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Market Makers Narrow Insider Trading Suit to 45 Individuals

Created at 12 Aug · 4:45 PM1 source↑ Market-relevant
IN SHORT

Two major U.S. options market makers have narrowed an insider-trading lawsuit to 45 individuals, alleging they made $155 million in illicit profits using leaked Chinese regulatory information. The case involves Chinese online brokerages Futu Holdings and Tiger Brokers.

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Key Numbers

$155 millionalleged illicit profits
45individuals named in lawsuit
$100 millioninitial alleged illicit profits

Who's Involved

Susquehanna International Group (SIG)
Plaintiff in insider-trading lawsuit
Citadel Securities
Joined insider-trading lawsuit as plaintiff
Futu Holdings Ltd.
Chinese online brokerage involved in lawsuit
UP Fintech Holding Ltd. (Tiger Brokers)
Chinese online brokerage involved in lawsuit
Market Makers Narrow Insider Trading Suit to 45 Individuals

↳ Why This Matters

The lawsuit highlights ongoing concerns about potential cross-border market manipulation and the use of non-public information in financial markets, impacting investor confidence in Chinese online brokerages.

Key facts

  • Two U.S. options market makers, Susquehanna International Group and Citadel Securities, have narrowed an insider-trading lawsuit.
  • The lawsuit targets 45 individuals accused of making $155 million in illicit profits.
  • The alleged illicit profits were gained by using leaked Chinese regulatory information.
  • The case involves Chinese online brokerages Futu Holdings Ltd. and UP Fintech Holding Ltd. (Tiger Brokers).
  • The trades occurred shortly before Chinese regulators announced penalties against the brokerages for unauthorized cross-border operations.

    • Two major U.S. options market makers, Susquehanna International Group (SIG) and Citadel Securities, have narrowed an insider-trading lawsuit to 45 individuals. The lawsuit alleges these individuals used leaked Chinese regulatory information to illicitly profit $155 million. The case originated on June 29 when SIG sued unidentified traders in Manhattan federal court, claiming they reaped over $100 million in illegal gains. The core of the legal action involves put-option trades executed shortly before Chinese regulators announced penalties against online brokerages Futu Holdings Ltd. and UP Fintech Holding Ltd. (Tiger Brokers) on May 22. These penalties were for unauthorized cross-border operations, highlighting ongoing concerns about potential cross-border market manipulation.

    Frequently asked questions

    The plaintiffs are U.S. options market makers Susquehanna International Group and Citadel Securities. The defendants are 45 individuals accused of insider trading, and the case involves Chinese online brokerages Futu Holdings and Tiger Brokers.

    The individuals are accused of using leaked Chinese regulatory information to make profitable put-option trades before official announcements.

    The lawsuit now targets 45 individuals accused of making $155 million in illicit profits, an increase from the initial $100 million allegation.

    What Happens Next

    01The case will proceed with the 45 named individuals.
    02Further details on the leaked Chinese regulatory information may emerge.

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    How It Developed

    Susquehanna International Group sued unidentified traders alleging illicit profits from leaked Chinese regulatory information.
    Citadel Securities joined the lawsuit.
    The lawsuit was narrowed to 45 individuals accused of making $155 million in illicit profits.
    The case centers on put-option trades made before regulators announced penalties against Futu and Tiger Brokers.

    Sources

    T1
    U.S. Market Makers Narrow Futu, Tiger Insider-Trading Suit to 45 IndividualsCaixin Global

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