3.5 KiB
Bullet Points
| Author | Source |
|---|---|
| u/atobitt |
To whom it may concern,
The following represents a summarized narrative from my works cited below. I write out of concern for the continuity of our financial system. Most importantly, to illustrate the injustice that it allows.
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Hedge funds and offshore entities are NOT required to disclose most of their financial information- including short positions
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Citadel Securities is a market-maker for Citadel Advisors (hedge fund). They are considered a significant player within their environment. Citadel Securities has registered with the SEC and FINRA since 2002
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Investors rely on the SEC and FINRA to make sure these entities are not adversely affecting our markets, which are heavily regulated
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However, since 2006, FINRA has caught Citadel Securities breaking the rules in 60 separate events. Here are the facts:
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There is an event for almost every year since 2006
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Several violations span multiple years, with just 1 written violation
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The phrase "without admitting or denying" appears 123 times on a 182 page PDF
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The phrase "failed to" appears 218 times. Here are 4:
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FAILED TO ESTABLISH AND MAINTAIN SUPERVISORY SYSTEMS TO ACHIEVE COMPLIANCE
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FAILED TO IDENTIFY A SHORT SALE INDICATOR
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FAILIED TO DISPLAY CERTAIN OTC CUSTOMER ORDERS
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FAILED TO CLOSE OUT A FAIL TO DELIEVER
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The word "prevent" appears 102 times. Mostly in statements such as:
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PREVENT THE EXECUTION OR DISPLAY OF SHORT SALE ORDERS
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NO SUPERVISORY PROCEDURES TO PREVENT THE ENTRY OF ERRONEOUS ORDERS
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RISK CONTROLS FAILED TO DETECT AND PREVENT
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On March 25th, 2021 CITADEL RECEIVED A NEW CITATION FOR:
- "unintentionally" reporting internal transfers as normal securities transactions. This constituted 14% of all reported transactions
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It is apparent that the disciplinary actions- often a small fee- are not adequate to prevent this type of behavior. Furthermore, they have become a cost of doing business as is apparent through the company's indifference in admitting or denying the action.
As a citizen of the United States and direct participant within the US stock market, I demand the SEC explain WHY these actions are being tolerated.
For those of you who feel the same, please attest by signing your Reddit username in the comment section below
I give the reader of this document my express permission to redistribute as they see fit.
Works cited: Under the security of my 1st amendment rights, I will not change the syntax of my work because my emotions are baked within their message.