Alexander Osipovich @aosipovich Twitter profile

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Alexander Osipovich

@aosipovich

3 months

What we learned about Jump in the Terraform Labs trial 1/ Secretive HFT giant Jump Trading was a big backer of Do Kwon’s Terra/Luna project. Exhibits released by @SECGov show that Kwon formed a tight relationship with this guy: Jump Crypto president Kanav Kariya

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Alexander Osipovich

@aosipovich

4 months

James Hunsaker took the stand in the Terraform Labs trial today and revealed he had filed an SEC whistleblower complaint against his former employer, Jump Trading, about its role in propping up Do Kwon's UST algorithmic stablecoin prior to its $40bn crash in 2022. A thread 1/10

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Alexander Osipovich

@aosipovich

9 months

Citadel Securites has responded in scathing fashion to an effort by Do Kwon's lawyers to serve a subpoena on them. Kwon/Terraform Labs are hunting for evidence of a Citadel role in the UST depeg of May 2022, based on tweets from @GiganticRebirth , among other leads

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1 year

South Korean prosecutors said individuals connected to Terraform Labs reaped at least 462.9 billion won, or around $346 million, in profits by selling off their cryptocurrencies before the Terra/Luna crash. From my colleague @jiyoungjsohn

South Korea Indicts Co-Founder of Failed TerraUSD Cryptocurrency

Prosecutors charged Daniel Shin of violating capital-markets laws in the latest legal action following a digital-currency crash last year.

www.wsj.com

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Alexander Osipovich

@aosipovich

2 years

He's facing angry investors and government investigations. But that's not stopping Do Kwon from attempting a comeback. “I have great confidence in our ability to build back even stronger than we once were,” he told the WSJ in an interview. (1/7)

Do Kwon’s Crypto Empire Fell in a $40 Billion Crash. He’s Got a New Coin for You.

The South Korean entrepreneur’s cryptocurrency empire collapsed last month. Now, despite angry investors and government investigations, he is attempting a comeback.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

Good morning market structure Twitter! What do people think of this? says its execution quality has improved since they stopped taking PFOF; now they use a smart order router that hits up 28 exchanges and ATSes, looks for midpoint.

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Alexander Osipovich

@aosipovich

3 years

One of the world's hottest crypto exchanges is run by a 29-year-old billionaire who sleeps on a beanbag in the office and wants to give his fortune to charity. Just don't trade there if you're a US person. @FTX_Official @SBF_Alameda

This Vegan Billionaire Disrupted the Crypto Markets. Stocks May Be Next.

Sam Bankman-Fried founded FTX because he was fed up with existing cryptocurrency exchanges. Now FTX is processing $10.7 billion in trades a day, and he’s pushing boundaries into tokenized stocks and...

www.wsj.com

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Alexander Osipovich

@aosipovich

8 months

Case in point: The professors found Fidelity kept routing roughly the same share of their orders to Citadel, even though Virtu was giving better quality execution. Chart shows where Fido routed the profs' orders for the duration of the experiment.

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Alexander Osipovich

@aosipovich

8 months

The professors who spend their own money executing trades and measuring execution quality are back! Brokers might want to take a break from patting themselves on the back for creating the best retail-investing experience in history and read this.

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Alexander Osipovich

@aosipovich

3 years

New wrinkle in GME saga: DTCC chief says on Jan. 28, NSCC waived capital premium charge for all members, not just Robinhood, "using the discretion provided in the rule." RH initally faced a $2.2bn capital premium charge that day, later reduced to zero. That's a lot of discretion!

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Alexander Osipovich

@aosipovich

2 years

Citadel Securities has lost its legal battle over IEX's D-Limit order type.

Citadel Securities Loses ‘Flash Boys’ Lawsuit

Electronic trading giant Citadel Securities lost a legal battle over an effort by the stock exchange featured in Michael Lewis's "Flash Boys" to prevent the potential harms of high-speed trading. In...

www.wsj.com

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Alexander Osipovich

@aosipovich

2 months

Robinhood now routing largest share of its customer crypto orders to Wintermute

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Alexander Osipovich

@aosipovich

3 months

@SECGov @stablekwon 7/ The jury learned about what happened next from James Hunsaker, a former Jump employee turned SEC whistleblower. Hunsaker is now a co-founder of Monad Labs, a blockchain startup that recently raised $225 million in one of this year’s biggest crypto VC deals

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Alexander Osipovich

@aosipovich

1 year

Virtu stock is down ~3% after the firm disclosed late Friday that it could receive a Wells notice from the SEC over an "information barriers" investigation. (1/x)

Virtu Stock Falls After Disclosure of Potential SEC Enforcement Action

Shares of Virtu Financial are down more than 3% after the electronic trading firm disclosed Friday that it is facing a potential enforcement lawsuit from the Securities and Exchange Commission. Virtu...

www.wsj.com

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Alexander Osipovich

@aosipovich

1 year

I am so honored to be chosen as Turd of the Month! Keep it classy, MMTLP community!

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@aosipovich

3 months

1/ I have spent years writing about high-frequency trading, but had never seen a photo of secretive Jump Trading cofounder Bill DiSomma until one was shown in court at the Terraform Labs trial. @SECGov has now released it online. Note: Jump has not been accused of wrongdoing

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Alexander Osipovich

@aosipovich

2 years

Exclusive: SEC could release post-GameStop market structure reform this fall; one plan under consideration would require competitive auctions for retail investors' market orders, in bid to bring more competition to wholesaler business. With @pkwsj

WSJ News Exclusive | SEC Closes In on Rules That Could Reshape How Stock Market Operates

The agency’s chairman, Gary Gensler, is expected to outline ideas Wednesday for improving market efficiency and how investor orders are handled.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 months

2/ In chats with Do Kwon made public by @SECGov , Kanav insisted they communicate via Signal, saying Jump was pushing for it. “Compliance feels much mor comfortable here with the disappearing chats,” Kanav said. (BTW it doesn’t seem he actually set his chats to disappear)

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Alexander Osipovich

@aosipovich

1 year

Thousands of investors have been raging at Wall Street for the past six months after Finra halted trading in a security that many believed was on the cusp of an epic short squeeze. But who's really to blame in the MMTLP debacle?

How the Stock Ticker MMTLP Became an Anti-Wall Street Rallying Cry

Individual investors are on the warpath after a bad bet on over-the-counter energy shares touted on social media.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 months

@SECGov @stablekwon 9/ Jump cofounder Bill DiSomma (pictured here) gave the OK to risk “a couple hundred million dollars” to save UST, saying it was important for Jump’s credibility in crypto, Hunsaker testified. DiSomma “ran the team” at Jump Crypto while Kanav was the public face, Hunsaker said

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Alexander Osipovich

@aosipovich

3 years

Exclusive! Google invests $1bn in CME Group, strikes cloud deal that will see exchange giant’s core clearing and trading systems migrate to Google Cloud-

Google Invests $1 Billion in Exchange Giant CME, Strikes Cloud Deal

Alphabet’s Google and futures-exchange giant CME Group reached a deal under which the Google Cloud unit will eventually power markets that handle trillions of dollars in trades each day.

www.wsj.com

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Alexander Osipovich

@aosipovich

1 year

Do Kwon, creator of the failed Luna and TerraUSD cryptocurrencies and the target of a monthslong international manhunt, has been arrested in Montenegro, the country's interior minister says. Full story coming soon. With @bopanc

Crypto Fugitive Do Kwon Arrested in Montenegro, Minister Says

A person suspected of being Do Kwon, creator of the failed TerraUSD stablecoin, has been arrested in Montenegro after months of being in hiding, the interior minister of the Balkan country [said Thurs

www.wsj.com

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Alexander Osipovich

@aosipovich

1 year

Thanks @matt_levine for featuring my MMTLP story in your column today. This is worth a read for all sane people who want to understand the real, non-conspiracy version of what happened with MMTLP.

Don’t Squeeze the Shorts

Also EnTrust/EnTRust, GameStop and Coinbase puts.

www.bloomberg.com

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Alexander Osipovich

@aosipovich

7 months

One winner from bitcoin rallying above $40,000: El Salvador.

El Salvador's Bitcoin Investments Have Turned a Profit, President Says

One winner from bitcoin's latest rally: El Salvador. El Salvador President Nayib Bukele said Monday that his country's bitcoin purchases were finally in the black, in a tweet that came shortly after...

www.wsj.com

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Alexander Osipovich

@aosipovich

5 years

This Oct. 7 video nicely illustrates the CME data-surge issue I wrote about yesterday. UO, Z1 and H1 are Sept '20, Dec '20 and March '21 Eurodollar futures. Quote sizes are spinning around wildly as algos race each other behind the scenes.

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Alexander Osipovich

@aosipovich

11 months

Hams vs Flash Boys! HFT firms including Jump and DRW are seeking the FCC's blessing for the use of shortwave radio to save milliseconds on the time it takes to send trading data overseas. The amateur radio community is determined to stop them.

Ham Radio Enthusiasts vs. High-Frequency Traders: A Battle for the Airwaves

Trading firms are asking the FCC to open shortwave frequencies to greater commercial use.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 months

@SECGov 3/ On Feb 10, 2021, Kanav joked to Do that he would get a dog named Terra. Later Do asked whether there were Bugattis in the Jump parking lot. Kanav replied: "No, all these guys have boring ass cars."

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Alexander Osipovich

@aosipovich

2 years

Yesterday I sat down with Sam Bankman-Fried and asked him a few questions.

FTX Founder Sam Bankman-Fried Says He Can’t Account for Billions Sent to Alameda

FTX’s founder said he couldn’t explain what happened to billions of dollars that customers of his failed cryptocurrency exchange sent to the bank accounts of his trading firm.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

Gary Gensler is signaling continuity with Jay Clayton in taking a tough stance on crypto. I'm a little unclear on why crypto enthusiasts thought GG would be great news for stuff like bitcoin ETF approval etc just because he taught a blockchain class at MIT.

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Alexander Osipovich

@aosipovich

3 months

@SECGov 4/ Jump agreed to provide liquidity for UST and Luna, an important deal for Kwon. He told his lead investors about it in Jan 2020, adding that it was “strictly confidential.” In return, Jump got Luna call options that would become extremely profitable later, as Luna took off

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Alexander Osipovich

@aosipovich

3 months

18/ This is the same email, continued. “Bill was pleased with how we handled this,” the employee wrote.

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Alexander Osipovich

@aosipovich

3 months

@SECGov 5/ Over at Jump, Kanav was pumped about the growing partnership with Terra. In Sept 2020 he wrote to colleagues: “If all goes well, we'll be sitting on a pile of profits and money printing machine that spits out a continuous stream of widely adopted stablecoins"

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@aosipovich

3 months

@SECGov @stablekwon 15/ The SEC argued that Terraform Labs’ failure to disclose Jump’s role was a material omission that constituted securities fraud. The jury agreed. TFL’s disclosures around the May 2021 depeg are also part of the SDNY criminal indictment against Do Kwon

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@aosipovich

3 months

@SECGov @stablekwon 10/ On 5/24/2021, DiSomma briefed fellow execs from Jump Trading (not Jump Crypto) about efforts to restore the UST peg. Recipients included his fellow Jump co-founder and co-owner Paul Gurinas, Jump COO Matt Schrecengost, and Jump president Dave Olsen

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@aosipovich

3 months

@SECGov @stablekwon 13/ But in external communications, such as this postmortem tweet thread, Terraform Labs didn’t mention Jump’s role in restoring the peg. Its messaging focused instead on UST’s algorithmic self-healing nature. Curran testified that Do told him not to mention Jump’s role

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Alexander Osipovich

@aosipovich

4 months

After that, Bill DiSomma started directing traders to put on "aggressive trades" and accumulate UST, Hunsaker said. DiSomma is the cofounder of Jump Trading and Hunsaker characterized him as the real boss of Jump Crypto, rather than Kariya 4/10

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Alexander Osipovich

@aosipovich

4 months

Interestingly, Hunsaker put $200,000 of his own money in UST to earn ~20% yield from Anchor Protocol. He had doubts about UST's stability, but figured he could exit quickly if need be. He sold his UST on May 7 or 8, 2022, when the depeg was beginning 10/10

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@aosipovich

3 months

@SECGov @stablekwon 16/ It’s worth noting that Jump has not been accused of wrongdoing. Neither have Kanav Kariya nor Bill DiSomma. But both men pleaded the Fifth Amendment when @SECGov conducted depositions with them as part of the Terraform Labs case

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@aosipovich

3 months

@SECGov @stablekwon 17/ In Oct 2021, a Jump employee described the team’s effort to prevent a death spiral in Terra/Luna as one of its big accomplishments for the year. Interestingly, the employee described what happened with UST that May as a “DDOS attack” against the Terra blockchain

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@aosipovich

3 months

@SECGov @stablekwon 8/ Hunsaker testified that he was on a Zoom with Jump Crypto people when Kanav popped up to say “I spoke to Do, he's going to vest us”. After that, Jump began trading aggressively to defend UST’s peg. Here's the moment when Jump ramped up purchases of UST on Kucoin on 5/23/2021

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@aosipovich

3 months

@SECGov @stablekwon 14/ Meanwhile Kwon took the opportunity to dunk on critics, as he often did on Twitter in those days.

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@aosipovich

3 months

@SECGov 6/ Jump’s commitment was put to the test when UST fell below $1 in May 2021. (For clarity, this was a year before UST depegged disastrously, wiping out some $40 billion.) The question before Jump was: would it come to the rescue of @stablekwon ’s project?

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Alexander Osipovich

@aosipovich

2 years

Just out: WSJ digs into Sam Bankman-Fried's astonishing rise to the crypto industry's would-be crypto savior. Among the exclusive nuggets in this profile... (1/4)

The 30-Year-Old Spending $1 Billion to Save Crypto

Sam Bankman-Fried, owner of an expanding crypto empire, is trying to bail out the industry after a sharp downturn. Investors are closely watching his moves.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 months

@SECGov @stablekwon 12/ Internally, Terraform Labs people recognized Jump’s role in rescuing UST. “Do said if Jump hadn’t stepped in we actually might’ve been fucked lol,” TFL’s PR guy, Brian Curran, later wrote to business development lead Jeff Kuan. “they saved our ass,” Kuan replied

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Alexander Osipovich

@aosipovich

3 years

Forget stocks--options are the real cash cow for brokers, thanks to #PFOF and a convoluted market structure. @GunjanJS and I dig into to the reasons why Robinhood and others would love to "educate" you about options trading.

How Robinhood Cashes In on the Options Boom

Brokerage firms can profit more from options than from stocks, thanks to surging investor interest and a practice now under scrutiny called payment for order flow.

www.wsj.com

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Alexander Osipovich

@aosipovich

1 year

A senior FTX attorney abetted Sam Bankman-Fried’s misuse of customer funds, according to a new report from FTX’s bankruptcy manager. Sources say the lawyer, unnamed in the report, is former chief regulatory officer Dan Friedberg. With @ceostroff

Senior Attorney Helped FTX Founder Misuse Customer Funds, Report Says

The unnamed lawyer in a document released by FTX Chief Executive John J. Ray III appears to be the crypto exchange’s former chief regulatory officer, Daniel Friedberg, say people familiar with the...

www.wsj.com

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Alexander Osipovich

@aosipovich

4 months

For background: Jump is a secretive high-frequency trading firm with a crypto arm. Hunsaker worked at Jump Crypto before leaving to co-found blockchain startup Monad Labs 2/10

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3 years

Exclusive: 24 Exchange is filing a Form 1 to launch a national securities exchange; startup seek SEC’s OK to offer 24-hr stock trading, including on weekends and holidays

Is the Stock Market Open at 3 a.m.? This Startup Says It Should Be

24 Exchange seeks SEC approval to offer round-the-clock stock trading 365 days a year.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

Wow- Gensler just alluded to Citadel Securities' market power, compared them to Facebook and hinted that regulators should review its role in markets

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Alexander Osipovich

@aosipovich

6 years

Bitcoin's ugly secret: bots for market manipulation

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Alexander Osipovich

@aosipovich

4 years

Market structure alert! @Cboe looking to bring periodic auctions to the US; market model has gained traction in Europe, and its fans include BlackRock and other big buy-side firms-

Cboe Proposes Plan That Could Curb Advantages of Fast Traders

The exchange operator is seeking to bring first periodic auctions to one of its U.S. stock exchanges, which could limit the advantages of high-frequency traders over other market participants.

www.wsj.com

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Alexander Osipovich

@aosipovich

4 months

And a crucial part of the SEC's fraud case against TFL and Do Kwon is that they allegedly concealed Jump's role in saving UST during the May 2021 depeg. Kwon went on to say that UST "automatically self-heals". Investors believed him 7/10

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Alexander Osipovich

@aosipovich

6 years

Tom Farley to leave NYSE, Stacey Cunningham to become first female leader of NYSE- WSJ exclusive with @bradleyhope

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Alexander Osipovich

@aosipovich

3 months

@SECGov @stablekwon 11/ Olsen said: “Yep…seems like the prop to Do was well-timed.” DiSomma responded: “We bracing for another sell storm.”

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@aosipovich

4 months

For context: Both Kariya and DiSomma pleaded the Fifth Amendment in depositions with the SEC for its Terraform Labs case. The SEC has said Jump made around $1bn in profit through its dealings with Terraform Labs 6/10

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@aosipovich

4 months

"Because Terra was a big important project for Jump, he was willing to risk a couple hundred million dollars to do this," Hunsaker testified. The SEC says Jump's trading restored the peg in May 2021, allowing UST to live for another year 5/10

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Alexander Osipovich

@aosipovich

3 years

After fresh information emerged in a lawsuit, Citadel Securities is rejecting "Internet conspiracies and Twitter mobs" that are again accusing the firm of pushing Robinhood to curb meme-stock trading in January

Citadel Securities Faces New Pressure Over GameStop Frenzy

Billionaire Ken Griffin’s electronic trading firm is under fire again over its role in the January trading frenzy in shares of GameStop after new information surfaced in a lawsuit.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

Scoop! Ken Griffin's Citadel Securities raises first outside capital; $1.15bn investment from Sequoia and Paradigm values firm at about $22bn. From @CaraRLombardo and me

WSJ News Exclusive | Citadel Securities to Receive First Outside Investment

Sequoia Capital’s and Paradigm’s $1.15 billion investment values the electronic-trading firm majority-owned by hedge fund billionaire Ken Griffin at around $22 billion.

www.wsj.com

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Alexander Osipovich

@aosipovich

7 years

While Wall St waffles on bitcoin, @DRWTrading has dived in. Its Cumberland unit traded over $20bn of cryptocurrencies in past year. More at

Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead

One of Chicago’s largest high-speed traders has taken a central role in the bitcoin market, stepping into the vacuum created by Wall Street’s hesitant response to the booming investor interest in...

www.wsj.com

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@aosipovich

8 months

Not sure this has got much attention yet. The president of Jump Crypto @KanavKariya pleaded the Fifth when the SEC deposed him as part of its Do Kwon/Terraform Labs fraud case.

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@aosipovich

4 months

Hunsaker testified that Jump and TFL had an "important deal" to boost adoption of UST. When UST depegged in May 2021 he was on a Zoom with colleagues when Jump Crypto president Kanav Kariya popped up to say "I spoke to Do, he's going to vest us" 3/10

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3 months

2/ Jump Crypto president Kanav Kariya came up a lot at the TFL trial too. Neither he nor DiSomma have been accused of wrongdoing, but it's worth noting that both pleaded the Fifth when the SEC conducted depositions with them. They also both have mustaches

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Alexander Osipovich

@aosipovich

3 years

CME’s cloud deal could cause headaches for HFTs and other major exchange customers. From John McCormick and myself

Google, CME Cloud Partnership Could Upend Tech Investments by Traders

High-frequency traders have spent years building systems designed to work with the exchange’s data center.

www.wsj.com

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@aosipovich

5 years

Exclusive to WSJ: dueling high-speed trading algos roil Eurodollar futures, prompting CME crackdown-

Futures Exchange Reins In Runaway Trading Algorithms

The Chicago Mercantile Exchange is cracking down on runaway algorithms in one of the world’s biggest futures markets. A surge in the volume of data tied to Eurodollar futures wasn’t caused by an...

www.wsj.com

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Alexander Osipovich

@aosipovich

5 years

High-frequency traders fret about new HFT movie, while planning group outings to hate-watch it.

Who Wants to See a Movie About High-Frequency Trading? High-Frequency Traders

‘The Hummingbird Project’ stars Jesse Eisenberg. Real-life traders are sure Hollywood got it wrong, but will be first in line; ‘a movie about us, finally’

www.wsj.com

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@aosipovich

3 years

“This is the market that Ken Griffin and Citadel Securities have been waiting for”

GameStop Frenzy Puts Spotlight on Trading Giant Citadel Securities

A trading firm owned by hedge-fund billionaire Ken Griffin has played a quiet but critical role by executing orders for customers of Robinhood and other online brokerages.

www.wsj.com

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Alexander Osipovich

@aosipovich

1 year

New report from gadfly Themis Trading accuses DTCC of leaking info about big investors' trades. One trader said: “It seems inappropriate that the information that we must provide to settle trades is repurposed in a manner that directly harms our clients.”

Stock Clearinghouse Leaked Sensitive Data, Trading Firm Says

Traders worry Depository Trust & Clearing Corp. data feeds could reveal when large investors are buying or selling stocks, a charge the DTCC rejects.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

Exclusive: Steve Cohen's Point72 Ventures is leading a new funding round for 24 Exchange, the startup that's seeking SEC approval for round-the-clock stock trading

Steven Cohen’s Venture Firm Backs 24-Hour Stock-Trading Startup

The hedge-fund billionaire and New York Mets owner is backing a startup that wants to let investors trade stocks 24 hours a day, seven days a week.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

Scoop! Hudson River Trading plans to launch retail wholesaler, taking on Citadel Securities and Virtu in business of executing small investors' trades

WSJ News Exclusive | High-Frequency Trader Hudson River to Execute Retail Stock Trades

The firm aims to enter the retail wholesaler business by early 2022, taking on Citadel Securities and Virtu Financial.

www.wsj.com

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Alexander Osipovich

@aosipovich

4 months

"When I saw the impact on all the victims of May 2022, I tried to make sure there was some sort of justice and restitution," Hunsaker told the court 9/10

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@aosipovich

6 years

Exclusive! UBS, Fidelity, Virtu and others plan new 'Members Exchange' to take on NYSE/Nasdaq/Cboe triumvirate

Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq

A group of financial heavyweights plans to launch a low-cost stock exchange. Called Members Exchange or MEMX, it comes after years of frustration among Wall Street brokers over fees charged by stock...

www.wsj.com

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@aosipovich

1 year

Robinhood execs call SEC's market-structure proposals a backdoor attempt to ban PFOF, warn that zero-commission trading is at risk.

Robinhood Hits Back at SEC, Warns of Threat to Zero-Commission Trading

The regulator’s proposals would crimp payment for order flow, a key source of the brokerage’s revenue.

www.wsj.com

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@aosipovich

2 years

Investigators from Navalny's anti-corruption group find evidence linking about half the crew of a $700 million superyacht to Russia's version of the Secret Service; findings bolster the theory that it is Putin's yacht

At sea with the FSO Navalny’s team links mysterious $700-million superyacht to Russian President...

Working in exile, Alexey Navalny’s team of anti-corruption activists have released a new investigation linking a $700-million superyacht to Russian President Vladimir Putin. The luxury vessel,...

meduza.io

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1 year

CZ "has resisted giving up control of the company or stepping aside, though many inside the firm believe his staying could put Binance’s survival into question, one former employee said." And more from @kowsmann @davidamichaels @ceostroff @Vlajournaliste

Binance Unravels as Executives Flee and Layoffs Proliferate

The firm’s general counsel, chief strategy officer, chief business officer and a senior vice president for compliance departed in recent days amid the turmoil rattling the largest crypto exchange.

www.wsj.com

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@aosipovich

2 years

Remember the GameStop craziness of January 2020? That was just a prelude to the Mother of All Short Squeezes, accoring to a theory that's taken hold among many investors online. Journey into the MOASS with @mccabe_caitlin and myself...

GameStop Investors Still Await Riches From Epic Short Squeeze

Short-seller theories that helped drive the videogame retailer’s 2021 rally have gained a large following online.

www.wsj.com

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3 years

I guess this was inevitable? IEX will start charging for market data in January. A few years ago they used to rail against NYSE/Nasdaq for data pricing & tout the fact that their own feeds were free.

Alerts | IEX

IEX, the Investors Exchange, is a fair, simple and transparent stock exchange dedicated to investor and issuer protection.

iextrading.com

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47

Alexander Osipovich

@aosipovich

4 months

Hunsaker left Jump in Feb 2022. After the depeg in May he tried to share his experiences with Reddit and an anonymous online personality, he testified. He filed the SEC whistleblower complaint in Aug 2022 8/10

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Alexander Osipovich

@aosipovich

2 years

A surgeon in Massachusetts lost his family's savings. A Ukrainian put money in TerraUSD because he didn't trust his country's banks. "I thought it wasn't risky," said one investor, "being in a stablecoin."

TerraUSD Crash Led to Vanished Savings, Shattered Dreams

A surgeon in Massachusetts can’t stop thinking about how he lost his family’s nest egg. People who put their money in TerraUSD thought it would be safe.

www.wsj.com

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Alexander Osipovich

@aosipovich

3 years

According to the SEC, Nikola founder and accused fraudster Trevor Milton targeted what he called "Robinhood investors"

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Alexander Osipovich

@aosipovich

1 year

My colleague Evan Gershkovich is locked up in Moscow's Lefortovo prison, where victims of Stalin's purges and Soviet dissidents were jailed, on bogus espionage charges. Every day he spends there is an affront to human decency. Journalism is not a crime. #FreeEvan

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Alexander Osipovich

@aosipovich

1 year

Some takeaways from the MMTLP saga from @matt_levine .

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Alexander Osipovich

@aosipovich

1 year

SEC court filings confirm that Jump Trading was the mystery "US Trading Firm" that propped up Do Kwon's TerraUSD stablecoin in May 2021, a year before its catastrophic collapse

Jump Trading Did Secret Deal to Prop Up TerraUSD Stablecoin, SEC Says

The Chicago trading firm made $1 billion through its dealings with crypto mogul Do Kwon’s company, according to the Securities and Exchange Commission.

www.wsj.com

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40

Alexander Osipovich

@aosipovich

3 years

Robinhood, Virtu stock sold off today after SEC chairman Gensler told Barron's that a full ban of payment for order flow is "on the table."

Robinhood Stock Drops After SEC Chairman Warns on Payment for Order Flow

The Securities and Exchange Commission’s Gary Gensler signaled he was open to banning the practice, known as payment for order flow, that accounts for most of the online brokerage’s revenue.

www.wsj.com

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9

40

Alexander Osipovich

@aosipovich

2 years

Tomorrow, the SEC is set to propose the biggest shake-up to equities market structure in more than a decade. Firms like Ken Griffin's Citadel Securities are in the crosshairs.

Do You Get the Best Prices Trading Stocks?

The SEC is facing off against Citadel Securities and other firms over who gets to execute—and profit from—individuals’ trades. The outcome could lead to the biggest shake-up in market structure in...

www.wsj.com

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10

41

Alexander Osipovich

@aosipovich

3 years

Scoop! Chicago HFT firm Jump Trading to launch retail wholesaler business, taking on @CitSecurities and @VirtuFinancial .

WSJ News Exclusive | High-Speed Trading Firm Jump to Execute Retail Investors’ Stock Trades

The planned launch of a retail wholesaler business at Jump Trading would come as meme-stock mania has fueled a surge in individual investors’ trading activity.

www.wsj.com

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37

Alexander Osipovich

@aosipovich

7 months

Finra says SoFi, Public and M1 Finance automatically enrolled millions of new brokerage customers in securities-lending programs (ie loaning your shares to short sellers); promised to share the revenues; and gave customers nada. Each was fined $500,000 plus a bit of restitution.

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Alexander Osipovich

@aosipovich

2 years

SCOOP: Chicago HFT Simplex warned by Finra over "signaling" strategy that some exchanges consider a form of market manipulation; firm pulls back from handling retail options orders. More details in a 🧵 (1/10)

WSJ News Exclusive | High-Speed Trader Simplex Warned About Potentially Abusive Options Strategy

Finra’s note to the firm prompts it to pull back from handling individual investors’ trades.

www.wsj.com

2

8

39

Alexander Osipovich

@aosipovich

9 months

Inside the hunt for Do Kwon: how crypto's most famous fugitive went from living in luxury in Singapore to a jail cell in Montenegro. A huge reporting effort by myself and @jiyoungjsohn @soonweilun @drewhinshaw . Some revelations in a 🧵 (1/6)

The Hunt for Crypto’s Most Famous Fugitive. ‘Everyone Is Looking for Me.’

After a $40 billion cryptocurrency crash, Do Kwon hopscotched across Asia and Europe to evade authorities.

www.wsj.com

1

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Alexander Osipovich

@aosipovich

2 years

@coryklippsten @WSJmarkets @Vlajournaliste @paulvigna @voxdotcom Hi Cory, my colleagues are aware. I’m you read the @RachelEnsignWSJ story today which I assume this tweet is reacting to, you’ll see that we quote from Sam’s Vox comments.

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Alexander Osipovich

@aosipovich

1 year

IEX in 2017: "rebate practices cause clear and significant harm to investors" IEX in 2023: "Members that enter displayed orders that provide liquidity will receive a rebate of $0.0004 per share"

‘Flash Boys’ Exchange IEX Has Criticized Rebates. Now It’s Adopting Them.

IEX, the upstart stock exchange made famous by Michael Lewis’s book “Flash Boys,” has adopted a controversial practice that it previously criticized as harmful to investors. The New York-based...

www.wsj.com

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Alexander Osipovich

@aosipovich

2 years

The emerging picture suggests FTX wasn’t felled by a rival, undone by a bad trade or even by this year's steep fall in crypto prices. Instead it had long been a chaotic mess. Monster reporting effort by @ceostroff @kowsmann @AngelAuYeung and many others

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed...

The emerging picture of what went wrong suggests the crypto empire was a mess almost from the start, with few boundaries, financial or personal.

www.wsj.com

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Alexander Osipovich

@aosipovich

2 years

So far it hasn't gone well. (2/7)

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Alexander Osipovich

@aosipovich

3 years

Some insightful reader comments on my clearing & settlement story

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38

Alexander Osipovich

@aosipovich

4 years

NYSE wins green light to let companies raise capital via direct listings, in win for Silicon Valley VCs who have long criticized the traditional IPO process

SEC Approves NYSE’s Plan for New IPO Alternative

The exchange’s new type of direct listing would let companies issue new shares and sell them to public investors in a single, large transaction on the first day of trading, much like the first trade...

www.wsj.com

0

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Alexander Osipovich

@aosipovich

4 years

Don't miss out on this sizzling hot penny-stock story! It is totally gonna pop on the open! $WSJ

Individual-Investing Boom Fuels Trading in Low-Price Stocks

Trading in speculative stocks with low share prices has surged this year, fueled by a huge influx of individuals using zero-commission investing apps and online brokerages.

www.wsj.com

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Alexander Osipovich

@aosipovich

4 years

Here's my current remote-work arrangement. Yes, those are cows you can see through the window.

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Alexander Osipovich

@aosipovich

4 years

The latest front in the HFT arms race: using hollow-core fiber to save nanoseconds off data transmission times. With some cool photos from @ofs_optics lab

High-Frequency Traders Push Closer to Light Speed With Cutting-Edge Cables

The use of so-called hollow-core fiber to convey data can give firms nanoseconds of advantage when they execute their rapid-fire trades in stocks, options and futures.

www.wsj.com

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Alexander Osipovich

@aosipovich

6 years

Virtu’s letter said NYSE and Nasdaq charge traders about $20,000 a month to rent cables that connect traders’ computers to the exchanges’ servers. Virtu noted that the same cable can be bought on for $87.95.

Wall Street Fractures Over Stock Exchanges’ Data Sales

Stock exchanges and traders clashed at a hearing over the cost of crucial market data that powers the decisions of everyone from computer-driven traders to mutual-fund managers.

www.wsj.com

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Alexander Osipovich

@aosipovich

1 year

The SEC probe has nothing to do with Virtu's retail business, according to the person familiar. Still, the timing is interesting given that @Dougielarge has publicly made himself the anti-Gary, repeatedly bashing SEC leadership over its proposed market structure overhaul. (4/4)

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