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#Responsibility of #programmers for their #algorithms
😇Shooting stars: from expert advisor to #spoofing criminal
👉Spoofing #algo coder partially acquitted
🤦♂️CFTC and FBI fail with indictment of the programmer who developed the algo at the heart of the infamous 2010 #FlashCrash
😇Shooting stars: from expert advisor to #spoofing criminal
👉Spoofing #algo coder partially acquitted
🤦♂️CFTC and FBI fail with indictment of the programmer who developed the algo at the heart of the infamous 2010 #FlashCrash
😇Jitesh Thakkar, the founder and president of Edge Financial Technologies, one of the leading firms for #software development for #algorithmic and #highfrequencytrading #hft, was acquitted on April 9th, 2019 of the count of #conspiracy to commit spoofing.
⚠️Thakkar’s case is the first in the US where a programmer is prosecuted for his involvement in the development of a manipulative algorithm and shows regulators’ willingness to prosecute programmers in addition to the users of such algorithms.
⚠️We first heard of the programmer, who remained anonymous at the time, who developed a customized spoofing algorithm in points 10-21 of the indictment of Navinder Singh Sarao.
〽️In November 2017 Navinder Singh Sarao pleaded guilty for spoofing the #Emini #markets that led to the infamous 2010 FlashCrash when $1 trillion of #market #capitalization vanished in about 10 minutes.
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