$NWBO In the JPMorgan precious-metals case, federal prosecutors actually proved criminal spoofing conduct against individual traders, and some traders received prison sentences on top of JPM settles some $900M. Interesting parallells here. What is interesting is the discovery question this creates. If Citadel's position is that particular personnel (DY and AF) and systems—not a firm-wide “algorithm”—account for the NWBO trading, NWBO can reasonably press: Who made the decisions? What software generated the quotes/orders? What instructions governed cancellations and executions? And what records demonstrate that? That's why today's hearing before Judge Stein could be informative.
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