遭印度监管指控市场操纵，量化巨头发内部信否认

Core Viewpoint - The conflict between Jane Street and the Securities and Exchange Board of India (SEBI) has escalated, with Jane Street denying all allegations of market manipulation and asserting that its trading practices are legitimate and beneficial to market liquidity [1][3]. Group 1: Allegations and Responses - SEBI issued a temporary ban on Jane Street, accusing the firm of "malicious market manipulation" and freezing its funds amounting to 48.4 billion rupees (approximately 4 billion yuan) in India [1]. - Jane Street refuted SEBI's claims, stating that its trading activities are based on standard arbitrage and hedging strategies aimed at ensuring price consistency across financial instruments [1][3]. - The firm highlighted a specific trading incident on January 17, 2024, where it engaged in index arbitrage to correct significant price discrepancies between the BANKNIFTY index in the stock and options markets [3][5]. Group 2: Trading Practices and Market Impact - Jane Street emphasized that its role as a liquidity provider is crucial for the health of the Indian derivatives market, arguing that without such participants, there would be no economic connection between the derivatives market and the underlying economy [3]. - The company defended its practices regarding the "extended closing price manipulation" accusation, explaining that its risk management strategies are standard globally and not intended to manipulate the market [5]. Group 3: Communication and Legal Actions - Jane Street criticized SEBI for claiming a lack of cooperation, asserting that it has been responsive and transparent since SEBI's request for trading information in August 2024 [7]. - The firm expressed disappointment over SEBI's failure to engage in dialogue despite multiple attempts to communicate, stating that it is preparing a formal response to the allegations and will utilize all available legal means to protect its interests [7][6].