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Athena Capital Research

Matt Levine, Bloomberg, Hugh-Speed Traders Put a Bit Too Much Gravy on THeir Meat, here. More bad bromail on banging the close.

One subtle clue is, if you name your algorithms “Meat” and “Gravy,” there is probably something wrong with you! And your trading, I mean. But also your aesthetic sensibilities. Here is a Securities and Exchange case against Athena Capital Research, which the SEC touts as “the first high frequency trading manipulation case.” The SEC caught Athena “placing a large number of aggressive, rapid-fire trades in the final two seconds of almost every trading day during a six-month period to manipulate the closing prices of thousands of Nasdaq-listed stocks.” That period was in late 2009, by the way.

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