HFT Manipulation? EURO Soars As Bank Run Spreads From Spain To The UK


As the run on the banks spread in Europe, with 30% of customers pulling cash out of UK branches of Spain’s Santander bank, the Euro spikes on absolutely no news.

While we saw Wall Street banks admitting they jumped in to prop up Facebook’s opening day IPO crash today, there is no such admission or explanation when it comes to the Euro’s massive spike.

That spike of course which defies not only technical and fundamental data but conventional wisdom as well as Greece continues down the path of exiting the Euro while the mass withdrawal of consumer deposits has spread from Greece, into Spain and today into the UK.

This of course raises the specter that some high frequency trading algorithm was unleashed to manipulate the price.

With 18,250 cases of HFT market manipulation documented over the last 5 years, including the now infamous silver manipulation scandal and the 54 second grand rehearsal for a market crash the possibility of such manipulation is not far-fetched.

In any case there is explanation for the move in Euro as of right now so we will just have to see how this plays out.

Categories: ECONOMY

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