High Frequency Trading Whistle-blower awarded $750,000 by SEC
If you've been following HFT scumbaggery, you know that Hunsader is a hero. He's not finished yet.
http://www.chicagotribune.com/business/ct-whistleblower-nyse-award-0303-biz-20160302-story.html
March 2, 2016, 1:46 PM
A leading critic of high-frequency traders says he has been "vindicated" after the Securities and Exchange Commission handed him a $750,000 whistleblower award.
But Eric Scott Hunsader, of Winnetka, says he would happily have accepted just $1 if regulators had taken him seriously when he first raised the alarm about violations of securities law on the New York Stock Exchange in 2010.
Instead, it took the SEC two years to fine the NYSE $5 million for sending price data to customers who paid for proprietary feeds a few seconds before it shared them on the feeds used by the public. That gave the high-frequency traders who could afford the proprietary feeds an unfair advantage over the public, said Hunsader, who called the $5 million fine "way too light — it should have been $100 million."
Hunsader runs his market data business, Nanex, above a nail salon in the north suburb, and has made himself the bete noire of wealthy high frequency traders, frequently publicly accusing them of rigging markets at the expense of other investors. Some players in high-frequency trading, which dominates trading volume on the Chicago Mercantile Exchange and other exchanges, have accused him of being a conspiracy theorist.
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