Discover and read the best of Twitter Threads about #WeTheInvestors
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Join our 1st #NakedShorts Roundtable LIVESTREAM: 23/1 Mon 12.30pm EST w/ Myself $GNS, @johnbrda $TRCH $MMTLP @Jfromm1968_CRTD $CRTD, @KL_Copeland @faulkingtruth #WallStreetConspiracy @dlauer #WeTheInvestors Wes Christian. Big Start to a Big Week! 
@johnbrda @Jfromm1968_CRTD @KL_Copeland @faulkingtruth @dlauer 1. Roundtable Moderator: Kristina Leigh Copeland @KL_Copeland - Director, “The Wall Street Conspiracy”, produced in 2012 to shine a light on naked short selling. Now 10 years later, and Kristina is producing a sequel: Down the Rabbit Hole. Full movie:
@johnbrda @Jfromm1968_CRTD @KL_Copeland @faulkingtruth @dlauer 2. Roundtable Guest: John Brda @johnbrda - Past CEO of Torchlight $TRCH - Currently taking legal action against FINRA and brokers for trading halt on $MMTLP Series A and leaving investors in limbo. Interviewed him on last week on his fight. Interview here:
SEC open meeting getting ready to begin here:
sec.gov/news/upcoming-…
🧵A high-level thread with our initial view of the proposed rules, which are split into four proposals.
sec.gov/news/upcoming-…
🧵A high-level thread with our initial view of the proposed rules, which are split into four proposals.
1. Changes to Rule 605 that will modernize execution quality disclosures and extend those disclosures to retail brokers.
This means brokers will finally have to publish standardized execution quality metrics that we can use to compare how good of a job they’re doing at executing orders, and what kind of execution quality they’re getting from their counterparties.
Today the SEC proposed the most significant changes to US market structure since Regulation NMS was passed, in 2005. These proposals incorporate many of the ideas that we - #WeTheInvestors - presented to the SEC earlier and repeatedly this year.
#WeTheInvestors have had a significant impact on the SEC’s actions - through our dialogue, our proposals, and our presence. These rule proposals are the culmination of those efforts.
But these proposals are only the beginning. Over the coming weeks, We The Investors plans to take seven action steps:
1. Read more than 1,600 pages of rule proposals. Yikes!
1. Read more than 1,600 pages of rule proposals. Yikes!
As expected, the SEC has given notice for an open meeting in a week - Dec 14, with an aggressive agenda that will be the biggest overhaul of US market structure in 17 years.
sec.gov/os/agenda-open…
sec.gov/os/agenda-open…
The first item on the agenda is a long-overdue update to Rule 605, execution quality disclosures. I expect we will get updated, modernized metrics (something I've been pushing for 10 years now) along with the expansion of 605 to include internalization.
The second item is focused on leveling the playing field between exchanges and off-exchange execution facilities, and improving the NBBO. This will hopefully mean a 50 mil tick increment (half a penny), reduced access fees, and including more orders in the NBBO.
I can confirm I've heard similar things as has been reported publicly - the SEC is moving towards a Dec 14 vote on a proposal that will be the biggest overhaul of markets since Reg NMS in 2005. Here's what I think this will look like. 🧵
The proposal sounds comprehensive, w/ 6 main parts: Best Execution, Retail Auctions, Rule 605 Reform, Tick Increment Changes and Harmonization, NBBO Reform and Market Data changes. This lines up with what @GaryGensler has said publicly for the past 6 months since his June speech.
@GaryGensler The best execution changes should include an order-by-order standard. This strikes at the heart of current PFOF brokers/internalizers, who only focus on aggregate execution quality (& still fail to achieve best ex). That's why you see so many 1 mil PI fills - to juice the stats.
A quick thread on DRS - holding shares directly w/the company in your name. Most individual investors buy shares with a broker & those shares are nearly always held in "street name." This means they are held under the broker's name. The buyer is not visible to the issuer.
Despite holding shares in "street name" you are still supposed to have all of the rights that come with holding shares, including dividends and the ability to vote. However, that is not always guaranteed.
In 2021, @terminalarc & others led a movement by GME shareholders to vote their shares in the company's AGM. This was primarily done on Reddit, was well organized, with detailed information on how to vote your shares & regular encouragement to do so.
reddit.com/r/Superstonk/c…
reddit.com/r/Superstonk/c…
Here’s a disturbing - but not surprising - thing I heard this week. A reliable source told me that a Republican rep recently heard from his constituents - YOU all - about Gamestop. The people had concerns about shorting, PFOF and internalization, and all the craziness in markets.
The rep went to one of the most senior Rs in the House and said "my constituents care about fairness in markets, what can we do about that?" He was told to FORGET about it because of their donors: "you don't want to mess with these people. You don't know what you're wading into.”
Gee, I wonder who that was? This is what we're up against - they will spend huge amounts of money, they will make massive political contributions, all to protect the golden goose and fight the changes that are coming from the SEC.
Ok, so often when you bring up naked shorting and FTDs with anyone in the industry, they will say that it used to be a problem but Reg SHO fixed it. The claim is always that this is not happening anymore because of robust compliance and enforcement. UBS would like a word...
This week UBS was fined $3M in two actions by FINRA and censured. The actions were straightforward, they did not properly close out FTDs. They sold stock that they did not have, and then they did not deliver that stock. FOR NINE YEARS.
finra.org/sites/default/…
finra.org/sites/default/…
This is an interesting glimpse into a firm that is clearly trying to circumvent the rules. For example, they counted certain shares that they should not have as offsetting shorts and eliminating delivery obligations. They pretended limit orders & non-executed VWAPs satisfied FTDs
We're about to cross 1,600 investors in our company through crowdfunding. It's such a unique way to fund a company, and I love giving everyone the chance to get in on the ground floor - it's usually only available to institutions/HNW.
Join us if you can: wefunder.com/urvinfinance
Join us if you can: wefunder.com/urvinfinance
Our company will give individual investors access to unprecedented data and tools, and our data native social platform will change how research/DD is created, collaborated on, and shared. We're also proud to be helping #WeTheInvestors get off the ground & change market structure!
This funding round is different from the last - we're selling actual shares in our co. It's a priced round, you will own equity in the company. Our pre-seed investors also convert to shareholders after this round. If you want to own a piece, invest here: wefunder.com/urvinfinance
The House Financial Services Committee released a 183 page report on what the events of early 2021 exposed in terms of market weaknesses, conflicted business models, and the various problems exposed by retail interest. I haven't read it yet, but will send out thoughts when I do.
Wow - moving those names to PCO was extremely effective in generating sell pressure and reducing collateral requirements.
As #WeTheInvestors have explained to the SEC and Congress, gamification is not the real issue here. The issue is a completely broken business model that puts brokers' interests at odds with their customers'.
Today #WeTheInvestors takes two big steps forward. First, we have put together a vision and roadmap for what we hope this grassroots movement to reform markets can become. It's time take back our markets!
urvin.finance/advocacy/wti-r…
urvin.finance/advocacy/wti-r…
Second, it's time to let the SEC know who we are and what we care about. The SEC responds to public pressure, and we need to let them know how many investors truly care about these issues. Read and sign our letter to @GaryGensler:
urvin.finance/advocacy/we-th…
urvin.finance/advocacy/we-th…
@GaryGensler For too long the SEC has been convinced that high-speed internalizers and discount retail brokers represent the interests of retail, when in fact they productize and profit off of their clients.
#WeTheInvestors can represent ourselves. Join us!
we-the-investors.org
#WeTheInvestors can represent ourselves. Join us!
we-the-investors.org
This podcast from @jonstewart was so good:
theproblem.com/podcast/stocks…
Jon finishes with: "The energy of these apes has to be channeled into productive reform, that’s what I’m hoping with this movement."
Me too! Join us at we-the-investors.org, let's fix it. #WeTheInvestors
theproblem.com/podcast/stocks…
Jon finishes with: "The energy of these apes has to be channeled into productive reform, that’s what I’m hoping with this movement."
Me too! Join us at we-the-investors.org, let's fix it. #WeTheInvestors
@jonstewart In the podcast, @Spencerjakab argues there should be guardrails for retail investors (and the apes), but Jon asks “why guardrails for them? … the corruption that existed in 2008 demonstrated that guardrails don’t exist for the big players...
"so it seems strange to me that we want to put the guardrails on the retail investor, when we haven’t gotten a hold of the system in general… If you reform the system of wall st, you automatically make it safer for the retail investor.”
This point from @Spencerjakab is a theme.
This point from @Spencerjakab is a theme.
I think I'm going to watch #TheProblem (aka Not-Ted-Lasso) episode on Stocks and tweet about it.
Seriously @jonstewart there's never a good reason to invoke Larry Kudlow's nipples.
(If that doesn't get you to watch the episode, I don't know what will).
#TheProblem
(If that doesn't get you to watch the episode, I don't know what will).
#TheProblem
This J Paul Getty commercial is an amazing throwback. TV standards have ... uh... changed a bit, eh?
#TheProblem
#TheProblem
I watched the @hbomax documentary "Gaming Wall Street" by @tobiasdeml. The doc does an incredible job of boiling down some very complex and difficult topics, and makes them accessible to a broad audience. I'm going to thread some choice quotes here - there were so many good ones.
@hbomax @tobiasdeml TRUTH: "One of the real problems with Washington policy-making is that it’s dominated by money, and it’s dominated by the lawyers and lobbyists of those who have money, and really… nobody has more money than the financial industry. They have an army." @DennisKelleher
@hbomax @tobiasdeml @DennisKelleher "The financial returns that they get for their investments in manipulating Washington DC is way better than really any return they can get on Wall St or in the markets. Where does it all go to? … To tilt the playing field in favor of the banks." @DennisKelleher
Today’s the day. It’s time #WeTheInvestors rise up and take action against the dark underbelly of Wall St trading: we-the-investors.org 🧵⏬ (1/)
From @jonstewart’s latest episode to @spencerjakab’s recent book to the new @hbo doc by @tobiasdeml, there’s an unprecedented level of discussion & debate about market structure problems in the popular discourse (2/)
@jonstewart @Spencerjakab @HBO @tobiasdeml It’s disgusting, really. For too long, firms that productize their users and whose entire business model is one big conflict-of-interest have ensured that markets remain complex, opaque, and most importantly, extremely profitable for them (3/)
