Subscribe
Business

Firm paying $1M in SEC case on high-speed trading

By Marcy Gordon
Published
Add Washington Examiner on Google

WASHINGTON (AP) — A firm accused of fraud will pay a $1 million penalty in what federal regulators say is the first case of market manipulation brought against a high-speed trading firm.

The Securities and Exchange Commission also censured Athena Capital Research, which it said used a trading algorithm code-named “Gravy” to manipulate the closing prices of thousands of stocks on the Nasdaq market. Athena placed a large number of rapid trades in the final two seconds of nearly every trading day over six months, the SEC said Thursday.

Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.

Full midterm coverage.Deeper analysis.

Get unlimited access to Washington Examiner's reporting, expert analysis, and coverage of the midterm elections.

Get Unlimited Access

Cancel anytime.