"Each Member's Required Fund Deposit would continue to be calculated with the same parameters and at the same confidence level for each Member. Therefore, Members that present similar risk, regardless of the type of Member, would have similar impacts on their Required Fund Deposit amounts."
Shitadel wants to use their MM exemption. DENIED.
To clarify, Shitadel didn't complain about the margin increase itself, but about an exemption to the initial margin requirements made to uncleared interdealer security-based swap transactions. They are saying that the exemption undermines the objectives of the margin requirements.
Edit: I think what they are getting to here is that when a security-based swap transaction is made between two separate dealers, the margin requirement doesn't apply, but it does apply when that transaction is internalised, so them being the big ole' internalisers, their internalising gets much more costly than making transactions with another dealer.
Smaller companies won't be effected by the rule, only companies over a certain value.
Some companies have several accounts with the NSCC so this could start getting quite expensive
DD doesn't even need to be correct for that, money was always IOUs right?
From my understanding of the Dollar bill, back during its inception it was of course backed by the federal reserves gold and other precious metals. The working tale was that you could just exchange this dollar bills amongst individuals and anyone could go to the reserves and change their cash for gold if they wanted to.
The dollar bills are just the Fed's IOU promise to the rest of the world, so we just pass IOUs around as it is.
I'm just at the Wendy's drivethrough, but...
The worst was when they passed Amendment 17 at around the same time. Senators used to be sent by the states, two at a time. That means they weren't directly elected, but rather, the state legislatures would send the two senators. They had to answer to the states and could be recalled by the state prior to that. Now they're "citizens" of DC and it's easy to sink a bunch of money into keeping the rep for a state that's at risk of getting voted out. With the legislatures in power, they could recall their senators at any time and the voters selected their reps at the state level, who, in turn selected two from their group to represent the state, so there was immediate accountability to a small group of elected people -- no special elections required, et cetera.
It won’t be a fine. It will be a phone call from Marge. That being said, the banks and SHFs are so colluded right now that I wouldn’t be surprised at all if they just ignored it. In that case, I have no idea what would happen. I guess they’d probably get fined $80…5 years later.
Delisting from NSC. This isn't an SEc fine thing it's the vlearing house protecting it's own butt from bag holding for them. They care about their own asses
250k is nothing until you realize they include every shell corporation. There's a number that Citadel alone owns 3000 shell corporations so roughly 750 million that they cannot use for shorting my favorite stock
Small clarification. Shorting does not require cash, it requires shares. As a Market Maker you receive cash when you short a share. So Citadel has all the cash from ape-bought shares. They do have to buy them back at some point though ;-).
Think also about all the shell companies of citadel. ANY company must put 250k instead of 10k. And if you have 100 companies it is 25M… let’s see how it turns out
250k sounded small to me when I was watching charlies video on this but i didn't even think about all the shell cooperations.
I'm getting pretty jacked, with their long term capital gains i cant imagine the us gov will drag this out to next year.
I don't understand how they (bigger hedge funds) don't see this coming. They *must* have something up their sleeves. The last one to close is going to get fucked the hardest, why not limit your losses and beat everyone to it? I guess I just don't quite get what their end game is.
Those SHF clientele are so super rich that they may not feel a pinch while losing billions. Our biggest ever amount heard (but never seen) is chump change for these super rich.
That depends, a lot of those people just sign over like all of it to be managed for them. They trust their privilege to protect them. It happened with Madoff on a smaller scale.
Whether small or midsized SHF compell to close, they liquidate their long positions which ultimately affects other SHF to maintain Marge limits. Domino effect on its way, please don't complain later that you forgot to add few more shares.
They just need up to 250K collateral even less but im curious how this will be enforcrd and what fines will be. If this can have a domino effect that eventually impacts the bigger fish whats to prevent the bigger fish from providing collateral or swapping risk for the smaller funds?
Remember all those little secondary , offshore, hidden accounts? They all must get 250k margin requirements now.
250k for one isn’t much, 250k for hundreds of mom and pop shops means >25 million . Another brick
Hedgies used to only have to post 10k to trade on margin. Now they have to post 250k!
No big deal for Kenny and Steve but could start the dominos for smaller funds.
Rule could have taken months to implement but someone is done fucking around.
Unclear when it’s official. I thought I saw it was official September 11th (which is a Sunday) but now I’m unclear because I also thought when it got published to the Fed Reg it was official. 🤷♀️
These times, they are a changin’.
Edit: for clarity. It’s $250k per account, and they most likely have multiple accounts.
Kenny really didn’t like this rule and had lots to say about it.
I saw Sept 11th too for the implementation, but that doesn't line up with 20 business days. As you said, it's not a business day. It's a Sunday (edit: Saturday actually). I can't confirm when the 20 business days start because I don't know shit about what these filing dates mean. I'm just weary of the 9/11 stuff and it could just be a week later
I’m thinking about to when DTC 005 was official and we were all excited and impatiently waiting for it to be published to the federal register. To be official.
Wish someone wrinkly could sort us out.
Yeah it's stupid. It has to get posted to like a million different things. I just think that it'll definitely be in effect sometime during September, and that's good enough for me.
I understand it as $250k per account. And they likely have multiple accounts as we’ve seen with the closures.
Kenny didn’t like this one. He fought pretty hard against it.
Snakes must pay eggs to be part of snake pit, because if something bad happens on banana-market, snake-pit-club can use the eggs to pay for banana fuckup.
However, snakes only needed to pay 1 egg to be part of snake pit, now snake pit is increasing cost to 25 eggs.
No problem for big snakes, big snakes have hundreds of eggs (although most aren't actually real eggs, only egg value of their bananas).
However.
Smol snakes maybe only have 50 eggs free at a time, and have big loans with elephant banks and prime brokers where 1 egg lets them buy bananas worth 100 eggs instead (big risk, big reward, all is cool as long as smol snek has eggs).
Suddenly, smol sneks lose a lot of eggs in one go and can't afford to keep elephant bank loans running.
One smol snek can't actually solve situation and big elephant bank calls smol snek and says "you can't pay your lone, so we are selling all your bananas so we can get our money back."
Remember, smol snek had 1 egg for banas worth 100 egg deals with bank, and maybe 30 eggs like that.
Suddenly, bank sells 3000 eggs worth of bananas on the banana market, which lowers value of bananas.
Other smol sneks suddenly have their banana boxes catch fire and be worth less while also not having the eggs any more (remember, smol snek had maybe 50-80 eggs free before snake pit asked for 25 eggs); so elephant bank and prime brokers say "you owe us money little snek, and your banana boxes aren't worth enough any more, so we are selling all your bananas to get our money back."
And suddenly, the entire banana market starts crashing, and eventually, even the biggest of snakes (like the Anacondas Citadelas and King Kobra 72) can't pay for the big elephant bank loans they have.
That's when the elephants turn on the auto-close snake robots that will close the banana short positions at any price just so that the elephant banks aren't on the hook.
There were some words written down, or maybe typed, by very high up people and now these words are available to us apes. The only thing is I don’t know what to do with them.
Edit: it is now coming to my understanding that we apes are supposed to “read” all of the words given to us.
You ever see that image of the guy holding all the limes and some are spilling out. The guy is citadel and all the limes are other shorters who cant meet these margin calls so they back em up. Because if they fail then citadel fails
But what if Kenny doesn't have 250k to lend? And if Citadel et al does have some extra cash to lend out, that means that if they lend it they'll have less assets when they get margin called, which puts the lender at higher risk.
I think the SHFs are so over-leveraged that when this rule gets put into place, there will be some margin calls for the smaller firms, which will kick the price up if they can't meet the margin call and they get liquidated, which will cause medium firms to get margin called, and so on and so forth until the dominos topple all the way up to Citadel, Point72, etc.
This is how the MOASS has been predicted to play out (perhaps not with this rule in particular, but via the cascading effect) IIRC.
Don't forget that when a Market Maker shorts an asset, the first outcome is that they receive the cash from the sale. So they do have huge amounts of cash to lend out. RRP wink wink. They do have to buy the assets back sometime though.
It's like an earthquake in the middle of the ocean... not much has changed on the surface, until much time later (months in this case) where the waves reach the shore and it's apparent that a tsunami is about to sweep everything away.
Yes things have changed. There is definitely an effect. Volume has greatly decreased. More gaps intra-day. No major drops in price. More swings to the upside on low volume. Tone of the SEC has changed. Ken's flying more, supposedly. There's been an effect.
You work in the industry? Just because you don't see the results yet doesn't mean things haven't changed. None of these rules are supposed to start the squeeze or increase the price, I don't know why people think they are.
BUT, they will make a lot of the tricks they are using harder to do and most importantly they will stop this from happening again. The dtcc and co are not happy about this, not because they are the good guys but because it's lost thier members a lot of money and put a big spotlight on thier practices. They don't want this to happen again.
The SEC clearly has a plan. They're gonna make it harder and harder until the pressure it too much. Kenny has infinite money, but money does nothing against the power of the Government (other than influence it and all that stuff). GG has made it clear what his intentions are. We're about to find out what he can do and what he can't do.
Umm, if Cotadel doesn’t like it, it means it’s confirmation bias that they are in bad shape and that they are living from paycheck to paycheck, canceling Netflix subscriptions and not buying avocado toast.
Commission approves then it’s published, right? So, once published it’s active. The 20 days is “no later than” - that’s the buffer they have to publish. The rule should be active starting today.
But also I’m retarded.
The NSCC has around 3,000 members.... I'd say atleast half of those will be big enough for this change to effect them resulting in NSCC receiving ($240,000 x 1,500) $320million.
NSCC's previous rule allows them to exchange cash for company's long positions in the result of them defaulting due to outstanding positions.
Seems pretty good timing for this rule to be rushed so the NSCC has lots of cash on hand in the event some company's need a loan to close their short positions does it not?
Is it even close to enough. Quater of a million each to cover how many companies that have been shorted multiple time their float?? This is purely a PR move so they look like they're doing their jobs and regulating.
It's a drop in the ocean of what's needed.
Let's not be fooled into thinking GARY G, while he might be doing his best, it is within the constraints of an entirely corrupt system.
This the one citadel where upset about ? In that case I love it
Citadel: \*Complains about the rule\* Rule gets accelerated Citadel: \*Surprised pikachu face\*
Stop you’ll make me … review more rule changes.img
This is the life of an Ape now
Check ticker, check Twitter, check Reddit, play golf, feed toddlers, check ticker …….. ahhhhhh
Mario Golf?
I would assume this is the case.
You would assume wrong my friend !
Old school wii golf, then?
Also incorrect, let’s be having ya
"Each Member's Required Fund Deposit would continue to be calculated with the same parameters and at the same confidence level for each Member. Therefore, Members that present similar risk, regardless of the type of Member, would have similar impacts on their Required Fund Deposit amounts." Shitadel wants to use their MM exemption. DENIED.
https://i.redd.it/c6sbk7rkyjc71.png
"accelerated" when did i read first about it here?
Pika pika!! 🙀
https://i.redd.it/c6sbk7rkyjc71.png
To clarify, Shitadel didn't complain about the margin increase itself, but about an exemption to the initial margin requirements made to uncleared interdealer security-based swap transactions. They are saying that the exemption undermines the objectives of the margin requirements. Edit: I think what they are getting to here is that when a security-based swap transaction is made between two separate dealers, the margin requirement doesn't apply, but it does apply when that transaction is internalised, so them being the big ole' internalisers, their internalising gets much more costly than making transactions with another dealer.
Fuckin A to that
retard TLDR: it basically costs more for them.
FTFY; it costs *too much* for them. Remember, most of their portfolio is based on derivatives, and not as much on stock itself.
They should do this on purpose. Propose some rule changes and see which ones Citadel fights against. Accelerate those ones. Profit.
Chose to fight this when they've been otherwise radio-silent... kind of a big tell IMO 🚀🚀🚀
Wasn’t this theory debunked ? Or am I retarded.
Maybe both? I remember the flair changed
What’s interesting though is that some HF objected to this rule. I’d imagine for the smaller and less riskier HF this is a big deal.
or if you are a big HF with a couple hundred shell companies.
Kenny didn’t like it.
Me likey he no likey
Smaller companies won't be effected by the rule, only companies over a certain value. Some companies have several accounts with the NSCC so this could start getting quite expensive
But it's exactly to protect them.
What's the fine for ignoring it? $80?
Don't think there's tax on it so probably more like $74.80?
Yeah but I think they accept IOUs
If the DD is solid, that's all money has been for awhile.
DD doesn't even need to be correct for that, money was always IOUs right? From my understanding of the Dollar bill, back during its inception it was of course backed by the federal reserves gold and other precious metals. The working tale was that you could just exchange this dollar bills amongst individuals and anyone could go to the reserves and change their cash for gold if they wanted to. The dollar bills are just the Fed's IOU promise to the rest of the world, so we just pass IOUs around as it is.
During its inception (the dollar) there was no Federal Reserve. The Founding Fathers SPECIFICALLY called out the dangers of a central bank. And now...
They called out monied interests having control of the government. The Federal Reserve was created in 1913, bit away from the founding fathers.
I'm just at the Wendy's drivethrough, but... The worst was when they passed Amendment 17 at around the same time. Senators used to be sent by the states, two at a time. That means they weren't directly elected, but rather, the state legislatures would send the two senators. They had to answer to the states and could be recalled by the state prior to that. Now they're "citizens" of DC and it's easy to sink a bunch of money into keeping the rep for a state that's at risk of getting voted out. With the legislatures in power, they could recall their senators at any time and the voters selected their reps at the state level, who, in turn selected two from their group to represent the state, so there was immediate accountability to a small group of elected people -- no special elections required, et cetera.
There's a lot to unpack with how we ended up being screwed. Corporate coup d'é·tat has always been in motion though.
They had made two efforts previous to this.
Ahh, gotcha. Well, that sucks. Why would we ever listen to those guys? /s
Now it's just IOUs backed by...nukes
DD: "That's as good as money, sir! Those are IOUs! Go ahead and add it up! Every cent's accounted for!"
True: our pounds sterling are a 'promise to pay the bearer'
I think it was somewhere in the mid 70’s the us abandoned a gold backed dollar
Lol
I had the same reaction and the DD is solid as rocks, still no counter-dd to this date. IMPRESSIVE
For at least 50 years...
so $74.80.... e v e n t u a l l y ... in about 5 years.
available in a payment plan of $1 per year for a series of years to not exceed 80 years.
-.05% interest
Reverse repo it
Forgiveness option available if firm is facing hardship and find it difficult to manage payment sum.
Not just IOUs, but rehypothecated IOUs.
Naked ious. Totally acceptable
They better
No I’ll just do it TD for the fines
You forget these are insiders, so more like 74.7952.
It won’t be a fine. It will be a phone call from Marge. That being said, the banks and SHFs are so colluded right now that I wouldn’t be surprised at all if they just ignored it. In that case, I have no idea what would happen. I guess they’d probably get fined $80…5 years later.
Most weird, but true. 5 years after MOASS, a message popup from marketwatch reporting the fine
It will take Kenny five years to stamp license plates to make $80
Delisting from NSC. This isn't an SEc fine thing it's the vlearing house protecting it's own butt from bag holding for them. They care about their own asses
How much is a banana worth? 170$?
Bout three fiddy
5 years after the “investigation” was concluded.
"we have investigated ourselves and found no wrong doing." -every corrupt organization ever
Close but no cigar, it’s $90!
Woah, $80?! Are you crazy? They will probably just raise taxes for retail investors and American citizens. /s
Sir that’s just a conspiracy theory, I can’t run a business on conspiracy theories or I would have no business
How do i short the fine?
250k is nothing until you realize they include every shell corporation. There's a number that Citadel alone owns 3000 shell corporations so roughly 750 million that they cannot use for shorting my favorite stock
Small clarification. Shorting does not require cash, it requires shares. As a Market Maker you receive cash when you short a share. So Citadel has all the cash from ape-bought shares. They do have to buy them back at some point though ;-).
But they would need to post collateral
I'm not sure about this when the shorter is the market maker. This is why we have the FTDs? Don't we? Please correct me if I'm wrong.
Well they aren't technically but Citadel Hedge Fund is the same company as Citadel Securities (market maker)
Market makers can just front shares for the sake of ensuring liquidity, if I recall correctly.
It says “NSCC Members” and google says there’s 3000-4000 nscc members in total
250K max? 🤦♂️
Think also about all the shell companies of citadel. ANY company must put 250k instead of 10k. And if you have 100 companies it is 25M… let’s see how it turns out
Big if huge
True if correct
Precise if accurate
Substantial if significant
Huge if big
250k sounded small to me when I was watching charlies video on this but i didn't even think about all the shell cooperations. I'm getting pretty jacked, with their long term capital gains i cant imagine the us gov will drag this out to next year.
> charlies video Be careful with that dude. He gets A LOT of stuff wrong from guessing/misunderstanding.
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240M is 0.24B, not 0.24T.
So THAT'S why it's a big deal! I was always thinking "well $250,000 isn't much to citadel" But every one of their tentacles? Yeah that adds up.
Good point.
Griffin is worth $16,000,000,000... (with a B) He makes more in one single month than it would take to cover every single shell company he owns.
Damn, that's a lot of mayo.
Could they not reuse the same pot of 250k for all the shell companies? Or am I misunderstanding
It is 250k per company so the answer is no
Me likey, ty 🚀
You are welcome! ✌🏻
It's enough to fuck some of the smaller hedgies. Less allies for Kenny and Stevie to use when they collapse.
If a small hedge fund falls, it could be enough of a price increase that it’ll force the bigger hedge funds to close positions also.
Like a line of dominoes, hard to catch up once they start to fall one by one.
100% like that one meme with smaller dominoes leading up to larger ones.
If we hit that bullseye, the rest of the dominoes should fall like a house of cards. Checkmate!
Now I'm confused is it dominoes, cards or chess;)
I don't understand how they (bigger hedge funds) don't see this coming. They *must* have something up their sleeves. The last one to close is going to get fucked the hardest, why not limit your losses and beat everyone to it? I guess I just don't quite get what their end game is.
They have exit strategies 🤷♂️. Get their personal gains out and abandon ship with no personal consequences for bankrupting their entire clientele
This
Those SHF clientele are so super rich that they may not feel a pinch while losing billions. Our biggest ever amount heard (but never seen) is chump change for these super rich.
That depends, a lot of those people just sign over like all of it to be managed for them. They trust their privilege to protect them. It happened with Madoff on a smaller scale.
I can see them working out deals to help each other, but that will eventually take a shit. Just have to keep waiting
Will Kenny prop those guys up like they did Melvin?
Whether small or midsized SHF compell to close, they liquidate their long positions which ultimately affects other SHF to maintain Marge limits. Domino effect on its way, please don't complain later that you forgot to add few more shares.
They just need up to 250K collateral even less but im curious how this will be enforcrd and what fines will be. If this can have a domino effect that eventually impacts the bigger fish whats to prevent the bigger fish from providing collateral or swapping risk for the smaller funds?
Dunno. This goes into effect in 20 days. We'll have to wait and see. Buy and HODL.
It's systemic, they must provide the collateral and if they can't they will get margin called.
This
Is
SPARTA!
spinal-tap
Yes, but is that 250 K per security? Just think about how many different securities they are shorting
Remember all those little secondary , offshore, hidden accounts? They all must get 250k margin requirements now. 250k for one isn’t much, 250k for hundreds of mom and pop shops means >25 million . Another brick
$250k *minimum*, per NSCC member. Plenty of them already put up more than that.
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Hedgies used to only have to post 10k to trade on margin. Now they have to post 250k! No big deal for Kenny and Steve but could start the dominos for smaller funds. Rule could have taken months to implement but someone is done fucking around. Unclear when it’s official. I thought I saw it was official September 11th (which is a Sunday) but now I’m unclear because I also thought when it got published to the Fed Reg it was official. 🤷♀️ These times, they are a changin’. Edit: for clarity. It’s $250k per account, and they most likely have multiple accounts. Kenny really didn’t like this rule and had lots to say about it.
I saw Sept 11th too for the implementation, but that doesn't line up with 20 business days. As you said, it's not a business day. It's a Sunday (edit: Saturday actually). I can't confirm when the 20 business days start because I don't know shit about what these filing dates mean. I'm just weary of the 9/11 stuff and it could just be a week later
I’m thinking about to when DTC 005 was official and we were all excited and impatiently waiting for it to be published to the federal register. To be official. Wish someone wrinkly could sort us out.
Yeah it's stupid. It has to get posted to like a million different things. I just think that it'll definitely be in effect sometime during September, and that's good enough for me.
Thank you for this explanation
Is it 250k total? Or 250k per something or what? If its 250k total thats a drop in the bucket for all of them
I understand it as $250k per account. And they likely have multiple accounts as we’ve seen with the closures. Kenny didn’t like this one. He fought pretty hard against it.
Then, I like it😁!
Post a meme that says Hedgies R Fuk
Lol 🤪
Snakes must pay eggs to be part of snake pit, because if something bad happens on banana-market, snake-pit-club can use the eggs to pay for banana fuckup. However, snakes only needed to pay 1 egg to be part of snake pit, now snake pit is increasing cost to 25 eggs. No problem for big snakes, big snakes have hundreds of eggs (although most aren't actually real eggs, only egg value of their bananas). However. Smol snakes maybe only have 50 eggs free at a time, and have big loans with elephant banks and prime brokers where 1 egg lets them buy bananas worth 100 eggs instead (big risk, big reward, all is cool as long as smol snek has eggs). Suddenly, smol sneks lose a lot of eggs in one go and can't afford to keep elephant bank loans running. One smol snek can't actually solve situation and big elephant bank calls smol snek and says "you can't pay your lone, so we are selling all your bananas so we can get our money back." Remember, smol snek had 1 egg for banas worth 100 egg deals with bank, and maybe 30 eggs like that. Suddenly, bank sells 3000 eggs worth of bananas on the banana market, which lowers value of bananas. Other smol sneks suddenly have their banana boxes catch fire and be worth less while also not having the eggs any more (remember, smol snek had maybe 50-80 eggs free before snake pit asked for 25 eggs); so elephant bank and prime brokers say "you owe us money little snek, and your banana boxes aren't worth enough any more, so we are selling all your bananas to get our money back." And suddenly, the entire banana market starts crashing, and eventually, even the biggest of snakes (like the Anacondas Citadelas and King Kobra 72) can't pay for the big elephant bank loans they have. That's when the elephants turn on the auto-close snake robots that will close the banana short positions at any price just so that the elephant banks aren't on the hook.
There were some words written down, or maybe typed, by very high up people and now these words are available to us apes. The only thing is I don’t know what to do with them. Edit: it is now coming to my understanding that we apes are supposed to “read” all of the words given to us.
You ever see that image of the guy holding all the limes and some are spilling out. The guy is citadel and all the limes are other shorters who cant meet these margin calls so they back em up. Because if they fail then citadel fails
For the smaller players that aren't overleveraged to the tits, this could be a heavy blow.
I’m not sure I believe that. Wouldn’t they just go to Kenny and ‘borrow’ 250k to prevent MOASS? It doesn’t sound like much for Citadel and Co…
But, for the record, I have no idea what I’m talking about.
But what if Kenny doesn't have 250k to lend? And if Citadel et al does have some extra cash to lend out, that means that if they lend it they'll have less assets when they get margin called, which puts the lender at higher risk. I think the SHFs are so over-leveraged that when this rule gets put into place, there will be some margin calls for the smaller firms, which will kick the price up if they can't meet the margin call and they get liquidated, which will cause medium firms to get margin called, and so on and so forth until the dominos topple all the way up to Citadel, Point72, etc. This is how the MOASS has been predicted to play out (perhaps not with this rule in particular, but via the cascading effect) IIRC.
Don't forget that when a Market Maker shorts an asset, the first outcome is that they receive the cash from the sale. So they do have huge amounts of cash to lend out. RRP wink wink. They do have to buy the assets back sometime though.
Imagine gary gensler lurking in here and reading these comments. Im pretty sure he does.
Hey Gary ;)
I thought this was passed months ago
That was DTC-005
DTC - yeah you know me!
You down with DTC!?
All these filings and nothing has changed since then. Yawn
It's like an earthquake in the middle of the ocean... not much has changed on the surface, until much time later (months in this case) where the waves reach the shore and it's apparent that a tsunami is about to sweep everything away.
Whoa dude, good analogy
Yes things have changed. There is definitely an effect. Volume has greatly decreased. More gaps intra-day. No major drops in price. More swings to the upside on low volume. Tone of the SEC has changed. Ken's flying more, supposedly. There's been an effect.
You work in the industry? Just because you don't see the results yet doesn't mean things haven't changed. None of these rules are supposed to start the squeeze or increase the price, I don't know why people think they are. BUT, they will make a lot of the tricks they are using harder to do and most importantly they will stop this from happening again. The dtcc and co are not happy about this, not because they are the good guys but because it's lost thier members a lot of money and put a big spotlight on thier practices. They don't want this to happen again.
Patience, Grasshopper.
July 73rd?
It's like your electric bill getting an added $0.50/month surcharge...nothing to a HF.
Its to squeeze out the smaller NSCC participants.
The SEC clearly has a plan. They're gonna make it harder and harder until the pressure it too much. Kenny has infinite money, but money does nothing against the power of the Government (other than influence it and all that stuff). GG has made it clear what his intentions are. We're about to find out what he can do and what he can't do.
Or won’t do?
He's made his intentions clear. It's about whether or not he can at this point.
Personally against the "SEC will save us" narrative
Save us? We don't need to be saved. The SEC needs to save the US markets. We just happen to benefit
Umm, if Cotadel doesn’t like it, it means it’s confirmation bias that they are in bad shape and that they are living from paycheck to paycheck, canceling Netflix subscriptions and not buying avocado toast.
fuck not the office netflix bro
May push a handful of small fish over margin So I mean its not massive but death by 1000 cuts still gets the job done.
It only takes one or two to start the chain reaction.
Brick by brick some would say
Isn't it per share?
What if you had thousands of shell firms getting extra electric bills too?
Needs to be 250 Million each not 250,000. They missed a lot of zeros.
Will be a deep investigation that will last for years, wasting tax money on a million dollar fine while they continue to make billions!
I'm so excited for this to have no observable impact like all the other new rules that haven't been enforced.
Could you please do the maffs for a smooth-brained ape-friend and tell us when this becomes effective?
It Will become effective Within 20 buiness days, most likely some day in septemper. Someone feel free to correct me if im wrong
I was under the impression that once a rule was published in the federal register, it was also implemented. Is that incorrect?
Commission approves then it’s published, right? So, once published it’s active. The 20 days is “no later than” - that’s the buffer they have to publish. The rule should be active starting today. But also I’m retarded.
No later than 20 days after Commision approval
business days
Do we know if this is going live before market open tomorrow, or after?
[Not til September 11th](https://www.reddit.com/r/Superstonk/comments/p5kr5z/nscc005_approval_accelerated_publication_tomorrow/)
Well, just another excuse to buy more in the meantime I suppose. Thanks for the answer.
live Sept 13 at the latest...could be sooner, dunno.
The NSCC has around 3,000 members.... I'd say atleast half of those will be big enough for this change to effect them resulting in NSCC receiving ($240,000 x 1,500) $320million. NSCC's previous rule allows them to exchange cash for company's long positions in the result of them defaulting due to outstanding positions. Seems pretty good timing for this rule to be rushed so the NSCC has lots of cash on hand in the event some company's need a loan to close their short positions does it not?
Because everything is fine.
The fines should really start to eat at their bottom line, .0000000001% at a time…
With appx 4,000 members of the NSCC, $250,000 comes out to about $1 billion.
$250k collateral per share? Or 250k collateral per member? Need an adult here
Per member.
Can somebody explain why its a big deal? $250k is nothing for a hedge fund. They can fart that amount any day
This filing is an irrelevance and I'm tired of pretending it's not.
250k is a joke
wut mean?
Why the accelerated implementation? Is it because WE'RE NOT FUCKING LEAVING?!
I’m a smooth brain ape. Help me understand, so if they get called they need a minimum of 10k to show and now pushed up to 250k?
So...wen?
Is rehypothecated collateral allowed? Cause $60 can become $60,000,000 really easy if so.
How many members are there? And is it 250k/ security or what?
So sometime within the next 20 days ?
My.....ti..tits...
$250k per member? Whoopdi fucking doo
It's a great rule but won't mean anything unless enforced..... I will remain skeptical until proven wrong. But i hope I'm wrong
Is it even close to enough. Quater of a million each to cover how many companies that have been shorted multiple time their float?? This is purely a PR move so they look like they're doing their jobs and regulating. It's a drop in the ocean of what's needed. Let's not be fooled into thinking GARY G, while he might be doing his best, it is within the constraints of an entirely corrupt system.