Publications & Events

SEC Announces First-Ever Market Manipulation Case Against High-Frequency Trading Firm

On October 16, 2014, the US Securities and Exchange Commission (SEC) announced a settlement in the amount of US$1 million with Athena Capital Research LLC to resolve claims of market manipulation involving Athena’s use of complex trading algorithms to manipulate the closing prices of thousands of stocks by flooding the market with massive numbers of buy or sell orders during the final seconds of the trading day, a manipulative practice typically known as "banging the close." This action represents the first-ever market manipulation case brought by the agency against a high-frequency trading ("HFT") firm.

Click here to download PDF.


This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.
© 2014 White & Case LLP