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Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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    1. Hide Not Slide‏ @HideNotSlide Feb 15

      What's the difference between market manipulation and a great trade? A high profile CFTC case that went to trial in 2016 gives us some helpful clues. This is the story of CFTC vs. Don Wilson & DRW:pic.twitter.com/PhIAVFkFu2

      3 replies 7 retweets 41 likes
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    2. Hide Not Slide‏ @HideNotSlide Feb 15

      Don Wilson began his career in the CME Eurodollar pits in the late 80s. He launched his own firm named after his initials (DRW) in the early 90s & grew to become one of the most influential HFTs in the industry.pic.twitter.com/t0yH91raiK

      1 reply 1 retweet 1 like
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    3. Hide Not Slide‏ @HideNotSlide Feb 15

      In 2011, DRW spotted a huge potential trade that traced back to Wilson's early days in interest rates - convexity bias arbitrage. The relationship bw Eurodollars & interest rate swaps became broken, presenting a chance to correct the mispricing. Below video explains the trade:pic.twitter.com/earlPrsYzJ

      1 reply 0 retweets 3 likes
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    4. Hide Not Slide‏ @HideNotSlide Feb 15

      There was a reason this bias wasn't working on a particular market - they were trading on Nasdaq's small, now defunct swaps market IDCG. DRW accounted for 90% of Nasdaq's swaps activity. They were the only one around to trade away the mispricing.

      1 reply 0 retweets 0 likes
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    5. Hide Not Slide‏ @HideNotSlide Feb 15

      In 2013 the CFTC sued DRW and Don Wilson personally over these trades, accusing DRW of "banging the close" to manipulate the market. Possible punishment included huge fines & a lifetime ban of Wilson from the industry. The stakes were extremely high.pic.twitter.com/eJUFd5lK4y

      1 reply 0 retweets 0 likes
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    6. Hide Not Slide‏ @HideNotSlide Feb 15

      Instead of settling, DRW took the case to court in 2016. To win, the CFTC had to overcome a high burden of proof - the hardest of which was an "artificial price" was created in Nasdaq's market. DRW argued it was merely performing necessary arbitrage to keep markets functioning.

      1 reply 0 retweets 0 likes
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    7. Hide Not Slide‏ @HideNotSlide Feb 15

      After two long years of trial drama, the CFTC's lawsuit was dismissed. DRW and Wilson had overcome the industry's top regulator in court. This priceless quote sums up the verdict pretty well:pic.twitter.com/OQtiuSSTq7

      2 replies 3 retweets 15 likes
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    8. Hide Not Slide‏ @HideNotSlide Feb 15

      The moral of the story is this - trading in illiquid markets is risky business. There's a fine line between "talking your book" and manipulating the market. Regulators have an extremely high burden of proof when alleging manipulation. In this case, DRW survived.

      1 reply 0 retweets 1 like
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      Hide Not Slide‏ @HideNotSlide Feb 15

      DRW's history & rise to power in high frequency trading is extremely fascinating. I'll be writing more about them in this Friday's newsletter - sign up below so you don't miss it:https://frontmonth.substack.com/ 

      6:19 AM - 15 Feb 2021
      • 10 Likes
      • Astheion L06 Ben Charoenwong SpareMeThePlatitudes Justin Buck Lightning Alex Campbell Daniel Almeida
      0 replies 0 retweets 10 likes

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