High-frequency Trading Behind Arrest Of Alleged Russian Spy

High-speed trading of exchange-traded funds was a topic that Russia allegedly used spies to attempt to obtain more information, according to a court complaint released Monday. The U.S. arrested an alleged Russian spy in the Bronx, accusing him of acting as a banker to get economic intelligence. According to the Department of Justice, Evgeny Buryakov posed as an employee of a bank in Manhattan and passed information to the trade representative of Russia, Igor Sporyshev. According to the complaint, Sporyshev told Buryakov to tell an unnamed Russian state-owned news organization to ask about how the New York Stock Exchange used exchange-traded funds and potential limits on the use of high-frequency automated trading systems. The Russians also tried to gain information on the impact of economic sanctions, the U.S. says.