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Cestrian Capital Research, Inc's avatar

Out of the hundreds and hundreds of notes published on this topic, this is the best I've seen by far. Nice work.

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Robbie Bouschery's avatar

Another great piece, Packy!

Just a question about frontrunning. You say that Citadel the hedge fund is the same that Robinhood sells its order flow to. But aren’t Citadel & Citadel Securities ‘just’ sister companies and isn’t there regulation to prevent insider information sharing between them? Also front running would actually be illegal? They’re ‘just’ making money on the spread, right?

Don’t mean to imply anything here - I’m new to this topic and trying to wrap my head around it.

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