AMC Stock - Ken Griffin Said Payment For Order Flow Should Be Banned

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한 줄 결론: 시타델의 2004년 SEC 의견서와 2021년 입장 변화를 근거로 주문 흐름 대금(PFOF) 금지를 주장하는 영상. 배경: 2004년 SEC 시장구조 의견 요청에 대해 시타델은 PFOF가 이해충돌을 낳으므로 금지해야 하며, 내부화가 경쟁과 가격 발견을 해치고 시장을 분절시킨다고 주장했다. 입장 변화: 2021년 2월 게임스탑 사태 청문회에서 시타델은 PFOF를 옹호했다. 진행자는 이를 금전적 이익 때문이라고 해석했다. 구조적 문제: 중개인과 시장조성자 사이 이해충돌이 있고, 시타델은 주문 정보를 볼 수 있어 개인투자자에 비해 구조적으로 유리하다고 주장했다. SEC 관련: 게리 갠슬러 위원장의 CNBC 발언 중 시장 조작 방지와 투명성 관련 부분이 편집되어 제거된 정황을 언급했다. CNBC는 답변을 거부했다. 전망: 진행자는 SEC가 이 문제를 면밀히 조사 중이며 규제 변화가 머지않았다고 믿는다고 말했다. 다만 이는 개인적 믿음이며 구체적 근거 수치는 없다. 투자 함의: 영상은 PFOF 규제 가능성을 언급하지만, 대상 자산(삼성전자, 엔비디아, 비트코인 등) 가격 방향에 대한 직접적 예측은 없다.

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01. but it's something really interesting i want to share with you in this video guys which i think is really breaking news because so far i don't think anybody in the apps community had knowledge of that in 2004 okay there is a letter that popped from a fellow guy who posted this on linkedin ken griffins from citadel states that payment for audio flow should be banned this is a letter from 2004 you know and back then the sec were looking for comments around how they can do to improve efficiency and competition in the markets specifically to the listed options markets if you don't know the option markets is really the the biggest chunk of in terms of volume when it comes to um the u.s markets and new exchange all across the world now these are the comments from citadel itself right the practice of payment for audio flow creates serious conflicts of interest and should be banned internalization without meaningful price improvement reduces competition it limits price discovery and it leads to market fragmentation and should be banned finally the commission should not yet require the listed options markets to quote in decimal because digitalization will overload systems already pushed to their limits and lead to less transparent and shallow markets and the conclusion cicada group welcomes the issuance of the release and commission's other efforts to consider and open for discussion fundamental issues relating to market structure and regulation the commission really needs to focus on these difficult issues and ask that hard questions works to ensure that u.s markets remain the strongest and the most efficient in the world bs this is 2004 let me pause here for a second this is 2004 and keep in mind these are the comments see giving to the sec all right now 2004 and fast forward now to 2000 i don't know because the the payment for audio flow thing has not started into 2021 it's been around and if you remember i shared with you a couple of days ago that um the founder of you know the broker said that payment for audio flow have been going around for 200 years and he doesn't think that it's gonna be that easy to make that disappear well he may be one of the the the pioneers of these uh uh i mean online trading so he may have a big win to this now when you go to what happened when the whole gamestop situation started and stadel and robin hood went before congress to testify back then it was february of 2021 citadel the same ken griffin you know the same company 2004 saying no you shouldn't implement this because it is against the market transparency it is against what we need for the markets to be as efficient as they possibly can they are now saying we are defending a practice known as payment for order why why do we think there is such a shift in this practice being adopted and now to the point that they are defending the dollar bill okay the dollar bill money for the brokerages working with companies like in virtue okay but also and more importantly money for the big guys at the foot of the chain like citadel and virtue because again they are the one profiting deeply so this would never ever make the market as efficient as they they supposed to because the big fishes like citadel will always be winning they will always have another another advance they will always be ahead of the retail traders because first of all they have our orders so they can look the volume they can look exactly on what we're buying what we're selling and it's not even speaking about the whole conflict of interest between our brokerage and those market makers but the the huge risk it presents to the whole market as a whole now the thing is since then okay with banks hubble by no regulation after financial crisis citadel securities became a major force in the trading that's not a denial but the gamestop episode that revealed the firm's huge role in the u.s listed markets has attracted the attention of politicians and regulators if you don't trust me now go back to what um sec chair gansler said on cnbc and was even removed from the actual video published on their uh youtube channel i think it's the same so this is gary yesterday speaking i think is the same has been for decades it's trying to foster good debate in dialogue just like on this program here on cnbc about investing under reset engagement is positive but also to guard against fraud and manipulation and whether that's from big actors big hedge funds in the markets or not and also to promote transparency we are taking a real close look at market structure and i recently started engaging on twitter to some blah blah blah this was cut out from the actual live interview on cnbc and when people reached out to know exactly what happened this is a response from cnbc hi there thank you for getting back to us we are unable to provide an answer to your question at this time but we thank you for your feedback which gets reviewed by cnbc product leaders for your reference the full transcript of the interview is also available through this link hope you had a great day pretty much rejecting blank like nothing really happened so i believe maybe i'm being naive but i really believe in my gut that the sec is really looking into this closely and it's just a matter of time to really see things popping because these have been something they took as a mission but the very fact that citadel changed his mind from back then to now and it's really about money and the fact that they are using this advanced with technology available to them to shortcut and cut out from whatever laws and regulations are better in the markets and taking advantage to make so much money on the back of the retailers is definitely criminal so more to come on this but um you can see exactly where we need to stand firm on this thing it's even bigger than what we think