Nanex Research

Nanex ~ 13-May-2013 ~ Layering in Amgen

After publishing charts showing an unusual price oscillation in Amgen, we remembered a similar pattern in a stock involved in a manipulation case that resulted in a fine from the regulators (FINRA). See if you can spot the similarities.

We think the data in Amgen warrants an immediate investigation. There are probably thousands of other examples, costing investors, untold millions.

1. GWW - June 4, 2010 - Trades color coded by reporting exchange along with NBBO in dark gray.
The trades circled in white were found to be the result of an illegal manipulation technique known as layering by FINRA (see chart 4 on this page for details).

2. AMGN - May 10, 2013 - Trades color coded by reporting exchange along with NBBO in dark gray.
Note the familiar oscillation pattern in the NBBO and trades executing near extremes.

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