Citadel Securities Loses SEC D-Limit Order Case (Hedge Week)
A trio of federal judges in Washington have ruled against Citadel Securities in a case against the US Securities and Exchange Commission over its approval of the IEX’s D-Limit order type, according to a report by Bloomberg. D-Limit orders are subject to a 350 microsecond delay which is meant to reduce the advantage of high-frequency traders like Citadel. The electronic trading firm, founded by billionaire Bill Ackman, argued that D-Limit has a negative impact on investors by delaying orders and that the SEC approval process broke the laws and rules that govern it. Citadel wanted the court to force the SEC to reconsider or reverse its approval for D-Limit which was granted in August 2020 and came into force in October of the same year.
Ex-Goldman Sachs MD Now a Hedge Fund Headhunter (eFinancialCareers.com)
Dan James has worked on the sell-side. He’s worked on the buy-side. And now, he’s morphing into the man to know for a job in hedge funds. James, who was a Goldman Sachs managing director and head of synthetics and quant sales between 2014 and 2018, has just opened a search boutique, Monroe Partners with veteran headhunter Christian Robbins. James spent the past four years in business development for hedge fund Millennium Management, scouting for portfolio management talent.
Monday 8/1 Insider Buying Report: TZOO, AYI (Nasdaq.com)
On Friday, Travelzoo’s Global Chief Executive Officer, Holger Bartel, made a $136,000 purchase of TZOO, buying 25,000 shares at a cost of $5.44 a piece. Bartel was up about 6.6% on the purchase at the high point of today’s trading session, with TZOO trading as high as $5.80 in trading on Monday. Travelzoo is trading up about 7.7% on the day Monday. And at Acuity Brands, there was insider buying on Thursday, by Director Laura O’shaughnessy who purchased 575 shares at a cost of $174.54 each, for a total investment of $100,360. This buy marks the first one filed by O’shaughnessy in the past year. Acuity Brands is trading up about 0.1% on the day Monday. So far O’shaughnessy is in the green, up about 5.4% on their purchase based on today’s trading high of $183.92.
Around $30 Million Bet On This Communication Services Stock? 4 Penny Stocks Insiders Are Buying (Benzinga)
MediaCo Holding: The Trade: MediaCo Holding Inc. (MDIA) 10% owner Soohyung Kim bought a total of 12,899,480 shares at an average price of $2.32. To acquire these shares, it cost around $29.87 million. MarketWise: The Trade: MarketWise, Inc. (MKTW) 10% owner Porter Frank Stansberry acquired a total of 706,249 shares at an average price of $2.67. The insider spent around $1.88 million to buy those shares.
United States: SEC Brings Flurry Of Insider Trading Cases Using Market Analytics (Mondaq)
On July 25, 2022, the Securities and Exchange Commission (SEC or the Commission) made headlines announcing insider trading charges against 10 individuals across four separate cases, signaling an increased and renewed focus on insider trading. The enforcement blitz comes on the heels of the SEC’s first insider trading case involving “crypto asset securities,” and a month after the Department of Justice brought insider trading charges based on trading of non-fungible tokens. Parallel criminal charges were also filed against certain defendants named in the SEC’s actions.
