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At the moment regulators can only see the broker who executed the trade, which makes it easier for dodgy trades to go undetected.
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SAC executed the trades shortly after Mr. Martoma e-mailed Mr. Cohen and said he needed to discuss something important.
Mr. Villhauer executed the trades in the stocks involved in Mr. Martoma's case, but there is no indication he had any knowledge of the reasons for the sales.
Just before SAC executed the trades in question, Mr. Martoma e-mailed Mr. Cohen and said he needed to discuss something important, and the two then had a 20-minute phone conversation.
During his court appearance on Friday, Mr. Horvath said that he obtained confidential information about the technology companies Dell and Nvidia and then "provided the information to the portfolio manager I worked for and we executed the trades based on that information".
With algo-trading, traders feed their client's order into their computer which executes the trade.
This will save the increasingly important program traders precious nanoseconds between sending an order and executing the trade.
Regulators are trying to determine Mr. Miller's motives and how he was able to execute the trade at all.
When it places orders using that method, Calpers pays only 2 cents a share to the brokers who execute the trade.
One recording that featured Dean Atkins — a former employee of ABN Amro, which helped execute the trade — could prove helpful to the S.E.C.
Iranian Turkish businessman Reza Zarrab, a key prosecution witness, told the jury Thursday that Erdogan had personally given an order to execute the trade.
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