Two Norwegian day traders who outwitted the automated trading system of a big US broker have been cleared of all wrongdoing by the country’s highest court.
The two men were handed suspended prison sentences for market manipulation in 2010 after they worked out how the computerised system would react to certain trading patterns – allowing them to influence the price of low-volume stocks.
Their appeal against that ruling was upheld by the Supreme Court yesterday, which cleared them of market manipulation. The verdict will please the trading community in Norway, which had come to view the duo as Robin Hood figures, beating the big financial houses at their own game.
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