One Algorithm Made Up 4% Of All Trading Last Week, And No One Knows Where It Came From
No one knows where it came from, or what it was meant to do, but 4% of all trading in the U.S. stock market last week was executed by one algorithm, CNBC reports.
Nanex, a market data firm, told CNBC that the algorithm was placing orders once every 25 milliseconds and then canceling them. The orders went out in bursts of 200, then 400, and then 1,000 orders.
-Linette Lopez, for BusinessInsider