交易公司指控内部人士利用中国券商整顿行动获利1亿美元Insiders Made $100 Million on China Crackdown, Trading Firm Alleges

Unknown traders allegedly used advance knowledge of a regulatory crackdown on two Chinese brokerages to earn more than $100 millionthrough carefully timed options trades, according to a lawsuit filed by one of the world's largest electronic trading firms.

据全球最大的电子交易公司之一提起的一项诉讼称，不明身份的交易员涉嫌提前获知中国监管机构将整顿两家中国券商，并通过精准时机的期权交易获利超过1亿美元。

On Monday, two subsidiaries of Susquehanna International Groupfiled the lawsuit in federal court in New York, naming up to 100 unidentified "John Doe" defendants.

周一，Susquehanna International Group旗下两家公司向纽约联邦法院提起诉讼，将多达100名身份不明的“John Doe”列为被告。

Susquehanna said it suffered substantial losses after taking the opposite side of the trades. The firm is seeking to identify the unknown traders and require the trading platforms involved to freeze their accounts.

Susquehanna表示，由于站在这些交易的对立面，公司遭受了重大损失。该公司希望查明这些交易员的身份，并要求相关交易平台冻结他们的账户。

According to Susquehanna, the timing and structure of the options trades strongly indicate that the unidentified traders knew beforehand that Chinese regulators planned to take enforcement action against Futuand UP Fintech, the parent company of Tiger Brokers.

Susquehanna表示，这些期权交易的时间和方式强烈表明，不明交易员提前获悉中国监管机构计划对富途证券（Futu）和老虎证券母公司UP Fintech采取监管措施。

Futu and Tiger Brokers are online brokerage firms that are widely used in Hong Kong and other Asian markets. On May 22, the China Securities Regulatory Commission announced that both companies had been illegally providing services to customers in China without the required licenses, causing their share prices to fall sharply.

富途证券和老虎证券是香港及亚洲其他市场广受欢迎的在线券商。5月22日，中国证监会（CSRC）宣布，两家公司在未取得相关牌照的情况下非法向中国内地客户提供服务，这一消息导致两家公司股价大幅下跌。

Both Futuand UP Fintechhave shares listed on the Nasdaq. Susquehanna alleged that the unidentified traders took advantage of their inside information by purchasing large amounts of bearish put options that would become profitable if the companies' stock prices declined.

富途证券和UP Fintech均在纳斯达克上市。Susquehanna指控称，这些不明交易员利用内幕信息，大量买入看跌期权，以便在两家公司股价下跌时获得收益。

Susquehanna said the traders spent approximately $12 millionon the options contracts and generated profits exceeding $100 million, representing a return of more than 900%.

Susquehanna表示，这些交易员共花费约1,200万美元购买期权合约，最终获利超过1亿美元，投资回报率超过900%。

According to the lawsuit, the profits from the alleged scheme make it "one of the largest documented cases of insider trading in recent memory."

诉讼文件称，这一涉嫌内幕交易案件所获得的利润，使其成为“近年来有记录以来规模最大的内幕交易案件之一”。

For comparison, the insider trading operation led by hedge fund manager Raj Rajaratnamgenerated total illegal profits of $53.8 million. The founder of Galleon Groupwas convicted of securities fraud and conspiracy in 2011.

作为对比，由对冲基金经理Raj Rajaratnam策划的内幕交易案件非法获利总额为5,380万美元。这位Galleon Group创始人于2011年被判犯有证券欺诈和共谋罪。

Susquehanna stated in the lawsuit that it lost $71.4 millionafter taking the opposite side of the options trades, providing a rare look into a trading loss suffered by the normally secretive options trading firm.

Susquehanna在诉讼中表示，由于成为这些期权交易的对手方，公司损失了7,140万美元。这也罕见地披露了这家一向低调的期权交易巨头的一次重大交易亏损。

The Pennsylvania-based company, led by billionaire Jeff Yass, is one of the largest market makers in the U.S. options market. As a market maker, Susquehanna frequently takes the opposite side whenever investors buy or sell options.

这家总部位于宾夕法尼亚州、由亿万富翁Jeff Yass领导的公司，是美国最大的期权做市商之一。作为做市商，Susquehanna通常会在投资者买卖期权时承担交易的另一方。

Well known for using poker as part of its training program for new traders, Susquehanna relies on advanced quantitative models to determine the prices at which it is willing to buy and sell. This approach helps the firm generate profits while trading large volumes of stocks, options, and futures every day.

Susquehanna以利用扑克训练年轻交易员而闻名，并依靠先进的量化模型来决定买卖报价。这种方法帮助公司在每天进行大量股票、期权和期货交易的过程中持续盈利。

However, Susquehanna said that in the Futu and UP Fintech trades, it encountered traders who appeared to possess even better information—individuals who allegedly knew the companies were about to become targets of regulators in Beijing.

然而，Susquehanna表示，在富途证券和UP Fintech相关交易中，公司面对的是掌握更多信息的交易员，他们似乎提前知道这两家公司即将成为北京监管机构的调查对象。

According to the lawsuit, purchases of put options on Futuand UP Fintechincreased significantly between May 7 and May 21. Many of those contracts would only become profitable if the stocks experienced a sharp decline well below their prices when the options were purchased. Many of the options were also short-dated, meaning they would have expired worthless if a major price drop had not occurred within a few days.

诉讼称，从5月7日至5月21日期间，市场上针对富途证券和UP Fintech的看跌期权购买量明显增加。其中许多合约只有在股价大幅跌破买入时价格的情况下才会获利。此外，许多期权还是短期期权，这意味着如果未来几天内没有出现大幅下跌，这些合约将毫无价值地到期。

Susquehanna said these transactions "suggest inside knowledge not only of the fact that the crackdown news was going to be announced, but also its approximate timing."

Susquehanna表示，这些交易“表明相关人士不仅提前知道监管整顿消息将会公布，还掌握了大致公布时间”。

The lawsuit states that there are two possible groups of John Doedefendants: officials at the CSRC, or employees at Futuor UP Fintechwho knew the regulatory action was about to occur.

诉讼指出，这些身份不明的被告可能来自两个群体：一是中国证监会（CSRC）的相关人员，二是富途证券或UP Fintech内部提前知晓监管行动即将发生的员工。

The CSRC, Futu, and UP Fintechdid not respond to requests for comment. After the regulatory action was announced on May 22, both brokerage firms said they were cooperating with Chinese regulators.

中国证监会、富途证券和UP Fintech均未回应媒体的置评请求。在5月22日监管措施公布后，两家券商均表示正在积极配合中国监管机构。

According to the lawsuit, most of the transactions were carried out through approximately nine accountsat Interactive Brokers, a U.S.-based brokerage serving clients worldwide. A smaller portion of the trades was executed through trading platforms operated by Futuor UP Fintech.

诉讼称，大部分交易是通过美国券商Interactive Brokers约九个账户完成的，该券商为全球客户提供服务。另有少量交易则通过富途证券或UP Fintech旗下的交易平台执行。

In a statement, Interactive Brokerssaid, "We have been cooperating with Susquehanna, including freezing accounts. We will continue to cooperate fully with all regulatory investigations and court proceedings."

Interactive Brokers在声明中表示：“我们一直与Susquehanna保持合作，包括冻结相关账户。我们将继续全力配合所有监管调查和法院程序。”