing FTSE futures.

Bottom line is I believe Navinder is a scapegoat and he does not deserve to rot in a US Jail.

But hey, if he does, I probably wont lose any sleep over it.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Reply With Quote
The following 2 users say Thank You to DionysusToast for this post:
 
  #13 (permalink)
Market Wizard
Bangkok
 
Futures Experience: Intermediate
Platform: MultiCharts.NET, S5, Ninj
Broker/Data: AMP, S5, IB
Favorite Futures: ES
 
DionysusToast's Avatar
 
Posts: 2,671 since Nov 2010
Thanks: 777 given, 8,737 received
Forum Reputation: Legendary


So here's the thing.

The CME is a private company. Let's say a private company lays down some rules and you don't abide.

Is that really a criminal offence? Or breach of contract? Is it not a civil case? I'd have thought at best it would be fraud - but that's a stretch...

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Reply With Quote
 
  #14 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,052 since Sep 2015
Thanks: 6,571 given, 4,823 received
Forum Reputation: Legendary


DionysusToast View Post
So here's the thing.

The CME is a private company. Let's say a private company lays down some rules and you don't abide.

Is that really a criminal offence? Or breach of contract? Is it not a civil case? I'd have thought at best it would be fraud - but that's a stretch...

As I understand it, the CME sent him several emails asking to stop. It's the CFTC who enforced the spoofing thing and took him to court.

But you're right, the CME could not have a criminal case against him.

Reply With Quote
The following user says Thank You to xplorer for this post:
 
  #15 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,052 since Sep 2015
Thanks: 6,571 given, 4,823 received
Forum Reputation: Legendary


Pedro40 View Post
Also sending 100 complaining letters to the authorities didn't help him staying under the radar.

But that's exactly why he was made a scapegoat, as @DionysusToast said. He complained, he is the little guy with no lobbyst to pay off congressmen, he was making money, he had to take the fall.

Reply With Quote
The following user says Thank You to xplorer for this post:
 
  #16 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,052 since Sep 2015
Thanks: 6,571 given, 4,823 received
Forum Reputation: Legendary

Eric Hunsdaer on Nav Sarao

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


https://twitter.com/nanexllc/status/728641514746748928


Hunsader says that Sarao stopped his algo at 1:40 and the Flash Crash began 2 minutes later.

Playing devil's advocate, couldn't a chain reaction have been already begun by the time his algo was switched off?

We're talking about just 2 minutes.

Reply With Quote
The following user says Thank You to xplorer for this post:

Reply



futures io > > > > 'Flash crash' hearing told spoofing does not justify trader's extradition to US

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Flash Crash Documentary Ryanb Traders Hideout 6 February 11th, 2017 05:51 PM
Treasury flash crash could become reality kbit News and Current Events 0 September 10th, 2012 02:27 PM
‘Flash Crash’ Was a Warm-Up....... kbit News and Current Events 0 June 18th, 2012 03:20 PM
Flash crash and risk on capital Nicolas11 Reviews of Brokers and Data Feeds 3 February 15th, 2012 01:20 PM
Was Last May's 'Flash Crash' Actually Caused by the SEC? Quick Summary News and Current Events 0 September 15th, 2010 12:50 PM


All times are GMT -4. The time now is 05:04 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.10 seconds with 20 queries on phoenix via your IP 54.221.73.186