The SEC just charged two defendants in a wash trading scheme that was devised based on maker-taker pricing model. The scheme was hatched after one of the defendants (“Gu”) was watching the February 18th US House Financial Services Committee “Meme Stock” hearing and he heard the CEO of “Broker-dealer B” (Vlad Tenev, Robinhood) testify that broker-dealer B “pioneered commission free and zero contract fee options trading”. The scheme basically came down to this: “If I could trade options for free through one broker and collect a rebate from another broker, then I may have created a money machine”. Gu realized (more…)

In recent years I have become so very disheartened to see the words “Patriot” and “Patriotism” misused in the worst ways. They now accompany political fundraising emails. They adorn memes created most often outside our borders, designed to divide and sow discord among us. They are used to divide and distinguish ourselves in the most horrible us-against-them way. Prior to September 11th 2001 I always felt I knew what “Patriotism” was all about, but really, I did not.  In retrospect for me the word was little more than a vague notion of loving my country, dressed in imagery of three (more…)