dlauer


Wall St Code Documentary - Great overview of modern market structure, I talk at around 35 minutes.

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I'm buying what you're selling

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We The Investors Second Letter: FTDs, Lending, DRS and Settlement/Clearing Reforms

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You officially endorse and add your voice to the crowd.

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Sign the petition- I did- after reading the comment- this is for FTDs and is important

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Counter-DD: The Real (Legal) Count of Available Shares... and why computershared.net doesn't show short-interest

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Gary needs YOUR support. There's a campaign to oust him right now. Ken is speaking up against Gary on the FTX scheme. It's the end game, use your weapons of reason to see what's going on... reform. #iamspartacus

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FINAL UPDATE: ORTEX Has Concluded Our Investigation - Says it was a glitch. Womp womp.

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Queen Kong on DLauer. Not sure what this is about. posting for visibility.

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We gotta continue to be vocal

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  1. We absolutely agree on it. That's why the letter concludes with "End 'Fails as a Business Model'" - which would include what you're talking about - forced buy-ins. That's a huge lift - it would mean a Settlement Discipline Regime in the US similar to what has been approved in Europe. That can only happen on a long timeline - pushing for transparency and disclosure can be done sooner. So in my mind, these are not mutually exclusive efforts - they are complementary and on different time scales.

  2. Yes, 100%. We just went through a crowdfunding round, and we didn't touch the WTI email list, even though it's 10x the size of our Urvin Finance list. We simply won't do it - both because we've promised we won't, and because I'm sure the second I did the community would hold me accountable. So it's both the right thing to do, and would be a disaster if we didn't keep them separate!

  3. Here's a screenshot from what we see on The Terminal:

  4. I make a lot of anti Dave comments and I still sign his petitions.

  5. Hi, I was actually on the sub-committee that helped to develop this rule, happy to answer any questions anyone might have.

  6. With the rule speaking to quantify PFOF, do you take that to mean an outright ban of PFOF is off the table?

  7. So a couple important things to clarify. First, this rule is coming from FINRA, not the SEC, and it's been under development for over a year! Also, this is trying to increase transparency in the OTC equity market, which is confusingly unrelated to how retail orders in NMS stocks are executed OTC by the internalizers! So this isn't related to the SEC's efforts to address PFOF, it's solely focused on the unlisted OTC market, which has almost no transparency. Examples of OTC stocks include pink sheets, ADRs and others that trade on venues like OTC Markets.

  8. Hi - this is a good way to illustrate what's going on, however the "marking rule" you are referring to doesn't do what you hope it does. The new marking rule is just for regulators and the CAT to know that when a TRADE takes place, it was a short sale. It has nothing to do with the settlement process - when a broker executes a buy order, there is no way for that broker to know (nor will there be in the foreseeable future) whether that share was purchased from someone selling short or selling long.

  9. Disappointing about the new rule, but not surprising. Do hard locates thwart the ability of a single share being used as a locate by multiple firms?

  10. Yes, hard locates mean that there has to be a share that has been explicitly reserved for you. When I was trading, we would get a spreadsheet each day with a list of symbols and a count of shares for locates - you can be 100% certain those same shares were also sent to many other firms - that's a "soft" locate.

  11. Last summer the head of the NYSE said price discovery wasnt happening on her exchange.

  12. She was talking about the exact issues that we are focused on with We The Investors - excessive off-exchange trading which damages the NBBO and hinders price discovery.

  13. The data is not shitty - the commercials around it are. This is a highly regulated space - there are only 2 sources for this data. The SIP or private proprietary feeds directly from the exchanges. There is no alternative, and the exchanges are still fighting the competing consolidator model. I hear what you're saying, but for now this is how markets work. We'll continue to push for important reforms in markets, while giving our users the best possible data out there.

  14. I'm not sure there are any comments for this, but if you want to do something constructive, Dave Lauer's letter about FTDs needs more ape signatures.

  15. I will, thanks for the advice. I'm also putting a post together in it.

  16. So Dave, why don't you bring attention to the fact that brokers can do all sorts of shady shit with your shares if they hold them in street name for you?

  17. Was t there already a #2 before this one? Isn’t this the second number 2? Are you full of number 2’s?

  18. I think your correlation idea is right. The first thing to do would be to simply see how correlated token and stock volume is. I suspect they're extremely correlated - when there's a lot of stock trading, there's a lot of token trading. If not, then there's probably something to dig into to understand the conditions that drive differences. Interesting analysis!

  19. Please see my most recent post. DTCC is working with tokenized securities. Here is the link:

  20. Yes, I'm aware they're working with blockchain tech - I don't think you can say that what FTX was doing is related to this DTCC effort. This effort is focused on private markets and digital assets, not public equities.

  21. Hybrid securities aren't "tokenized stocks" (which would be considered unregistered securities, I believe. Hybrid securities are securities which have characteristics of both stocks and bonds - so convertible notes, preferred stocks and some other types on instruments. The DTCC, AFAIK, doesn't have any formal mechanism of recognizing tokenized stocks or using them for locates/delivery requirements.

  22. I'm always looking to learn, I'll take a look later today

  23. It looks like “hybrid” is the key term that needs clarification?

  24. I explained what hybrid securities are here:

  25. When are you giving me the Elder Ring copy you owe me? It's been months now.

  26. What is this reference? Do I really owe you Elder Ring?

  27. Long ago I made a comment that said if one of your projects (forgot which one 😫) does not take off then you owe me a copy of Elden Ring and it's been a meme for me ever since 😁 but no you don't owe me anything. I will keep saying it though 😡😡 have a good one 👺

  28. Lol ok just making sure. I don't welch on my bets!

  29. Fix FTD’s, makes mandatory buy ins…., remove onward lending

  30. That's exactly what we're calling for in our new petition:

  31. That tweet specifically talked about the effort to get shareholders to vote in the 2021 AGM, not the DRS movement. Being that The Terminal didn't exist at the time, we aren't taking credit for anything. But

  32. I try my best - it's all I can do. The negativity blows me away, and really gets to me sometimes. But I won't let it stop me, I'm just going to keep pushing forward and trying my best to fix things. It's all I can do, the rest will have to work itself out.

  33. Thanks for clarifying. PS, I hate twitter because of their short tweet format... it's all too easy to misread things precisely like that based on the format/presentation

  34. Yeah it really bit me on the ass this time

  35. Terminal led your decision to vote? Is that true?

  36. Unfortunately, screenshotting tweets is the problem here. I didn't claim credit for anything. "terminalarc" is a twitter user who is also

  37. Not a surprising answer, because exemption 4 is facially applicable and an automatic knee jerk since the request is for (i) commercial (ii) confidential information (iii) obtained from a person by the agency. arguably. and that’s the challenge. Is the FTD data (i) commercial and (ii) confidential? Should there be an appeal?

  38. Clearly Stonk is more qualified to comment on this one than I am!

  39. For clarity, she's referring to Wes Christian, who she doesn't like. I don't know what happened between them years ago.

  40. “I am not associated with dLauer and have never had contact with him. He is partnered with people proven to me untrustworthy IRL.”

  41. "He is partnered with people" - we've never had any contact and she doesn't know anything about me, as she admits.

  42. They are bucket shops. That is the term we should be using. Very fancy, complex, bucket shops. Pretty sure

  43. I tend to refer to the PFOF brokers with that term, but I think it's reasonable to call the entire pipeline that too.

  44. So on my first check I see it increasing by 2.36M shares on Oct 26th to 54.63M shares total. I'm continuing to look into this, and share more if I find anything.

  45. that's exactly why i don't trust him any longer. I support his grass movement stuff, but i don't get why he want's to keep this system.

  46. I hear this so often! What makes you think I don't support decentralized tech and a revolution in markets? That is in no way mutually exclusive with trying to improve the current system.

  47. How long will it take to improve the current system to a level where we could agree that the playing field is even. By that time we geot the nextnextnextnext gen blockchain technologie.

  48. I understand that you believe that, but I think there's tremendous uncertainty in that claim. Show me a realistic projection and concrete path towards moving multi-trillion dollar capital markets away from traditional centralized, regulated systems and onto a decentralized platform. I'm not saying we shouldn't want that, I'm not really arguing either way. Personally, having been in this space for a long time, I've seen how long ANYTHING takes to change, and you're talking about changing almost EVERYTHING. I find the idea compelling, but the actual plan for how to get there completely lacking. So I think it's important to try to fix and improve the current system that impacts nearly everyone and has real economic consequences due to its inefficiency and problems, while at the same time supporting crypto tech as it marches forward. I've been in crypto for a long time, and am deeply familiar with it. I love the decentralized ethos. I just don't believe working in both directions is mutually exclusive, and I'm confused when I get accused of being anti-crypto or anti-revolution. I think I'm maybe just pragmatic to a fault, if anything.

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