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Critic of Fast Traders Given Award by SEC
Last edited Fri Mar 11, 2016, 05:46 PM - Edit history (1)
That's the title of the article in The Wall Street Journal. I can't find it online. Here's the same story at MarketWatch:
Whistleblower award for NYSE fine goes to HFT critic
Published: Mar 1, 2016 9:13 a.m. ET
Eric Hunsader gets payout from the SEC
by Francine McKenna
Eric Hunsader, a vocal critic of high-frequency traders, said the Securities and Exchange Commission is sending him a $750,000 whistleblower award.
On Jan. 15 the SEC confirmed it would pay “more than $700,000” to a whistleblower that had provided the “independent analysis as well as independent knowledge of securities law violations” that led to a $5 million fine for the New York Stock Exchange in 2012. Hunsader showed MarketWatch a letter from the SEC that confirmed the approval of his award and told MarketWatch he was the recipient of a pending award for the tip that led to the NYSE fine. By law, the SEC does not publicly identify the whistleblower’s name or the company that was subject to the order. The notice to Hunsader on Monday also said the time period for all other potential claimants to appeal the SEC decision on the same issue had expired.
A spokeswoman from the SEC declined comment on the whistleblower award. ... The SEC fined the NYSE and its parent NYSE Euronext, a subsidiary of Intercontinental Exchange, in 2012 for violating Regulation NMS over an extended period of time beginning in 2008. The NYSE sent trade prices and details through two of its proprietary feeds before sending that data to the consolidated feeds that provide trade and quote data to the public, according to the SEC.
This is the first whistleblower award by the SEC under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to reward an independent third party for analysis of a potential securities law violation, a model prompted by the experience of an unsuccessful outsider, Madoff whistleblower Harry Markopolos. ... Hunsader said his firm, Nanex, originally discovered the issue on the day of the flash crash, May 6, 2010.
Published: Mar 1, 2016 9:13 a.m. ET
Eric Hunsader gets payout from the SEC
by Francine McKenna
Eric Hunsader, a vocal critic of high-frequency traders, said the Securities and Exchange Commission is sending him a $750,000 whistleblower award.
On Jan. 15 the SEC confirmed it would pay “more than $700,000” to a whistleblower that had provided the “independent analysis as well as independent knowledge of securities law violations” that led to a $5 million fine for the New York Stock Exchange in 2012. Hunsader showed MarketWatch a letter from the SEC that confirmed the approval of his award and told MarketWatch he was the recipient of a pending award for the tip that led to the NYSE fine. By law, the SEC does not publicly identify the whistleblower’s name or the company that was subject to the order. The notice to Hunsader on Monday also said the time period for all other potential claimants to appeal the SEC decision on the same issue had expired.
A spokeswoman from the SEC declined comment on the whistleblower award. ... The SEC fined the NYSE and its parent NYSE Euronext, a subsidiary of Intercontinental Exchange, in 2012 for violating Regulation NMS over an extended period of time beginning in 2008. The NYSE sent trade prices and details through two of its proprietary feeds before sending that data to the consolidated feeds that provide trade and quote data to the public, according to the SEC.
This is the first whistleblower award by the SEC under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to reward an independent third party for analysis of a potential securities law violation, a model prompted by the experience of an unsuccessful outsider, Madoff whistleblower Harry Markopolos. ... Hunsader said his firm, Nanex, originally discovered the issue on the day of the flash crash, May 6, 2010.
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