James Chiu An Illinois judge rejected Citadels bid to compel Jump to identify ex-employees who joined the firm since 2005, and any strategies they later developed. The case was dismissed in October 2012. At Jump, James Chiu — whom ex-employees said was in the trading firms Oceans group — broke CME Group rules in 2010, according to a CME Group disciplinary memo from 2014. A CME Group panel found that from Aug. 30 through Sept. 15, 2010, Chiu manually entered orders, supplementing trades that he had already placed, then canceling them before his other orders could be executed, the exchange said in a March 3, 2014, notice on its website. His actions potentially disrupted the market, the panel said. The exchange said Chiu was employed as a proprietary trader by a member firm, but didnt name Jump in the disciplinary action. The panel found that Chiu broke the exchanges rule prohibiting dishonorable or uncommercial conduct, among others. Chiu, whose LinkedIn Corp. profile says he was a former team leader at Jump, settled with the CME Group without admitting or denying wrongdoing. He was ordered to pay a $155,000 fine and was suspended from any trading on the exchanges markets for two months. Predicting Future Chiu, who now runs his own proprietary-trading firm, Vatic Labs, in San Francisco, said in a phone interview that CME Group issues disciplinary actions all the time and his was nothing out of the ordinary. Vatic is a word meaning something that describes or predicts what will happen in the future. About two months after the CME Group rule violations that Chiu was later punished for, DiSomma, Gurinas and Schrecengost met with then-chairman of the CFTC, Gary Gensler. They discussed the definition of spoofing — or illegally canceling bids and offers quickly after placing them in order to create a false impression of demand — as well as high-frequency trading and the May 6, 2010, market plunge known as the flash crash, according to the market regulators website. The meeting was part of the regulators efforts to implement new market rules stemming from the Dodd-Frank Act. As for his old firm, Chiu hewed to the company line. Im not allowed to talk about my time at Jump, he said. https://www.tradersmagazine.com/dep...y-about-this-story-on-hft-power-jump-trading/ Article about Jump published in 2014. More relevant than ever!
What a secretive poorly written article. What the hell did James Chiu trade? If he manipulates futures like MNQ, ES, YM, crude oil, gold, who cares because the volume traded is very high. Further, the bid-offer spread is very small (just 1 to 3 ticks). Don't tell anybody about this story doesn't mean you don't tell us what he traded/manipulated.
Now NDAs have a regulatory carve out. An NDA should have some specific carve outs in relation to disclosure that is permitted – typically this will cover sharing with advisors, if required to disclose by a Court or Government body (usually need to notify the other party if this happens), was already in the public domain, later was released by the ...Nov 16, 2023 Relevant back then, but no more