The documents subpoenaed from KCG related to the f
Post# of 4611
Posted On: 05/11/2016 9:07:48 PM
The documents subpoenaed from KCG related to the firm's market making activities from 2009 to 2011, according to a person familiar with the KCG probe. In 2012, the head of KCG's electronic trading group, which included its wholesale market making arm, Jamil Nazarali, left the firm to join Citadel. Since then, Citadel's own wholesale market maker has grown substantially under Nazarali.
http://www.reuters.com/article/usa-stocks-pro...SL2N1871ZV
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Small, day-trading investors make up the majority of the customers of mass-market brokerage firms such as TD Ameritrade, Charles Schwab and E*Trade. These firms sell their stream of stock-trading orders to market makers such as Citadel and KCG.
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The Department of Justice is using a statute known as the Financial Institutions Reform, Recovery and Enforcement Act, or Firrea, to conduct its probe. Adopted in 1989 during the savings-and-loan crisis, Firrea was dusted off and redeployed by prosecutors after the 2008 financial crisis.
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The statute empowers the Justice Department to pursue criminal violations involving banks by pursuing a civil lawsuit, which has a lower standard of proof, to collect penalties. In contrast to facts produced by grand jury subpoenas used in a criminal probe, which are tightly held, information gleaned from a Firrea subpoena can be shared more freely with other prosecutors and enforcement agencies.
http://www.reuters.com/article/usa-stocks-pro...SL2N1871ZV
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"The Preamble
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
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If the broker-dealer fails to deliver for 13 days, the regulation imposes a “close out” duty to purchase and deliver securities “of like kind and quantity.”
https://www.bloomberg.com/opinion/articles/20...ify%20wall
https://www.scotusblog.com/case-files/cases/m...v-manning/
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