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Apr 7 • 4 tweets • 3 min read
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…
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…
@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
Another important action you can take is to call Congress. Let your members of Congress know you care about these issues, and they will push the SEC to act. We've made it easy to do it (and don't collect any of your info when you do this):

urvin.finance/advocacy-issue…

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More from @dlauer

Dave Lauer Profile picture
Mar 30
Just to update this, examining the timestamps, it appears that CBOE's EDGX exchange was publishing quote updates for 35 milliseconds after GME was halted yesterday, with absolutely crazy prices. This is a completely broken piece of market tech that made other systems go haywire.
GME was put on the Short Sale Restricted list yesterday at 10:02:13am and remains on it today. This means shares cannot be sold short except on an uptick (a trade that increases the last sale price). This is triggered when a stock drops 10% from the previous day's close.
In the last 6 days, GME has traded over 96M shares, or 1.5x the float. AMC has traded over 830M shares, or 1.6x the float.
Read 4 tweets
Dave Lauer Profile picture
Mar 29
This morning, both AMC and GME hit Limit-Up/Limit-Down bands and were paused for trading. They both spiked up at the open, and hit the upper-band, which resulted in a 5 minute trading pause. This FAQ from Nasdaq might help:
nasdaqtrader.com/content/Market… ImageImage
Limit-Up/Limit-Down (LULD) circuit breakers were adopted in the wake of the Flash Crash to prevent crazy moves. I've always generally been opposed to them as a band-aid solution - they don't address underlying market fragility or volatility, they just stop trading.
They are similar to the kind of controls you find in Futures markets for example, and led to a haywire open in August 2015 when it became apparent that futures circuit breakers were not aligned with equities circuit breakers.
cnbc.com/2015/09/25/wha…
Read 4 tweets
Dave Lauer Profile picture
Mar 11
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
@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.
Read 29 tweets
Dave Lauer Profile picture
Mar 8
Today @FINRA announced a $2M fine against Deutsche Bank for failing to ensure they were getting best execution for their customers.

If you read the order, it might sound very familiar to you, if you also read the book Flash Boys.

finra.org/media-center/n… Image
@FINRA While Flash Boys had some mistakes in it, the core message was the conflict-of-interest at the heart of order routing, and the failure of exchanges to maintain fair and efficient markets.

An extreme example of a conflict is a broker who operates and preferences their own ATS. Image
@FINRA In this case, that preferencing results in an extreme drop in fill rates. Funny - exactly what Flash Boys had pointed out.

But here's the question - why is Deutsche Bank allowed to continue to operate an ATS? What kind of violation does it take to result in more than a fine? Image
Read 5 tweets
Dave Lauer Profile picture
Mar 4
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
This J Paul Getty commercial is an amazing throwback. TV standards have ... uh... changed a bit, eh?

#TheProblem
Read 34 tweets
Dave Lauer Profile picture
Mar 3
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
Read 10 tweets

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