[The Morgans, being the ones who came up with the n, meant that they possessed the knowledge to prepare the most efficient means of maximizing profits. Despite benefiting from their actions, just like them, our main source of profit did not originate from their tactics.] Nova paused, allowing Aron time to digest the information she had shared.


    After taking a moment to process the information, he raised his head and asked with curiosity, "So, how did we manage to make profits in a way that outsmarted the Morgans?" His expression showed genuine interest.


    [When we finally had theplete n from the ck sites, I leveraged myputing power to simte their strategy. Through conducting multiple simtions with different parameters, I was able to uncover something that had eluded them.] Nova paused, building suspense, prompting Aron to ask, "What did you discover?" He yed along with her act.


    [blue-chip stocks] Nova responded with a single word.


    Aron sought rification, stating, "If I understand correctly, blue-chip stocks are shares issued by prominentpanies that are well-established, financially stable, and hold an outstanding reputation. Is that urate?" He wanted to ensure they were both on the same page and understood the concept being discussed.


    [Yes,] Nova nodded in agreement.


    Aron tilted his head to the side, guessing, and asked, "Did you short-sell them or something?"


    [No, it wasn''t quite like that,] Nova exined. [Based on the insights gained from the simtions I conducted, I strategically purchased billions of dors worth of blue-chip stocks from variouspanies. I utilized thousands of my ounts to execute these transactions.]


    "Go on then," Aron said, then fell silent, determined to let Nova finish her exnation without interruption.


    Nova understood Aron''s intention and proceeded with her exnation. [During the crash, certain blue-chip stocks such as Echelon, enture, CenterPoint Energy, and many others experienced a drastic decline in their trading value. These stocks, which were previously traded at around $40, suddenly plummeted to just one penny per share.]


    Aron''s surprise shattered his intention to remain silent until the exnation''spletion. "What on earth... How did that happen? Did you hack and manipte the system?" he eximed, his astonishment evident in his voice.


    [No, sir. Their system was functioning exactly as programmed. The phenomenon was caused by a practice known as stub quoting,] Nova rified.


    As I mentioned earlier, high-frequency traders (HFTs) act as market makers, which means that at any given time, there are individuals looking to sell a stock and others who want to buy it.


    However, these two parties may not align perfectly. Sometimes there is an excess of sellers, while at other times, there may be more buyers. HFTs y the role of intermediaries in such situations. When someone wants to sell a stock, the HFTs purchase it, and as soon as they find a buyer, they resell it.


    Stub quoting refers to a scenario where a seller intends to sell their stocks, but the HFTsck the necessary liquidity or avable funds to make the purchase. In such cases, the HFTs would submit a nominal bid, typically one penny, which is not intended to be a genuine offer. Instead, it serves as an indication that they are unable to buy the stocks at that moment. Typically, the seller would then seek out another market maker who possesses the required liquidity and can provide a legitimate offer for the stocks.


    During the sh crash, a significant number of market makers withdrew from the market, causing a severe scarcity of liquidity.


    As a result, the only avable purchase offers for the shares were priced at one penny. In this scenario, the sellers, which were algorithmically programmed to sell the shares regardless of the price, ultimately epted the one penny offers, resulting in the sale of stocks that would typically be valued at $40 for a mere penny.]


    "Wow," Aron couldn''t help but exim as he absorbed Nova''s exnation. He was genuinely impressed.


    Nova smiled and continued, [But that''s not all. Some ordinary stocks, such as Sotheby''s, Apple, HP, and many others, experienced an astonishing surge, skyrocketing from $40 to $100,000 per share.


    The reason behind this was precisely the same but in reverse. Buying algorithms were attempting to purchase certain stocks they deemed safe from the ongoing crash from market makers who, in turn, did not wish to sell.


    As a response, the market makers submitted a high stub quote of $100,000 to indicate their unavability to sell at that time. However, since the buyers were algorithms and the market makers had withdrawn, the $100,000 offer remained the sole option. Consequently, the buying algorithms ended up purchasing stocks valued at $40 for an exorbitant price of $100,000.


    Amidst the chaos unfolding in the market, I emerged as the foremost trader among those purchasing shares for a mere penny, while also capitalizing on the opportunity to sell other shares I had previously purchased for an astonishing $100,000. As a result, we emerged as one of the primary beneficiaries of the market crash, securing a significant win in the process.<novelsnext></novelsnext>


    Although the entire sequence may appear lengthy, it transpired within a matter of mere minutes before the trading halt of five seconds was enforced. Nevertheless, this short duration provided us with an opportunity to secure over 75% of our overall gains from the market crash.] Nova concluded her exnation and broke into aughter that echoed with a touch of viinous amusement.


    Having fullyprehended Nova''s exnation, Aron expressed his thoughts, saying, "This entire n relied on the delicate market dynamics where sellers and buyers were algorithmic entities, facilitated by market makers that were also algorithms. It''s a scheme that would undoubtedly elude human thinkers, and even if they stumbled upon it, they wouldn''t dare take the risk that you did." Aronmended Nova for her actions.


    [With sufficient data points and powerfulputing power, risks be nonexistence,] Nova replied, sporting a smug expression on her face, yfully jesting about the advantages of having ess to a powerfulputer.


    Aron reacted to Nova''s smugness with a scoff before proceeding to ask, "So, what are our total winnings?"


    [Our total gain amounts to 278 billion dors, but if we exclude Rina''s share, we have gained about 180 billion dors,] Nova exined. [The remaining portion, approximately 98 billion dors, constitutes Rina''s share.]


    "That''s surreal. The power of predicting market oues is truly astonishing, but it also carries a certain level of fear," Aron admitted, his tone conveying a mix of awe and trepidation. "We''ve transformed our initial 22 billion into over 278 billion. " Aron couldn''t help but feel a sense of awe at what Nova had done.


    [True]


    Aron then asked, "Did you sell the shares you bought for pennies, or are you still holding onto them?" He was curious whether their winningsprised purely cash or abination of cash and shares.


    [I sold those shares when the market rebounded because there was no benefit in holding onto them,] Nova exined.


    "Indeed, I''m curious to see how they will attempt to cover up the entire ordeal. It seems like a rather precarious situation, as the investigators only need to identify the primary beneficiaries," Aron remarked, contemting the potential challenges faced by those involved in the scheme.


    [Just like us, the Morgans also employed thousands of different ounts, which was easier for them due to their control over multiple financialpanies,] Nova exined. [Furthermore, it''s worth noting that myputing power allows me to summarize information quickly. However, if you recall, it took the Morgans over a year to finalize their attack n. This suggests that the SEC''s investigation is likely to take even longer.]


    Nova continued, [During this time, the Morgans can leverage the academic institutes they fund to release peer-reviewed research presenting various theories about the cause of the crash.


    By muddying the waters and introducing numerous theories, such as decentralization, spoofing, and technical glitches, they can create a scenario where different causes are going to be in the debate.


    This strategy can effectively dy the investigation for more than a decade, especially if the Morgans use their political influence to prematurely end the investigation.]


    "That''s to our advantage as well," Aronmented, a smile stretching across his face. He expressed his contentment, recognizing that the Morgans had taken care of all the meticulous nning, the subsequent cover-up, and every intricate detail in between. "All we had to do was capitalize on the situation and reap the benefits," he added, acknowledging the substantial financial gains they had effortlessly acquired.


    [Yes] Nova nodded agreeing with Aron''s observation.


    ...…


    "What?" Rina eximed in disbelief upon hearing the staggering amount she had earned from the crash.


    Her surprise was evident in her tone as she sought confirmation. "Are you sure?" she asked, still struggling to grasp the magnitude of her earnings.


    Ava, maintaining herposure, responded calmly, [Yes, that''s what Mother sent me,] she replied, disying the impressive figure on the screen, leaving no room for doubt.