Creating @UrvinFinance at urvin.finance. Advocate for fair markets. Passionate about science & my kids. Believer in @WeTheInvestors_. 🇺🇲 in 🇨🇦
Ottawa, Ontario
- Tweets 22,961
- Following 1,905
- Followers 207,348
- Likes 3,855
Pretty sure SBF just admitted the entire thing was one big ponzi in the twitter space just now.
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This video series from the SEC is really just awful. The SEC is insulting the very investors it's supposed to be protecting and educating. But it's worse than that! For example, one of the videos is about margin investing.
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According to analysis from @buyinsnet shorts are underwater in AMC and deeply underwater in GME. Squeeze prices (the price at which shorts are losing money) are $23.51 for AMC and $16.46 (!) for GME.
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Sounds like the GME stock split/dividend has completely destroyed some brokers back-office systems - I keep hearing about the nightmare of dealing with TDA. Also sounds like overseas brokers are having serious problems, and German brokers are struggling getting shares to people.
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There's a war coming in market structure. I hope you're ready to fight for what's right.
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WOW - big news just came across @bloomberg:
DOJ IS SAID TO PURSUE BROAD PROBE INTO HEDGE FUND SHORT SELLING
Predatory short selling is a scourge on markets, and must be addressed. Let's see the feds finally step in and enforce the rules/laws.
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Hat's off to the ape who put #CitadelIsNotRetail in front of the SEC HQ. That's really wild!
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A year ago, I did an AMA on Superstonk to talk about market structure. Today, @terminalarc and I had an incredible meeting with @GaryGensler, presenting the first #WeTheInvestors sign-on letter to him along with the case against PFOF and off-exchange trading.
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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/)
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I mean come on now - how do you not think that $GME is the absolute most fascinating thing happening in markets right now?
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Citadel's lawyer just admitted that latency arbitrage at least existed 10-12 years ago. This is nuts.
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GME with high short interest, low inventory to borrow and extremely high cost to borrow, doing that thing it does.
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Imagine thinking @TheRoaringKitty is doing something wrong while Congress trades on non-public information EVERY DAY.
The US is insanely corrupt & those calling for DFV's head are hypocrites. Insiders are trading everyday, pumping everyday. It's a big club and we ain't in it.
I’ve seen numerous posts that Roaring Kitty aka DeepFuckingValue should be punished over GameStop, $GME, for posting his positions.
For reference, Congress has direct oversight over the entire market, as well as rule over individual companies who also lobby to them.
Congress, despite conflicts, trade these companies, and have consistently outperformed the market since 2020.
I hear little noise from media on this issue though.
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Today is a big day in market structure. A day that a lot of us have been working towards for many years. The SEC Chair is going to announce fundamental changes to our markets – centered around PFOF/off-exchange trading, exchange access fees, best execution & the min tick size.
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Someone in the replies made an excellent point - why is the SEC even labeling a group of stocks as "meme" stocks? How do those issuers feel, having the regulator of capital markets actively urging investors not to buy their stocks? This is just nuts.
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SEC just proposed a new rule requiring short position disclosure and a modification to CAT reporting of buy-to-close orders.
We'll have a full breakdown of this proposal and information on how to write comment letters ready for next week. Stay tuned!!
sec.gov/rules/proposed/2022/…
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I'm no longer going to call the internalizers/wholesalers market makers. These firms are not market makers - they are high-speed speculators and intermediaries.
Regulatory inefficiency has given us insane concentration of market power in these firms.
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It's time to take back our markets! #WeTheInvestors are letting the SEC know that we care about market fairness and transparency. Let's start by ending PFOF and excessive off-exchange trading. Join me and over 50k others!
urvin.finance/advocacy/we-th…
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Gamestop just announced a stock split using a dividend to distribute the shares, looks like a 3-to-1 split. Here's the 8-k:
gamestop.gcs-web.com/node/19…
Stock is rallying pretty hard on the announcement.
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Looking forward to an op-ed from @vladtenev about how insider trading is critical to protect his users.
🚨BREAKING🚨
In the $HOOD documents, there is discussion of selling stocks BEFORE restrictions.
Take $AMC.
The Robinhood states he "… selling my $AMC. We are moving $GME to 100%."
Citadel also states Robinhood will close $AMC, $GME, $NOK, $BB, prior to their restrictions.
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Judge asking about how Citadel pays extra money to an exchange for SPEED ADVANTAGES which is the same thing as an exchange introducing artificial delay. I'm very impressed with the questions at the moment from these judges.
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Fox Biz reports @TheJusticeDept investigation into short selling abuse has expanded to up to 60 firms with focus on "activist" short sellers (aka market manipulators).
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AM I THE ONLY ONE AROUND HERE WHO GIVES A SHIT ABOUT THE RULES?!
piped.video/watch?v=EZTSD3Gp…
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This is a huge problem, it is not something to brag about. Segmenting retail order flow to an uncompetitive duopoly has made markets so toxic that we cannot count on other firms or expect any market making diversity during market stress. This is a recipe for disaster.
Citadel Securities was the only major market maker during this time that provided continuous liquidity every minute of every trading day.
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Incredible - $GME up over 50% on a surprise profit and excellent earnings report.
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Court: Are you saying the 40% of Citadel trading they claim is "on behalf of" retail investors could be latency arbitrage?
IEX: 100%. The only people able to exploit the microseconds in question here are firms like Citadel.
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Examining what happened yesterday when GME was halted has led me to coin a new term - the conflict-of-interest feedback loop. As usual, it's about inducements and incentives. Here's my explanation @UrvinTerminal for what took place as it was halted:
urvin.finance/blog/the-confl…
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Overall these videos aren't just insulting and tone-deaf - they deflect the real blame, shame the victims (in the case of the margin video), and will not persuade anyone to change behavior. Seems like a total failure to me. There were way better uses for this money.
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From the SEC report on Gamestop, this is a really crazy statistic. It seems pretty unreasonable to have short interest be higher than the float, and GME was exceptional according to the SEC.
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Apparently the LME has decided to bust all Nickel trades in the "second ring session" today.
This is really nuts. They are ruining their exchange's credibility to protect some very wealthy/powerful people/firms. You can't run a market like this, busting trades at someone's whim.
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Well this just got a bit more interesting...
JUST IN: 🇺🇸 US Judge says Robinhood $HOOD must face market manipulation claims over trading restrictions during the 2021 "meme stock" rally.
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What would you think of a blockchain-based system that provides evidence of your stock positions & facilitates a direct relationship & communication w/the companies you invest in? Is this the kind of thing individual investors would get behind? What are most important features?
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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.
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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…
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Highly concentrated corporate interests who make massive profits incentivizing retail brokers to act against their clients' interests ABSOLUTELY ASSURE you that you're getting the best possible price, and have plenty of data that is ABSOLUTELY NOT MANIPULATED to prove it.
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Quick reminder that the guy "protecting" his users is the same one whose company was fined $65M by SEC and $70M by FINRA for failing to protect his users.
A new generation of young, diverse investors is creating wealth like never before -- but now, their access to the markets is being threatened. Check out my opinion piece in @WSJ:
wsj.com/articles/robinhood-u…
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Here's what happens when you make very specific accusations against a company with a well funded legal department.
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Citadel: We don't want exchanges to interfere with market forces themselves.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
<catches breath>
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
They should have specified - only when that interference interferes with latency arbitrage, rather than facilitates it.
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As @jonstewart explained - they're counting on us to leave, to not have the stamina. They're counting on us to be frustrated at how slow the process is, and to not be organized and persistent. We won't let that happen. I'm here for the long haul - I hope you are too.
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I think generally with GME we've seen a lot of back office problems, such as spikes in FTDs. It's possible that distributing the split as a dividend has exposed a lot more problems in how brokers are booking and holding shares for their customers. FINRA should investigate.
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GME went up almost 23% before triggering a LULD halt, it's currently halted for 5 minutes.
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The rule would require institutional asset managers to disclose gross short positions to the SEC, and would result in public disclosure of aggregate short positions by the SEC on a per-security basis. It's a great step forward, but we'll have some thoughts on commenting for it.
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All of the biggest firms on wall st have lobbyists to represent them and their interests, and help to shape regulation and legislation. As of next week, so will #WeTheInvestors! Stay tuned!
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Quite a day for $GME. It traded it's full free float - 195.5M shares against a free float of 190M shares. The entire company's float turned over today.
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Today I was called an idiot, accused of having mashed potato brains, and accused of many other terrible things. Another happy day on Twitter.
Hope everyone has a great weekend - do something more fun than Twitter!
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GME and AMC are CRANKING today, both flying high by almost 10% off the open. The 30d charts are really something, clear correlation but GME has blown through $200 and is up over 30% in a month.
Buying pressure just seems to keep coming in, the apes control these names.
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I guess providing piss poor execution quality with the prospect of your business model being outlawed isn't a great look.
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Maybe the SEC can explain why a firm like Robinhood is even still allowed to operate, after being fined $125M by FINRA and the SEC for misleading customers, including on issues of margin loans!! No, for some reason the SEC is blaming the victim here.
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This SEC precedent means that the OTC facilities run by Citadel and Virtu do NOT qualify for the locate exemption. They need to find locates, and they are not doing so today. This is the definition of naked shorting - selling shares they do not own and have not located.
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South Korea has fully banned short selling until June 2024 due to "massive illegal naked short-selling by global investment banks."
finance.yahoo.com/news/south…
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The biggest risk retail investors face in market structure in 2022 is Citadel, Virtu, Robinhood and other internalizers/discount brokers convincing the SEC & Congress that they represent retail. The best way to counter that is for RETAIL to represent itself. Let's do it together.
2022 will be a monumental year in market structure, w/big proposals coming from SEC on off-exchange trading and PFOF. Part of what we will do @UrvinTerminal is make sure that retail has a well-informed voice in this debate. Support our efforts here:
wefunder.com/urvinfinance/
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High levels of off-exchange trading are extremely problematic. 70%+ of volume off-exchange reduces the accuracy of the public quote, by some estimates widening it by 25%. That's a cost for everyone, esp pensions & mutual funds. Let's get to free, open competition for order flow.
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Did anyone else wake up at 4am last night and couldn't get back to sleep because you were so angry about the flaws in the self regulatory process?
Or was that just me?
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Oh, and get this - those orders I laughed about at $420.69 earlier - they play a role!
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So today @WeTheInvestors_ has sued the SEC. We're tired of half measures and a refusal to address the underlying causes of market structure problems.
🚨We The Investors Files Lawsuit Against the @SECGov to Advocate for Fair Markets and Reg NMS Reform.
Over the past 2+ years you ALL have showed up and helped create change, but it’s clear there’s still work to do.
And #WeTheInvestors are doing it. ✅
Time to Level Up. ✊
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In US markets, market makers are allowed to sell stock short without having located shares before doing so. This exemption to Reg SHO's locate requirements is ripe for abuse, and the @SECGov has just fined IMC $125k for abusing this exemption.
sec.gov/litigation/admin/202…
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I wonder what @elonmusk thinks about an ETF whose sole purpose is to provide short exposure to his company using derivatives. This is nuts.
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No big deal, just 3x the free float trading in $GNS in the first 45 minutes of the day, stock up 75%. That's probably totally normal price discovery, right?
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This is right - derivative and synthetic positions have to be part of any disclosures. We'll be helping individual investors understand these issues and file comment letters to support the rule with the right changes.
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IIROC has finally banned naked shorting in Canada. It's about time. I know people who have been working on this for a long time, big relief to see this. Still a lot of work to do to curb market manipulation and abuse, but a big step in the right direction.
iiroc.ca/news-and-publicatio…
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Say what you will about @TheRoaringKitty - dude has impeccable taste in movies and a video clip game that can't be beat.
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It's about time that the DOJ stepped in here. The SEC has proven ineffective at enforcing its rules, and fines do not do the trick. We need to see real repercussions to this behavior - bar people from the industry and send them to jail. Fines are just a cost of doing business.
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WOW. This is quite the case announced by the SEC. THIS is what enforcement should look like. Allianz is fined, banned from providing financial advice for 10 years, individuals are banned from the industry and the DOJ has filed criminal charges.
Today we charged Allianz Global Investors U.S. LLC, and former portfolio managers Gregoire Tournant, Trevor Taylor, and Stephen Bond-Nelson with a fraudulent scheme that led pension funds for teachers, clergy, engineers, and other Americans to lose billions of dollars. (1/2)
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I continue to believe that leveraged and inverse single-stock ETFs (especially on highly volatile names) are a steaming pile of trash. They're a terrible idea, and have no place in our markets. They further the perception of markets as a casino, and create regulatory loopholes.
Add leveraged and inverse single-stock ETFs (!) to the steaming pile of trash.
There's no consistency right now from the SEC in approving these products, and investor protection seems to be an afterthought.
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But something is different this time - a huge set of retail investors has become informed, understands the corruption of the system and is fighting back. That's a force that hasn't been reckoned with before, and one that might actually make a difference this time.
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Just found this enforcement action from 2012 - a subsidiary of Schwab was caught naked shorting, and using options contracts as "sham reset transactions ... resulting in continuous FTDs." In case someone tells you it can't happen or something.
sec.gov/news/press-release/2…
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Tomorrow at 8pm, @TheProblem takes on the stock market, and you can hear me talk about conflicts-of-interest, complexity and other multi-syllabic words!
"The stock market is like a casino. The only real difference is a casino is well regulated. And they kick out cheaters."
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Citadel's lawyer is making an argument that the D-Limit order type will result in lower fill rates, yet IEX's order router proves this isn't true. It's only when you route to IEX LAST that you might be negatively affected, and you only route to IEX last when not getting best ex.
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Is this the first step forward in truly addressing market abuse? The SEC and DOJ together charged Andrew Left and Citron with civil and CRIMINAL charges for securities fraud and market manipulation.
This is a big deal.
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I think the idea that the DRS share count didn't budge is literally unbelievable, and something is clearly off.
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LOL well played @public. As an aside, @TheRoaringKitty, Public doesn't earn money through PFOF, and their execution quality is very impressive as a result of routing in their customers' best interests. Weird how that works, right?
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And now it's halted down. GME is pretty much unable to trade right now because of Limit-Up/Limit-Down restrictions that are not adjusted for high volatility. These mechanisms were not designed for situations like this and need to be fixed.
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Even when shares are recv'd, some people report that the broker treated them as trades, not as a split. If broker under-investments in back office systems cause tax implications for their clients, that's a huge problem. You'll want to make sure tax forms are correct next year.
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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.
I got a lot of questions yesterday about RH alerting users that high-priced GME calls were ITM. This happened right as GME was halted in LULD. Looks like BATS was slow to clear their quote, @ZakDavid has the explanation here:
teddit.net/r/UrvinFinance/co…
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This letter just crossed 10k signatures and the pace is accelerating. It's incredible to see how many people care about these issues, this is going to have an impact. Thank you #WeTheInvestors!
urvin.finance/advocacy/we-th…
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…
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Do you think @TheRoaringKitty is going to jail for posting memes? What an insane take. I know some people who should be going to jail, and it ain't the guy posting videos on twitter.
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If you're trying to encourage investors to do research (and many people investing in individual stocks and crypto have done plenty of it), demeaning them and calling them idiots is not the way. It's not terribly surprising - the industry overall looks down at the "dumb money."
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There's a lot to pull apart here. And there's a lot to explain, and to explain it will take some background reading. I'm trying to write this up now.
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A 27 year old retail trader won $30k from @RobinhoodApp in damages from their decision to turn off the buy button. Could provide a blueprint for other, similar claims.
marketwatch.com/story/a-27-y…
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Remember in February when Thomas Peterffy said:
"We have come dangerously close to the collapse of the entire system."
piped.video/watch?v=_TPYuIRV…
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For those who wonder why there's no trust left for brokers/markets, here's exhibit #1239878273. Users of RH (fined record amounts of money for failing to protect its customers) get faulty alerts that options are ITM, which aren't. FINRA should revoke RH's license already.
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