what's going on everyone charlie here we're going to talk about the rule violation plan or the
minor rule violation plan out of sibo they're changing this up a little bit
and this one is going to just blow your mind let's go and take a look at sibo bzx 2021-083
okay so this was filed december 20th 2021 notice of filing a proposed rule
change to amend rule 25.3 which governs the exchanges minor rule violation plan
in connection with certain minor rule violations and applicable fines purpose the exchange proposes
to amend its mrvp and rule 25.3 in connection with certain minor rule violations and applicable fines
rule 25.3 provides for disposition of specific violations through assessment of fines in lieu
of conducting a formal disciplinary proceeding first the proposed rule change eliminates the
violation of 22.6 a currently in rule 25.3 c of the mrvp which stands for the minor rule violation
plan specifically rule 22.6a requires the market maker to submit bids and offers that are firm
for all orders the exchange no longer believes violations of rule 22.6a to be minor in nature and
therefore proposes to remove it from the list of rules in rule 25.3 eligible for a minor rule find
disposition particularly the exchange believes that the violations of rule 22.6a may directly
impact trading on the exchange the maintenance of a fair and orderly market and customer protections
because honoring firm quotations is vital in promoting efficient functioning of intermarket
price priority and trading in general gee you think they have big brain see why is big brain
now pursuant to rule 25.3 the exchange is not required to proceed under said rules as to any
rule violation and may whenever such action is deemed appropriate commits a disciplinary
proceeding under chapter v iii discipline rules as to any such violation the exchange notes that the
proposed rule change is consistent with the mrvp of its affiliated options exchange sibo exchange
which recently filed a proposal approved by the commission to no longer include such violations
as eligible for a minor rule disposition on sibo options for the same reason it no longer believed
violations of the firm quote requirement to be minor in nature after all this time
now to accommodate the addition of the market maker two-sided quote and initial quote volume
requirements to rule 25.3 d and harmonize rule 25.3 d with that of sibo options corresponding
mrvp provision the proposed rule change updates this language to provide that
violations occurring during a calendar month may be aggregated and sanctioned as a single offense
so wait what that makes absolutely no sense
now fines and consequences for the first violation during any rolling 24 month period
the fine schedule imposed by rule 25.3 d currently permits the exchange to give a letter of caution
for a second violation during the same period the fine schedule currently permits the exchange
to apply a fine of a thousand dollars you've got to be shitting me for a third violation
in the same period the fine schedule currently permits the exchange to apply
a fine of 25 grand for a fourth violation in the same period the fine schedule currently permits
the exchange to apply a fine of five grand finally for for five or more violations in the same period
the fine schedule currently permits the exchange to proceed with formal disciplinary action so if
this doesn't show just how stupid these people are you have to commit five violations before
you get any formal disciplinary action done and the first four offenses are merely the cost of
doing business and the fines get less each time so you're only really hurt for a third violation
because after that the fine decreases these people are the dumbest human beings on the planet
basically more crime so yeah go out there and let's comment on this one
they're idiots they're all stupid we're up against the dumbest people in the world so
don't think they're smart don't let them intimidate you they're morons