Sublime

Three hours later he returned to find that the markets had changed their minds about the likely effects of Donald Trump on the world’s stock markets. “It was supposed to be Armageddon,” said Sam. “And maybe it was. But it wasn’t Armageddon for US markets.” Markets in the United States actually had rallied, and most of the Jane Street bet was agains

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Some highlights have been hidden or truncated due to export limits.

Which is why, when Sam took in the situation, he decided that Binance’s strategy was unsustainable. That the smart thing to do was to be the world’s most law-abiding and regulator-loving exchange. FTX could use the law, and the regulators, to drive crypto trading from Binance and onto FTX. If countries did not…

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As the evening wore on, Jane Street’s worries that other high-frequency trading firms might be doing the same trade eased. “Markets were moving at the speed of CNN, not the speed of data,” said Sam. “We were confident we had better info than the market. We had a sense that if anyone else was doing this, they were very small.” Seven times that eveni