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In the mid 2000s, a Madoff relative married an SEC lawyer while Madoff's firm was being investigated for fraud. That lawyer - Eric Swanson - became general counsel for BATS and was instrumental in winning approval as an exchange:pic.twitter.com/ao5m7qT5FG
Last but certainly not least, Bernie Madoff is credited with inventing payment for order flow (PFOF). He found more market making success by paying brokers to send him orders, giving up some profit to grow in scale:pic.twitter.com/jGXAcrmzUV
Madoff's business faded when bid/ask spreads tightened in the 2000s and algorithmic trading began to overtake the market. Some argue his dying market-making business led Madoff to grow his Ponzi scheme to historic levels.
I'll be covering more of Bernie Madoff's history & his connection to exchanges in this Friday's edition of Front Month - sign up here so you don't miss it:https://frontmonth.substack.com/
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