Canadian citizen Michael Bailey is described as “an experienced investor and resident of Canada…an algorithmic trader and formerly a member of the Band of Scoundrels, an elite group of high frequency proprietary traders that successfully shorted Citigroup and profited [by] over US$130 million in October 2008” [PRWEB, 9 January 2013].
Don’t be fooled by the fancy talk: Algorithmic trading (aka automated trading, black-box trading, algo trading) is simply use of electronic means to execute trading orders, using pre-programmed instructions which factor in timing, price, or quantity of a trade; in many cases initiating it without any human intervention. It’s widely used by investment banks, pension funds, mutual and hedge funders – of whom Mr Bailey is one.
On 7 January 2013, Bailey merited front page coverage in the Mining Journal when he was “said” to have “launched a hostile Cdn$238 million bid for undersea explorer Nautilus Minerals, sending the shares up by around 25%” [MJ 4-11 January 2013].
London-listed Nautilus is currently bent on exploiting huge riches on the seabed and its shareholders include Anglo American plc (with and 11.1% stake) and Canada’s Teck Resources, with 4.5%.
See http://www.minesandcommunities.org/article.php?a=12098.