QuantumTech21

JP Morgan, BlackRock, Citadel Securities, Jane Street
1. BlackRock – The $14 Trillion Shadow Owner Weaponizing Common Ownership
BlackRock now manages a record $14 trillion in assets (Q4 2025 earnings, Jan 2026). It is the largest shareholder in the majority of S&P 500 companies through passive index funds.
Together with Vanguard and State Street, it controls stakes that have triggered multiple antitrust lawsuits. In 2024–2025, 12 Republican state attorneys general sued BlackRock (and the others) for allegedly conspiring via common ownership to suppress U.S. coal production by 18–19%, driving up energy prices 21–25% while pushing ESG “Net Zero” agendas. A federal judge in Texas allowed the case to proceed in August 2025. The FTC and DOJ filed a statement of interest backing the states, rejecting BlackRock’s attempts to dismiss.
2. JP Morgan – JP Morgan has repeatedly been caught manipulating markets for profit:
- 2020: Record $920 million CFTC settlement (largest ever for spoofing at the time). Traders placed hundreds of thousands of fake orders in precious metals and Treasury futures (2008–2016) to move prices, then canceled them. JP Morgan admitted wrongdoing and paid restitution + disgorgement.
- 2024: Another $200 million CFTC fine for failing to surveil billions of client orders over eight years, allowing potential spoofing and high frequency manipulation to go unchecked.
This is the same bank BlackRock lists as a core Authorized Participant for its trillion-dollar ETFs.
3. Citadel Securities – The Retail Front Runner That Owns Your Order Flow
Citadel Securities dominates U.S. retail trading: it has handled up to 40% of all retail equity volume and paid out hundreds of millions in Payment for Order Flow (PFOF) to brokers like Robinhood. In just nine months of 2024 it paid $943 million for retail order flow.
During the 2021 GameStop event, Citadel was the largest PFOF provider to platforms that suddenly restricted buying conveniently protecting its positions. It continues to profit from seeing your Robinhood orders before they hit the market. In 2026, Citadel Securities is still listed as an Authorized Participant for BlackRock’s spot Bitcoin ETF, creating and redeeming shares in the very products it helps price.
4. Jane Street – The “Basic Arbitrage” Manipulator Banned & Sued on Two Continents
Jane Street’s mask slipped in 2025–2026:
- July 2025: India’s SEBI banned Jane Street from the entire securities market, accusing it of a “sinister scheme” to manipulate the Bank Nifty index over 18 expiry days (2023–2025). The firm allegedly bought underlying stocks/futures early to artificially prop up the index, then profited from massive options positions. SEBI froze ~$566 million in alleged unlawful gains. Jane Street deposited the money but is fighting the ban, claiming “basic index arbitrage.”
- February 2026: Terraform Labs’ bankruptcy administrator sued Jane Street (plus co-founder and employees) in Manhattan federal court. The suit accuses the firm of using insider non-public information to front-run trades during the 2022 TerraUSD collapse including a wallet that pulled 85 million UST from Curve within 10 minutes of Terraform’s secret withdrawal. This allegedly accelerated the $40 billion wipeout.
Jane Street is also a top Authorized Participant for BlackRock’s ETFs.
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