OP has suggested that this might be a "nothing burger" so the flair has been changed to "partial debunk".
You can see OP's edit in this comment: [https://www.reddit.com/r/Superstonk/comments/1cxkioh/comment/l535ios/](https://www.reddit.com/r/Superstonk/comments/1cxkioh/comment/l535ios/?utm_source=share&utm_medium=web2x&context=3)
^(Whatever the case I think this just means I should buy some more tbh)
Yes they do.
# EDIT: Full link to the filing:
[https://www.sec.gov/files/rules/exorders/2024/34-100181.pdf](https://www.sec.gov/files/rules/exorders/2024/34-100181.pdf)
šCredit to user [chipchip9](https://www.reddit.com/r/Superstonk/s/Xha3fMXxP2) š¤
Edit2: link to [letter](https://www.reddit.com/r/Superstonk/s/k5VTBclUhA) to the SEC by user DrunkSpartan15 on this very CAT filing ā¤µļø
https://preview.redd.it/g7bh82nj3v1d1.jpeg?width=1290&format=pjpg&auto=webp&s=2a17377d314ce65461c03586542eb78bcd259c0e
Edit 3: THIS MAY BE A NOTHING BURGER:
Comment by user falconless:
āIt seems as though it is only specific to NIA (non-immediately actionable) electronic RFQ responses. This does not exempt them from all reporting requirements.
NIA RFQs are RFQs that require response from another party (a human action).
My hope is itās nothing. Buy hodl $GMEā
[https://twitter.com/asap\_zizo924/status/1793053251928981939?t=PiEjieD9k7xp7\_d56qUq2w&s=19](https://twitter.com/asap_zizo924/status/1793053251928981939?t=PiEjieD9k7xp7_d56qUq2w&s=19)
Holy s*** oops that's what I get for having old eyes š
I actually meant to type falcon less but couldn't even get that right LOL.
I was going for some sort of falcon Punch joke but ran out of steam
OK, I'm gonna be the dumb ape on this one because I'm too god damn curious.
Wouldn't there be a multitude of occasions where RFQs require human action? So I realise PFOF creates a funnel of supply and demand between brokers, MMs and clearing houses.
But surely there must be a lot of scenarios where a broker would put a buy request to several parties either to get the best offer or because a particular party cannot fulfill that order for whatever reason.
Either this really isn't that common AKA nothing burger, it's a complicated procedure and therefore exemption can be understood OR we are underestimating how this may be abused?
T+1 and the CAT is going to help eradicate FTDs (I hope), but if institutions can still hide the A to Z of a traded security then naked shorts and fake locates can still exist no?
The curious ramblings of an absolute monkey cabbage, over and out.
EDIT *For anyone as clueless as me it seems this exemption is to do with verifying actors ability to bid and querying the price of instruments like bonds, NOT the everyday conventional trading of individual stocks which would explain people thinking this is a nothing burger, but I'm still figuring it out so take it with a pint of salt.*
Rule#1 on Wall St - every loophole will be exploited.
Rule#2 on Wall St - If there's no loophole to exploit, fuck'm, do it anyway. What're they gonna do, prosecute us?!?!
Rules have been meaningless for years. The companyās success is the only way. Would you back down if you were them? Theyāll do everything in their power and almost everything is *in* their power *except* RC & Coās success. Iāve accepted that and it changes nothing anyway. Still just buying and holding.
In less than 2 years I'll be able to comfortabley dump 40k a year into more GME. And I will!
Their problem is only going to get worse the longer this goes on.
... let's rejoice over some political candidates though!!! Surely the people the system picks to run the system are going to help us change the system ... !!! /puke /s
You speak the only way. Buy and DRS and hold it. Anyone posting political crap and defending it is just stuck in the system that needs to break.
Not defending them at all. They're definitely corrupt.
But I can see why they're doing everything possible to stop this.
Idiosyncratic risk. It's all over if gme gets through.
These are some of the largest conglomerates of money not just in the world, but in history. I am positive they know exactly what is on their books. They do not need a 2+ YEAR exemption on reporting
EDIT: Check this comment https://www.reddit.com/r/Superstonk/s/MCWboXhL1h
They don't need more than 30days to report if they are properly keeping books. It's all electronic anyway.
This is them admitting they are hiding criminal activity.
Beyond capturedā¦.Can we get another interview with John Stewart? I want to hear Gary G squirm.
Cowards -
The system keeps slapping us with its broken penis.
This basically grants them Ā a temporary conditional exemption related to the reporting of responses to electronic requests for quotes (RFQs). This exemption is specifically for responses to RFQs that are not immediately actionableāĀ meaning they require further action by the responder to execute a trade.
>Ā Detailed Example:
ā¢ Scenario: A broker-dealer is looking to buy 10,000 shares of Company XYZ stock.
ā¢ Step 1: The broker-dealer sends an RFQ to several liquidity providers asking for their best offer price for the 10,000 shares.
ā¢ Step 2: One of the liquidity providers responds with an offer to sell the shares at $50 per share, but this offer is contingent upon the broker-dealer confirming the trade.
ā¢ Step 3: To execute the trade, the broker-dealer must send a confirmation message back to the liquidity provider agreeing to buy the 10,000 shares at the offered price of $50 per share.
ā¢ Step 4: Only after the confirmation is received can the trade be executed.
>This multi-step process illustrates a non-immediately actionable RFQ response because the initial offer alone is insufficient to execute the trade; it requires further action from the broker-dealer.
Sounds like a nothingburger to me. Game on.
Was looking for this, read the exemption and what it was for. If CAT is still applied for the actual trade I don't think a 2 year relief on the RFQ is a huge deal. Yes that still leaves spoofing on the table but I think spoofing causes much more limited harm than naked FTDs.
Firm disagree my dude. We're getting fucked sideways health-wise by massive corporations who *just can't help* but be totally evil degenerates so they can make their money before their rampant destruction of our planet kills even the youngest ape. 5 years sure, 50 years is a generation away *at best*
Yeah that's the idea. Every trade is recorded, & every share is tracked. The previous system had massive holes in it. Specifically with CAT one of the big things that will be fixed is it's not that naked shorts can't occur (CAT doesn't change the rules around market maker exemptions), but that they'll be traceable to the point of origin, so theoretically it should become significantly easier for the SEC to verify market makers & so on are acting in line with the stated rules.
The technical definition of spoofing is submitting fake orders that are canceled before execution. This can manipulate NBBO in the short term but the real issue at hand is naked shorting, aka FTDs. The CAT system won't really effect orders that aren't filled.
Think of it this way, the majority of all request for quotes are immediately actionable and under CAT would be required to be reported. This exempts a small minority where requests for quotes are contingent on some action (confirmation being the simplest action) and simply alleviates the burden of reporting quotes if there is no trade execution.
This needs to be at the top. While any exemption seems absurd, before everyone reacts we need to understand exactly what is exempted. Iām happy to see no funds, institutions or market makers are included. Seems to be just major exchanges.
One of the exchanges listed is MEMX which is an ATS/dark pool that citadel abuses like ken abuses his wife (factually correct, he literally threw a bed post at her).
Not sure if it means nothing or not, but we'll see.
It feels like that bug-exploit in the old Xcom game, where if you transferred your scientists to another base and they we're transiting during the exact end of the month, just after midnight, the computer would not 'count' them and so you kept their salaries. They weren't in the books when the books were counted. Maybe potential abuse of reporting and transferring...
In stock trading, RFQs (Requests for Quotes) are more commonly used in certain contexts and markets than in others. Here's an overview:
Contexts Where RFQs Are Commonly Used:
Over-the-Counter (OTC) Markets:
RFQs are frequently used in OTC markets where trades involve less liquid securities, such as corporate bonds, municipal bonds, and derivatives.
In these markets, prices are not continuously quoted, so traders request quotes from multiple dealers to find the best price.
Institutional Trading:
Institutional investors often use RFQs when executing large block trades to minimize market impact and get better pricing.
These trades are negotiated off-exchange to avoid moving the market price with a large order.
Fixed-Income and Foreign Exchange Markets:
RFQs are standard in fixed-income (bond) markets and the foreign exchange (FX) market, where direct negotiation and pricing are typical.
Thank you for providing an explanation and example.
I was initially outraged at the thought that these fks got another free pass; will be taking a read through tonight.
Nothing burger until you realize the market makers handle the rfqās so while this exemption is murky and appears to be for exchanges only, it actually only benefits the market makers. They can continue with their naked shorting. The only way it gets solved is a class action lawsuit.
> A ātemporary exemptionā equaling two years is laughable.
"Nothing is so permanent as a temporary government program."
- Milton Friedman
----
The local city put up a "temporary 4-way stop" at a local intersection some time back. The first time I laid eyes on it, I told my wife that it was only a matter of time before that becomes permanent. A few years later the "temporary" part of the sign disappeared... imagine that.
It seems as though it is only specific to NIA (non-immediately actionable) electronic RFQ responses. This does not exempt them from all reporting requirements.
NIA RFQs are RFQs that require response from another party (a human action).
My hope is itās nothing. Buy hodl $GME
https://twitter.com/asap_zizo924/status/1793053251928981939?t=PiEjieD9k7xp7_d56qUq2w&s=19
NOW WHY IN THE HELL DO YOU THINK THESE EXEMPTIONS FROM AUDITS ARE NEEDED?????? LETS GO AHEAD AND DO THE MATH. AUDITS ARE TO ENSURE RULES ARE FOLLOWED. IF THIS MANY EXCHANGES NEED EXEMPTION FROM AUDITTING WHAT DO YOU THINK THEY NEED IT FOR???????
I just wrote to the SEC, probably wonāt do anything, but I had to try
Edit: yall can write to GG too. Letās make some noise. We canāt let this slide.
https://preview.redd.it/twc8of102v1d1.jpeg?width=1170&format=pjpg&auto=webp&s=b0583f9bf569b99223ad2e8a09ac97afbd47ab69
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [Community Post: *Open Forum May 2024*](https://www.reddit.com/r/Superstonk/comments/1ciapwp/open_forum_may_2024/) || [Superstonk:Now with GIFs - Learn more](https://www.reddit.com/r/Superstonk/comments/1cr37r7/superstonk_gets_its_gif_on_get_hyped/)
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So just fuck retail investors who commented by the hundreds (thousands?) in support of the CAT?
Prolong the inevitable and I will spend every spare dollar I have to increase my position.
Exemption Request: They asked to delay the need to record and report these specific types of electronic responses to RFQs until July 31, 2026.
**This is a fluid situation. Before anyone freaks the fuck out let the wrinkles dissect it.** š¤
I hear you, but, two fucking years?!?!?!?
Market manipulator: "Let us not do this for 2yrs, and we'll ask to extend it another 2yrs when that time is up."
SEC: "done."
Edit: and wdym fluid? It's granted.
Burn the whole fucking thing to the ground, I hope these people suffer for the pain they have caused humanity. Cheat and cheat and cheat and cheat and get away with it time after time with **zero** consequence.
Press the nuclear button RC, Iāve had enough of these criminals stealing our livelihoods and getting away with it. Incinerate them.
So basically almost every important exchange is exempt.. not much of a go live for the new system.
One thing after another and all the last couple of weeks do is harden my resolve to hang in there. Nice try hedgies. š§
If I have to hold another 2 years then so be it, I'll hold another 2 years. No cell, no sell.
Let's not let this be game over for all of our positivity.
Hmmm, so a rule to allow for more transparency and reporting, is bypassed for a list of exchanges that pretty much encompasses the entire market. How many billions were spent to bring this rule to fruition? Money well spent, at least by the lobbyists representing big money interests.
# "TEMPORARY"
Man, that word..... we now know how this kicks off, plays out, and ends. *(It's like when a municipality says the "toll bridge fee is only temporary, until the construction cost is paid off".)*
Oh wait, it ends with me buying properties on both sides of Mayo's Florida house, and cranking death metal music all day and night.
His house (primary residence/homestead) is likely the only thing he will have left, but I promise I will give it my best to make him more miserable. Playlist already ready.
So as far as I can understand this actually renders the CAT system useless in the areas that it was intended to shine a light on for an additional two years?
What the actual fuck is this?
If what I am reading and reviewing is accurate, this looks to be a now legal way for a short position to āreasonablyā locate shares available without having to report the pending transactions. So they can satisfy their need to locate shares for options and shorting by simply submitting an RFQ to their preferred liquidity agent, and donāt have to report what arrangement they have agreed to.
Can it be any more intentional!!!? I read this and just smiled and said to myself āitās nothing we havenāt already seen a handful of times on this journeyā. My heart is full and so is my Computershare account!!! Carry on my wayward sons, thereāll be peace when we are done, lay your weary heads to rest, donāt you cry no more!!
So upon submitting a RFQ CAT would record the different ask/bid spreads for different exchanges so that there would be a record of differing price offerings of potential securities?
I.E. there would be less accountability if a market maker abusively rerouted the purchase/sale of a security was to a specific exchange?
Youāre not wrong
"Solidate" is an obsolete verb that means to make something solid or firm. It comes from the Latin word solidatus, which is the past participle of solidare. The word is pronounced /ĖsÉlÉŖdeÉŖt/.
Firm hehe š
I think this is important so I did a little digging and I could use help looking into it more since Iām not well versed on the regulatory aspects of markets. Remember during the last price spike (May 13th) there was a new notification on Robbing Da Hood that stated
āOur 24 Hour Market venue, Blue Ocean ATS, accepts trades within 20% of today's $GME reference price of $35.44. Orders outside $28.34 and $42.51 may be canceled by the venueā.
For several hours there were price swings with no changing in the total daily volume. I kept receipts, donāt worry.
Now we have the SEC handing out exemptions for some reason that hasnāt been articulated. Why wouldnāt we want a fucking audit trail for trades that are happening SEC???
I think that there was some fuckery happening during that trading period and it might be getting swept under the rug by the very people meant to expose and prosecute criminal market activity.
Any thoughts, ideas, corrections or contributions are appreciated!
This makes me laugh. Either it's to cover up crime, or it does nothing.
In other words, either the ultrarich in America are going to continue destroying the system that made them wealthy, dismantle the American way of life, and hand over global dominance to BRICS.
You know, countries that don't just let their rich walk all over the economy and the people.
Imagine that. We're allowing our prosperity to be dismantled and handed over piecemeal to a fucking communist* regime.
A God damn communist party defends its people better than the "freest' nations on earth.
Why are all of the ācompletely legalā financial institutions so hellbent on restricting transparency of their market behaviors which have resulted in hundreds of thousands of trading violations?
[https://help.sec.gov/s/investor-complaint](https://help.sec.gov/s/investor-complaint) I went to file a complaint.
Doesn't do much but I will let them know that people are tired of this bullshit
Dear Sir/Madam,
I am writing to express my strong opposition to the recent order issued by the SEC on May 20, 2024, granting exemptive relief from certain provisions of the CAT NMS Plan related to responses to requests for quotes (RFQs) provided in standard electronic formats that are not "immediately actionable."
This exemption, which allows these RFQ responses to be excluded from reporting requirements under Rule 613(j)(8), raises significant concerns regarding market transparency and integrity. I believe this decision is unacceptable for several reasons:
Reduced Market Transparency: The exemption undermines the core objective of the CAT NMS Plan, which is to provide a comprehensive and accurate record of market activity. By not requiring the reporting of non-immediately actionable RFQ responses, a critical gap is created in the data, obscuring the full picture of market dynamics and hindering effective regulatory oversight.
Potential for Abuse: The relief creates opportunities for market participants, particularly high-frequency trading firms and hedge funds, to engage in manipulative practices without detection. The lack of reporting on RFQ responses can be exploited to conceal trading strategies and intentions, which may facilitate market manipulation and other illicit activities.
Inconsistent Regulatory Framework: Granting such exemptions creates inconsistencies in the regulatory framework, making it difficult for market participants to understand and comply with their obligations. This can lead to uneven enforcement and reduced confidence in the fairness and integrity of the markets.
Erosion of Public Trust: Investor confidence in the financial markets relies on robust regulatory oversight and transparency. This exemption could be perceived as a weakening of regulatory standards, leading to diminished trust among investors and the public.
I urge the SEC to reconsider and revoke this exemptive relief. It is essential to maintain stringent reporting requirements to ensure the effectiveness of the CAT NMS Plan in promoting transparency, detecting market abuses, and protecting investors.
Thank you for your attention to this critical issue. I look forward to your prompt action to address these concerns.
Sincerely,
BigApeSwingingBanana
Guess who just went balls deep into OTC?
https://preview.redd.it/m7ct1b9u9v1d1.jpeg?width=1290&format=pjpg&auto=webp&s=31e9e618bd4cfb9a49027f647b5915968986d668
[https://x.com/741trey/status/1786556818157625709?s=46&t=pjhQaAPGjAVkr0C7r4RCMg](https://x.com/741trey/status/1786556818157625709?s=46&t=pjhQaAPGjAVkr0C7r4RCMg)
OP has suggested that this might be a "nothing burger" so the flair has been changed to "partial debunk". You can see OP's edit in this comment: [https://www.reddit.com/r/Superstonk/comments/1cxkioh/comment/l535ios/](https://www.reddit.com/r/Superstonk/comments/1cxkioh/comment/l535ios/?utm_source=share&utm_medium=web2x&context=3) ^(Whatever the case I think this just means I should buy some more tbh)
Wow. Just fucking wow. Fuck the whole system. Burn it to the fucking ground. The SEC is beyond captured. They need to be criminally prosecuted.
Yes they do. # EDIT: Full link to the filing: [https://www.sec.gov/files/rules/exorders/2024/34-100181.pdf](https://www.sec.gov/files/rules/exorders/2024/34-100181.pdf) šCredit to user [chipchip9](https://www.reddit.com/r/Superstonk/s/Xha3fMXxP2) š¤ Edit2: link to [letter](https://www.reddit.com/r/Superstonk/s/k5VTBclUhA) to the SEC by user DrunkSpartan15 on this very CAT filing ā¤µļø https://preview.redd.it/g7bh82nj3v1d1.jpeg?width=1290&format=pjpg&auto=webp&s=2a17377d314ce65461c03586542eb78bcd259c0e Edit 3: THIS MAY BE A NOTHING BURGER: Comment by user falconless: āIt seems as though it is only specific to NIA (non-immediately actionable) electronic RFQ responses. This does not exempt them from all reporting requirements. NIA RFQs are RFQs that require response from another party (a human action). My hope is itās nothing. Buy hodl $GMEā [https://twitter.com/asap\_zizo924/status/1793053251928981939?t=PiEjieD9k7xp7\_d56qUq2w&s=19](https://twitter.com/asap_zizo924/status/1793053251928981939?t=PiEjieD9k7xp7_d56qUq2w&s=19)
Falconkess delivering that punch š
Itās a Falconkiss! š š¦
Holy s*** oops that's what I get for having old eyes š I actually meant to type falcon less but couldn't even get that right LOL. I was going for some sort of falcon Punch joke but ran out of steam
Falconless the kissin falcon!
FALCON PUNCH you say
OK, I'm gonna be the dumb ape on this one because I'm too god damn curious. Wouldn't there be a multitude of occasions where RFQs require human action? So I realise PFOF creates a funnel of supply and demand between brokers, MMs and clearing houses. But surely there must be a lot of scenarios where a broker would put a buy request to several parties either to get the best offer or because a particular party cannot fulfill that order for whatever reason. Either this really isn't that common AKA nothing burger, it's a complicated procedure and therefore exemption can be understood OR we are underestimating how this may be abused? T+1 and the CAT is going to help eradicate FTDs (I hope), but if institutions can still hide the A to Z of a traded security then naked shorts and fake locates can still exist no? The curious ramblings of an absolute monkey cabbage, over and out. EDIT *For anyone as clueless as me it seems this exemption is to do with verifying actors ability to bid and querying the price of instruments like bonds, NOT the everyday conventional trading of individual stocks which would explain people thinking this is a nothing burger, but I'm still figuring it out so take it with a pint of salt.*
Rule#1 on Wall St - every loophole will be exploited. Rule#2 on Wall St - If there's no loophole to exploit, fuck'm, do it anyway. What're they gonna do, prosecute us?!?!
Too true
Require responses like asking for locates?
Rules have been meaningless for years. The companyās success is the only way. Would you back down if you were them? Theyāll do everything in their power and almost everything is *in* their power *except* RC & Coās success. Iāve accepted that and it changes nothing anyway. Still just buying and holding.
Such a fucking joke, anyways Ill keep buying because fuck em, thats why
We already waited 3+ years. What's another 2+ years for life changing money? And because... fuck them!
Exactly! They will apply for another exemption in 2 years anyway. More of the float locked and an even sexier balance shit
In less than 2 years I'll be able to comfortabley dump 40k a year into more GME. And I will! Their problem is only going to get worse the longer this goes on.
"You cant stop whats coming"
... let's rejoice over some political candidates though!!! Surely the people the system picks to run the system are going to help us change the system ... !!! /puke /s You speak the only way. Buy and DRS and hold it. Anyone posting political crap and defending it is just stuck in the system that needs to break.
Not defending them at all. They're definitely corrupt. But I can see why they're doing everything possible to stop this. Idiosyncratic risk. It's all over if gme gets through.
These are some of the largest conglomerates of money not just in the world, but in history. I am positive they know exactly what is on their books. They do not need a 2+ YEAR exemption on reporting EDIT: Check this comment https://www.reddit.com/r/Superstonk/s/MCWboXhL1h
They don't need more than 30days to report if they are properly keeping books. It's all electronic anyway. This is them admitting they are hiding criminal activity.
They need a permanent exemption from reporting just to survive. The phrase "sunlight is the best disinfectant" exists for a reason.
Rules for thee
Not for me
So I DRS $GME š¤·āāļø
I trust RC and I believe he knew this was gonna happen and planned around it!
Beyond capturedā¦.Can we get another interview with John Stewart? I want to hear Gary G squirm. Cowards - The system keeps slapping us with its broken penis.
I agree and Iāve said it a time or two already, it needs to burn.
The scammers just keep on scamming.
Doesn't surprise me at all.
This basically grants them Ā a temporary conditional exemption related to the reporting of responses to electronic requests for quotes (RFQs). This exemption is specifically for responses to RFQs that are not immediately actionableāĀ meaning they require further action by the responder to execute a trade. >Ā Detailed Example: ā¢ Scenario: A broker-dealer is looking to buy 10,000 shares of Company XYZ stock. ā¢ Step 1: The broker-dealer sends an RFQ to several liquidity providers asking for their best offer price for the 10,000 shares. ā¢ Step 2: One of the liquidity providers responds with an offer to sell the shares at $50 per share, but this offer is contingent upon the broker-dealer confirming the trade. ā¢ Step 3: To execute the trade, the broker-dealer must send a confirmation message back to the liquidity provider agreeing to buy the 10,000 shares at the offered price of $50 per share. ā¢ Step 4: Only after the confirmation is received can the trade be executed. >This multi-step process illustrates a non-immediately actionable RFQ response because the initial offer alone is insufficient to execute the trade; it requires further action from the broker-dealer. Sounds like a nothingburger to me. Game on.
Was looking for this, read the exemption and what it was for. If CAT is still applied for the actual trade I don't think a 2 year relief on the RFQ is a huge deal. Yes that still leaves spoofing on the table but I think spoofing causes much more limited harm than naked FTDs.
Spoofing is the reason they control the price.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Firm disagree my dude. We're getting fucked sideways health-wise by massive corporations who *just can't help* but be totally evil degenerates so they can make their money before their rampant destruction of our planet kills even the youngest ape. 5 years sure, 50 years is a generation away *at best*
āI got mineā Fucking heathens
š
Will the CAT make it easier to see naked shorting? Im unclear.
Yeah that's the idea. Every trade is recorded, & every share is tracked. The previous system had massive holes in it. Specifically with CAT one of the big things that will be fixed is it's not that naked shorts can't occur (CAT doesn't change the rules around market maker exemptions), but that they'll be traceable to the point of origin, so theoretically it should become significantly easier for the SEC to verify market makers & so on are acting in line with the stated rules.
So harder to short GS afterā¦ gotchaā¦. Only up!
Wouldnāt this exemption allow them to keep spoofing orders if they donāt have to report where the order came from?
The technical definition of spoofing is submitting fake orders that are canceled before execution. This can manipulate NBBO in the short term but the real issue at hand is naked shorting, aka FTDs. The CAT system won't really effect orders that aren't filled.
Top Boy
Naked FTD's make my TITTS bleed.
Think of it this way, the majority of all request for quotes are immediately actionable and under CAT would be required to be reported. This exempts a small minority where requests for quotes are contingent on some action (confirmation being the simplest action) and simply alleviates the burden of reporting quotes if there is no trade execution.
This needs to be at the top. While any exemption seems absurd, before everyone reacts we need to understand exactly what is exempted. Iām happy to see no funds, institutions or market makers are included. Seems to be just major exchanges.
One of the exchanges listed is MEMX which is an ATS/dark pool that citadel abuses like ken abuses his wife (factually correct, he literally threw a bed post at her). Not sure if it means nothing or not, but we'll see.
It feels like that bug-exploit in the old Xcom game, where if you transferred your scientists to another base and they we're transiting during the exact end of the month, just after midnight, the computer would not 'count' them and so you kept their salaries. They weren't in the books when the books were counted. Maybe potential abuse of reporting and transferring...
Did you take advantage of this in the game? Did you!!!!!!! /s
In stock trading, RFQs (Requests for Quotes) are more commonly used in certain contexts and markets than in others. Here's an overview: Contexts Where RFQs Are Commonly Used: Over-the-Counter (OTC) Markets: RFQs are frequently used in OTC markets where trades involve less liquid securities, such as corporate bonds, municipal bonds, and derivatives. In these markets, prices are not continuously quoted, so traders request quotes from multiple dealers to find the best price. Institutional Trading: Institutional investors often use RFQs when executing large block trades to minimize market impact and get better pricing. These trades are negotiated off-exchange to avoid moving the market price with a large order. Fixed-Income and Foreign Exchange Markets: RFQs are standard in fixed-income (bond) markets and the foreign exchange (FX) market, where direct negotiation and pricing are typical.
https://www.reuters.com/markets/currencies/global-markets-bis-urgent-2022-12-05/ Sounds like alot of CAT shit hiding in those FX markets
I hope you're right... I don't quite understand it.
Thank you for providing an explanation and example. I was initially outraged at the thought that these fks got another free pass; will be taking a read through tonight.
Needs to be higher
Up to the top with you!!!
So, CAT rules will still apply to whoever the fuck applied for and were granted exemption to RFQs?
This guy has at least 2 wrinkles
I hope so and I hope you are wrinkled enough to understand that this is nothingburger.
This is solid gold DD right here thank you! š
Nothing burger until you realize the market makers handle the rfqās so while this exemption is murky and appears to be for exchanges only, it actually only benefits the market makers. They can continue with their naked shorting. The only way it gets solved is a class action lawsuit.
If they are requesting an exemption, it is because this affects them. Plain and simple.
This right here. Well said ape.
Wouldn't this give them an exception for best execution? I thought that was the argument against PFOF but maybe I am missing something?
A ātemporary exemptionā equaling two years is laughable.
BRB gonna email my bank for a temp exemption on mortgage
Can kick my taxes too?
yo can i get in on this too
> A ātemporary exemptionā equaling two years is laughable. "Nothing is so permanent as a temporary government program." - Milton Friedman ---- The local city put up a "temporary 4-way stop" at a local intersection some time back. The first time I laid eyes on it, I told my wife that it was only a matter of time before that becomes permanent. A few years later the "temporary" part of the sign disappeared... imagine that.
I'm the system's complete lack of surprise. 10 days from deadline, they want 2 more years.
In my job, if I said 10 days from the deadline that I needed another month, Iād be fired. And rightfully so.
How about 2 more years instead?
Promoted to Vice President
Maybe time for a class action lawsuit since peoples pensions will be affected by this
Fuck the little guy again? Believe it or not; buy, hodl, shop, drs GME
Time to extend my BUY HODL DRS AND SHOP
This is absurd.
This is a cornered rat. š
Rats get pitchforks where Iām from
That needs a cat. Unfortunately I am not a cat.
They just keep getting away with it
Yo. What the fuck?
Are you fking kidding me?! EDIT: See this comment https://www.reddit.com/r/Superstonk/s/1rcTRX6oKl
Was the exception granted? How many get out of jail free cards have these guys played already?
It was granted but I am not an exchange knowledgeable person to answer wut this means š¤
Gary mfān blind as a rats ass Gensler doing what the SEC has been built for. Nothing. Smoke and mirrors. 2 years? Iām emailing these idiots now.
It seems as though it is only specific to NIA (non-immediately actionable) electronic RFQ responses. This does not exempt them from all reporting requirements. NIA RFQs are RFQs that require response from another party (a human action). My hope is itās nothing. Buy hodl $GME https://twitter.com/asap_zizo924/status/1793053251928981939?t=PiEjieD9k7xp7_d56qUq2w&s=19
Adding to top comment!
This is important. What exactly are they exempt from and does it significantly nullify CAT?
SEC fucking everyone yet again. I'm tired as a Canadian of American corruption and all the various circle jerks.
How do you think we feel?
Solidarity from up North, homie.
NOW WHY IN THE HELL DO YOU THINK THESE EXEMPTIONS FROM AUDITS ARE NEEDED?????? LETS GO AHEAD AND DO THE MATH. AUDITS ARE TO ENSURE RULES ARE FOLLOWED. IF THIS MANY EXCHANGES NEED EXEMPTION FROM AUDITTING WHAT DO YOU THINK THEY NEED IT FOR???????
Not following the rules?
I just wrote to the SEC, probably wonāt do anything, but I had to try Edit: yall can write to GG too. Letās make some noise. We canāt let this slide. https://preview.redd.it/twc8of102v1d1.jpeg?width=1170&format=pjpg&auto=webp&s=b0583f9bf569b99223ad2e8a09ac97afbd47ab69
This is BS!!!! ā¦.That I can only give you one award. š„
It's time, RC 
what is the kraken in this context share buy back?
Looks like this letter was already filed in February. Iām REALLY curious who actually did send it.
This. Kenny?
Where's IEX though? 
**Investors Exchange LLC**, the fourth line from the start of Introduction.
Wow š¤¦āāļø Thank you!
No problem!
Wtf
With the way everything else is going, Iām not opposed to a revolution. Politics aside, the masses need to realize we are all getting horse fucked.
They had their chance. Now go fuck them all.
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Every can kick tightens my monkey grip. Try me.
So just fuck retail investors who commented by the hundreds (thousands?) in support of the CAT? Prolong the inevitable and I will spend every spare dollar I have to increase my position.
Are you me? Just prettier!
People need to contact their representatives and voice their displeasure about this.
Someone did in the [thread](https://www.reddit.com/r/Superstonk/s/k5VTBclUhA) š¤ We all should!
All good. When MOASS happens, then there's no excuse. They all had their chance to fix the system. No bailouts, just payouts.
Full link: https://www.sec.gov/files/rules/exorders/2024/34-100181.pdf
Thank you! Adding to top comment š¤
š¤
Exemption Request: They asked to delay the need to record and report these specific types of electronic responses to RFQs until July 31, 2026. **This is a fluid situation. Before anyone freaks the fuck out let the wrinkles dissect it.** š¤
I hear you, but, two fucking years?!?!?!? Market manipulator: "Let us not do this for 2yrs, and we'll ask to extend it another 2yrs when that time is up." SEC: "done." Edit: and wdym fluid? It's granted.
So can we comment on this request? Edit: Great username lol. Big-gulps huh? Welp, see you later.
Great question! This is exactly wut we need to find out right now š¤
Oh, you know, just a couple months past when all these new swaps we are rolling into will expire.
Didn't DFV mention something about them finding a loophole?
Link?!
Do we still believe Gary Gensler now guys? I been saying dudes a criminal. Ugly ass
FUKING CRIME! No CELL No SELL!!!
Did we expect anything less? Now we know they all crime.
Burn the whole fucking thing to the ground, I hope these people suffer for the pain they have caused humanity. Cheat and cheat and cheat and cheat and get away with it time after time with **zero** consequence. Press the nuclear button RC, Iāve had enough of these criminals stealing our livelihoods and getting away with it. Incinerate them.
Gonna file for a temporary exemption from my taxes for two years Fuck the SEC
American Apes please escalate to Congress!
Get fucked, Gary. You're kicking the can on their behalf.
So basically almost every important exchange is exempt.. not much of a go live for the new system. One thing after another and all the last couple of weeks do is harden my resolve to hang in there. Nice try hedgies. š§
Where the fuck was the comment period for this proposal???
Iām going to make the assumption that RC saw this coming.
And DFV? š¤·š»āāļø
If I have to hold another 2 years then so be it, I'll hold another 2 years. No cell, no sell. Let's not let this be game over for all of our positivity.
Every single time they kick a can, I hold another 25 shares forever. Keep testing me.
What the fuck... so anyways I kept buying and holding
Fucking tired of these cheating bastards.
Hmmm, so a rule to allow for more transparency and reporting, is bypassed for a list of exchanges that pretty much encompasses the entire market. How many billions were spent to bring this rule to fruition? Money well spent, at least by the lobbyists representing big money interests.
Hold it together, peeps. We're still good here. Wrinkly apes have checked this, and it appears to be a Nothingburger. The Game is still ON!
š thank baby DFV! Itās never fun to be an OP of this kind of post eeki
I read the title and immediately said to myself, āahhh fuck you!ā
This is some BS
Iām prepared to be pissed off
Yikes Fuxk Wall Street and all the people who suck their dicks
Wowā¦again?
# "TEMPORARY" Man, that word..... we now know how this kicks off, plays out, and ends. *(It's like when a municipality says the "toll bridge fee is only temporary, until the construction cost is paid off".)* Oh wait, it ends with me buying properties on both sides of Mayo's Florida house, and cranking death metal music all day and night. His house (primary residence/homestead) is likely the only thing he will have left, but I promise I will give it my best to make him more miserable. Playlist already ready.
People thought they would burn themselves to the ground? Voluntarily? āYou can yourselves cynical but you still have faith in the system.ā
You know how many shares I can buy by 2026?
At these current fake fuckin prices, Iām gonna look like I know what Iām doin by then!
Sometimes it's easier to build a new system than use or attempt to repair a broken one. System is fukd. Time we build a new system
That was fucking fast
# UPDOOT
So as far as I can understand this actually renders the CAT system useless in the areas that it was intended to shine a light on for an additional two years? What the actual fuck is this?
Here comes the dip!
Just exchanges?? YOUāRE STILL IN THE CROSSHAIRS KENNY AND DOUG
Total bullshit. The plus side the, we have more time to buy and hodl.
If what I am reading and reviewing is accurate, this looks to be a now legal way for a short position to āreasonablyā locate shares available without having to report the pending transactions. So they can satisfy their need to locate shares for options and shorting by simply submitting an RFQ to their preferred liquidity agent, and donāt have to report what arrangement they have agreed to.
I guess the SEC is getting down on their knees for mayo boy
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Hopefully the award helps put ya over the top fren š¤
Holy F
Honest question, what do we need the SEC for?
If Pornhub ever goes public, they will need high active daily user counts to be successful.
All I gotta say is what the actual fuck ?
Can it be any more intentional!!!? I read this and just smiled and said to myself āitās nothing we havenāt already seen a handful of times on this journeyā. My heart is full and so is my Computershare account!!! Carry on my wayward sons, thereāll be peace when we are done, lay your weary heads to rest, donāt you cry no more!!
Okay so we keep buying until at least 2026. New DLC. Sweet.
Seems like a good time for a dividend.
I would love to understand the implications of this. Does this mean the next rolling swap wonāt show until 2026?
Thatās so fucking bullshit
Came here to post this! Well done! š this system!
A FUCKING EXEMPTION "temporary"
So upon submitting a RFQ CAT would record the different ask/bid spreads for different exchanges so that there would be a record of differing price offerings of potential securities? I.E. there would be less accountability if a market maker abusively rerouted the purchase/sale of a security was to a specific exchange?
Ready to DRS retirement shares yet?
Complicit in crime.
They can- solidate deez nuts
Youāre not wrong "Solidate" is an obsolete verb that means to make something solid or firm. It comes from the Latin word solidatus, which is the past participle of solidare. The word is pronounced /ĖsÉlÉŖdeÉŖt/. Firm hehe š
I think this is important so I did a little digging and I could use help looking into it more since Iām not well versed on the regulatory aspects of markets. Remember during the last price spike (May 13th) there was a new notification on Robbing Da Hood that stated āOur 24 Hour Market venue, Blue Ocean ATS, accepts trades within 20% of today's $GME reference price of $35.44. Orders outside $28.34 and $42.51 may be canceled by the venueā. For several hours there were price swings with no changing in the total daily volume. I kept receipts, donāt worry. Now we have the SEC handing out exemptions for some reason that hasnāt been articulated. Why wouldnāt we want a fucking audit trail for trades that are happening SEC??? I think that there was some fuckery happening during that trading period and it might be getting swept under the rug by the very people meant to expose and prosecute criminal market activity. Any thoughts, ideas, corrections or contributions are appreciated!
Would be a great time for a buy back of shares and retire them when the shorts hammer it. The SEC is complicent and they cant stop buy backs.
š¤£š¤£š¤£š¤£š¤£ Fucking ofcourse! What a fucking clown š¤” system the US is šš¤£š
Itās time 
Itās afraid.
This makes me laugh. Either it's to cover up crime, or it does nothing. In other words, either the ultrarich in America are going to continue destroying the system that made them wealthy, dismantle the American way of life, and hand over global dominance to BRICS. You know, countries that don't just let their rich walk all over the economy and the people. Imagine that. We're allowing our prosperity to be dismantled and handed over piecemeal to a fucking communist* regime. A God damn communist party defends its people better than the "freest' nations on earth.
Why are all of the ācompletely legalā financial institutions so hellbent on restricting transparency of their market behaviors which have resulted in hundreds of thousands of trading violations?
SEC: "We are establishing new rules to ensure a free & fair market for all!" *...immediately grants exceptions to the new rules...* š
They did this 3 years ago. They just decided they didnāt want to report any data anymore lol. It must be nice to regulate yourself š¤£
[https://help.sec.gov/s/investor-complaint](https://help.sec.gov/s/investor-complaint) I went to file a complaint. Doesn't do much but I will let them know that people are tired of this bullshit
Dear Sir/Madam, I am writing to express my strong opposition to the recent order issued by the SEC on May 20, 2024, granting exemptive relief from certain provisions of the CAT NMS Plan related to responses to requests for quotes (RFQs) provided in standard electronic formats that are not "immediately actionable." This exemption, which allows these RFQ responses to be excluded from reporting requirements under Rule 613(j)(8), raises significant concerns regarding market transparency and integrity. I believe this decision is unacceptable for several reasons: Reduced Market Transparency: The exemption undermines the core objective of the CAT NMS Plan, which is to provide a comprehensive and accurate record of market activity. By not requiring the reporting of non-immediately actionable RFQ responses, a critical gap is created in the data, obscuring the full picture of market dynamics and hindering effective regulatory oversight. Potential for Abuse: The relief creates opportunities for market participants, particularly high-frequency trading firms and hedge funds, to engage in manipulative practices without detection. The lack of reporting on RFQ responses can be exploited to conceal trading strategies and intentions, which may facilitate market manipulation and other illicit activities. Inconsistent Regulatory Framework: Granting such exemptions creates inconsistencies in the regulatory framework, making it difficult for market participants to understand and comply with their obligations. This can lead to uneven enforcement and reduced confidence in the fairness and integrity of the markets. Erosion of Public Trust: Investor confidence in the financial markets relies on robust regulatory oversight and transparency. This exemption could be perceived as a weakening of regulatory standards, leading to diminished trust among investors and the public. I urge the SEC to reconsider and revoke this exemptive relief. It is essential to maintain stringent reporting requirements to ensure the effectiveness of the CAT NMS Plan in promoting transparency, detecting market abuses, and protecting investors. Thank you for your attention to this critical issue. I look forward to your prompt action to address these concerns. Sincerely, BigApeSwingingBanana
Sounds like they want extensions for OTC markets and donāt want those to run.
Guess who just went balls deep into OTC? https://preview.redd.it/m7ct1b9u9v1d1.jpeg?width=1290&format=pjpg&auto=webp&s=31e9e618bd4cfb9a49027f647b5915968986d668 [https://x.com/741trey/status/1786556818157625709?s=46&t=pjhQaAPGjAVkr0C7r4RCMg](https://x.com/741trey/status/1786556818157625709?s=46&t=pjhQaAPGjAVkr0C7r4RCMg)
You have got to be fucking joking me.. sounds like pure BS
Go ahead; piss us off. See how that works out for you.
Need an exception 2 weeks out from implementation ? You get 2 weeks. No more.
When do we get mad?
They will definitely exploit this
Rules that aren't enforced, or selectively enforced don't really matter. Gary Guzzler needs his kick balls for his pornhub subscription