Bloombergs Matt Levine does a good analysis of this and comes to the conclusion that the example the SEBI gives looks a lot more like arbitrage than manipulation. They were selling zero day options to customers and hedging with the underlying stock, which reduced the cost of the options to customers (whilst making a ton of money).
> The difference can be subtle, and I often joke that the difference between legitimate trading and manipulation is whether you send your colleagues an email saying “lol I sure manipulated that market.”
I am not so sure, since the article does not explain the biggest source of profits which is the put-options that were "bought" by jane street ! It only talks about options that were "sold".
This compilation video of him chasing a Fox, killing a pidgeon, and fighting with (recently retired) admiralty cat Palmerston is worth a watch (1min 21 sec)
So if you thought you were under surveillance by the CIA, would sprinkling leaked information throughout your communications, or even “this email contains leaked information” make your messages private?
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