Larry Tabb

Head of Mkt Structure Research, @BBGIntelligence. Recipient '22 STA DMP Award. Fmr. head of research & cons @TABBGroup Opinions are my own & not of @Bloomberg

[POLITICO @politico]

‘He’s full of s--t’: JPMorgan’s Dimon rips Coinbase CEO, escalates fight over crypto bill https://t.co/xmer7uyJ96

[Larry Tabb @ltabb]

Keynote announced @Kalshi CEO

A One on One Conversation with Tarek Mansour with @KatLeighDoherty

Panels on Equity tokens, The everything broker and Institutional liquidity w/new ATS Mosaic ATS

Retail Demand Driving Innovation June 16th in nyc

https://t.co/nghJRdbPWU

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

"This proposal represents a step towards refocusing our efforts on what matters most to investors: financial materiality."

READ: Commissioner Mark Uyeda's full statement on the SEC's proposed rescission of climate-related disclosure rules ⬇️ https://t.co/uuDLsDxboP

[Larry Tabb @ltabb]

@JSeyff for equities 100% and we will be there, really now. There are 3 alternative markets (ATS) that cover 8pm to 4am, and the traditional exchanges are from 4am to 8pm. And by eoy or early 27, the exchanges and mkt infrastruture will be open 23x5 - Sunday 8pm to Friday at 7pm.

[Larry Tabb @ltabb]

@amandalfischer @nytimes This is why they didn't choose Brian Quentenz, as he didn't outright agree to overturn this settlement without looking at the merits of the case.

[Larry Tabb @ltabb]

@Gerry_ODonnell @TXStockExchange Was chatting to folks from TXSE last night who said they were waiting for the Exxon move to hit, and they think (now take with a grain of salt) that this will open flood gates for more companies to re-register / domicile in Texas.

[Larry Tabb @ltabb]

ExxonMobil Board unanimously recommends redomiciling the company from New Jersey to Texas

Big shot across the bow of State of Delaware and good prospect for @TXStockExchange

https://t.co/Tef9wzBbJ4

[Larry Tabb @ltabb]

@Gerry_ODonnell @TXStockExchange because a lot of the benefits of relocating/registering in Texas don't kick in unless you move your primary listing to TX and from what I understand (could be wrong) NYSE Tx, and NDAQ Tx, don't do primary listings

[Larry Tabb @ltabb]

@_TimQuast @JoeSaluzzi No unfortunately I didn’t. Will look up the replay.

[Larry Tabb @ltabb]

For all you equity token folks. I publishing thoughts on US Equity tokens.

Equity Tokens Need Netting Not Instant Settlement of Every Trade
https://t.co/QRoWvx6fIK

Second one is here - Tokenizing Stocks Creates a More Efficient Wrapper https://t.co/vQ4PmpoDs1

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

Estimates suggest that passive funds and ETFs will be forced to purchase between $30 billion and $55 billion worth of SpaceX $SPCX shares shortly after its IPO.

The stock will be about 90x P/S h/t @JSeyff

[Larry Tabb @ltabb]

Really good piece on QRT by Rupak Ghose found on @CuratiaLLC

And if you don't know them and you are in the trading biz..., well you probably should

https://t.co/51iGxCVVFE

[Larry Tabb @ltabb]

My full piece on US Equity tokenization is finally out

Real change or the Emperor's New Clothes?
https://t.co/3UtZV2b7UM

Is the US equity market broken? - No.
https://t.co/Va9dPsIvn7
and Token's largest benefit could also prove its downfall
https://t.co/0dvqglNFea

[Larry Tabb @ltabb]

Also kudos to @giancarloMKTS was named as Jefferies advisor

https://t.co/ABGKHjsSM4

[Larry Tabb @ltabb]

Two more pieces out today on tokenization.

Speedier Settlement Drives Token Hype, Automation Drives Success
https://t.co/ABvynOcxuF

Reducing Settlement Risk Could Unlock $ Billions
https://t.co/rtm8IJaEOv

[Larry Tabb @ltabb]

For all you equity token folks. I publishing thoughts on US Equity tokens.

Equity Tokens Need Netting Not Instant Settlement of Every Trade
https://t.co/QRoWvx6fIK

Second one is here - Tokenizing Stocks Creates a More Efficient Wrapper https://t.co/vQ4PmpoDs1

[Larry Tabb @ltabb]

@davehendricks Doubtful. Right now 23x5. I think tokens are the only way to get to 24x7. But then not sure about back office systems. 23x5 will be hard enough.

[Larry Tabb @ltabb]

@PSully_mbs You can lower the clearing fund if you can shorten the netting cycle, so if you move to eve of T+0 or net every 3 or 4 hrs. IMHO, I think that is the best way forward. Moving all of these trades, trade by trade in RT, it just kind of nuts, at a pace of 150m transactions a day

[Larry Tabb @ltabb]

@PSully_mbs Totally incorrect. Folks would need to set up and prefund accounts at each and every venue they traded on (right now +50). What about short term borrows? What about managing the transfer and cash on 100 million extra securities movements a day? It would be a huge mess

[Larry Tabb @ltabb]

@_TimQuast its the point of my piece. I don't think tokenized stocks can gain any traction if they settle in real time. That said, netting times could be shorter than next day, possibly eod, or even every few hours. If they go with rt, IMHO prices will suck & investors won't trade