birdwatcher (birdwatcher) wrote,
birdwatcher
birdwatcher

***

ChicagoTribune.com -- Twells, who oversees the use of Citadel algorithms, testified that the firm's automated trading programs were "influenced" into making unfavorable trades for gold futures in September 2011 by Coscia's alleged spoof bids.

But under cross-examination by Coscia's attorneys, Twells was asked if he could definitively say whether the trades were triggered by Coscia's alleged fraud. "I don't know," he replied.

Choosing his words carefully, Twells said Citadel's algorithms consider "many factors" to decide whether to trade. Coscia's alleged spoof orders would have been just one of those factors, he said.

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