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HideNotSlide's profile
Hide Not Slide
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Hide Not Slide
@HideNotSlide

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Hide Not Slide

@HideNotSlide

Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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Joined December 2014

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    1. Hide Not Slide‏ @HideNotSlide Sep 10

      In all my time on Market Structure Twitter I have seen next to nothing about the OTC market for US equities, which has exploded in activity since COVID began. Here's my primer on this wild & decades-old corner of market structure:

      4 replies 8 retweets 85 likes
      Show this thread
    2. Hide Not Slide‏ @HideNotSlide Sep 10

      We all know the classic US equities market, where lit exchanges like the NYSE & Nasdaq compete with a litany of dark pools, wholesalers & off-exchange venues for market share. Consolidated market volumes consistently reach ~$60-$75 trillion per year:pic.twitter.com/lePiezdLrQ

      1 reply 0 retweets 3 likes
      Show this thread
    3. Hide Not Slide‏ @HideNotSlide Sep 10

      For companies to list on the classic equity market they must meet strict requirements around size, trading volume & consistent SEC filings. They must also pay exchanges hefty annual listing fees. If companies don't comply, they get delisted.

      1 reply 0 retweets 4 likes
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    4. Hide Not Slide‏ @HideNotSlide Sep 10

      Where do delisted companies go? The OTC market, the land of penny stocks & Pink Sheets. OTC volumes are *much* smaller than the lit exchanges with ~$3 trillion in annual notional traded per year. There are more companies listed OTC than any other major exchange:pic.twitter.com/k8tdWMwNkf

      1 reply 0 retweets 5 likes
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    5. Hide Not Slide‏ @HideNotSlide Sep 10

      The characteristics of much these OTC firms mirror the Wild West nature of the crypto market. Median Market Cap = ~$16 million Average Listing Period = ~9 years Average Total Returns = negative Average Volatility = extremely high

      1 reply 0 retweets 6 likes
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    6. Hide Not Slide‏ @HideNotSlide Sep 10

      Liquidity in the OTC market is incredibly thin. A stunning 25% of OTC equities see no volume on 95% of trading days. Only the top 5-10% of OTC names see serious volume on a daily basis.

      2 replies 0 retweets 4 likes
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      Hide Not Slide‏ @HideNotSlide Sep 10

      How does liquidity form in the OTC market? There is no central exchange for OTC trading. A network of broker dealers execute trades bilaterally & post quotes on OTC Link ATS. Think of OTC Link ATS as a pricing hub, not a true trading hub.pic.twitter.com/MysaUrtguW

      10:18 AM - 10 Sep 2021
      • 5 Likes
      • Ben Charoenwong Nose Greg Lee Steven Woodhouse emily
      1 reply 0 retweets 5 likes
        1. New conversation
        1. Hide Not Slide‏ @HideNotSlide Sep 10

          There are no IPOs in the OTC market - trading for a security begins when brokers decide to quote prices for it. This is another similarity with the crypto market - DeFi exchanges don't "list" new coins, trading begins when users decide to make a market.

          1 reply 0 retweets 6 likes
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        2. Hide Not Slide‏ @HideNotSlide Sep 10

          After COVID retail risk appetite exploded across all accessible markets, and OTC stocks were no exception. 2021 has seen volumes surge by 5x-10x inline with the options & crypto bonanza. https://www.bloomberg.com/news/articles/2021-01-14/one-trillion-off-exchange-shares-traded-is-latest-froth-marker …

          2 replies 1 retweet 4 likes
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        3. Hide Not Slide‏ @HideNotSlide Sep 10

          Because no one talks about the OTC market, no one talks about its only legitimate exchange - OTC Markets Group. OTCM has connected this large network of brokers & illiquid stocks together for decades. They'll be the topic of my next paid post.https://frontmonth.substack.com/ 

          1 reply 0 retweets 15 likes
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          4. End of conversation

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