Dave Lauer

Last month the SEC proposed to remove Rule 611 - the order protection rule. Instead of replacing it w/something better - a rigorous best ex standard - they simply want to get rid of it. This is a terrible idea & will increase market manipulation. wetheinvestors.org/protect-my-ord…

So check out our site for more info, learn about how important this is, file a comment letter and spread the word. wetheinvestors.org/protect-my-ord…

We're running a comment letter campaign on this critical mkt structure issue. You might be cynical & think your voice doesn't matter. That's certainly what they want you to think. But it does. Regardless of whether the SEC listens, or we take other action, we need your support.

Love this note from Linus on AI coding. As a software developer, I can't remember a more useful and impressive tool.

@gleeville Maybe you consider disclosure-based actions as part of this but I don't. "Your broker failed to inform you that they were screwing you" isn't much of a best ex case. Outside of disclosure violations, there haven't been any significant, recent actions on order routing.

@dlauer They are pretty aggressive on the investigations and simple to search up some of the big names. Always on ongoing. OPR isn't worth all the fuss - most competent brokers don't allow exchange routing as the SIP is just too slow to be making decisions on.

The SEC has proposed eliminating the Order Protection Rule, but has said it will be fine because FINRA is there to enforce Best Ex. Do you think FINRA is enforcing best ex?! When was the last best ex case they brought? When the rules are unenforceable, we need to fix them.

@gleeville No offense Greg, but how do you define a "load" and how many of them have been recent and against a major firm? You know it was the former head of FINRA market reg who called best ex unenforceable. I've dug into it, and I don't see much of anything material.

@dlauer There have been a load of finra best ex cases. Worth digging into this to clarify for everyone as they actually do a pretty solid job.

@checkem888 They're not a waste of time, but it takes longer than anyone wants. They've made a difference in court cases, and that will likely be where we focus our energy going forward.

@dlauer And you contributed to that failure so good job. All your stupid petitions such a waste of time

I see a lot of people who have given up fighting for market fairness. I understand the frustration and disillusionment. I've been doing this for a long time, and generally things go in the wrong direction because the regulators are captured and the corporatists run the government.

@Kaaroth We released it years ago. Nobody wanted it. We've pivoted several times, and are now focused on fighting market manipulation.

@dlauer Where’s “the bloomberg terminal for retail”?

Here's the full decision if you want to take a look. What we do is important, and we're still in this fight, as we have been for more than a decade now. media.ca11.uscourts.gov/opinions/pub/f…

This is a big deal. @WeTheInvestors_ ran a campaign on this to show that Citadel did not speak for retail investors, and the court agreed. So don't listen to the people who don't want you to fight, or who think commenting is a waste of time. They're probably funded by Citadel.

@6days1week @ksJinLoL @WeTheInvestors_ Exactly. We keep fighting. If it was easy, it probably wouldn't be worth the fight. How can people expect to overturn decades of corruption in a year or two?

@ksJinLoL @dlauer @WeTheInvestors_ It will be an endless battle and lack of change does not equate to a waste of effort.

Looks like the SEC is out to end the last vestige of protection for retail (and institutional investors) by proposing to rescind Rule 611 (Order Protection Rule). And to trust FINRA to police Best Ex. This will expose markets to more abuse and manipulation than ever.

@PMBoulder I've tried to avoid social media, but I can't any longer with what's going on.

@dlauer Dang Dave…where’ve ya been?!? Nice to see you back…