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Thomas Peterffy, the billionaire founder of Interactive Brokers (NASDAQ:IBKR) told Bloomberg’s Odd Lots podcast that insider trading laws should be abolished across all markets.
The timing is notable.
The White House just warned its own staff that prediction market insider trading is a criminal offense, and the CFTC has declared it a top enforcement priority. Peterffy is arguing in the opposite direction.
He Learned The Hard Way
In 1977, Peterffy was a new options trader on the American Stock Exchange floor with $200,000 in saved capital.
He sold 200 near-expiration call options at $0.375 each after getting caught up in a flurry of unusual order flow.
Trading halted 30 minutes later. DuPont announced …
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