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Search Results for: citadel
Without Registering as Stock Exchanges, Citadel Securities and Virtu Financial Account for More Stock Trading than the New York Stock Exchange

By Pam Martens and Russ Martens: March 29, 2022 ~ The above headline regarding Citadel Securities and Virtu Financial comes from a report authored by John Detrixhe that was published at Quartz in February of last year. The report found that as of December 2020 the New York Stock Exchange (NYSE) had a 19.9 percent share of stock market trading versus 13.4 for Citadel Securities and 9.4 percent for Virtu Financial. This gave Citadel Securities and Virtu a combined stock market trading share of 22.8 percent versus 19.9 for the NYSE. The big problem with this picture is that neither Citadel Securities or Virtu Financial are registered as stock exchanges and neither are regulated by the SEC as stock exchanges. Citadel Securities is a broker-dealer that pays for order flow from at least nine online brokerage firms and has a dubious history of regulatory fines and abusive behavior. Virtu Financial is … Continue reading
Allegation that Ken Griffin Is Running Citadel Connect as a Dark Pool Is Posted on SEC Chair Gensler’s Twitter Page

By Pam Martens and Russ Martens: August 9, 2021 ~ On August 4, the Chairman of the Securities and Exchange Commission, Gary Gensler, sat for an interview on CNBC. During that interview, Gensler mentioned that his Twitter followers were posting comments on his Twitter page about Dark Pools. Specifically, this is what Gensler said: “We are taking a real close look at market structure and I recently started, you know, engaging on Twitter and to some of those Twitter followers that are writing about Dark Pools, we are looking very closely at this market structure that so many of our orders, retail public orders are not going to the lit markets but are going to internalizers, going to wholesalers, were taking the retail public’s trades rather than sending them to the stock exchanges.” Dark Pools are opaque, thinly regulated trading platforms that function much like private stock exchanges operating inside the … Continue reading
Sal Arnuk of Themis Trading Plans to Bury Robinhood, Citadel and SEC at House Hearing Today

By Pam Martens and Russ Martens: March 17, 2021 ~ Sal Arnuk co-founded Themis Trading in 2002 with Joe Saluzzi. In 2012 they wrote the book Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street Are Destroying Investor Confidence and Your Portfolio. The rigging of Wall Street has only grown worse since that time. Having a professional trader such as Arnuk provide an insider’s analysis of how Robinhood, which accepts retail stock orders and then sells the majority of them to high frequency trader, Citadel, in exchange for payment-for-order flow (PFOF), is just who Congress needs to hear from. Arnuk, according to his written testimony, will tell the House Financial Services Committee the following at a hearing scheduled for today: “Robinhood does something very novel; they combine investing/trading tools with a social media experience targeted to young people – complete with trading addiction, and a herding effect. They … Continue reading
Is Citadel’s Hedge Fund a Harmless $35 Billion Minnow or a $235 Billion Killer Shark?

By Pam Martens and Russ Martens: February 23, 2021 ~ At the end of last Thursday’s 4-hour long hearing on the forces behind the wild trading in shares of New York Stock Exchange-listed GameStop, Congressman Jesus (Chuy) Garcia of Illinois asked Citadel hedge fund billionaire Ken Griffin how much money was managed by his hedge fund. Griffin replied: “We manage approximately $35 billion dollars of assets.” Garcia than suggested that Citadel was systemically important. Since this might be construed to mean that Citadel should be under heightened regulatory oversight, Griffin quickly responded with this: “I believe that our hedge fund would not be in the category as systemically important. With $30-some billion of equity it is simply not at the scale or magnitude of a JPMorgan, Bank of America, Wells Fargo.” To make a proper assessment as to whether Citadel is a little minnow swimming peacefully with the Dolphins or … Continue reading
GameStop Hearing: Citadel’s Ken Griffin Doesn’t Let the Brutal Facts Get in the Way of His Testimony

By Pam Martens and Russ Martens: February 18, 2021 ~ The billionaire hedge fund titan of Citadel LLC and its market-making/trade execution arm, Citadel Securities, delivered a load of horse pukky in his written testimony to the House Financial Services Committee. Griffin is slated to appear as one of six witnesses at the hearing scheduled at noon today to examine the trading in shares of GameStop in January. GameStop is the brick-and-mortar video game retailer whose stock soared from $18.84 on December 31 of last year to an intraday high of $483 on January 28 – an unprecedented run of 2,465 percent in four weeks by a struggling retail outlet. The stock price then quickly plunged back to earth. It closed yesterday at $45.94. GameStop is listed on the New York Stock Exchange. Its shares are not supposed to trade like a penny stock operated out of a boiler room. … Continue reading
Citadel’s Ken Griffin Called to Testify at GameStop Hearing this Thursday; In Past Two Years, Republicans Got More than $60 Million of His Winnings

By Pam Martens and Russ Martens: February 15, 2021 ~ The tentacles of Ken Griffin’s Citadel octopus were involved in multiple ways in the GameStop saga that will get a hearing this Thursday before the House Financial Services Committee. Griffin has been called to testify along with others. GameStop is the brick-and-mortar video game retailer whose stock soared from $18.84 on December 31 of last year to an intraday high of $483 on January 28 – a breathtaking run of 2,465 percent in four weeks – before plunging back to earth. It closed on Friday at $52.40. The hearing has been called to understand the relationship between all of the parties that played a pivotal role in the wild trading activity, which made fortunes for some big players while leaving others licking their wounds from what has the appearance of a pump and dump scheme. Griffin’s Citadel Securities was paying … Continue reading
Citadel Is Paying for Order Flow from Nine OnLine Brokerage Firms – Not Just Robinhood

By Pam Martens and Russ Martens: February 4, 2021 ~ Since 2000, the Securities and Exchange Commission has required brokerage firms to file a quarterly report showing where they are routing their stock trades for execution. The filing is known as a 606 report after Rule 606 of Regulation NMS (National Market System). Because so many traders at Reddit’s WallStreetBets’ message board have focused on the fact that billionaire Ken Griffin’s Citadel Securities was executing the majority of trades for Robinhood, the trading app where a lot of the Redditors directed their GameStop trades, we decided to take a look at what other online brokers might have also been directing GameStop trades to Citadel Securities. According to the 606 reports for the fourth quarter of 2020 for the following nine online brokers, Citadel was providing payment-for-order-flow (giving a cash rebate for trade orders directed to it) to each of the … Continue reading
Citadel Didn’t Just Bail Out a GameStop Short Seller; Citadel Also Had a Big Short Position in GameStop

By Pam Martens and Russ Martens: February 2, 2021 ~ Politico reported yesterday that the House Financial Services Committee plans to call Vlad Tenev to testify on February 18. That’s the CEO of the online trading app known as Robinhood that has played a role in the controversy surrounding the bull raid (now turned bear raid) in the shares of GameStop. If that’s to be the only witness, you might as well call Ken Griffin’s personal shopper to testify. Griffin is the billionaire founder, CEO and majority owner of Citadel, which has been operating in the GameStop saga like a maestro from an orchestra pit. (For our previous profile of Griffin and Citadel, see here.) As Melvin Capital, a major short seller in the shares of GameStop was about to collapse as the stock soared, Griffin and Citadel’s hedge fund rode to the rescue, injecting $2 billion in cash into Melvin … Continue reading
Citadel’s Ken Griffin: Poster Child for Americans’ Anger in this Election
By Pam Martens and Russ Martens: April 1, 2016 According to Forbes, Ken Griffin, CEO and founder of the hedge fund, Citadel, has a net worth of $7.6 billion. But unbeknownst to most Americans, Citadel received a windfall boost from the taxpayers’ pocketbook sometime between September 18 to December 12, 2008. That was during the Wall Street crash when the U.S. government had taken over the big insurer, AIG, and decided to pay 100 cents on the dollar on AIG’s obligations to Wall Street banks and hedge funds. Did the U.S. government have to pay 100 cents on the dollar when AIG was unable to pay what it owed. Absolutely not. It could have negotiated prudently on behalf of the taxpayer. Instead, it doled out at least $93.2 billion as payment in full to banks and hedge funds, of which Citadel received at least $200 million. We say, at least, because … Continue reading
Citadel’s Dark Pool: SEC Draws a Dark Curtain Around Its Operations
By Pam Martens and Russ Martens: August 14, 2014 In response to a Freedom of Information Act (FOIA) request from Wall Street On Parade seeking information on how Citadel’s dark pool, Apogee, operates, the Securities and Exchange Commission responded in a letter dated August 12, 2014 that “we have determined to withhold records responsive to your request….” Dark pools are the unregulated stock exchanges currently under scrutiny for potentially illegal market rigging activities. We were not asking for trade secrets or results of examinations. We simply wanted basic information on how the Apogee dark pool operates in the marketplace. Mary Jo White, Chair of the SEC, has promised greater transparency by her agency, and yet, this very basic level of information was denied. Other dark pools like Liquidnet, Credit Suisse Crossfinder, and even the mighty Goldman Sachs’ dark pool, Sigma-X, have released their Form ATS describing the operations of their … Continue reading