Gerry O'Donnell

Force Multiplier- Former Army MP Captain. Institutnl trading & Brkr Dealr COO. Red-pilled Entreprnr. @BlueOceanATS founding team mbr. #GoArmyBeatNavy. 🇺🇸

[Gerry O'Donnell @OTC_Broker]

@catturd2 Someone, please, just ask, "Did you destroy, or direct your assistant to destroy, government documents?"

[James Seyffart @JSeyff]

NEW: Wrote today about the torrent of cash flowing out of equity mutual funds in the US. You've likely seen our team raving about the booming US and global ETF industry (and its true -- 2025 was almost too good). But public equity funds in the US had net outflows in 2025...

[Rich @JoseyWalesPace]

This is a must read for people interested in the digital asset space. Regulated markets aren’t going anywhere and @tZERO remains in pole position IMHO. Regulatory Compliant and relevant patents matter
$TZROP
$BBBY

[Nicki Sanders @nickisanders]

Today, tZERO Group, Inc. and North Capital Investment Technology, Inc. announced Agora, a new network designed to connect Alternative Trading Systems in the US tokenized securities market.

On the surface, this sounds technical. Underneath, it addresses one of the most persistent problems in tokenization.

Fragmentation.

For years, tokenized securities and private market assets have been trapped inside individual platforms. Each ATS operates as its own island. Liquidity is siloed. Investors have to integrate again and again. Issuers get limited reach. Price discovery suffers.

Tokenization promised better access, faster settlement, and more efficient markets. But without shared market structure, those benefits stall.

Agora is an attempt to fix that.

Instead of building another exchange, Agora creates a connective layer. Broker-dealers and investors connect once and gain access to securities listed across multiple ATSs. Each ATS keeps control over its own compliance, matching, and settlement, but liquidity is no longer isolated.

This matters because real markets depend on network effects. Public equities work because venues are connected. Data is shared. Orders can route efficiently. Private and tokenized markets have been missing that connective tissue.

Agora starts to introduce it. What this signals to the industry is important.

First, tokenization is moving out of the experimental phase. The focus is shifting from issuing assets to making them tradable, discoverable, and liquid within regulated frameworks.

Second, interoperability is becoming a prerequisite, not a nice-to-have. Platforms that cannot plug into shared infrastructure will struggle to scale.

Third, compliance and openness do not have to be at odds. Agora keeps regulatory responsibility at the ATS level while still enabling broader access and liquidity.

✨ This is how tokenized markets start to resemble real markets. ✨

Not by chasing hype or bypassing regulation, but by building the boring, necessary plumbing that allows ecosystems to connect.

If tokenized securities are going to fulfill their promise in the US, this kind of collaboration is exactly what has to happen next. 🚀

[Vanessa Savino @SavinoVaness]

Big week for market structure. @tZERO has closely reviewed the bipartisan draft and proposed amendments.

Our primary feedback to the Senate Banking Committee (via @DigitalChamber): Broker-dealers should be able to operate a full-service spot crypto business without redundant federal or state licensing. This aligns with Chairman Atkins’ vision for a true multi-asset platform; eliminating friction for regulated entities already equipped to handle these assets.

On Tokenized Securities: Broadly, tokenized securities remain under SEC purview and traditional regulated infrastructure. This is @tZERO’s bread and butter. We’ve been building this foundation since day one and are now scaling it through our infrastructure as a service product for market participants.

On DeFi: While the current draft has its hurdles, we see a path forward. tZERO is launching self-hosted wallets within our ecosystem to provide the optionality the market demands, bridging TradFi with the decentralized world. These wallets will be interoperable with DeFi protocols, within the parameters of incremental innovation. Because these wallets will be integrated under a regulated venue, it’s the right step forward for safe, institutional DeFi, promoting asset sovereignty and programmable finance, ensuring our users aren't locked out of the next wave of Web3.

On Lynq (our partnership with @Arca & @Tassat): Lynq is not a stablecoin platform. Its utility token is a security, allowing us and our partners to continue offering a broker-dealer operated, interest-bearing settlement system.

Nothing is perfect, but we support advancing market structure legislation. We are well-positioned to turn this legislation into a launchpad for the next generation of financial infrastructure. Onward. 🚀

[Perianne Boring @PerianneDC]

Matt Hougan correctly points out the massive news embedded in this announcement. Huge amounts of institutional money flowing is into #bitcoin rn. "It's an amazing event." -@Matt_Hougan

[Caitlin Long 🔑⚡️🟠 @CaitlinLong_]

@nic_carter @PirateWires AND LOOKY HERE...a name that insiders also surfaced when the White House & Fed went after @custodiabank, using the press to try to intimidate us into withdrawing our Fed applications by telling us the Fed Board would vote down our application--2 days before the vote happened:

[ETF Tracker @TheETFTracker]

Here's todays ETF Heatmap!
Energy, tech, and biotech leading the way 🟢

[robmillertime @robmillertime]

I'd kill 3, injure 16. #Masters

[Kevin Kelly @KevinKellyIntel]

S&P 500 VIX is 5 pts higher than Russell 2000 VIX
VIX: 49.5
RVX: 44.5

It normally is the opposite. Small caps less implied vol than large caps.

[Kevin Kelly @KevinKellyIntel]

Nasdaq 100 VIX ( $VXN ) is trading roughly inline with S&P500 $VIX at 50 for both...small caps are 5 pts lower:

[FinancialJuice @financialjuice]

🔴 US Treasury Secretary Bessent: Spain's comment about aligning more with China would be 'cutting your own throat'.

[Kevin Kelly @KevinKellyIntel]

It's important to remember that $VIX is an uncertainty index and not a fear index. It is generally considered to be mean-reverting. We hit a two standard deviations from mean so it could stand to reason to see some uncertainty being removed from the market as it calibrates risk

[Kevin Kelly @KevinKellyIntel]

The mean-reverting property stems from the fact that volatility itself is not a trending phenomenon but rather a cyclical one tied to investor sentiment and market dynamics. Extreme volatility is unsustainable over long periods—markets eventually stabilize after panic subsides, or they adjust to new information, pulling the VIX back toward its mean.

[Gerry O'Donnell @OTC_Broker]

@psarofagis #Feta. OMG. That's great.

[Tidal Financial Group @tidalfg]

Why do active ETFs deserve a higher expense ratio? Our CRO Gavin Filmore joined Yahoo! Finance to break it down.

Unlike passive funds, active ETFs offer hands-on management, allowing for timely portfolio adjustments, risk mitigation, and access to niche investment opportunities. That level of experience and adaptability is worth the premium.

#TidalFinancialGroup #ETFLeadership #Finance #Milestone #Innovation #Markets #ETFs #TidalTheETFMasters

[Clyp Keeper @DGrayTexas45]

@TheRicanMemes Cocaine in the Ukraine!!

[Jake Chervinsky @jchervinsky]

Everyone hoped the new SEC would end its regulation by enforcement campaign against crypto, but it’s still mind-blowing to see it happen like this.

The agencies almost never walk away from litigation without at least extracting a face-saving settlement.

This is total victory ✌️

[Larry Tabb @ltabb]

Equity Trading 2025

Join us to review the major findings from @BBGIntelligence US Institutional Equity Trading study. We talked with 119 head and senior buyside traders about all sorts of stuff. Come and listen in on our findings!

Open to all

https://t.co/65Nwhq9P8h

[Gerry O'Donnell @OTC_Broker]

@AcmeThough @ftwpurpl @unusual_whales The NYSE Arca servers are in NJ anyway.