Many of you remember the May 6th 2010 Flash Crash. Many of you remember that the CFTC arrested the UK’s Navinder Sarao and pegged him as having cause that Flash Crash. He pleaded guilty in November 2016 and pledged to cooperate with the CFTC. We wrote about Navinder Sarao to you several times: The UK Flash Crash Spoofer Case Brings More Questions Than Answers Where Were the Regulators? Enforcement? Some interesting snippets from our prior notes on Sarao: Considering the thousands of traders around the globe that have access to much more sophisticated software and hardware, we have to believe that Sarao (more…)

  There seems to be a discrepancy within the industry as to the difference between a “rebate” and a “discount”. A quick google search produces these definitions: Rebate – a partial refund to someone who has paid too much money for tax, rent, or a utility. Discount – a deduction from the usual cost of something, typically given for prompt or advance payment or to a special category of buyers. In other words, rebates involve cash being sent back to someone while a discount is a reduction of a fee that is still charged. Last week, IEX announced a new incentive program (more…)