Igor Oystacher has been accused of spoofing the futures market by placing orders and then canceling them in milliseconds to create demand or create sellers out of the rest of the market. His explanation is:
Outlining his defense for the first time in an April 1 court filing, lawyers said that Oystacher, a competitive speed chess player, has exceptional reaction-time skills and a customized computer mouse that make him faster than most humans at executing trades.
I'm not a computer genius but cancelling orders in milliseconds to me is not reaction time skills or some super mouse but most likely a planned computer algorithm. Reading further though it doesn't look like he used it in the correct way but then he might have been on fishing expedition to see if anyone was watching before he tried his real trades.
http://www.bloombergview.com/articles/2015-10-21/regulators-bring-a-strange-spoofing-case
http://www.bloombergview.com/articles/2016-04-05/shells-inversions-and-speed-chess
Outlining his defense for the first time in an April 1 court filing, lawyers said that Oystacher, a competitive speed chess player, has exceptional reaction-time skills and a customized computer mouse that make him faster than most humans at executing trades.
I'm not a computer genius but cancelling orders in milliseconds to me is not reaction time skills or some super mouse but most likely a planned computer algorithm. Reading further though it doesn't look like he used it in the correct way but then he might have been on fishing expedition to see if anyone was watching before he tried his real trades.
http://www.bloombergview.com/articles/2015-10-21/regulators-bring-a-strange-spoofing-case
http://www.bloombergview.com/articles/2016-04-05/shells-inversions-and-speed-chess
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