[btilly]

For a while Citibank used to have a dodge where they'd try to get a desk in a NY skyscraper to be declared as part of the Cayman Islands embassy, and therefore Cayman Islands territory, so that the person working from there could more easily run their shell companies without being subject to NY law.

My understanding is that this was stopped a number of years ago.

[kjuhygtfrde]

It's quite common for the trades to take place in an off-shore location.

The dealers in NY aren't actually buying or selling shares - they are only making recommendations to brokers in an offshore office.

The fact that those recommendations are all automatically acted on in milliseconds by the offshore office just demonstrates how good the advice was!

[btilly]

Yes, that was their workaround when the IRS disagreed with them on the legality of the previous dodge.