http://www.cnbc.com/id/39664612
They beat the system!
Rock on with your bad self Norway!
You just made "Heroic Folklore Status" as far as the small individual traders are concerned!
Not just in Norway, but here in America as well!
Two Norwegian day traders have been handed suspended prison sentences for market manipulation after outwitting the automated trading system of a big US broker.
The two men worked out how the computerized system would react to certain trading patterns – allowing them to influence the price of low-volume stocks.
The case, involving Timber Hill, a unit of US-based Interactive Brokers, comes amid growing scrutiny of automated trading systems after the so-called “flash crash” in May, when a single algorithm triggered a plunge in US stocks.
Svend Egil Larsen and Peder Veiby had won admiration from many Norwegians ahead of the court case for their apparent victory for man over machine.
Prosecutors said Mr Larsen and Mr Veiby “gave false and misleading signals about supply, demand and prices” by manipulating several Norwegian stocks through Timber Hill’s online trading platform.
Anders Brosveet, lawyer for Mr Veiby, acknowledged that his client had lea
