{"id":82089,"date":"2021-03-31T12:12:00","date_gmt":"2021-03-31T16:12:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=82089"},"modified":"2023-02-10T13:33:13","modified_gmt":"2023-02-10T18:33:13","slug":"how-they-could-regulate-an-arch-ego","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/how-they-could-regulate-an-arch-ego\/","title":{"rendered":"How They Could Regulate an \u201cArch Ego\u201d"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Like so many others, I have continued to be fascinated by the blowup at Archegos, the Hwang family office.&nbsp; Banks have experienced billions of dollars in losses as a result of this debacle. While the losses never rose to the level of systemic risk \u2013 hence the broader markets\u2019 willingness to take the events largely in stride \u2013 there is nothing to suggest that it couldn\u2019t have metastasized into something larger.&nbsp; Regulators need to ensure that a single customer\u2019s leveraged exposures can never cause a result like the one we saw over the past days.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"\/campus\/traders-insight\/securities\/macro\/the-archegos-lesson-if-you-fail-fail-spectacularly\/\">Yesterday, I asserted<\/a> that Mr. Hwang (whom I\u2019ve never met) appeared to have a certain swagger, an \u201carch ego\u201d if it were, that enabled him to rise phoenix-like from a <a href=\"https:\/\/www.businessinsider.com\/tiger-asia-bill-hwang-pleads-guilty-to-wire-fraud-2012-12\">guilty plea for wire fraud in 2012<\/a>.&nbsp; Even more amazing to me, it appears that the recent blow-up <a href=\"https:\/\/twitter.com\/maxabelson\/status\/1376848348699824129?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\">hasn\u2019t shaken the confidence<\/a> that Mr. Hwang\u2019s former mentor, Tiger Management founder Julian Robertson, still retains in his prot\u00e9g\u00e9\u2019s prowess.&nbsp; There were clearly loopholes that a charismatic, aggressive investor could exploit, and only a regulatory regime can close, or at least shrink them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"\/campus\/traders-insight\/securities\/stocks\/how-might-the-archegos-situation-affect-markets-going-forward\/\">As I related earlier this week<\/a>, it was impossible to know who was behind the huge block trades in affected stocks that were hitting the market last Friday.&nbsp; We could figure out which brokers were doing the trades, but the only holders with positions large enough to execute the trades were the brokers executing them.&nbsp; Since it was highly unlikely that the banks were willing to speculate so heavily in their own account, the speculation was that the shares were owned in \u201cstreet name\u201d, meaning that the institutional ownership was somehow the broker rather than the fund itself.&nbsp; We only learned later that the banks were indeed the owners, holding them as collateral for equity swaps and other private contracts done on behalf of clients.&nbsp; Or should I say client, singular, since the bulk appeared to be held on behalf of Archegos?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Street name ownership is a very normal situation for average investors and worrisome in and of itself.&nbsp; I would guess that the bulk of this article\u2019s readership owns shares in street name.&nbsp; Margin accounts typically work this way, where the broker owns the shares in its name as collateral for any margin lending that the customer might engage in.&nbsp; This is standard practice, even if the customer isn\u2019t utilizing margin lending.&nbsp; It\u2019s a generally innocuous and well-regulated practice.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The problem arises when the use of street name obfuscates holdings that might be subject to reporting requirements.&nbsp; In general, <a href=\"https:\/\/www.sec.gov\/divisions\/investment\/13ffaq.htm\">anyone who manages over $100 million in assets<\/a> is required to disclose their holdings on a quarterly basis to the Securities and Exchange Commission (SEC) using form 13F.&nbsp; While I am not expert enough on disclosure rules to be perfectly certain that a family office is subject to this type of disclosure, a fund with as much under management as the $5-$10 billion Archegos would certainly be required to file a 13F.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As with any complex question, there are multiple permutations:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Was Archegos using swaps and the like to skirt disclosure requirements?<\/li><li>How would one disclose the holdings?&nbsp; Would it be based upon the face amount of the swap involved, the collateral held by the broker, or on the total economic value that the swap could create?<\/li><li>Is it possible to skirt the type of supplemental disclosure required when a single entity <a href=\"https:\/\/www.sec.gov\/divisions\/corpfin\/guidance\/reg13d-interp.htm\">acquires more than a 5% interest in a company\u2019s shares<\/a>?&nbsp; If the shares are collateralizing a single owner with a reportable beneficial interest but held by numerous banking entities, is that a violation at least of the spirit of the rule?&nbsp;&nbsp; And what if the contracts offer even greater ownership in practice than the collateral might imply?<\/li><li>How much can and should each bank know what the other is doing?&nbsp; A private contract between a bank and its customer is indeed private.&nbsp; But what happens if a series of contracts with similar economic risks and rewards are extended unknowingly by a series of banks to the same customer?&nbsp; At that point the risks are magnified.&nbsp; Would disclosure reduce that risk?<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">The recent GameStop saga was heavily publicized and received Congressional scrutiny.&nbsp; I doubt that the Archegos saga will receive the same sort of public hand-wringing.&nbsp; It is arcane and was not triggered by the individual investors who are Congress\u2019 constituents.&nbsp; Any inquiry and regulation would likely be handled mostly behind closed doors. I can also see how the SEC, Federal Reserve and Comptroller of the Currency could have an interest in this matter, since the collateralized lending could have had ramifications for bank safety as well as market integrity.&nbsp; This will continue to be an interesting market wrinkle, even as the market\u2019s attention inevitably moves elsewhere.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a result of this debacle.<\/p>\n","protected":false},"author":4,"featured_media":47193,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,18,6,8,9,26,3],"tags":[9458,246],"contributors-categories":[13576],"class_list":["post-82089","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-archegos-capital-management","tag-banks","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How They Could Regulate an \u201cArch Ego\u201d | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/82089\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How They Could Regulate an \u201cArch Ego\u201d | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a result of this debacle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T16:12:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:33:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"How They Could Regulate an \u201cArch Ego\u201d\",\n\t            \"datePublished\": \"2021-03-31T16:12:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:33:13+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/\"\n\t            },\n\t            \"wordCount\": 837,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/06\\\/bank-building.jpg\",\n\t            \"keywords\": [\n\t                \"Archegos Capital Management\",\n\t                \"banks\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/\",\n\t            \"name\": \"How They Could Regulate an \u201cArch Ego\u201d | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/06\\\/bank-building.jpg\",\n\t            \"datePublished\": \"2021-03-31T16:12:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:33:13+00:00\",\n\t            \"description\": \"Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a result of this debacle.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/how-they-could-regulate-an-arch-ego\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/06\\\/bank-building.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/06\\\/bank-building.jpg\",\n\t            \"width\": 900,\n\t            \"height\": 540\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How They Could Regulate an \u201cArch Ego\u201d | Traders' Insight","description":"Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/82089\/","og_locale":"en_US","og_type":"article","og_title":"How They Could Regulate an \u201cArch Ego\u201d | IBKR Campus US","og_description":"Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a result of this debacle.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/","og_site_name":"IBKR Campus US","article_published_time":"2021-03-31T16:12:00+00:00","article_modified_time":"2023-02-10T18:33:13+00:00","og_image":[{"width":900,"height":540,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"How They Could Regulate an \u201cArch Ego\u201d","datePublished":"2021-03-31T16:12:00+00:00","dateModified":"2023-02-10T18:33:13+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/"},"wordCount":837,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg","keywords":["Archegos Capital Management","banks"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/","name":"How They Could Regulate an \u201cArch Ego\u201d | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg","datePublished":"2021-03-31T16:12:00+00:00","dateModified":"2023-02-10T18:33:13+00:00","description":"Steve Sosnick continues to be fascinated by the blowup at Archegos, the Hwang family office. Banks have experienced billions of dollars in losses as a result of this debacle.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/how-they-could-regulate-an-arch-ego\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg","width":900,"height":540},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/06\/bank-building.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/82089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=82089"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/82089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/47193"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=82089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=82089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=82089"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=82089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}