"Volfbeyn said that he was instructed by his superiors to devise a way to 'defraud investors trading through the Portfolio System for Institutional Trading, or POSIT,' an electronic order-matching system operated by Investment Technology Group Inc. Volfbeyn said that he was asked to create an algorithm, or set of computer instructions, to 'reveal information that POSIT intended to keep confidential.'"
Now, you didn't think they used Black-Scholes, did you?! If you did, then: welcome to the real world!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a...
"Volfbeyn said that he was instructed by his superiors to devise a way to 'defraud investors trading through the Portfolio System for Institutional Trading, or POSIT,' an electronic order-matching system operated by Investment Technology Group Inc. Volfbeyn said that he was asked to create an algorithm, or set of computer instructions, to 'reveal information that POSIT intended to keep confidential.'"
Now, you didn't think they used Black-Scholes, did you?! If you did, then: welcome to the real world!