Those following the Jane Street saga appear split into two camps. To some, the firm is a villain deploying sophisticated algorithms to exploit retail options traders seeking modest profits. To others, Jane Street has merely exploited market mispricing at scale, a tactic that, while tilting the odds in its favour, remains within the rules. These observers argue that SEBI’s real challenges lie elsewhere.The SEBI interim report on Jane Street revealed at least one of its strategies in striking detail. This transparency meant market participants knew expiry day tactics were under intense scrutiny. It would likely avoid similar trades that could trigger regulatory attention, particularly since Jane Street had been allowed back into the market.
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