Let's rephrase this shall we? "Citadel Securities fined 300 seconds of profit for reporting violations after 760 second fine in 2020"pic.twitter.com/dpiYYWJzxB
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I'm curious. You seem to imply the fine should be higher. What would you suggest the fine be for reporting Treasury transactions to Trace that Citadel was not required to report? https://www.finra.org/sites/default/files/fda_documents/2019061038301%20Citadel%20Securities%20LLC%20CRD%20116797%20AWC%20jlg.pdf …
I have no idea how the fine figures are calculated, I'm just pointing out how small these are relative to Citadel's overall business. If regulators didn't want them to break the rules they should do something more punitive than make them cough up a few seconds of profit.
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IMO, big fines should be reserved for bad conduct, not based on the profitability of the BD. Sometimes regulators investigate issues and find small reporting violations, not willful misconduct causing investor harm. Bill Gates doesn't pay $1 billion for a speeding ticket.
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Completely agree, but that also means Bill Gates could speed as much as he wanted to with 0 impact to his wealth or lifestyle. Small monetary fines don't work on him.
End of conversation
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