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The Trillion Dollar Flash Crash. Greece was drowning in debt and was on the verge of defaulting on that debt, and going bankrupt. The Greek Parliament announced massively unpopular austerity measures. The Greek Parliament approved these nasty austerity measures in exchange for a $140 billion dollar bailout by the European Union and International Monetary Fund.
There’s a ton of trading activity in the US stock market. Volatility in the stock market was so high that the New York Stock Exchange had to force trading to slow down. A stock trader grew sick of these high frequency trading firms that have grown to dominate the market over the years. Navinder Sarao decided this would be the day he would go up against them head on and he started “spoofing” the market. He flooded the market with a bunch of sell orders, to trigger those algorithms from the high frequency trading firms causing them to sell, their selling would trigger more selling from other firms, crashing the market.
Bloomberg releases this alert. Good news - if you saw that and you thought, hmm, I should buy some HP stock bc it’s probably gonna go up. You’d be correct - but you’d be too late bc this is what happened in the next four seconds of the alert going out. The HFT algorithms do what’s called Sentiment Analysis. You can bet that HFT firms are doing this right now in places like Wall Street Bets and Stocktwits
Let’s say you want to buy GameStop at $10 to keep things simple. However, if I’m a HFT and I want to make money off of your order, all I have to do is get your order before all the other sellers see it. I know you’re looking to buy at $10, so I go to the other sellers who haven’t seen that there’s another buyer at $10 bc I’m faster than you, and I buy from them at $9.99, a cheaper price, and then come back to you and sell it for $10. Imagine the profits bigger firms are raking in.
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No Spirit - Forest Lake Walk https://chll.to/49da79e5
No Spirit - Slightly Improvised https://chll.to/6347930b
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