Re:Why Is Spoofing Bad?
by bko on Thursday April 23, 2015 @08:13AM
(#9426138)
Intentions are hard to prove and are very subjective. Big financial players who believe they are being exploited by smaller players who game their algos can lobby the regulatory bodies to punish those smaller players. This contributes to an ever increasing concentration of power in the financial sector to the large, too big to fail banks.
It's the reason that, even after tens of billions of dollars in fines, there have been no criminal cases brought against those in the big banks, while this guy faces a maximum sentence of 380 years if found guilty on all charges [0]
Spoofing is best handled by the particular exchanges but should be weighed against the harm it would do to honest market makers who have to place and cancel orders regularly
> In looking at Mr. Holder’s legacy in white-collar crime cases, the pursuit of corporations, especially banks, stands out. The highest settlements for violations have come in the last year. These include the $13 billion from JPMorgan Chase and the $16.65 billion from Bank of America for their roles in issuing mortgage-backed securities tied to faulty subprime loans. BNP Paribas also paid a $9 billion fine for violating economic sanctions laws. BNP was also required to enter a guilty plea to a criminal charge, a rarity in the world of corporate criminal prosecutions. But prosecutors did not file charges against any individuals for the wrongdoing that led to the large settlements. [1]
It's the reason that, even after tens of billions of dollars in fines, there have been no criminal cases brought against those in the big banks, while this guy faces a maximum sentence of 380 years if found guilty on all charges [0]
Spoofing is best handled by the particular exchanges but should be weighed against the harm it would do to honest market makers who have to place and cancel orders regularly
> In looking at Mr. Holder’s legacy in white-collar crime cases, the pursuit of corporations, especially banks, stands out. The highest settlements for violations have come in the last year. These include the $13 billion from JPMorgan Chase and the $16.65 billion from Bank of America for their roles in issuing mortgage-backed securities tied to faulty subprime loans. BNP Paribas also paid a $9 billion fine for violating economic sanctions laws. BNP was also required to enter a guilty plea to a criminal charge, a rarity in the world of corporate criminal prosecutions. But prosecutors did not file charges against any individuals for the wrongdoing that led to the large settlements. [1]
[0] http://www.telegraph.co.uk/finance/financial-crime/11554471/... [1] http://dealbook.nytimes.com/2014/09/29/eric-holders-mixed-le...