The missing 🧩: Citadel's Frenemies, PFOF, Michael Burry's Twitter, and how they're hiding deep ITM Options
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/pinkcatsonacid](https://www.reddit.com/user/pinkcatsonacid/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/mlf82b/the_missing_citadels_frenemies_pfof_michael/) | 

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[Serious DD 👨‍🔬🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Serious%20DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%F0%9F%94%AC%22&restrict_sr=1)

TL;DR: Susquehanna is [sus](http://imgur.com/a/EzZB2vv)

Stay with me man I have a point I promise.

🚨UPDATE: SMOKING GUN [Bloomberg today](http://imgur.com/a/ZsK2Rur) #6 🤔🧐 [Updated FINTEL from this morning! ](https://fintel.io/sob/us/gme)yet the price didn't move accordingly 🙃

Many other wrinkly brain apes have done an excellent job on DD'ing Payment for Order Flow (PFOF). *If you are wrinkly brained, or are familiar with the top PFOF clients, skim on down to da apes.* 🦧

🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀

TA;DR of that is.. Electronic Trading Firms like Robinhood can provide free trading services because companies like the ones outlined below are paying them for their order flow, thus PFOF.

These firms engage in high-frequency trading using advanced computer algorithms. They also serve as market makers, providing trading services for investors that helps promote market liquidity.

We know Citadel is the largest customer paying for this information, accounting for over 40% of overall PFOF. Options accounted for approximately 60.9% of the payments for order flow in 2020.

So who are the other key players?

Here are some of the [biggest industry players using PFOF](https://www.lexology.com/library/detail.aspx?g=863806a4-7ec4-4d3e-a5f6-b760b08009f4):

Citadel Securities

Susquehanna International Group see footnote for deets*

Virtu Financial (more on them in another post)

Wolverine Trading Company

Jane Street

Two Sigma Investments

Brokerage firms typically have prearranged agreements with market maker firms, such as Citadel, Virtu, and Susquehanna. These Electronic Trading firms will then compete for the order flow. They make their money through the difference between the buy and sell price, which they largely control through their fast paced trading algos.

It's worth noting that 2020 recorded record breaking profits due to a historic rise in retail trading participants via apps like RH. Lots of new money for Citadel, Sus, and friends.

And don't forget that [22% of $USD in circulation were printed in 2020.](https://www.cityam.com/almost-a-fifth-of-all-us-dollars-were-created-this-year/) Money printer go brrrrrrr.

🦧🦧🦧🦧🦧🦧🦧🦧🦧🦧

Now, with all that ELIApe out of the way, let's put on some tin foil hats shall we?

Paging [u/glide_si](https://www.reddit.com/u/glide_si/) and [u/boneywankenobi](https://www.reddit.com/u/boneywankenobi/) and their awesome posts, which I quote directly and shamelessly here. I'm not as smart as them.

In the [posts](https://www.reddit.com/r/GME/comments/mk3gcd/call_memaybe_why_the_massive_volume_of_deep_itm/?utm_medium=android_app&utm_source=share) I mentioned earlier, they reference Citadel's fuckery being hidden in deep ITM options. The contracts are mostly routed through PHLX. PHLX engages in Single Leg Floor Trades- a transaction representing a non-electronic trade executed on a trading floor. Execution of paired and non-paired auctions and cross orders on an exchange floor are also included in this category.

So these trades are occuring via brokers who are physically present at the Philadelphia Exchange or PHLX.

Remember Susquehanna International group?

[Here's where their office is](https://www.google.com/maps/place/Susquehanna+International+Group+LLP,+401+City+Ave+%23220,+Bala+Cynwyd,+PA+19004/@39.9211667,-75.0974258,11z/data=!4m5!1m2!2m1!1ssusquehanna+international+group+office+location!3m1!1s0x89c6b89d387b6871:0x623bca19e44c3716?hl=en-US)

[Here's where PHLX is](https://www.google.com/maps/place/Nasdaq+OMX+PHLX,+4775+League+Island+Blvd,+Philadelphia,+PA+19112/@39.9195072,-75.1243392,11z/data=!4m5!1m2!2m1!1sPhiladelphia+exchange!3m1!1s0x89c6c593b5e7fbad:0x123a0bdf7e3acc06?hl=en-US)

Neighbors!

Why, I bet the sus people working at Susquehanna could probably *walk to PHLX and exchange fuckery in person!*

⚠️Did you see the update? Sus just happens to have lots of shiny new positions in GME! ⚠️

So, what does Dr. Michael Burry have to do with this? Warning: rabbit hole incoming...

Dr. Michael Burry's twitter is [gone.](https://twitter.com/BurryArchive?s=09) He deleted the entire account. Sure, he regularly nukes his content and he gets visited by the SEC like every other week but this is different. Everything is gone except what we can see in the archives.

I have [posted](https://www.reddit.com/r/GME/comments/mhh9kn/reading_the_everything_short_dd_and_michael/?utm_medium=android_app&utm_source=share) several times before about Dr. MJB. I guess it's turning into an obsession, but this man is trying to tell us something and myself and a few other apes are dedicated to finding out wtf he's trying to say, considering we apes are the only ones that will listen without scoffing.

On April 1, after having nuked his account but leaving us a little clue link in his bio, [he made a seemingly irrelevant post about a charity](http://imgur.com/a/pXK1DM1), The Fletcher Street Urban Riding Club. It was a link to a gofundme to "Help FSURC get back in the saddle!" So who is this organization? [Let's look](http://fsurc.com/).

There's a documentary *based loosely on* this particular brand of hedgie fuckery on Netflix called [Concrete Cowboy](https://www.netflix.com/title/81368729?preventIntent=true). *Full disclosure- I haven't watched it yet, just stumbled on it in my research* History lesson aside, FSURC is a riding club for black youth in the Philadelphia area. I'm not going to go into the group's mission itself, because that is irrelevant to this write up (but go look them up when you have time. Great group with an amazing mission.) But this group operates on land which is slated to be turned to a housing complex by the city of Philly. FSURC never owned this land upon which they graze, the city does. And in 2020, the land was sold for $1 to the Susquehanna Housing Authority, who plans to create affordable housing for seniors. Remember this land is located in North Philadelphia, PA.

Wait, what? I need a wrinkle brain here. Was MJB just hoping we'd find the word Susquehanna and realize the connection, then start digging, as a*tists tend to do? Does this go deeper into [Real Estate fuckery](https://www.wsj.com/articles/citadel-ceo-ken-griffin-real-estate-11602188980), which would explain [Ken Griffin's most expensive real estate transaction in history](https://www.businessinsider.com/ken-griffin-most-expensive-home-ever-sold-us-nyc-penthouse-2019-1)? 🤷‍♀️ (hey alexa, define money laundering...)

My extra tin foil hat theory is that's the reason Burry tweeted what he did. To say they would be the first big domino to fall in our market. And because he knows we are still looking and digging 🧐

Seriously guys, help me find the next puzzle piece please. I only have exactly 3 wrinkles.

Edit: From what I can tell, all signs are pointing to Susquehanna being involved in hiding the illegal shorts in deep ITM calls of GME.

I also think the real estate market is in more danger than ever. Update: I guess I'm not the only one on that thought train. Sorry guys I don't watch any of our DDers on YT. But [this was interesting](https://youtu.be/EBb9zf_zWvU)

I'm touching outside my own comprehension but this seems like something much bigger than I understand. I've called for big brain gorilla backup. I welcome criticism though I'm still fairly new and out of my element. I'm just really good at cryptic puzzle games 🤷🏼‍♀️

If nothing else, I want all this clearly documented and mapped for the purpose of continuing to contact my representatives with evidence.

Obligatory 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀

*Footnote:

Susquehanna International Group, LLP offers institutional brokerage services such as trading, quantitative research, technology, and fundamental research services, as well as offers trading dynamics, market structure, and risk management services. They are specialists in approximately 600 equity options and 45 index options. Their last 13F filing for Q4 in 2020 included $612,xxx,xxx,xxx in managed 13F securities.

They also have large holdings in [silver](https://finance.yahoo.com/quote/AG/holders/)

And their biggest holding? TSLA. 57,415,900 in puts and 47, 178,800 in calls. Just an interesting aside to me. Updated: now holding lotsa new GME stuffs
