This is a post with no actionables but some interesting stuff to read.
1)Jane Street - Making the Indices dance with 15k crores and profiting from it.
A couple of good explainers on this.
https://x.com/kirubaakaran/status/1940954539802480899
Read the Annexures link at the bottom. 296 pages - Super Detailed.
My amazing observations from the order
JaneStreet Sebi Order Amazing Things
Jane Street is no Plain Jane.
1) FPIs are not allowed to trade Intraday in the Cash Segment. Jane Street set up Indian entity JSI Investments Private Limited to intraday trade the Cash Segment 🙂
2) SEBI interacts in August. Jane Street opens another entity JSI2 Investments Private Limited in September 🙂
3) NSE sends a caution letter on Feb 6 2025 On 10th May 2025 Jane Streets does expiry uptick via Stock/Futures. Avoids cash Segment.
4) FPI = Foreign Portfolio Investor. ( Naah Trader) The Jane Street FPI group had only 311 cr in equity holdings at month-end between January and May 2025.
5) Jane Street had Margins !! Jane Street Group FPIs were instead holding on average INR 15,325 crores of India Government Securities. (That's a lot of money. )
6) Only 2.5% of FPIs are Algo Traders. As per data published in SEBI’s Analysis of Profits & Losses in the Equity Derivatives Segment (FY22-FY24)29 that out of 11,219 FPIs registered with SEBI as on March 31, 2024, only 2.50% of the FPIs are engaged in algorithmic trading.
7) Urgency for Order Jane Street continued to trade in a similar manner in May 2025 even after an explicit advisory was issued in Feb 2025. Order states "JS Group is not a good-faith actor that can be, or deserves to be, trusted. "
2) Algo Trading Firms/HFTs are almost like a Tax on every order.
3) DIIs buying out Promoters and FPIs
4) Myth - Benchmark Indices like #Nifty50 , #Sensex, #BankNifty are reflection of the Economy!!
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