Nanex Research

Nanex ~ 1-Mar-2013 ~ Berkshire's 944 Quotes

On March 1, 2013, the High Frequency Traders were at it again. Blasting fake orders in Berkshire Hathaway (and thousands of other stocks). In the 33 minute period shown below, an average of 944 quotes for every trade executed. I wonder if Warren makes that many offers when he buys a company? You should know, that this activity is illegal, and every once and a while, the regulator wakes up from their slumber and fines a firm for placing misleading quotations. Last time, some firm placed a few dozen bogus orders to trick other algorithms. A few dozen. There are at least 25,000 bogus orders shown below.

1. BRK.A Showing bids and asks color coded by exchange.

2. BRK.A Showing trades color coded by exchange.

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