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CS HFT DETECTION

CS HFT DETECTION

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Published by zerohedge

CS HFT DETECTION

CS HFT DETECTION

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Published by: zerohedge on Dec 14, 2012
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RVOBNEC [RVORLC^
(6?6(
 OL[ Oeoa~{n{
@nc` Ivlq|lek~ Rvobnec
Mlo{|vlmler! Blrlkrnhe oeb Vl{the{l
Movglr Khmmlerov~ 9 Blklmflv 64?6
 
S`or bhl{
fob
@IR ahhg angl! `hs hirlebhl{ nr `ottle! oeb `hs bh sl blrlkr nr8
Ihk|{{nec he r`l Elcornyl O{tlkr{ hi @IR
 Ne h|v tvlynh|{ vlthvr @nc` Ivlq|lek~ Rvobnec
R`l Chhb! R`l Fob! oeb R`lVlc|aornhe!sl nblerninlb oeb cvh|tlb o yovnlr~ hi @nc` Ivlq|lek~ Rvobnec{rvorlcnl{% Sl kheka|blb r`or kao{{ni~nec oaa @IR o{
fob
so{ rhh fvhob oclelvoan{ornhe! o{ sl ih|eb lynblekl hi {rvorlcnl{ r`or nmtvhylb movglrq|oanr~ oahec{nbl r`h{l r`or bnb ehr%Sl r`neg nr n{ nmthvroer rh `nc`anc`r anq|nbnr~-le`oeknec {rvorlcnl{ {|k` o{movglr mognec hv {rorn{rnkoa ovfnrvocl! s`nk` {llg rh khvvlkr {`hvr rlvmmn{tvnknec% @hslylv! r`n{ vlthvr snaa ihk|{ {tlkninkoaa~ he {rvorlcnl{ s`nk`{llg rh
kvlorl
{`hvr rlvm mn{tvnknec! oeb `hs rh vl{theb okkhvbneca~ rh r`n{
‑fob” @IR
%
Khekvlrl Lpomtal{ oeb Blrlkrnhe Rlk`enq|l{
 
Ne r`n{ tnlkl sl `nc`anc`r o {|f{lr hi elcornyl
 
`nc` ivlq|lek~ rvobnec!lpomnenec {rvorlcnl{ {|k` o{: _|hrl [r|iinec! Ao~lvnecHvblv Fhhg Iobl oebMhmler|m Ncenrnhe% Sl oeoa~{l o e|mflv hi bniilvler o{tlkr{ hi r`l{l{rvorlcnl{! tvhynbnec lpomtal{ rh `lat blmhe{rvorl s`or r`l~
‑ahhg”
angl! o{ slaa o{ fvhoblv boro {rorn{rnk{ he `hs hirle r`l~ hkk|v oeb `hs sl blrlkrr`lm%Lp`nfnr{ ? oeb 6 flahs tvhynbl lpomtal{ hi _|hrl [r|iinec! s`nk` n{ hel hir`l mh{r yn{|oaa~ hfynh|{ ihvm{ hi @IR% Sl snaa blayl nerh _|hrl [r|iinec nemhvl blrona ne r`l elpr {lkrnhe% Sl r`le ihk|{ h|v oeoa~{n{ heAo~lvnecHvblv Fhhg Iobl oeb Mhmler|m Ncenrnhe ne {|f{lq|ler {lkrnhe{%Ineoaa~! sl `nc`anc`r r`l so~{ ne s`nk` OL[ vl{theb{
rh ‑fob” @IR!
tvhrlkrnech|v kanler{ oeb le`oeknec h|v {rvorlcnl{%
Jheor`oe R{l
' 22 643 000 6933Jheor`oe%r{lDkvlbnr-{|n{{l%khm
Pnoec Ane
' 22 643 000 4>32Pnoec%aneDkvlbnr-{|n{{l%khm
Bvls Ynekler
' 22 643 000 22?0Bvls%yneklerDkvlbnr-{|n{{l%khm
 
 
Gl~ Thner{
 
S`nal r`lvl ovl o yovnlr~ hi @nc`Ivlq|lek~ Rvobnec {rvorlcnl{
ehr oaa hi s`nk` ovl fob
r`l lpn{rlekl hi elcornyl@IR {rvorlcnl{ `o{ nmtankornhe{ ihv rvobnecoeb oeoa~{n{%
 
Sl tvl{ler o blronalb {r|b~ hi o yovnlr~ hielcornyl @IR {rvorlcnl{
neka|bneclpomtal{ hi _|hrl [r|iinec!Ao~lvnecHvblv Fhhg Iobl! oebMhmler|m Ncenrnhe
rh blmhe{rvorl s`or
fob @IR ‑ahhg{ angl”! `hs hirle nr
`ottle{! oeb `hs sl blrlkr nr%
 
 Omhec hr`lv hf{lvyornhe{! sl ineb r`or_|hrl [r|iinec hkk|v{ mhvl he MRI{!Hvblv Fhhg iobl n{ mhvl angla~ he r`l{oml yle|l oeb al{{ angla~ kvh{{-yle|l!oeb {hml mhmler|m ncenrnhe torrlve{ koeko|{l {nceninkoer! votnb tvnkl mhyl{%
 
 OL[ vl{theb{ rh elcornyl @IR snr` vloarnml blrlkrnhe rlk`enq|l{ rh rovclr oyovnlr~ hi fl`oynh|v{% F~ n{haornec oebnblerni~nec bniilvler r~tl{ hi @IR! sl ovlofal rh tvhynbl flrrlv tvhrlkrnhe{ oeb{oilc|ovb{ ihv h|v kanler{%
Lp`nfnr ?
: _|hrl [r|iinec: @lnelgle! 6
eb
Mo~! 64??
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{
Lp`nfnr 6
: _|hrl [r|iinec: Rlalihenko! ?4
r`
O|c|{r! 64?6
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{
 
 
RVOBNEC [RVORLC^
6
@nc` Ivlq|lek~ _|hrl [r|iinec
 Kork`nec _|hrl [r|iinec snr` F|v{r Blrlkrnhe oeb
 
TorrlveVlkhcenrnhe
 R`l lpomtal{ he r`l tvlynh|{ tocl {`hs q|hrl {r|iinec snr` ionva~ bniilvlertorrlve{% R`l khmmhe blehmneorhv n{ r`l mo{{nyl e|mflv hi els hvblv{oeb koeklaaornhe{ `nrrnec r`l movglr ne o ylv~ {`hvr tlvnhb hi rnml% R`l{lf|v{r{ ovl hfynh|{ rh r`l `|moe l~l! f|r blrlkrnec r`n{ okvh{{ o voecl hi{lk|vnrnl{ ne vloa rnml
o{ slaa o{ blrlvmnenec r`l ottvhtvnorl vl{the{l
 vlq|nvl{ {hml {ht`n{rnkornhe%Sl |{l rlk`enq|l{ obotrlb ivhm {nceoa tvhkl{{nec (neka|bnec vloa rnml f|v{rblrlkrnhe oeb torrlve vlkhcenrnhe. rh kork` q|hrl {r|iinec oeb hr`lv @IR
{kleovnh{% R`l{l rlk`enq|l{ clelvorl ‑{khvl{” hv ‑mlo{|vl{” s`nk` ovl
|tborlb kherne|oaa~ r`vh|c`h|r r`l bo~ he lylv~ ne{rv|mler sl rvobl (mhvlblrona{ he r`l{l rlk`enq|l{ ne Ottlebnp 6.% Sl |{l r`n{ neihvmornhe rh obotrh|v rvobnec fl`oynh|v okkhvbneca~%Lp`nfnr ; vlyn{nr{ r`l @lnelgle lpomtal! ehs {`hsnec o > mne|rl snebhs(Lp`nfnr ? so{ o ?4 {lkheb {eot{`hr
.% H|v ‑@IR {khvl” oamh{r nmmlbnorla~
iaoc{ r`n{ torrlve o{ ofhyl r`l r`vl{`hab r`or sh|ab rvncclv fl`oynh|voak`oecl{ ne r`l OL[ oachvnr`m{% Lp`nfnr ; oa{h tvl{ler{ r`l obj|{rlb o{g! s`nk` OL[ koe |{l rh oyhnb thrlernoa bhseioaa{ ivhm q|hrl {r|iinec (mhvl
bn{k|{{nhe he ‑_|hrl Inarlvnec” oeb hr`lv 
 OL[ tvhrlkrnhe{ ihaahs he tocl 3.%
M|arntal Rnml{ o Bo~! Okvh{{ M|arntal [rhkg{
 \{nec r`l {oml rlk`enq|l{ mlernhelb ofhyl! sl oeoa~{lb r`l anglan`hhb hiq|hrl {r|iinec okvh{{ r`l [RHPP944 |enylv{l ne _; 64?6% Sl ih|eb r`orr`l lok` {rhkg he oylvocl lptlvnlekl{ `nc` ivlq|lek~ q|hrl {r|iinec ?0%9rnml{ o bo~! snr` mhvl r`oe 26, hi {rhkg{ oylvocnec ?4' lyler{ tlv bo~%
Mh{ra~ [`hvr Anylb! F|r r`l Ahec Rona n{ Nmthvroer
 \e{|vtvn{neca~! r`l{l lyler{ koe fl q|nrl {`hvr anylb% Ne Lp`nfnr 2! sl {ll r`orr`l anglan`hhb hi lyler{ snr` aheclv b|vornhe{ n{ m|k` ahslv r`oe r`or hi{`hvrlv b|vornhe lyler{% Nebllb! r`l mojhvnr~ (<2%9,. hi q|hrl {r|iineclyler{ (f~ kh|er. ao{r al{{ r`oe 6 {lkheb{%@hslylv! r`lvl n{ o {nceninkoer rona hi aheclv-ao{rnec lyler{! s`nk` koe fl{lylvoa mne|rl{ ahec% S`nal r`lnv tvhthvrnhe f~ kh|er n{ ylv~ ahs! hylv 63%>,hi r`l
rnml
o{{hknorlb snr` q|hrl {r|iinec lyler{ khml{ ivhm r`h{l ao{rnec ?mne|rl hv mhvl (snr` hylv 2;%?, b|l rh lyler{ ao{rnec ;4 {lkheb{ hv aheclv.%[h s`nal mh{r lyler{ `ottle ne r`l faneg hi oe l~l! r`l k`oekl hilekh|erlvnec q|hrl {r|iinec ihv hylv o mne|rl n{ mhvl r`oe ~h| mnc`r lptlkr%
[tvlob{! Yhaornanr~ @nc`lv Th{r Lyler oeb Tvnkl{ Mhyl Rhh
 Oar`h|c` r`l mojhvnr~ hi q|hrl {r|iinec lyler{ hea~ ao{r o {`hvr tlvnhb hi rnml!r`l~ koe `oyl o {nceninkoer nmtokr% Ihv ne{roekl! sl ineb r`or oylvocl{tvlob{ oeb yhaornanrnl{ ovl `nc`lv ne r`l nmmlbnorl oirlvmor` hi r`l{l lyler{%R`l{l {`nir{ ovl hylv q|nkga~! f|r r`l~ sh|ab fl rogle nerh okkh|erb~eomnkoaa~ okvh{{ oaa OL[ {rvorlcnl{ rh oyhnb oe~ elcornyl khe{lq|lekl{%He oylvocl! r`l tvnkl rleb{ rh mhyl
rhsovb 
q|hrl {r|iinec oirlv r`l lyler (n%l%r`l mnb-tvnkl mhyl{ |t ni q|hrl {r|iinec hkk|vvlb he r`l hiilv.% R`n{ `hab{
 s`lr`lv r`l oiilkrlb q|hrl inen{`lb ‑rnkglb ne” ‛
eovvhslv r`oe r`l nenrnoa
 {
tvlob
 
hv ‑rnkglb h|r”! f|r n{ mhvl tvheh|eklb s`le inen{`nec ‑rnkglb ne”
({ll Lp`nfnr <.% @hslylv! r`l{l mhyl{ rleb rh fl ylv~ {moaa (1 4%6;ft{.%
S`or n{ _|hrl [r|iinec8
_|hrl {r|iinec n{ o {rvorlc~ r`or iahhb{ r`l movglr snr``|cl e|mflv{ hi hvblv{ oeb koeklaaornhe{ ne votnb{|kkl{{nhe% R`n{ kvlorl{ o aovcl e|mflv hi els fl{rfnb{ hv hiilv{! lok` thrlernoaa~ ao{rnec mlvlmnkvh{lkheb{%
 S`~ Bh Nr8
R`n{ kh|ab fl |{lb ihv o e|mflv hi vlo{he{! neka|bnec:-
 
Soagnec {hmlhel nerh r`l fhhg: R`n{ kh|ab comlhvblv{ r`or fo{l r`lnv tvnknec lernvla~ he r`l fl{r fnbhv fl{r o{g%-
 
Kvlornec ioa{l mnbthner{: Hel kh|ab fvnlia~ kvlorl oioa{l mnb ylv~ kah{l rh r`l fnb hv o{g! r`le rvobl ner`l bovg (s`lvl r`l mnb hirle {lvyl{ o{ o
vlilvlekl. or r`or tvnkl! vor`lv r`oe r`l ‑rv|l mnb”
%-
 
Rv~nec rh ko|{l {roal tvnknec! {ahs movglr boro oeb{|fhtrnmoa rvobnec f~ hr`lv movglr tovrnkntoer{: F~ihvknec r`lm
rh tvhkl{{ ‑ioa{l” ml{{ocl{! r`l
nv rvobnec blkn{nhe{ kh|ab fl blao~lb hv khmtvhmn{lb%
 
Lp`nfnr 2
: B|vornhe hi _|hrl [r|iinec Lyler{
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{! [RHPP94! J|a 
 ‛
[lt 64?6 
Lp`nfnr <
: Oylvocl Mnb-Tvnkl mhyl rhsovb q|hrl{r|iinec (< {lkheb{ th{r lyler.
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{! [RHPP 944 J|a - [lt 64?6 
Lp`nfnr ;
: _|hrl [r|iinec: @lnelgle! 6
eb
Mo~! 64??
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{
 
 
RVOBNEC [RVORLC^
;
Snblv [tvlob{ = Mhvl Okrnynr~! Vltlor Lyler{ Mhvl Angla~
_|hrl [r|iinec n{ mhvl angla~ lova~ ne r`l mhvenec! o{ slaa o{ ovh|eb r`l rnmlhi els{ oeeh|eklmler{ (n%l% ?;;4 oeb ?<44 \G rnml.% Lp`nfnr 9 {`hs{ r`lbn{rvnf|rnhe hi q|hrl {r|iinec (ne vlb. {tngnec or r`l{l rnml{% R`n{ khneknbl{ snr` `nc`lv oylvocl {tvlob{ oeb ahslv oylvocl hvblv fhhg bltr`! s`nk` mo~tvhynbl flrrlv htthvr|enrnl{ o{ snblv {tvlob{ kh|ab oaahs q|hrl {r|iinec
 snr`h|r `oynec rh eovvhs {tvlob{ flahs r`lnv ‑eor|voa” alyla%
 Obbnrnheoaa~! o {rhkg s`nk` `o{ oavlob~ lptlvnleklb q|hrl {r|iinec `o{ o`nc`lv tvhfofnanr~ hi i|vr`lv okrnynr~ he r`or {oml bo~! snr` oe 06%;, k`oeklhi o
vltlor
lyler% R`l {lkheb lyler hkk|v{ he r`l {oml yle|l 3;, hi r`lrnml! oeb hylv 34, hi
vltlor
{”
hkk|v snr`ne < mne|rl{ ({ll Lp`nfnr 3.%
 O|rh{! Foeg{! Nvn{` {rhkg{ {ll cvlorlv q|hrl {r|iinec
Ahhgnec okvh{{ {lkrhv{! sl {ll q|hrl {r|iinec ne r`l [RHPP 944 O|rh{{rhkg{ u<; rnml{ o bo~ (okvh{{ r`l 2 yle|l{.! oeb ;3 rnml{ o bo~ ihv r`h{lne r`l Foeg{ {lkrhv (y{ ?0%9 rnml{ o bo~ hylvoaa.% Sl oa{h ih|eb Nvn{` {rhkg{mhvl ivlq|lera~ `nr! snr` `nc` ivlq|lek~ q|hrl {r|iinec lyler{ hkk|vvnec u><rnml{ o bo~% R`n{ e|mflv n{ bhmneorlb f~ Glvv~ Cvh|t! s`lvl sl {ll o `|cle|mflv hi r~tnkoaa~ {`hvr anylb lyler{% Lp`nfnr 0 {`hs{ o 2< mne|rl {eot{`hr! s`lvl m|arntal bn{rnekr ka|{rlv{ hi q|hrl {r|iinec koe fl {lle%
[r|iinec [nceninkoera~ Mhvl Tvlyoaler he MRI{
 Ahhgnec ehs or s`nk`
yle|l
q|hrl {r|iinec hkk|v{! sl ineb hea~ ?2%?, hilyler{ hkk|v he r`l tvnmov~! m|k` ahslv r`oe K`n-P (;3%6,. oeb R|vq|hn{l(;6%0,.% Lp`nfnr > {`hs{ r`n{ okvh{{ rnml! snr` R|vq|hn{l nekvlo{nec {anc`ra~hylv _;% Nr n{ ehr lernvla~ kalov s`~ MRI{ ovl tvlilvvlb! f|r to{{nyl vlforl{
 hea~ lmtah~lb he r`l MRI{
oeb elslv rlk`ehahc~ (`lekl ahslv aorlek~.kh|ab fl iokrhv{% Oehr`lv lptaoeornhe `necl{ he o al{{ hfynh|{ nmtokr% Ne obbnrnhe rh {ahsnecbhse movglr boro illb{! q|hrl {r|iinec oa{h k`oecl{ r`l tvnkl r`or bovg thha{|{l o{ o vlilvlekl% O{ r`lvl n{ eh rvobl-r`vh|c` v|al ne L|vhtl! @IR rvoblv{koe |{l m|arntal hvblv fhhg{ rh kvlorl |elptlkrlb {kleovnh{%
Nmtankornhe{ ihv Bovg Thha{! LFFH{ oeb Vlilvlekl Tvnkl{
 Ne tovrnk|aov! bovg thha{ |{nec o {~er`lrnk LFFH (khe{hanborlb fhhg. ihv r`lnv vlilvlekl tvnkl ovl or `nc`lv vn{g hi flnec comlb f~ q|hrl {r|iinec% Lp`nfnr?4 {`hs{ oe lpomtal ne O{`mhvl Cvh|t! s`lvl r`l Tvnmov~ Fnb oeb O{g(vltvl{lerlb f~ r`l h|rlv bovg vlb oeb anc`r fa|l anel{ or ;<9%6 oeb ;<<%3.ovl {rornk! f|r r`l K`n-P fnb mhyl{ (bovg fa|l anel.% R`l khe{hanborlb LFFH{`hs{ o ahkglb fhhg! snr` r`l fnb lq|oa rh r`l o{g or ;<9%6%
LFFH Thha{ Mo~ Kvh{{ Tlc-rh-Mnb Hvblv{ or r`l Rh|k`
 R`n{ {kleovnh kh|ab fl lptahnrlb ne LFFH-vlilvleklb bovg thha{% O comlv kh|ab taokl o {laa hvblv ne r`l thha snr` o ;<9%6 anmnr! r`le taokl (oeb votnba~koekla. o K`n-P fnb! oa{h or ;<9%6% Oe~ f|~ hvblv tlcclb rh mnb sh|ab rvobl
or r`l rlmthvov~ comlb ‑mnb” hi ;<9%6 (o{ r`l LFFH fnb oeb hiilv ovl fhr`
rlmthvovna~ ;<9%6.! to~nec r`l s`hal {tvlob vor`lv r`oe `oai%Kvh{{ineblv 
(Kvlbnr [|n{{l„{ bovg thha.
bhl{
 ehr 
|{l r`l LFFH! tvlilvvnec rh|{l tvnmov~-hea~ boro rh `lat mnenmn{l r`l k`oekl hi mnbthner comnec%I|vr`lvmhvl! s`le OL[ blrlkr{ oe~ q|hrl {r|iinec! nr mo~ obb lprvotvhrlkrnhe{ okvh{{ nr{ hvblv{ (fhr` anr oeb bovg. rh i|vr`lv vlb|kl r`l vn{g hiflnec comlb! mhvl blrona{ hi s`nk` ovl bn{k|{{lb aorlv ivhm tocl 3%
Lp`nfnr ?4
: LFFH _|hrl [r|iinec! O{`mhvl Cvh|t
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{! ?2 Ehy 64?6 
Ahkglb LFFH:
Tvnmov~ O{g 
 =
K`n-P Fnb
 
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{! [RHPP 944 J|a - [lt 64?6 
Lp`nfnr >
: Bn{rvnf|rnhe hi _|hrl [r|iinec Lyler{ f~ Yle|l
Lp`nfnr 9
: Bn{rvnf|rnhe hi _|hrl [r|iinec f~ Rnml hi Bo~
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{! [RHPP 944! J|a 
 ‛
[lt 64?6 [h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{! [RHPP 944 J|a - [lt 64?6 
Lp`nfnr 3
: Rnml flrslle _|hrl [r|iinec Lyler{
Lp`nfnr 0
: Glvv~ Cvh|t (K`n-P.! 62
r`
Hkrhflv! 64?6
[h|vkl: Kvlbnr [|n{{l OL[ Oeoa~{n{

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