Kenneth Griffin, founder of Citadel Securities, said he would be “fine” if the charges were suspended because the dispute was being scrutinized by security officials.
“Transportation costs are expensive for me,” Griffin said, speaking to The Economic Club of Chicago on Monday. “So if you can tell me that by fiat law one of the biggest things I’m really going to lose is not going to be good, I’m fine.”
Travel expenses it is an action against traders who sell their products on their platform to traders such as Citadel Securities. It is profitable for retailers such as Robinhood and Charles Schwab, who use the practice to provide zero-commission stock and trading options for their clients.
In June 2021, Citadel Securities paid about $ 1.5bn to developers to get the best deal out of it, according to a report run by Bloomberg Intelligence, a major retailer.
Traffic jams started to look bad earlier this year when distorted sales and sales were organized by Reddit’s r / WallStreetBets The site made many aware of how Citadel Securities works by managing the volume of transactions in retail businesses.
Citadel Securities is the largest market in the US, a business that buys and sells stocks and makes money. It accounts for about a quarter of all sales in the US, according to a Chicago-based company.
Employees at the U.S. Securities and Exchange Commission are working on new initiatives on system operating payments. Gary Gensler, The SEC chairman, has said that the practice “could lead to a lot of persuasive controversy”, and has sought to investigate whether the sale of retail products makes a profit for consumers.
Commenting on the SEC’s interest, Mr Griffin said that if the travel payment “expires tomorrow” it was “quite good”.
“Eliminate one of the greatest lines of value removed? I will be the winner of this race, ”he said.
Griffin has been outspoken in his defense, saying his actions made the business cheaper for customers and were “good for everyone”.
He further added that although the rise in retail sales was “not good at all”, he cautioned that brokers would bring back organizations to customers if a pay cut was banned, which could “be a huge loss”.
“Let’s hope that in Washington we continue to say that corporate retailers have a responsibility to provide the best for their customers,” Griffin said. “That’s the competition we’re competing in, and that’s when we win again.”
Separately, Griffin said Citadel Securities would not sell crypto currencies because of uncertainty about how to convert them. He called the crypto “jihadist cry” we do not trust the dollar “.