Tag: Citadel Scandal (Page 1 of 5)

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Citadel’s Ken Griffin Says Retail Investors May Likely Ditch the Markets

Griffin expressed concern that losses sustained by younger investors who lost money due to FTX may make them less likely to invest their savings in capital markets, including traditional instruments like stocks and bonds.

“The confidence, though, of a generation in financial markets has also been shaken. That’s really awful because the 20-some-year-olds to 40-year-olds who are so engaged in crypto — they’ve got to save for their retirement, and if they don’t believe or trust in financial markets, this is a huge problem. They need to own stocks, they need to own corporate debt, they need to partake in our global capital markets,” Griffin said.

Citadel is currently partnering with Virtu, Schwab, Paradigm, Sequoia, and other Wall Street giants to form EDXM Crypto Exchange.

A cryptocurrency exchange that is supposed to provide transparency and lower transaction costs through the use of high liquidity and tight spreads.

But concerns are growing within the retail investor community as Citadel enters the crypto space, calling it an outrage due to the hedge funds’ long history of abuse of power.

“The bottom line is American investors have really gotten hurt here to the tune of hundreds of billions of dollars in decline in market cap in crypto over the last two years. I mean that really strikes at the entire core essence of what investor protection is all about,” Griffin said.

Source: Fox Business.

Concerns Grow Over Citadel and Crypto Involvement

November 18, 2022 / FrankNez / 5 Comments

Citadel EDXM — Market News and Updates: Retail community weary over Citadel and crypto involvement.

Concerns in the retail community are growing over Ken Griffin’s Citadel’s involvement in the crypto space.

Citadel is partnering up with Charles Schwab, Fidelity, Sequoia, Paradigm, and Virtu to launch EDXM, a cryptocurrency exchange.

Users on Twitter are weary about the potential crime a powerhouse such as these Wall Street giants may cause, especially after the collapse of FTX.

#CITADELSCANDAL has been trending on social media platforms such as Twitter and Truth after numerous counts of conflicts of interest have been shared by the retail community.

If there’s one thing that the ‘meme stock’ frenzy has shown us, it’s that it wasn’t a phase.

The ‘meme stock’ frenzy represents the empowerment of retail investors against Wall Street injustices.

Retail investors are leaving a strong imprint in finance; one could argue that finance is now becoming somewhat of a culture.

This ‘culture’ is shared in both the stock and cryptocurrency markets where retail investors want a leveled playfield.

Social media is now making it easier to expose Wall Street fraud and manipulative tactics used to take advantage of investors.

Investors are saying no to EDXM crypto exchange.

Will the SEC bend rules to benefit these Wall Street giants?

Leave your thoughts below.

Citadel to Launch Crypto Exchange After FTX Collapse

November 17, 2022 / FrankNez / 3 Comments

Crypto News: Citadel and Partners to launch EDXM Crypto Exchange.

Citadel is partnering up with Charles Schwab, Fidelity, Sequoia, Paradigm, and Virtu to launch EDXM, a cryptocurrency exchange.

The fall of FTX was primarily due to centralized players so what’s to say EDXM won’t be subject to such errors?

EDXM’s custody and wallet technology is being provided by crypto custody and infrastructure company Paxos, the companies announced in October.

Paxos, which is a custodian regulated by New York state, holds customer accounts in fully segregated accounts and has signed up large consumer-facing clients to enable crypto trading.

Its customers include PayPal, broker dealers such as Interactive Brokers, and others such as Nubank and Mastercard.

Crypto is still a taboo area for most of Wall Street, but with companies such as Citadel and its partners, it could attract big institutional money.

Here’s the latest crypto news.

What is EDXM?

EDXM is a new crypto exchange being developed by Wall Street giants such as Citadel, Virtu, and Fidelity for digital assets such as cryptocurrencies.

EDXM plans to offer delivery settlement versus payment settlement, a settlement method that’s used in traditional securities trading.

Other promises include extremely low transaction fees due to tight spreads enabled by greater liquidity.

The crypto exchange is also supposed to be different from some other crypto providers that are the market maker, exchange, and custodian all in one, which can be a conflict of interest and is typically not done in traditional markets.

Sort of like how Citadel is a market maker, hedge fund, and dark pool.

The head of strategy at Paxos says EDXM will provide transparency for the crypto market.

Some investors might argue that Citadel and its partners should provide more transparency in the stock market first before making such claims for the cryptocurrency market.

While some on Wall Street might think EDXM could lift the crypto industry, others look at the partnership as a means for Wall Street to take advantage of investors elsewhere.

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Citadel Has a Long History of Market Manipulation

September 13, 2022 / FrankNez

Citadel Market Manipulation — Market News: Citadel and friends are entering the crypto space | Ken Griffin.

Citadel and friends are entering the crypto world very soon.

EDX Markets plans to bring ‘traditional finance’ to the crypto space, a not so ‘traditional’ space to begin with.

The exchange made up of Citadel, Sequoia, Paradigm, Virtu, Charles Schwab, and Fidelity is debuting in November.

EDX Markets will start trading a limited number of spot, crypto tokens starting with a November trial period, with the official launch in January, per Bloomberg.

Similar to trading equities and options, EDX will allow investors to buy and sell digital assets through their existing broker dealer, rather than an outside venue or directly through a crypto-native exchange.

“We’re taking some of the best features of traditional finance and bringing it to the digital markets to make it more efficient, and bring that cost saving to investors,” Nazarali said.

Nazarali is the former global head of business development at Citadel Securities.

But as many are aware, these financial institutions have a long history of playing unfair.

Will these sharks taint the crypto space too?

Let’s look at Citadel’s market manipulation history.

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Citadel Market Manipulation

2015

In 2015, an account operated in China by the brokerage arm of US hedge fund Citadel was suspended.

It was the latest casualty of regulators’ hunt for market manipulators and short sellers at the time.

The China Securities Regulatory Commission said that the Shanghai and Shenzhen stock exchanges had suspended 24 accounts as part of a probe into high-frequency trading.

The investigation focused on a practice known as “spoofing” in which an investor submits a buy or sell order but then withdraws it before a sale is completed — a practice that can mislead investors by creating the false impression that a stock is trading at a particular price.

Citadel confirmed that one of its accounts managed by Guosen Futures was among those suspended.

2017

In 2017 Citadel paid the SEC $22.6 million to settle charges of misleading conduct.

The hedge fund misled customers about the way it priced trades.

The SEC found that between 2007 and 2010, Citadel used two algorithms to execute stock trades on customers’ behalf that gave investors a worse price for their trades, even when Citadel knew better prices existed elsewhere.

“This affected millions of retail orders,” said Stephanie Avakian, the acting director of enforcement at the SEC at the time.

Citadel neither admitted nor denied the findings.

2021

In 2021, Failure-to-Delivers (FTDs) rose dramatically in the period leading up to January 28th, 2021, a phenomenon consistent with increasing short interest by market makers such as Citadel Securities.

FTDs are indictive of naked short selling, which occurs when a short seller does not actually possess the security it is supposed to borrow.

This practice is largely inaccessible to individual investors but accessible to market makers.

At the time, Citadel, Robinhood, and others restricted retail investors from buying ‘meme stocks’ in order to prevent escalating institutional losses.

Citadel eventually lost billions after betting against AMC Entertainment in 2021.

But the entire system needs a refresh – The DTCC waived a total of $9.7 billion of collateral deposit requirements on January 28, 2021, saving brokers, and screwing up retail investors.

2022

The Chicago Tribune published a piece explaining exactly what retail investors have been warning the SEC about.

Citadel Securities’ dark pool dominates a big part of the financial world, accounting for as much as half of U.S. stock market activity.

The Chicago Tribune says this prominent dark pool is run by Chicago Billionaire Ken Griffin’s Citadel Securities and has been targeting small scale retail investors.

And they’re not wrong.

Dark pools are typically involved in payment for order flow (PFOF), where they pay broker firms to receive retail order flow.

Brokers such as Robinhood and TD Ameritrade accept payment for order flow.

But retail investors have been bringing these nefarious practices in the market to light.

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Institutional Investor Says Ken Griffin is On the Same Side as Retail

August 18, 2022 / FrankNez

Market News: Ken Griffin's Citadel and other hedge funds go long on AMC — Market News: Ken Griffin’s Citadel and other hedge funds go long on AMC

Institutional Investor just published a somewhat odd article trying to convince readers that Ken Griffin is on the same side as retail investors.

I know, smells fishy already.

But the article seems rather misinformative.

According to the article, Citadel and other hedge funds previously shorting AMC are now going long.

They did not provide any evidence, but I was able to find some intriguing data.

Let’s take a look below.

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Ken Griffin on the same side as retail investors?

Multi-billionaire and owner of hedge fund Citadel Ken Griffin is actually on the same side as retail investors?

The same hedge fund that was betting against AMC Entertainment in hopes to profit from its downfall?

I’m not sure if that aligns with the aspirations of retail investors but I’d love to hear from you on this one in the comment section.

I couldn’t find any evidence of the claims Institutional Investor was making, but I did find some data from Fintel.

According to Fintel, Citadel Advisors LLC opened 6.5 million calls for AMC Entertainment stock reflecting in August and bought roughly 670k shares.

The hedge fund opened 3.2 million puts during the same month.

Institutional Investor says Citadel owned approximately 2,305,711 shares of AMC but neither Fintel nor MarketBeat show this to be true.

Other hedge funds that were previously short on AMC and purchased shares were Millennium and Wolverine as shown below.

It looks like aggressive short sellers are now going long.

This is big news for AMC Entertainment.

Has the company finally convinced Wall Street of its worth?

Why are hedge funds going long on AMC now?

Citadel buys AMC stock? Why are hedge funds going long on AMC?

The answer is quite simple, hedge funds are simply hedging their losing bets.

They are going long as momentum spurs and going short during cool-off periods.

It makes sense, but does it mean Ken Griffin is on retail investors side?

I think that’s a little too much.

Ken Griffin’s Citadel takes advantage of retail investors by trading their orders in foreign exchanges, profiting from better trading deals outside the lit market.

The hedge fund also has the power to suppress stocks from moving up based on retail demand by overleveraging their short positions and flooding the market with selling pressure.

This is why retail investors disdain Ken Griffin and Citadel.

Market makers and hedge funds have prevented AMC from fully squeezing which means they’ve tampered with retail’s money.

And retail will never be okay with that.

Institutional Investor says Ken Griffin is on retail’s side because Citadel is going long on AMC.

Are they trying to clear their name with this hit?

What do you think?

Leave your thoughts below.

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Robinhood Continues to Face Market Manipulation Claims

August 11, 2022 / FrankNez

U.S. District Court Judge Cecilia Altonaga in Miami dismissed some allegations against the Robinhood last year but is allowing others in a proposed investor class-action lawsuit to move forward.

Robinhood must face market manipulation claims this year that arose from the ‘meme stock’ frenzy in early 2021.

The broker had allegedly colluded with market maker Citadel and removed the buy button, preventing retail investors from buying stocks such as AMC and GameStop.

US District Judge Cecilia Altonaga said in her ruling Thursday that the case raises “interesting legal questions”.

Here’s the latest market news.

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Robinhood faces scrutiny more than a year later

U.S. District Court Judge Cecilia Altonaga in Miami said in the ruling that investors in GameStop Corp, AMC Entertainment Holdings Inc and seven other stocks can proceed with a proposed class action lawsuit alleging the restrictions artificially increased the stocks’ supply.

The lawsuit was one of several cases brought against Robinhood after it temporarily restricted its customers from buying AMC and GameStop as they began to surge in share price.

Citadel, who to this date is short on the ‘meme stocks’, allegedly colluded with Robinhood the night prior to the trading restrictions.

The U.S. House Committee on Financial Services published a press release in July stating Robinhood and Citadel Securities engaged in ‘blunt’ negotiations before the trading of ‘meme stocks’ occurred.

On January 28th, 2021, Robinhood routed orders to six market makers for equities: Citadel Securities, G1 Execution Services, Morgan Stanley, Two Sigma Securities, Virtu, and Wolverine.

All of which are short on AMC and GameStop.

But despite the continued claims to this date, it leaves you wondering.

Is Robinhood a scapegoat?

Could Robinhood simply be taking the blame for everything that occurred last year, allowing market makers to get away with market manipulation?

See, there’s a connection between Judge Cecilia Altonaga and a defendant’s law firm.

Altonaga’s husband George Mencio, is a partner to Holland and Knight, the defendant of Two Sigma Securities in this case.

This creates a major conflict of interest.

I’d love to learn what you think, leave a comment below.

You can learn more about the conflicts of interest surrounding judge Altonaga here.

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Retail Investors Petition to Fire SEC Chairman Gary Gensler

July 31, 2022 / FrankNez

Market News: Petition to fire Gary Gensler surfaces in retail community.

Retail investors have gotten together and started a petition to fire SEC Chairman Gary Gensler for obstruction of justice.

The SEC Chairman is believed to be complicit to the market manipulation occurring in the day-to-day stock market.

Gary Gensler admitted in a Bloomberg exclusive that 90%-95% of retail orders do not go through the lit exchange, such as the New York Stock Exchange (NYSE), but rather through foreign exchanges, or dark pools.

Retail’s concerns have fallen on deaf ears as market maker and hedge fund Citadel remains in operation.

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Retail demands Citadel investigation

The market maker and hedge fund, who also has its own dark pool, is responsible for processing almost 50% of retail trades.

How do they receive this many orders?

Through a process called PFOF, or payment for order flow, where the institution pays brokers such as Robinhood a fee for retail orders.

Citadel then profits from retail as they exchange these orders through foreign exchanges where they can get a better deal, pocketing the small spread.

But that’s not all.

Citadel is short on AMC Entertainment stock, one of the most popular stocks amongst the retail community aiming to squeeze short sellers from their positions.

Investors have looked at Gary Gensler for solutions to the stock’s suppression, but the SEC has only made fun of the retail community; and now they want him out.

Change.org

Retail investors are now demanding for change.

But retail aren’t the only ones to stand up to the SEC.

Tesla’s Elon Musk has been very public about the SEC’s incompetence and has even spoken out against short sellers and malpractices used to short his company in what he calls short and distort tactics.

These same tactics have been used to drive retail’s favorite stocks down despite big demand for the stock.

Retail investors are rising to market injustices and are demanding the SEC Chairman step down and Citadel receives a proper investigation.

You can sign the petition to fire Gary Gensler on Change.org here.

The petition has already received more than 14,000 signatures.

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Citadel Paid SEC $22.6 Million to Settle Charges of Misleading Conduct

July 30, 2022 / FrankNez

In 2017, Citadel paid the SEC $22.6 million to settle charges that it misled customers about the way it priced trades.

The SEC penalized Citadel for failing to disclose the use of those algorithms to clients.

“This affected millions of retail orders,” said Stephanie Avakian, the acting director of enforcement at the SEC at the time.

Citadel neither admitted nor denied the findings.

Today, Citadel has lost the court case against the IEX order type crippling its trading strategy, more on that down below.

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Citadel cheats retail investors

Citadel has been cheating retail investors for years now through a variety of loopholes the SEC has failed to stop.

The market maker is responsible for processing almost 50% of retail orders.

Citadel receives these orders by paying brokers such as Robinhood in what’s known as PFOF, or payment for order flow.

The problem arises when these orders are then traded through foreign exchanges allowing Citadel to pocket the best trading bid, essentially stealing from retail.

They accomplish this through HFT, or high frequency trading.

And because 90%-95% of retail orders are not executed through the lit exchange (NYSE), it gives Citadel’s short positions a massive advantage against retail investors going long.

This means only a small fraction of the demand is truly reflected in a company’s share price.

What is currently being done about the market manipulation?

The SEC has publicly discussed the possibility of banning PFOF for good, but the industry has lashed out.

In October of last year Citadel sued the SEC over the new D-Limit order that would protect displayed lit orders from being picked off by latency arbitrage players.

IEX is an exchange that relies heavily on the D-Limit order to outperform displayed order prices on other exchanges.

This means that predatory strategies such as market arbitrage, where high frequency firms profit from lower prices in foreign exchanges, will no longer be able to do so.

High frequency trading has been used against retail investors to not only gain better prices on stock from other ‘slow loading’ exchanges, but by also using this advantage to sell stock significantly cheaper.

So when you find an exchange that is showing lower prices, hedge funds betting against certain tickers may borrow high in another exchanges while benefiting the difference from selling the stock in those displaying lower prices.

The D-Limit order uses AI technology that provides more consistent and accurate data across all exchanges.

How will IEX affect Citadel?

In short, Citadel Securities and other high frequency trading firms will lose a lot of money.

The reason being is they are making money every second from using this high frequency trading technology to their benefit by getting better prices than anyone else in the market.

The IEX Exchange would put Citadel Securities in the same courtyard as retail investors, leveling the playfield.

IEX would create a foundation for a fairer market.

Citadel paid the SEC $22.6 million to settle charges on misleading conduct in 2017, but karma seems to be catching up for the hedge fund and market maker.

On July 29th, 2022, it was announced that Citadel has lost the court case against the IEX order type.

This is massive win for retail investors and a huge blow to the market maker and hedge fund.

But the SEC still has a lot of work ahead, especially if they’re looking to earn the trust of retail investors.

Only time will tell how significant this battle truly is.

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Sources: Reuters.

Related: Citadel Loses Court Case to IEX Order Type

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Citadel Loses Court Case to IEX Order Type

July 29, 2022 / FrankNez

BREAKING: Citadel Securities just lost the court case to the IEX order type.

The ruling is a notable victory for IEX and a blow to Citadel Securities, which profits from small differences between the bid and ask prices in a trade.

(Bloomberg)—Citadel Securities LLC lost its case against the US Securities and Exchange Commission over a market order type from IEX Group Inc., after arguing the SEC botched its approval.

A trio of federal judges in Washington on Friday upheld the regulator’s decision on the order type, D-Limit, which features a 350-microsecond delay meant to reduce the advantage of high-frequency traders.

The electronic trading firm founded by billionaire Ken Griffin argued that D-Limit hurts investors by delaying their orders and that the SEC approval process broke the laws and rules that govern it.

This is big news.

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A massive win for retail investors

This is a huge win for retail investors and of course a big victory for IEX.

Citadel Securities, which profits from small differences between the bid and ask prices in a trade, will be losing a lot of money.

IEX, which markets itself as a champion of fairness in pricing for the average investor, began offering the discretionary limit order in October 2020 after the SEC stood by it in August.

In suing its own regulator, Citadel Securities—one of the top market makers on the exchange—had asked the court to send D-Limit back to the SEC for reconsideration and reversal.

Investors had no update on this case until now, Citadel loses the court case to IEX.

“The SEC’s determination that the DLimit order does not violate the Exchange Act by unfairly discriminating or unduly burdening competition was reasonable and supported by substantial evidence,” the court found.

Citadel Securities spokesperson David Millar said in a statement: “We look forward to continuing to engage with the SEC to ensure that the best interests of both retail and institutional investors are protected.”

IEX had no immediate comment on the court’s decision.

The SEC didn’t immediately respond to a request for comment.

What Is The D-Limit Order?

The D-Limit order is designed to protect liquidity providers from potential “adverse selection” by latency arbitrage trading strategies.

This rule basically gives traders a way to buy or sell stock at the exchange while protecting them against unfavorable price moves, via Reuters.

“The D-Limit Order is an artificial intelligence order type that protects displayed lit orders from being picked off by latency arbitrage players.”

“It aims to benefit displayed equity market quotes with better prices, larger displayed sizes and more competition among liquidity providers.” via, JLN.

This order is a massive threat to Citadel as it takes away predatory trading through the practices of market arbitrage.

What is Market Arbitrage?

Market arbitrage is the act of buying a security in one market and simultaneously selling it in another market for a higher price.

Traders frequently attempt to exploit the arbitrage opportunity by buying a stock on a foreign exchange where the share price hasn’t yet been adjusted for the fluctuating exchange rate, via Investopedia.

This type of trading takes advantage of everyone involved, including retail investors.

Citadel personnel argued that the D-Limit rule is detrimental to millions of retail investors and undermine the reliability of the markets.

Citadel Loses Court Case to IEX Sources: Chicago Business

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Ken Griffin Spent $54 Million to Fight a Tax Increase on The Rich

July 12, 2022 / FrankNez

Citadel’s Ken Griffin spent $54 million to fight a tax increase on the rich that would raise the rate from 5% to 8% according to ProPublica.

This increase would have cost $51 million every year in extra tax.

In especially good years — in 2018, Griffin reported income of almost $2.9 billion — he might have been forced to pay more than $80 million more according to sources.

By the time Illinois voters streamed into voting booths on Election Day in 2020, Citadel’s Ken Griffin, then Illinois’ wealthiest resident, had made sure they’d heard plenty about why they should not vote to raise taxes on him and the state’s other rich people.

Ken Griffin spent tens of millions of dollars in relentless ads and flyers to vote against an initiative that would raise higher tax rates for the wealthy.

Here’s the latest market news.

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Ken Griffin spent millions to influence public opinion

According to ProPublica, Ken Griffin spent approximately $18 for every one of the 3.1 million votes against the initiative.

A Citadel spokesperson responding on Griffin’s behalf pointed out that, according to ProPublica’s previously published data, Griffin paid the second-highest amount of taxes of any American from 2013 to 2018.

“Over the past decade,” he said in a statement, “it is almost a certainty that Ken has been the largest individual taxpayer in the State of Illinois — a state notorious for profligate spending and rampant corruption.”

Ken Griffin has said he’s not against raising taxes; he opposed the measure, he added in his statement, because “Illinois needs to put its fiscal house in order before burdening hard-working families with yet more taxes.”

But he’s often referred to as a predator in the financial markets, stealing millions from retail investors who chose the market as a means to begin building wealth for their families.

Ken Griffin’s Citadel participates in PFOF (payment for order flow), where they pay brokers a fee in return for retail’s orders.

These orders are traded though foreign exchanges and dark pools, benefiting Citadel and devaluing retail’s monetary demand in the lit exchange (NYSE).

Chicago Tribune said Citadel Securities’ dark pool targets small investors and also accounts for as much as half of the U.S. stock market activity.

This makes trades much more susceptible to market manipulation and introduces much unneeded conflicts of interest.

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Related: Robinhood and Citadel Colluded Night Before Trading Restrictions

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