Dave Lauer

Creating @UrvinFinance at Advocate for fair markets. Passionate about science & my kids. Believer in @WeTheInvestors_. 🇺🇲 in 🇨🇦

[Dave Lauer @dlauer]

It's just so weird how nobody from these politically connected firms ever goes to jail!

[Rudy Havenstein, Senior Markets Commentator. @RudyHavenstein]

Amazingly, no individuals committed these crimes.

It was the Fae.
https://t.co/lMaJFYoDhm

[WeTheInvestors @WeTheInvestors_]

Every stock trade has a hidden cost: the gap between the buy price and the sell price. Until this year brokers did’t have to publish comparable numbers. Now the filings show who has been taking more and how much it cost you. Learn more. Calculate the cost.
https://t.co/Jw6r62AcpK

[Dave Lauer @dlauer]

@JoeSaluzzi Ah yes but how much interest is there from internalizers who want to provide bad fills??

[Dave Lauer @dlauer]

At first glance, this kinda seems crazy to me. I need to better understand it, but it really seems like the SEC is trying to push trading outside of regulated entities entirely. From a market manipulation perspective this seems like an enforcement nightmare.

[U.S. Securities and Exchange Commission @SECGov]

🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.

[Dave Lauer @dlauer]

It's amazing this guy doesn't understand issuers don't want synthetic tokens. He cannot grasp that markets are supposed to serve a purpose for capital formation and price discovery. He sees them as casinos - the more you trade, the more money he gets paid by his actual customers.

[Vlad Tenev @vladtenev]

@CEOAdam What’s the concern?

[Dave Lauer @dlauer]

Definition of a customer: One who pays for goods or services.

Citadel and Virtu pay Robinhood.

Vlad's statement is completely accurate.

[WeTheInvestors @WeTheInvestors_]

Here’s the problem, the foundations of that trust are under attack by some of the proposals being put forward by the @SECGov … Order Protection under Rule 611 is on the chopping block, meaning retail investors lose and wholesalers win.

Raise your voice: https://t.co/gNDIGlGrU3

[Dave Lauer @dlauer]

@KatStryker111 Thanks Kat!

[Dave Lauer @dlauer]

The SEC has proposed to rescind Rule 611 - the Order Protection Rule. This will remove the last guardrail that individual investors have to protect the price they get when they trade. If this succeeds, you'll have to trust internalizers to give you the best price, and FINRA to enforce best execution - something they've proven incapable of doing. If you're interested, I wrote a post: https://t.co/27pmkiAtXF

[Dave Lauer @dlauer]

There's less than a week to get your comment letter in on the SEC's proposal to eliminate rule 611. There's no need to be cynical about whether it will help or not - even if it doesn't change the SEC's mind, it establishes an important record.
https://t.co/mkChWDFpFn

[Dave Lauer @dlauer]

The SEC has proposed to rescind Rule 611 - the Order Protection Rule. This will remove the last guardrail that individual investors have to protect the price they get when they trade. If this succeeds, you'll have to trust internalizers to give you the best price, and FINRA to enforce best execution - something they've proven incapable of doing. If you're interested, I wrote a post: https://t.co/27pmkiAtXF

[Dave Lauer @dlauer]

Last month the SEC proposed to remove Rule 611 - the order protection rule. Instead of replacing it w/something better - a rigorous best ex standard - they simply want to get rid of it. This is a terrible idea & will increase market manipulation.

https://t.co/mkChWDFpFn

[Dave Lauer @dlauer]

So check out our site for more info, learn about how important this is, file a comment letter and spread the word.
https://t.co/mkChWDFpFn

[Dave Lauer @dlauer]

Last month the SEC proposed to remove Rule 611 - the order protection rule. Instead of replacing it w/something better - a rigorous best ex standard - they simply want to get rid of it. This is a terrible idea & will increase market manipulation.

https://t.co/mkChWDFpFn

[Dave Lauer @dlauer]

We're running a comment letter campaign on this critical mkt structure issue. You might be cynical & think your voice doesn't matter. That's certainly what they want you to think. But it does. Regardless of whether the SEC listens, or we take other action, we need your support.

[Dave Lauer @dlauer]

Love this note from Linus on AI coding. As a software developer, I can't remember a more useful and impressive tool.

[Dave Lauer @dlauer]

@gleeville Maybe you consider disclosure-based actions as part of this but I don't. "Your broker failed to inform you that they were screwing you" isn't much of a best ex case. Outside of disclosure violations, there haven't been any significant, recent actions on order routing.

[Dave Lauer @dlauer]

The SEC has proposed eliminating the Order Protection Rule, but has said it will be fine because FINRA is there to enforce Best Ex. Do you think FINRA is enforcing best ex?! When was the last best ex case they brought? When the rules are unenforceable, we need to fix them.

[Dave Lauer @dlauer]

@gleeville No offense Greg, but how do you define a "load" and how many of them have been recent and against a major firm? You know it was the former head of FINRA market reg who called best ex unenforceable. I've dug into it, and I don't see much of anything material.

[Dave Lauer @dlauer]

@checkem888 They're not a waste of time, but it takes longer than anyone wants. They've made a difference in court cases, and that will likely be where we focus our energy going forward.

[Dave Lauer @dlauer]

I see a lot of people who have given up fighting for market fairness. I understand the frustration and disillusionment. I've been doing this for a long time, and generally things go in the wrong direction because the regulators are captured and the corporatists run the government.