nyse specialist litigation - order handling and execution fraud (barre 2nd statement)
DESCRIPTION
IN RE NYSE SPECIALISTS SECURITIES LITIGATION, 03 Civ. 8264 (RWS). (S.D.N.Y.)Observations of high-volume trading platform operator of patterns of securities fraud in market centers regulated by Securities Exchange Act Section 11A and related order handling and disclosure regulations:Additional representative quotations:Para 4: ...[E]xecution fraud which occurred was far more widespread and systematic and that the record, when presented, will show that this is actual a case of market manipulation with respect to execution cost." "[T]he magnitude of the economic phenomenon associated with this manipulation of market controls can be shown to be far greater than currently alleged." "[B]efore the Court, albeit in disguised and undeveloped form, is a case of 'fraud-on-the-national-market-system.'"Para 5: "Dash 5 metrics (after Rule llAcl-5) represent an economic cost language, not a price language, for observing and measuring die aggregate phenomenon of wealth dynamics in market centers. As it turns out, one may only detect price discrimination or manipulation from outside or within a market in limited degrees, if one measures for wealth effects in the form of price effects. This does not mean, however, that the market center is operated in a fair and orderly manner, if measuring for cost effects - at least from the perspective of this non-lawyer."TRANSCRIPT
