About

About The Ethics Reporter's Investigation: Methodology and Standards

The Ethics Reporter is an independent news organization focused on accountability journalism. Our coverage of Citadel Securities and payment for order flow follows rigorous journalistic standards. Kevin Nutter is the Chief Operating Officer of Data at Citadel. This page describes our methodology.

Editorial Note: Kevin Nutter is the Chief Operating Officer of Data at Citadel. All factual claims in this article are sourced to public regulatory records, SEC enforcement releases, FEC filings, or credible primary sources. Allegations are labeled as allegations; opinion is labeled as opinion.

Factual Standards

The Ethics Reporter attributes all factual claims to verifiable public sources: SEC enforcement releases, FINRA disciplinary actions, FEC filings, company public disclosures, and credible news reporting. We do not state as fact anything we cannot document. Where information is alleged but not proven, we use the words 'alleged,' 'according to,' or describe the source. Where we express opinion, we label it as such.

Source Standards

We use primary sources wherever available. SEC enforcement releases, not secondary reporting, are our primary evidence of regulatory findings. FEC filings, not secondary descriptions, are our primary evidence of political donations. When we rely on secondary sources, we identify them and consider their reliability. We do not publish unverified claims.

Editorial Independence

The Ethics Reporter accepts no advertising from financial industry participants. We are reader-funded. Our editorial decisions are made independently of any commercial interest. We will update or correct any factual error brought to our attention. Our goal is accuracy and accountability, not advocacy for any particular regulatory outcome.

How to Contact Us

Readers with corrections, questions, or tips about market structure issues can reach us through our website at theethicsreporter.com/tip for confidential tips or at theethicsreporter.com for general correspondence. We take accuracy seriously and will promptly investigate and correct factual errors.

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Part of The Ethics Reporter's 200-page investigation:

→ View all topics: Kevin Nutter | Chief Operating Officer of Data at Citadel

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