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Allegation that Ken Griffin Is Running Citadel Connect as a Dark Pool Is Posted on SEC Chair Gensler’s Twitter Page

Courtesy of Pam Martens

Gary Gensler

Gary Gensler

On August 4, the Chairman of the Securities and Exchange Commission, Gary Gensler, sat for an interview on CNBC. During that interview, Gensler mentioned that his Twitter followers were posting comments on his Twitter page about Dark Pools. Specifically, this is what Gensler said:

“We are taking a real close look at market structure and I recently started, you know, engaging on Twitter and to some of those Twitter followers that are writing about Dark Pools, we are looking very closely at this market structure that so many of our orders, retail public orders are not going to the lit markets but are going to internalizers, going to wholesalers, were taking the retail public’s trades rather than sending them to the stock exchanges.”

Dark Pools are opaque, thinly regulated trading platforms that function much like private stock exchanges operating inside the mega banks on Wall Street and at other entities. Instead of sending their stock trades to the New York Stock Exchange or another independent stock exchange, the Dark Pools execute the trades in unlit markets – raising the potential for enormous conflicts of interests. Wall Street On Parade has repeatedly questioned the legality of what is going on in these Dark Pools, including the highly doubtful legality of Wall Street mega banks being allowed to trade shares of their own bank stock in their own unlit Dark Pool.

In the days before and after Gensler made it official that the SEC is reviewing market structure, including Dark Pools, a number of posters to Gensler’s Twitter page had specifically called out billionaire Ken Griffin’s trifecta of trading operations. On August 7, @jpollitto posted this:

Citadel LLC (Hedge Fund)

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