Market reform advocacy led by you, for you. We want Transparency, Simplicity & Fairness, Choice & Control, Best Execution, and Better Settlement & Clearing.
When you’re told it’s all for show …🤔
Then your letter is cited NINE times in the
@SECGov
Final Rule. 🤓
Even after special interests spend millions to quiet you. 💰
Then you know it’s no show, and you’re making a difference. 🫵
#WeTheInvestors
is here. Doing the work. 💪
So
@citsecurities
thinks there’s no “real problem that is worthy of regulation”? huh? Maybe they should have a word with
@Citadel
. Seems like a capricious flip from their position on internalization? Surprised you all didn’t coordinate ahead of time. Would’ve made sense, no? 🤦
Just one of millions of individual investors pushing for change.
@dlauer
“a thorn in the side of Wall Street”.
@WeTheInvestors_
- YOU! - are changing the game. YOU are that thorn. YOU are changing the narrative. It’s time to take back our markets. ✊
Show your shorts! 🩳 YOU did this. WE did this. Our community of thousands, of millions, is catalyzing REAL change. They thought we’d go away. They thought we’d get tired. THIS is just the beginning. ✊
#wetheinvestors
😱 It’s almost like something happened between 2004 and 2023 that made the
@SECGov
realize
@Citadel
(circa 2004) was right!! Internalization is a disaster for markets! Time to fix it! Just don’t ask
@citsecurities
. Seems they’re not onboard with
@Citadel
. Makes sense. Right? 🤡
A little birdy tells us that a certain market maker is up on the Hill “freaking out” in every congressional office they can get into. It’s 💵💵💵 v.🧍🏿♀️🧍🏾🧍🏼♂️all the way to the top & from the tone of the conversations:
#WeTheInvestors
are winning! Pressure is on!
@SECGov
@GaryGensler
👉“We believe that the potential long-term impact of internalization is so corrosive to our national market system that the
@SECGov
should take every step possible to curtail the business practice.”
@Citadel
Hey
@Dougielarge
/ your taskmaster can’t keep their story straight. 🤡
Oh look! Someone’s struggling to get their thoughts together! If you want to know what
@citsecurities
and
@Dougielarge
“might” argue in a lawsuit against the
@SECGov
’s proposed rules / this is a MUST read. Not at all predictable. Get ready. 👉
The battle is just beginning!
@WeTheInvestors_
positions on the
@SECGov
’s proposed rules were heard loud and clear. Now, it’s time to amplify other needed reforms in stock lending, FTDs, Reg Sho, & investor communications. 🚨 Sign to support change!! 👉
One question: Why?
“The professors found Fidelity kept routing roughly the same share of their orders to
@citsecurities
, even though
@VirtuFinancial
was giving better quality execution.” 💸
@SECGov
@GaryGensler
Is it Best Execution? Or “good enough” execution? 🤔
The professors who spend their own money executing trades and measuring execution quality are back! Brokers might want to take a break from patting themselves on the back for creating the best retail-investing experience in history and read this.
Citadel Securities has submitted detailed comment letters in response to the SEC’s equity market structure proposals. Read our analysis of their potential negative impact on retail investors.
We just topped 40,000 signatures on
#WeTheInvestors
second sign-on letter to
@GaryGensler
and the
@SECGov
. Tremendous work everyone! Still a few hours to sign. Join tens of thousands of other individual investors in our demand for market reform! 👉👈
We The Investors was cited NINE TIMES by
@SECGov
in its final rule on short sale transparency. NINE TIMES.
Don’t let anyone tell you YOU don’t matter.
#socalledsoicalled
Yesterday’s hearing pointed out the plain truth: If we want change, WE are the ones that must make it happen. Incumbent interests, politicians, money and more money all stand in our way. So the questions is, will we let them? 5000+ submitted
@SECGov
comment letters say: NO. ✊
During his tenure as
@SECGov
Chair, Gary Gensler has imposed an overly burdensome regulatory agenda that stifles innovation and threatens the competitiveness of American markets.
Today, Committee Republicans are holding Gensler accountable for his reckless agenda.
$VIRT CEO Doug Cifu on
@SECGov
Gary Gensler proposal to regulate payment for order flow: “We don’t need the government to tell Charles Schwab where to send its order flow.” He’s speaking at the Piper Sandler Global Exchange Conference.
@Piper_Sandler
@CNBC
This sounds suspiciously like the type of “conspiracy theory” that “retail” is being accused of: “…the timing is interesting given that
@Dougielarge
has publicly made himself the anti-Gary, repeatedly bashing SEC leadership over its proposed market structure overhaul.” 🧐
Square this circle for us
@citsecurities
, Is the argument for internalization “eviscerated” by the dramatic fall in order processing costs? Or not? 🤔 Because
@Citadel
makes a good point and we hate to see you two argue. 🩴🩴
🚨This is a transparent special interest attempt to “pack the court” at the SEC.
👉Every House member that signs this snipe is one member standing against all the progress
#WeTheInvestors
have made towards change.
🫵 Contact your congress member. Support reform.
✊Be Heard!
🙌 You ALL delivered again & on short notice!! Rebate tiers corrode markets & you, WE, let the
@SECGov
know! Over 200 comment letters submitted on S7-18-23 to oppose Volume Based Rebate Pricing. Inducements skew markets. Time to get aligned.
@FinancialCmte
“Pay no attention to that man behind the curtain.” It’s money vs people, all the way to the top. 🚨 Let your representatives know you stand with
#WeTheInvestors
and our push to REform U.S. financial markets! ✊
This sounds suspiciously like the type of “conspiracy theory” that “retail” is being accused of: “…the timing is interesting given that
@Dougielarge
has publicly made himself the anti-Gary, repeatedly bashing SEC leadership over its proposed market structure overhaul.” 🧐
The SEC probe has nothing to do with Virtu's retail business, according to the person familiar. Still, the timing is interesting given that
@Dougielarge
has publicly made himself the anti-Gary, repeatedly bashing SEC leadership over its proposed market structure overhaul. (4/4)
They’re scared.👀“Retail Auctions. We recommend withdrawing this proposal for a number of reasons, including the unprecedented nature of requiring certain market participants to utilize a specific trading protocol. At a minimum, the proposal should be indefinitely paused until…”
Citadel Securities, NYSE and Charles Schwab have submitted a letter to the SEC with consensus recommendations on equity market structure reform. Read the suggestions for a constructive path forward to ensure our equity markets remain the envy of the world.
When you can’t dictate to regulators…and your political spend is impotent, then…you sue. Not the first time. Not the last time. Shades of things to come in 2024? As more market rules are finalized? Nobody likes a sore-loser
@citsecurities
🫵
Remember that time we announced a campaign to preserve
@SECGov
structure reforms & someone tried to hack us immediately. Someone is big mad that our grassroots organizing is working. 🤔 Contact your member of Congress & let them know you stand by Reform 👉
Fun story - as soon as I posted this thread, someone started portscanning and exploring our API looking for vulnerabilities. They weren't very subtle about it and I blocked them straight away. They also can't DOS attack us with how this is setup. But we're scaring some people.
“Individual Investor.” 👀
Not meme investor. Not retail investor, but “Individual Investor.”
Take note of the change in language.
👏👏👏
(And read the investor bulletin. It’s a good one.).
@SECGov
@GaryGensler
As an individual investor, you typically have several ways to hold the securities that you buy or own, including:
➡️Street Name
➡️Physical Certificate
➡️Direct Registration
@SEC_Investor_Ed
has a bulletin outlining ways you might be able to hold your securities.
Take a moment and reflect on what WE have done. How WE came together. How WE educated one another. WE demanded access. And WE fought for change. WE put the wheels in motion. WE raised our voices. And, WE are making a difference. But, WE are just getting started. ✊
#WeTheInvestors
@GaryGensler
@WeTheInvestors_
Holy shit - Rep Donalds just asked Gensler about We The Investors. He called our organization into question & said we are astro-turfing with "so-called individual investors" over our comment letter campaign on 13D/G changes. Maybe you all can let
@ByronDonalds
know who you are.
Main Street takes on Wall Street 💪“"This was extraordinary," a user with the handle Where's Seamus, posted on YouTube following We The Investors' Feb. 22 livestream with Gensler. "We are changing the world."” Yes WE are.
#WeTheInvestors
🚨 Tomorrow is the deadline to submit a comment to the
@SECGov
!
#WeTheInvestors
has provided 3 letter templates, on 3 issues. Don’t let the status quo persist! Speak up!
Tick Size:
Order Competition:
PFOF:
@alexandrascaggs
Totally. Nothing to see here. Move along. “Of almost 5,300 comments, only 74 — less than 1.5% — were submitted by institutions, while 98% came from named or anonymous individuals.” 🤨
The SEC’s proposed changes to equity market structure could have significant unintended consequences. Two of our experts, Joe Mecane and Stephen Berger, discuss the response from market participants. See the full interview at
Knew it! 🤡
“Ultimately, it’s going to end up, unfortunately, sadly, probably in litigation [if
@GaryGensler
] decides to go down this road,” Virtu CEO
@Dougielarge
said in an interview at the STA conference on March 27th at the NYSE.
Wow, I didn't realize that KENNETH GRIFFIN himself actually wrote my comment letter for me in 2004.
It's always great when diverse market participants can come together and agree on such important points. Definitely saves me some work as I write my comment letters!
If you’re convinced things won’t change - nothing will. If you think nothing can be done - it won’t be. If you look around hoping for someone to do the work - no one will. There are no heros. Just people who act to meet the moment with purpose. Be one. It’s you. Be the catalyst.
It’s been an impactful week, progress built on seeds of engagement planted months and years(!) ago.
Change takes time. It’s time.
@SECGov
@GaryGensler
#WeTheInvestors
And yet,
@GaryGensler
and the
@SECGov
met with individual investors - for the second time - last week.
#WeTheInvestors
have more than a seat at the table, we have the attention and ear and consideration that this “annual conference” craved and lost. This is how change happens. ✊
“The Securities and Exchange Commission said it will not be speaking this year at an annual conference well-known in legal circles. As a result, the event—called SEC Speaks—is being canceled.” -
@davidamichaels
Inaccurate statement.
@SECGov
and
@GaryGensler
have met with us repeatedly and listened to the concerns individual investors have. Maybe it’s not that he’s not “listening” to certain stakeholders but more he’s not “complying” with certain stakeholder wishes. 🤔 What do you think?
Through inadequate comment periods and public engagement, Gary Gensler has made clear he doesn't value stakeholder input when considering rules.
This unwillingness to listen to stakeholder concerns during the rulemaking process undermines the integrity of our capital markets.
On December 16th,
@GaryGensler
met with
#WeTheInvestors
in a “historic moment for retail activism.” Diverse, informed, individual voices asked the
@SECGov
Chair about landmark proposed rule changes, and challenged him to do better. Watch. Learn. Engage. 👀
Battle lines over market structure reform are forming clear as day. The only thing obscure is the proliferation of inducements and incentives over the past 20 years. Sunlight is the best antiseptic. A tale in 4 pictures. Who’s right?
@citsecurities
or
@Citadel
Tough call. 🙃
Submit your Comment Letter on Order Competition and the pitfalls of Internalization! tl/dr “internalization is bad”. Oh, wait, that’s
@citsecurities
comment letter? From 2004?! What the heck
@Dougielarge
, are they right? Say it ain’t so! Submit!
“Additionally, as the complaint alleges, on occasion Sabby and Mintz used their naked short selling to artificially deflate the price of securities, allowing them to obtain more shares at a cheaper price.” 👀 Free markets cannot be free, unless they are fair.
@GaryGensler
@SECGov
We charged investment adviser Sabby Management LLC & its managing partner, Hal D. Mintz, with fraud in connection with a long running scheme involving misrepresentations & violations of rules for short selling & order making, & other violative trading.
Incumbents want you to believe the fight for market reform is individuals versus the unified titans of Wall Street. It’s NOT. Wall Street is NOT a unified front and
@SECGov
knows it. Some are misrepresenting that unified front. Why? Because they’re scared of change. More soon. 🙊
Ding ding ding. “For the avoidance of doubt” 👉 13d disclosure rule does not assign voting rights to derivative holders. Thanks to everyone who submitted a comment letter, and helped clarify
#WeTheInvestors
position.
#socalledsoicalled
I still need to read entire 13d final rule, my initial impression is that the SEC made good changes & final rule is good. SEC also made it clear in footnote 458 that the rule would IN NO WAY confer voting rights to derivatives holders, as
@WeTheInvestors_
explained at the time.
Heads up all you "so-called individuals" - our comment letters worked. The SEC updated rules to reduce the amount of time funds have private information. This is a good change & the exact issue Byron Donalds called us out on. Let's keep up the pressure!
Too bad, so sad. $pecial interests are having a hard time defunding
@SECGov
’s market reform rules.
“The Administration also strong opposes Sections 550 - 556 of the [appropriations] bill.”
Recall, Section 552 pulled SEC’s funding. Admin is saying nope.
We the Investors just passed 35,000 signatures on our 2nd petition to
@GaryGensler
and the
@SECGov
! Help bring attention to needed reforms in stock lending, FTDs, Reg Sho, & investor communications. 🚨 Sign to support change!! 👉 👈
In the midst of the battle taking place over government funding, the House Financial Services Committee tried to slip in a provision to defund the SEC's new market structure proposals. They're hoping nobody will notice - but
@WeTheInvestors_
found out.
Virtu's comment letters on the SEC's proposals are now available on our website. Click here to read our complete breakdown of how we believe these proposals could harm liquidity and reduce competition.
Perhaps a “wrecking ball” is necessary to clear out the accumulated corrosion that exists in our national market system? Systemic decay requires systemic reform. Inquiring minds want to know - what’s changed since 2004? Not much. Not enough. Well, not anymore.
#WeTheInvestors
#WATCH
: Subcommittee Chairman
@RepAnnWagner
at today's hearing:
"Chair Gensler and Director Zhu have taken a wrecking ball to every corner of our current equity market structure in one fell swoop."
Read more 🔗
📺 Watch her opening remarks 👇
FYI 👉 The 45-day stop-gap funding measure that just passed in the House does nothing to lessen the looming Threat to Defund Market Reform. Rest up - the push continues Monday.
#wetheinvestors
@WeTheInvestors_
@ByronDonalds
Everything is on the line here. If this provision makes it through, SEC stops work on reforming markets. It will be a gift to the supporters of the status quo. Nothing will change. Now we find out what's more important - campaign money or voters.
🚨The comment file for
@SECGov
proposed rule s7-06-22 is out, and unfortunately many comments miss the mark. We’ve got
@GaryGensler
scratching his head thinking “i thought people want MORE transparency?” We DO!
#WeTheInvestors
supports the bulk of proposed rule. 👇 Spread word.
@UrvinTerminal
@BetterMarkets
A ton of comment letters just posted on the SEC's website, many of which oppose the rule due to idea that it would give derivatives holders voting rights (it wouldn't):
This is very unfortunate - this rule is beneficial. Please reconsider your opposition.
🚨 The GOP laying groundwork to defund the
@SECGov
market restructure Rules. Say what you will about
@GaryGensler
but the resistance these rules are getting at the highest levels, and who’s funding that resistance 👀 should tell you everything you need to know. Voters > $$$
#NEW
: Ahead of today's hearing, all Republicans on the Financial Services Committee sent a letter to
@SECGov
Chair Gary Gensler slamming the agency for its failure to assess the cumulative impacts of its interconnected rulemakings.
⬇️ Read more 🔗
Let’s keep spreading the word and light up the phones in Congress! This is the time to act and push for the changes that
@WeTheInvestors_
are fighting for. Let Congress know that we're not "so-called individuals". We’re not going anywhere!
Wow, McHenry won't run for re-election. As Chair of House Financial Services Cmte he's been one of the staunchest supporters of the status quo in markets and a huge impediment to reform. This is a big deal.
@GaryGensler
@WeTheInvestors_
Holy shit - Rep Donalds just asked Gensler about We The Investors. He called our organization into question & said we are astro-turfing with "so-called individual investors" over our comment letter campaign on 13D/G changes. Maybe you all can let
@ByronDonalds
know who you are.
🤔 Picture this: trying to use the looming government shutdown as a trojan horse to get your paid-for politicians to defund the SEC’s adoption of its market reform proposals. Just imagine your congressperson caring more about the almighty dollar than you. Mad yet? Call congress.
Who’s going to tell them we know money doesn’t grow on trees? “Wholesalers send brokers a slice of their trading profits, a practice known as payment for order flow. Last year, the dozen largest U.S. brokers received $3.1 billion in such payments for their customers’ stock”-
@WSJ
The SEC suggests that its Order Competition proposal could save retail investors $1.5B a year. We analyzed the data and determined that retail investors would actually lose $2.4B. See the full interview at
The irony is thick. 👉 Immediately following the introduction of an appropriations bill rider to defund the
@SECGov
’s rule making and market reform agenda, the
@FinancialCmte
grinds to a complete halt due to internal party turmoil. Politics … 🙄 … let’s get to the real work.
POSTPONED: Hearings in the Subcommittees on Capital Markets and Financial Institutions & Monetary Policy have been postponed until further notice.
Read more 🔗
Capricious: “given to sudden and unaccountable changes of mood or behavior.”Get used to the word “capricious” - it’s what market makers are going to say the rules are. But it looks like
@citsecurities
can’t keep their position straight. Why the change of heart?
@Dougielarge
? 🤔
👉“We believe that the potential long-term impact of internalization is so corrosive to our national market system that the
@SECGov
should take every step possible to curtail the business practice.”
@Citadel
Hey
@Dougielarge
/ your taskmaster can’t keep their story straight. 🤡
Growing Consensus Supports Phased & Limited SEC Reforms.
Except for enhancing Rule 605 & quoting tick-constrained symbols in half-pennies, there is broad opposition to Gensler’s proposals. Click here for a summary & links to the full the comment letters.
Myth: People don’t matter.
Fact: YOU do the work, you change the conversation.
👉 “The
@SECgov
is shaping up to be the most pro-worker, pro-investor, pro-small biz SEC since FDR.”
@WeTheInvestors_
are making an impact. YOU are making an impact. ✊
The
@SECgov
is shaping up to be the most pro-worker, pro-investor, pro-small biz SEC since FDR.
@FSCDems
👏 the agency’s work under Chair
@GaryGensler
for fighting to give all investors a fair shot at success in our nation’s cap. markets.
💻:
📻:
The lack of transparency around stock loan, short selling and FTDs? Do you think business models that rely on FTDs and shorting should be illegal? Do you think investors should have direct control of their holdings? So do
@WeTheInvestors_
Some really desperate employees of a middleman whose stock is down 50% have dug up my Senate testimony from 2014, and taken one line of it out-of-context as a gotcha. These people are getting pretty desperate if that's all they've got.
This is OUR year for market structure reform. If YOU care about fairer markets, tag a friend to follow us and check out our YT channel to stay up to date on our efforts to transform markets. We’ll have a lot to share in the coming weeks:
.
@TheJusticeDept
Anti-trust division weighs in on
@SECGov
proposals. The ANTI-TRUST division commends
@GaryGensler
& the SEC on the competitive impact of the rules. 90% of individual investor orders go to a handful of wholesalers right now 👉Anti-competitive is an understatement.
@WeTheInvestors_
The oligopolistic rent-seekers have tried to make the point that the off-exchange market for retail orders is competitive, though we contend they mistake their own competitive preferences for competition. DOJ agrees. That's a big deal.
Chair Gensler’s SEC has rushed through an aggressive rulemaking agenda that is neither driven by Congressional mandate nor a widespread market failure. The SEC’s proposals will put the savings of millions of Americans at risk.
🚨 Tomorrow is the deadline to submit a comment to the
@SECGov
!
#WeTheInvestors
has provided 3 letter templates, on 3 issues. Don’t let the status quo persist! Speak up!
Tick Size:
Order Competition:
PFOF:
The SEC's new short selling and stock loan disclosure rules are being challenged by the Managed Funds Association, a group of hedge funds opposed to any kind of transparency or reform.
“US doesn't have the best markets.” -
@ltabb
. 🤔 That’s not the cornerstone for anyone’s argument to maintain the status quo, is it?
@SECGov
@GaryGensler
US doesn't have the best markets.
While we wrote that only Dow has best global spreads - I wondered re: implementation. Working with
@bloomberg
BTCA, equity implementation costs are also not the best. Europe is better
A bit of crow to eat, especially to
@AlexanderGerko
Today I met with
@GaryGensler
to demand that the
@SECGov
use the tools Congress gave it to better protect Main Street from Wall Street. Big hedge funds that just care about short-term profits abuse our outdated rules to fire workers, gut companies, & leave communities devastated.
“Folks will sue” 🥸 There you have it. Out loud, as predicted. And these “folks” will say the
@SECGov
market reform rules are “arbitrary and capricious”. They’ll say there’s no problem to be solved. They’ll cry about process and
@GaryGensler
not listening. One question … 👇🧵
@jjbrown111076
@GregoryDusch
Most of these equity market structure proposals will crash & burn. The only one that won't is the transparency proposal. The other three - if approved in tact - folks will sue, they will get stayed and good chance SEC loses. There is a compromise, but not sure SEC will take it
👉“We believe that the potential long-term impact of internalization is so corrosive to our national market system that the
@SECGov
should take every step possible to curtail the business practice.”
@Citadel
Hey
@Dougielarge
/ your taskmaster can’t keep their story straight. 🤡
Ahem. 👀 The
@SECGov
has two additional mandates: (1) protecting investors, and (2) maintaining fair, orderly, and efficient markets. And an overhaul of anticompetitive legacy systems seems overdue, and appropriate Time to balance the scales. ⚖️
#WeTheInvestors
Capital formation is central to the SEC's mission and Chair Gensler needs to focus his attention on it so American businesses can grow and thrive, creating new jobs and helping our economy.
The SEC has proposed a new “predictive data analytics” (PDA) rule that would severely curb financial services firms from using technology to serve customers.
@RobinhoodApp
has voiced opposition, and I strongly stand behind it. This would have a major impact on investors. (1/7)
The consistent argument by “experts” that “nothing has happened” since 2021 is the equivalent to a child putting their fingers in their ears & shouting “la la la.” It’s either (1) ignorant (2) willfully blind or (3) something else entirely. Nothing to see here? What do you think?
@GerberKawasaki
@benmezrich
Untrue
@GerberKawasaki
. Systemic reforms are on the table. Put forward by
@SECGov
in response to the events of 2021. You know this. If enacted these reforms will change wall street and its predation. You also know this. Special interests are desperate. Apes are fighting back.
Here we go!!! First up - putting an end to PFOF! Submit your comment letter to the
@SECGov
, and let
@GaryGensler
and every regulator know that markets NEED to change. Let’s stop predatory PFOF!! 👇👇👇
It's time to end Payment for Order Flow & get trades out of the wholesalers & on to lit exchanges. Let's end this corrupt & concentrated practice that's ruining market quality. Join
@WeTheInvestors_
in our comment letter campaign & let's change markets!
Both Approved🔥LFG! Our comments do matter and we're seeing change happen!
GG: “Today’s adoption will promote greater transparency about short selling both to regulators and the public. This rule addresses Congress’s mandate and improves upon existing sources of short
The second rule was the first comment letter campaign
@WeTheInvestors_
ran & you filed almost 2k comment letters! Here is the link to our comment letter:
We urged SEC to make the final rule far more robust & mirror 13F long position reports.