since GME/AMC-palooza is back on the TL (for some reason, can’t imagine why!) i thought it might be useful to review the fundamentals of the business relationship between MMs and retail brokerages
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Average people don’t actually care about PFOF. We care that rich people were caught in short positions and were bailed out by buying being shut off. Melvin was toast and who knows after that…
fair enough, unfortunately many brokerages weren't well capitalized enough to meet the NSCC's collateral calls & were forced to shut off trading. i think a move to T+1 could go towards reducing the collateral requirements but not sure that has anything to do with Citadel tbh
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So maybe, just maybe this self regulatory thing doesn’t really work. If a broker can’t meet collateral req maybe there should be consequences?
#fintwit peeps can make this seem dry and boring…to the average person it stinks. And often where there’s smoke there’s fire -
Also for the record, don’t care about Citadel. Find it funny that they are squirming under the microscope. I care that the whole system feels rigged, fines are pennies on the dollar, and wealth inequality isn’t good for society
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