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That trade can then cause other traders' computers to determine that momentum has shifted, and trigger huge orders to sell at the market price.
"We're not Wall Street," one veteran employee marvelled later, meaning that the Times is not in the habit of escorting newly terminated employees out the door like insider traders — computers confiscated, e-mail accounts frozen — without a proper sendoff.
Schonfeld acquired the distressed company's assets–its traders, computers and software systems.
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Angus Campbell, head of market analysis at Capital Spreads, said: It may be all fun street parties outside but the Jubilee week end is being tainted with a streak of red that isn't part of the Union Jack, rather flashes of selling across traders' computer screens.
Somehow, the final 30 seconds of trading on Tuesday left a key market barometer, a widely traded futures contract linked to the Standard & Poor's 500 index, priced at exactly 911.00 -- the figure that remained on traders' computer screens around the world throughout yesterday's memorial service.
"High- frequency traders, computer programs will be displacing people out of their livelihoods".
Since information takes time to travel over networks, traders whose computers were next to the exchange's computer would know what was happening on the exchange fractions of a second before traders whose computers were farther away.
The enforcement actions mentioned in the article were not about traders "using computers to gain advantage over slower investors by illegally manipulating prices".
BlueCrest's assets under management have fallen in recent years, but you can still hire a lot of traders and computers for that money.
KEEP IT SIMPLE, STUPID There are supersharp traders using computers and leverage who claim to be able to make vast sums based on strategies that will work during up, down or flat markets.
Those "boxes" are the robot traders - computers that make their own decisions about when to buy and sell, but a thousand times faster than any human can.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com