Critic of high-frequency traders awarded $750K by US SEC
Eric Scott Hunsader (he runs market data business Nanex) has been awarded a $750,000 whistleblower payment by the Securities and Exchange Commission.
- Hunsader first raised the alarm about violations of securities law on the New York Stock Exchange in 2010
- The SEC fined the NYSE $5 million for sending price data to customers who paid for proprietary feeds a few seconds before it shared them on the feeds used by the public
- He unearthed data that he said helped explain the May 6, 2010, flash crash
Nice work sir, and well deserved!
I've posted on Nanex before (see this, and this for example). If you do get the chance to read his work on market data, not only does it expose questionable practices it is of excellent educational value for how a market is structured and how a market actually works.