31 May '11, 7am

Trader used real-time data to manipulate stock market

Trader used real-time data to manipulate stock market

Trader used real-time data to manipulate stock market 31 May 2011 SOURCE: The Straits Times A TRADER pleaded guilty yesterday to manipulating the stock market. Sim Tee Yang had access to real-time data, including bids and asking prices, through his job with CIMB-GK Securities. He used this information to quickly sell large quantities of a certain share. This pushed down the price of warrants, which are financial products linked to shares. Sim snapped up the warrants at the lower price. He then pushed their value back up by buying shares, and sold the warrants for a profit. The 44-year-old worked as a proprietary trader for the securities firm, a district court heard. This means he was trading with the company’s money as opposed to customers’. Profits would be shared equally between him and his employer. In 2005, Sim started buying shares in CapitaMall Trust, which was trad...

Full article: http://thecourtroom.stomp.com.sg/stomp/courtroom/case_of_...

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