SEC Probes Susquehanna's Claims of $100 Million Insider Options Trades

Bloomberg··Read original
3▲0 ▼3Impact / 5
Summary · why it matters

The US Securities and Exchange Commission is examining trades described in a lawsuit by Susquehanna International Group alleging unknown insider traders made $100 million on options bets ahead of a Chinese regulatory crackdown on cross-border brokerages. Susquehanna filed the suit in Manhattan federal court, claiming it lost more than $70 million as counterparty on most of the trades. The traders bought US exchange-traded options in Chinese securities firms that were subsequently targeted in a May 22 crackdown, spending around $12 million to generate at least $100 million in profit. A federal judge granted Susquehanna's request to freeze accounts at Interactive Brokers, Futu Holdings, and Up Fintech Holdings that the defendants allegedly used, and allowed subpoenas for account-holder identities. The SEC's probe is confidential and may end without enforcement action.

Impact on assets 3

Financials▼ · 2 stocks
Futu Holdings Ltd
FUTU
▼ NegativeRegulationrelevance

Futu Holdings accounts frozen due to alleged insider trading, subject to SEC probe.

Up Fintech Holding Ltd
TIGR
▼ NegativeRegulationrelevance

Up Fintech accounts frozen due to alleged insider trading, subject to SEC probe.

Digital Finance & Tokenization▼ · 1 stocks

Off-coverage companies 1

Susquehanna International GroupPrivate± Mixed
Regulationrelevance

Susquehanna filed suit alleging $100M insider trades; SEC probe may or may not benefit them.

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