February 7, 2022
PFOF
\"PFOF causes a clear conflict of interest between the firm and its clients, because it incentivises the firm to choose the third party offering the highest payment, rather than the best possible outcome for its clients when executing their orders.\" -ESMA
Naked Shorting
\"Despite being made illegal after the 200809 financial crisis, naked shorting continues to happen because of loopholes in rules and discrepancies between paper and electronic trading systems.\" -Adam Hayes of Investopedia
Fines as the Cost of Doing Business
\"In sum, we theorize that an over-reliance on entity-level fines is likely inadequate from a deterrence perspective. Even though the average fine is higher today than ever before, fines are still too low to make up for uneven enforcement. The optimal entity-level penalty is likely to be very large and potentially infinite\" -CLS BlueSky Law Columbia.edu
Also examine these other manipulations: spoofing, stock bashing through the media and wash trades.