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Norwegian day traders convicted of breaking algo and manipulating prices

14 October 2010  |  7823 views  |  0 Man writing graphs on glass wall

A pair of Norwegian day traders have been convicted of cracking the algorithms of US broker Timber Hill and manipulating share prices, according to the Financial Times.

Svend Egil Larsen and Peder Veiby received suspended prison sentences and fines that equated roughly to the amount they made from the illegal trades.

The men manipulated the share price of Norwegian stocks through Interactive Broker unit Timber Hill's online platform.

Veiby's lawyer told the FT that his client did work out how the broker's algorithm would react to certain trades but argued that this does not amount to market manipulation.

The pair, who have received wide-spread support in Norway for their "victory" over the machines, plan to appeal their convictions.

Norwegians convicted for outwitting trading system - FT (subscription)

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