Date:
May, 28th 2024
What:
"We will transition in the United States (edit: this also includes Canada and Mexico) to securities settlements of T+1 on May 28, 2024."
Sauce:
https://web.archive.org/web/20240202005744/https://www.sec.gov/news/speech/gensler-speech-prepared-remarks-european-commission-012524
Originally Proposed Here:
https://web.archive.org/web/20230402142313/http://www.federalregister.gov/documents/2023/03/06/2023-03566/shortening-the-securities-transaction-settlement-cycle
On the Original Proposal, an org commented this:
"The commenter expressed concern that moving to T+1 would reduce the time available for a bona fide market maker too close out fail-to-deliver positions and could adversely impact the liquidity role those market makers provide."
To which the SEC included this citation:
Under Regulation SHO's bona fide market making exceptions, the broker-dealer generally should be holding itself out as standing ready and willing to buy and sell the security by continuously posting widely accessible quotes that are near or at the market. The market maker must be at economic risk for such quotes.
“Broker-dealers that do not publish continuous quotations, or publish quotations that do not subject the broker-dealer to such risk (quotations that are not publicly accessible, are not near or at the market, or are skewed directionally towards one side of the market) would not be eligible for the bona-fide market-maker exceptions under Regulation SHO. In addition, broker-dealers that publish quotations but fill orders at different prices than those quoted would not be engaged in bona-fide market making for purposes of Regulation SHO.”). Thus, a market-maker that continually executed short sales away from its posted quotes would generally be unable to rely on the bona-fide market making exceptions of Regulation SHO.
Further, broker-dealers that publish quotations but fill orders at different prices than those quoted would not be engaged in bona fide market-making for purposes of Regulation SHO. The market-maker must also be engaged in bona fide market making in that security at the time of the short sale for eligibility for the exceptions.
I encourage you to look at what all of these orgs also commented (however the one above is certainly the most damning):
Fidelity Letter
IIAC Letter
LaBree Letter
MMI Letter
Robinson 1 Letter
Ryan 1 Letter
Stauts Letter
letter from Tate Winter (Feb. 17, 2022) (“Winter Letter”)```
At that point just burn it down.
Unionization WAS the alternative to killing the factory owner in front of his wife and kids.
Bleed the 1%