Ken Griffin’s Citadel Or Citigroup: NYSE Is Looking Into Who Caused The Unusual Shopify Stock Hike
In an unusual fashion, Shopify (NYSE: SHOP) spiked by more than US$100.00 per share on March 18, closing the trading day at US$780.00. The hike caught the New York Stock Exchange’s attention, who is now investigating to explain what actually happened to have caused the price shock.
The two parties involved: market maker Citadel Securities, owned by billionaire Ken Griffin, and Citigroup.
Citigroup had a 600,000-share buy order from its client and decided to do this in two tranches – the first half was put in around 3pm and the remaining half about 10 minutes before the market closed.
However, Citadel Securities, whom is supposed to be balancing out the trades, was holding the shares at the end of the trading day. Other Wall Street brokers commented that the firm could’ve acted to bring in more sellers to the market.
The NYSE, Citigroup, and Citadel Securities have all declined to comment on the matter.
Shopify last traded at US$701.60 on the NYSE.
Information for this briefing was found via Seeking Alpha and New York Mag. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
