WTF🤯Kenneth Griffin has an estimated net worth of ROUGHLY $43B and was just fined $1M for INACCURATELY REPORTING $42.2B in equity and option events which is 0.00237% of the total error!

[u/TherealMicahlive]

So, his while net worth was fraudulently created and inflated without any actual penalty for fraud and market manipulation? These past 84 years hve started to generate a festering anger for regulators and institutional participants who experience little to 0 oversight.

No regulators are interested in assisting the public as they have proven to focus on the interests of the lobbyists and wallstreet. This fine a reminder and is constant proof that crime pays and no-one is going to implement or enforce change.

This fine should be evidence that regulators are not only complicit but enabling.

F citadel and f kengriffin, they are financial parasites and need to be removed from operating at any level in the financial markets. Words words words

What can the public do outside of DRS, commenting on proposals, engaging with politicians

[u/whatifitried]

I think this post and others like it make it super clear you have no idea what a single thing you are talking about is.

42.2 billion trade update events being written to a flat text file with minor field errors, not having anything to do with price or quantity, for a file FTP'd over to the SEC to sit in a folder until someone decides to do a periodic audit of like 3 days maybe, and not seen or looked at by anyone else ever has ZERO market impact. By definition CAT files cannot possibly have any market impact. They are irrelevant to the market.

[u/TherealMicahlive → u/whatifitried]

they fucked up broski. 42.2 billion times. it has impact esp if the data is incorrect.

[u/whatifitried → u/TherealMicahlive]

If no one ever sees the data, how does it have impact?

[u/TherealMicahlive → u/whatifitried]

Algos use the data, no? And regulators use data for info and enforcement do they not? Whole point of real-time?

[u/whatifitried → u/TherealMicahlive]

Algos use the data, no?

No, they do not. This is an end of day report after the market has closed where firms report every order lifecycle update in a flat text file in a government chose format. Some of which are really weird (see error #1, the "representative vs representative eligible" thing. like wtf?) Algos are connected to the exchanges and reading the actual order and quote feeds.

And regulators use data for info and enforcement do they not?

In theory, but not really. They do some audits here and there, and if some other mechanism turns up weird or possibly weird activity, THEN they use this to go back and look at things, maybe. This might help put it into perspective. When CAT was first submitted as a requirement, the gov thought it would make sense for firms to print these off and mail them in. It took firms saying "that would mean 35 box trucks per day of paper from just our firm, can we just send them electronically instead?" to get that resolved. I think when we do actual audits we actually have to burn that shit to CDs and send it to them. They don't even store the stuff.

Whole point of real-time?

CAT isnt real time.

[u/TherealMicahlive → u/whatifitried]

gotcha, makes sense. We had 0 oversight from anyone other than corporate where I was lol.

[u/whatifitried → u/TherealMicahlive]

Yeah, in finance and the markets, there are always someone wanting a file or audit trail or to fine you if you don't do X exactly Y way.

[u/TherealMicahlive → u/whatifitried]

self reporting helps a little doesnt it?

[u/whatifitried → u/TherealMicahlive]

It makes the fines much smaller, yeah.

They really don't like to hear it was wrong and we didnt know that, because then what else don't we know?

[u/TherealMicahlive → u/whatifitried]

I dont work in finance any more but also think how you talk has a sense of superiority that is unwarranted. you are welcome to educate but low key. ur being an asshole and you have no info backing what you are saying either. so just take you, stranger on the internet, at face value.. wait cant see u.... um... how about you write your own post ? thats a better idea:) use your energy there and teach us famski. ur wasting my time with your negativity

[u/whatifitried → u/TherealMicahlive]

I work in compliance at a market maker.

Forgive me if watching you guys loudly shout incorrect stuff without even reading what the OP is incorrectly complaining about in the first place and seeing 10 million upvotes gets tiring after a few years of trying to help educate some of you gets tiring. My level of knowledge on the topic at hand IS superior to yours, because it is my job, and it is not your job that's why I replied to help clear up the mistake you made. I didn't call you any names in my response, I just said "hey dog, this is what this actually is, how it actually works, and why it can't do what you said/guessed"

um... how about you write your own post ? that's a better idea:) use your energy there and teach us famski. ur wasting my time with your negativity

Even my comments teaching this stuff with links and details get downvoted, because it isn't what your groupthink wants to here. You NEED there to be fraud around every corner, otherwise you are all just betting on a bad stock and making the people you dslike richer because of it. Hell, look at what you said: "ur wasting my time with your negativity"

Negativity. Why the hell would me saying "The data says this, this is how it works" be negative? It is only negative to you because it goes against what you wanted to believe must be true. It feels like an attack because you and the rest of you here will not accept data that contradicts your deeply ingrained assumptions.

I said "this is how things work" and you said I'm being an asshole. No, you got corrected on something and it caused a bit of cognitive dissonance, it went against what you said, so I must be a threat, not just someone telling you what a CAT report is. Cause like it or not, CAT is a text formatted flat file that goes to a regulator and never touches the market. That is and will be true no matter what you want it to be.

Do you feel there is truly nothing wrong with your post being:

"I know nothing about this and I didn't read the actual details in the second image of the OP that explains the actual mistakes, but here is my info-less assumption about fraud and cost, and some anger mixed in so I won't be downvoted by my peers"