SEC Settles With Speedy Trading Over Manipulation

High frequency trading firm Athena Capital Research has reached agreement with the U.S. Securities and Exchange Commission (SEC) to pay a $1 million penalty to settle the charges it used algorithmic trading methods to impact the closing price of NASDAQ stocks. First ever HFT case settled with SEC This was the first-ever manipulation case against a high-frequency trading firm settled by the SEC, Reuters reported. Without admitting or denying the charges, the New York City-based firm settled issues over its “Gravy” program that flooded the market with a large number of aggressive trades in the final two seconds, a practice…