Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
"The Champagne should probably be kept on ice, at least until the two presidents put pen to paper," said state-owned media China Daily.Traderead more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.K. and EU are gearing up for what could be the busiest week in British politics since June 2016.Europe Politicsread more
"It seems like what the two leaders have done is try to set some of the thorny political issues to the side," said Dhruva Jaishankar, director of the U.S. Initiative at the...Asia Politicsread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
Beijing will be opening up its financial industry to foreign ownership from January, namely in the areas of futures, mutual funds and securities.China Economyread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
The United States has cleared the final procedural hurdle in order to impose tariffs on billions of dollars of European products later this month.World Economyread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
The investigation found that Athena Capital Research used an algorithm to engage in a practice known as "marking the close," in which stocks are bought or sold near the end of the trading day to impact their closing price, a release said.
"The massive volumes of Athena's last-second trades allowed Athena to overwhelm the market's available liquidity and artificially push the market price—and therefore the closing price—in Athena's favor. Athena was acutely aware of the price impact of its algorithmic trading, calling it 'owning the game' in internal e-mails," the SEC wrote in a release.
The SEC claims Athena developed strategies to dominate trade in the last few seconds of a trading day. These trades made up more than 70 percent of the volume of these stocks in the run-up to the close on the Nasdaq.
Without admitting or denying the findings, Athena has agreed to pay a $1 million penalty to settle the case, the SEC's first on high frequency trading manipulation.
The trading firm said in a release that it believed its trading activity "helped satisfy market demand for liquidity during a period of unprecedented demand for such liquidity." Athena added that it stopped running the trading strategy several years ago as those market needs diminished.
During the period of investigation, the assets under management of the fund trading these strategies were about $40 million, the SEC said.
"This is very disgusting. [I'm] very shocked that this was a $1 million fine," partner and co-founder of Themis Trading Sal Arnuk said, emphasizing that he is not an insider in Athena.
He noted that the activities in question were by executives of a small firm "during the heyday" of the financial crisis and were not connected to current market movements. SEC spokesperson Andrew Ceresney agreed.
"Fear of regulation has been cleaning up the market. Leave it to the big boys who are appropriately capitalized," Arnuk said. "Not all high-frequency traders are created equal."