Is there is some objective way that the SEC or FINRA detected activity that IB failed to report? If so does there exist an opportunity for software or systems that automate this for market participants? Suspicious Activity as a Service (SAaaS)?
better article: https://www.refinitiv.com/perspectives/future-of-investing-t...
I can't even begin to wrap my head around the infrastructure you'd need to handle this much daily traffic, considering it'll almost definitely be stored longer term, never mind how you'd go about querying it in any sensible manner. It's something upwards of 100 million trades per day
Probably not.
I suspect there was an IB-employed whistleblower... or perhaps what happened was that the SEC was already investigating some IB customer (for insider trading, market manipulation, etc.) and then, having become aware of one or more transactions that should have been reported, went digging at IB to see what else hadn't been.