ENTITY: Mako Capital
DATE: 13-03-2026

**Forensic Audit Memo – Mako Capital (HFT Operations)**

1. **Scope:** Reviewed trade execution logs, latency metrics, and order book reconstructions for Q3 2023 to assess compliance with regulatory latency thresholds and detect potential front-running anomalies.

2. **Findings:** Identified 12 instances of sub-millisecond latency deviations in dark pool executions, correlating with concurrent HFT activity. No evidence of intentional spoofing detected.

3. **Recommendations:** Implement real-time latency monitoring with automated alerts for deviations exceeding 0.5ms. Conduct quarterly stress tests on order routing logic.

4. **Next Steps:** Schedule a follow-up audit to validate remediation measures by Q1 2024. Escalate to compliance if further irregularities arise.

**— Forensic Audit Team**
**Date: [Insert Date]**

[NOTARIZED BY 2A AGENCY]