Dave Lauer @dlauer Twitter profile

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Dave Lauer

3 months

If you're looking for a social platform with real, verified shareholders (no bots) you might want to check out . Verified Shareholder Communities ensure that nobody can manipulate or influence the conversation. The best data on the best social platform.

Urvin

Where Data and Community Thrive

urvin.finance

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Dave Lauer

@dlauer

4 years

This is crossing a line and getting ugly.

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Dave Lauer

@dlauer

2 years

Pretty sure SBF just admitted the entire thing was one big ponzi in the twitter space just now.

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Dave Lauer

@dlauer

3 years

I just heard a rumor that Melvin is down 25% month-to-date, might be blowing up.

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

Gamestop just announced a four-for-one stock split.

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Dave Lauer

@dlauer

2 years

There's a war coming in market structure. I hope you're ready to fight for what's right.

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

3 years

Hat's off to the ape who put #CitadelIsNotRetail in front of the SEC HQ. That's really wild!

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

Today’s the day. It’s time #WeTheInvestors rise up and take action against the dark underbelly of Wall St trading: 🧵⏬ (1/)

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Dave Lauer

@dlauer

2 months

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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Dave Lauer

@dlauer

3 years

Citadel's lawyer just admitted that latency arbitrage at least existed 10-12 years ago. This is nuts.

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Dave Lauer

@dlauer

2 years

GME with high short interest, low inventory to borrow and extremely high cost to borrow, doing that thing it does.

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Dave Lauer

@dlauer

2 months

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.

unusual_whales

@unusual_whales

2 months

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,

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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!!

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

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!

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Dave Lauer

@dlauer

2 years

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: Stock is rallying pretty hard on the announcement.

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Dave Lauer

@dlauer

3 years

Looking forward to an op-ed from @vladtenev about how insider trading is critical to protect his users.

unusual_whales

@unusual_whales

3 years

🚨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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Dave Lauer

@dlauer

2 years

wtf

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Dave Lauer

@dlauer

2 years

Totally normal price action, markets obviously functioning smoothly and efficiently.

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

AM I THE ONLY ONE AROUND HERE WHO GIVES A SHIT ABOUT THE RULES?!

The Big Lebowski - Am i the only one that gives a sh*t about the...

very memorable scene from the big lebowski very funny! "Am i the only one that gives a sh*t about the rules!"all rights and credit goes to the film!

www.youtube.com

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Dave Lauer

@dlauer

3 years

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

@citsecurities

3 years

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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Dave Lauer

@dlauer

1 year

Incredible - $GME up over 50% on a surprise profit and excellent earnings report.

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

IEX and the SEC have won their case on the d-limit order type!

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Dave Lauer

@dlauer

2 years

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:

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Dave Lauer

@dlauer

2 years

AMC and GME both halted limit up.

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

@CGasparino Ok boomer

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

Well this just got a bit more interesting...

Watcher.Guru

@WatcherGuru

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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 :

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

Something's wrong, the NYSE has just halted a ton of names.

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Dave Lauer

@dlauer

3 years

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.

Vlad Tenev

@vladtenev

3 years

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 :

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Dave Lauer

@dlauer

3 years

Here's what happens when you make very specific accusations against a company with a well funded legal department.

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

@terminalarc @GaryGensler 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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

GME went up almost 23% before triggering a LULD halt, it's currently halted for 5 minutes.

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

BREAKING: Citadel does not represent retail investors.

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Dave Lauer

@dlauer

3 months

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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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

Funny how that works...

Fintwit

@fintwit_news

2 years

Fed officials sold all of their stocks here to avoid any “conflict of interest”

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Dave Lauer

@dlauer

3 years

I guess providing piss poor execution quality with the prospect of your business model being outlawed isn't a great look.

Bloomberg

@business

3 years

MORE: Robinhood opens at $38, then tumbles more than 5%

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Dave Lauer

@dlauer

3 years

I can't believe Biden just told Americans to buy dogecoin

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

9 months

South Korea has fully banned short selling until June 2024 due to "massive illegal naked short-selling by global investment banks."

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Dave Lauer

@dlauer

3 years

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.

Dave Lauer

@dlauer

3 years

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:

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Dave Lauer

@dlauer

3 years

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.

CNBC's Fast Money

@CNBCFastMoney

3 years

"The market is broken" and retail traders are getting a "raw deal". Former Citadel trader @dlauer sounds off on the market structure $AMC

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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

3 months

40% of $GME's trading is off-exchange. What price discovery?

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Dave Lauer

@dlauer

2 years

Oh, and get this - those orders I laughed about at $420.69 earlier - they play a role!

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Dave Lauer

@dlauer

3 years

Well $GME is flying today - up 16% at the moment. Looks like the short squeeze is continuing - this stock has just kept going up. Might be something to all that @reddit DD after all?

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Dave Lauer

@dlauer

2 years

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.

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Dave Lauer

@dlauer

2 years

I wonder what @elonmusk thinks about an ETF whose sole purpose is to provide short exposure to his company using derivatives. This is nuts.

unusual_whales

@unusual_whales

2 years

The first short Tesla, $TSLA, ETF will launch tomorrow with the ticker name $TSLQ.

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

WHY THE FUCK NOT?!

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Dave Lauer

@dlauer

2 years

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.

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Dave Lauer

@dlauer

2 years

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.

Elon Musk

@elonmusk

2 years

@dlauer Would be a good move. Needs to include put options & synthetic shorts.

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Dave Lauer

@dlauer

3 months

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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Dave Lauer

@dlauer

2 years

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.

U.S. Securities and Exchange Commission

@SECGov

2 years

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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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

2 years

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.

Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

1 year

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.

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

3 years

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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Dave Lauer

@dlauer

8 months

I think the idea that the DRS share count didn't budge is literally unbelievable, and something is clearly off.

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Dave Lauer

@dlauer

2 months

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?

Public

@public

2 months

Hey @TheRoaringKitty - you’re always welcome to trade over @public (we’ll cover the ACAT fees).

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Dave Lauer

@dlauer

14 days

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

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.

Dave Lauer

@dlauer

2 years

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:

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Dave Lauer

@dlauer

2 months

Somebody broke the market.

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Dave Lauer

@dlauer

2 months

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.

Jared Dillian

@dailydirtnap

2 months

This guy is going to jail.

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Dave Lauer

@dlauer

2 years

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 !

Dave Lauer

@dlauer

2 years

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 :

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

3 years

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.

A 27-year-old truck driver just became Robinhood's first big headache of 2022

Finra has ordered the zero-commission app Robinhood to pay Jose Batista almost $30K and found the company liable for his investment losses when it restricted trading on meme stocks in Jan 2021.

www.marketwatch.com

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Dave Lauer

@dlauer

2 years

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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Dave Lauer

@dlauer

2 years

GME halted limit up

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Dave Lauer

@dlauer

3 years

Remember in February when Thomas Peterffy said: "We have come dangerously close to the collapse of the entire system."

Interactive Brokers' Thomas Peterffy on GameStop hearing

Interactive Brokers founder and chairman Thomas Peterffy says there's nobody to blame, but there is a clear problem in the system that caused the massive run...

www.youtube.com

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Dave Lauer

@dlauer

2 years

@ZakDavid 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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Dave Lauer

@dlauer

2 years

Who else has a huge smile on their face watching Snoop and Dre?

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Dave Lauer

@dlauer

2 years

They portray the retail investor (the same one who got pied in the face over his interest in "meme" stocks) as an idiot, buying stocks with a loan despite not knowing what that means. But the SEC is missing the point - it's the broker who allows their clients to buy on margin.

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Dave Lauer

@dlauer

2 years

Instead of calling out brokers with completely conflicted business models who put trick clients into signing up for margin accounts, this video calls retail investors idiots. WTF SEC?

Investomania: Margin

Sometimes investing may look and feel like a game. The SEC’s “Investomania” public service campaign uses a game show concept to educate investors in a playfu...

www.youtube.com

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