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It's low freq. I've traded 7-figure positions on my iPad.

I'm gonna go eat some bacon. There is more to this story. Sarao's BP did NOT support his orders. That, and the whole spoofing scam.

I know of your extraction and I've seen it myself as a WASPy Swedish dude. The whole H1B Visa thing alone.

I meant page 13 of my journal. I had my best day ever as I was sitting in a hotel lobby on spotty WiFi.

Or any time you're up on marks and you don't have the net liq to support the position (going from 4x to 2x overnight). You're long and you buy a garbage put and now you're long the synthetic call. No more variation margin.

look at page 13.

OK, got it. Say you're bullish XYZ and vol is high. You could take an outright but you're concerned about being stopped out. So you go long spot at 125 and give it some time, intraday. Spot rallies to 128 near the close and you're intent on holding it but the index takes a shit. You short 2x...

I am working on the infinite money thing. I'll get back to you. https://www.elitetrader.com/et/threads/dests-everything-journal.332136/page-11#post-4859112

Right, an employee did, or at least that's your argument.

The ISV coded features which allowed Sarao to post size beyond what was supported by his net liq. Got it?

Delta1 = shares, futures. No spreads. Flies = term structure in deliverables. Switches = term structure. Like a 1:1 calendar in futures. X_Trader had more overhead on features than Sarao could ever use.

I was at Millennium in 2006. I was chatting with a buddy from ET who is a whale. He was trading some small cap shit with ADV of like 3MM. He was bidding 40K at 18. I told him that I was going to offer 900K shares at 0.50 above the ask. He dared me to do it. I saw his fill and I offered 920K at...

Dude, he was trading D1. No switches, flies, etc. He could have used any of the commercial front ends to accomplish what you’re suggesting. Read the complaint. I am done repeating myself.

There is no way Sarao paid $24K for what you’re suggesting.

@Handle123 doesn't ever reach the level of clown. He's a joke. Literally mentally-ill.

No f*cking way that Sarao paid this clown $24K for a D1 front-end. Shady AF. I take the CFTC's summary of the complaint as gospel.

Overnight, what are you asking? I have half of these dudes blocked; the other half are blocking me.

OIC, a rogue developer?! He wasn't trading switches, flies on rates... he was trading D1 and spoofing ES. Why not simply use a commercial front-end? Because Thakkar's execution software allowed Sarao to post BS size. Seems like a pretty cut and dried case: According to Complaint, Thakkar is...

The only nukes that matter are the Trident IIs that are parked in the Baltic Sea.

@Baron--please do not allow this thread to be deleted. "Jitesh Thakkar" DOJ CFTC spoofing