Larry Tabb

Estimates suggest that passive funds and ETFs will be forced to purchase between $30 billion and $55 billion worth of SpaceX $SPCX shares shortly after its IPO. The stock will be about 90x P/S h/t @JSeyff

Really good piece on QRT by Rupak Ghose found on @CuratiaLLC And if you don't know them and you are in the trading biz..., well you probably should rupakghose.substack.com/p/the-rise-of-…

My full piece on US Equity tokenization is finally out Real change or the Emperor's New Clothes? blinks.bloomberg.com/news/stories/T… Is the US equity market broken? - No. blinks.bloomberg.com/news/stories/T… and Token's largest benefit could also prove its downfall blinks.bloomberg.com/news/stories/T…

Also kudos to @giancarloMKTS was named as Jefferies advisor bloomberg.com/news/articles/…

Two more pieces out today on tokenization. Speedier Settlement Drives Token Hype, Automation Drives Success blinks.bloomberg.com/news/stories/T… Reducing Settlement Risk Could Unlock $ Billions blinks.bloomberg.com/news/stories/T…

@davehendricks Doubtful. Right now 23x5. I think tokens are the only way to get to 24x7. But then not sure about back office systems. 23x5 will be hard enough.

@ltabb Are the tradfi markets really prepared to never close their books, even for the weekend,

For all you equity token folks. I publishing thoughts on US Equity tokens. Equity Tokens Need Netting Not Instant Settlement of Every Trade blinks.bloomberg.com/news/stories/T… Second one is here - Tokenizing Stocks Creates a More Efficient Wrapper blinks.bloomberg.com/news/stories/T…

@PSully_mbs You can lower the clearing fund if you can shorten the netting cycle, so if you move to eve of T+0 or net every 3 or 4 hrs. IMHO, I think that is the best way forward. Moving all of these trades, trade by trade in RT, it just kind of nuts, at a pace of 150m transactions a day

@ltabb Guess you are right from a CNS perspective, where now its all netted. I was thinking the elimination of the clearing fund, which would in theory not be necesary

@PSully_mbs Totally incorrect. Folks would need to set up and prefund accounts at each and every venue they traded on (right now +50). What about short term borrows? What about managing the transfer and cash on 100 million extra securities movements a day? It would be a huge mess

@ltabb Real time settlement would be a huge capital efficiency street wide, mean no NSCC clearing fund contributions

@_TimQuast its the point of my piece. I don't think tokenized stocks can gain any traction if they settle in real time. That said, netting times could be shorter than next day, possibly eod, or even every few hours. If they go with rt, IMHO prices will suck & investors won't trade

@ltabb Larry, interesting views. I'm concerned about how one blends a market-making, time-priority stock market with instantaneous peer-to-peer token settlement. Seems like a perfect arbitrage trade for Susquehanna et al. It's part of the general gamification of the capital market.

@NYCStein @nathandeanDC lol. Writing about that now. hopefully will be out either next week or the week after.

@ltabb @nathandeanDC You’ll never believe it @ltabb but all clients wanted to talk about was Reg NMS and the order protection rule. 😜

Bringing US Policy to the principality of Monaco. Great day of meeting with clients and investors.

Exclusive: The Commodity Futures Trading Commission is parsing records of oil trades made before a March social-media post by President Trump on.wsj.com/4a0nleG

@TheStalwart Only today? Miax has been around for ~12 yrs, mostly options w/ a small equity exchange ~1% share. Opening a physical floor in Miami to do complex options trades (mostly all done on a floor). As for HFT, not fiber, mostly microwave, between Mahwah, Carteret, Secaucus & Chicago.

TIL there's a Miami stock exchange (that's headquartered in Princeton New Jersey).

This is f*ing crazy. Self-report fraud and walk free, New York prosecutors tell Wall Street Hey SEC, I just ripped off my customers for $20b & paid my guys bigly, but can I walk away unscathed with no disclosure or penalty? ft.com/content/6344b5…

Good piece. We just wrote a big report on fixing IPO market. Talked with +150 folks, most didn't think this was impactful & most cos would continue quarterly rpts. Lack of materiality of forced disclosures was bigger issue as it triggered lawsuits if anything unforeseen occurred

This is so bizarre. That said, I can totally understand it. Hanging out on an active trading floor is fun (unless you are losing real money). Trade crazy stuff, add leverage, and turn it into a competition... not a bad mix. I can certainly see it.

BOOM. We have two great guests to announce for our Odd Lots live show in two weeks. We have Jeremy Maletz, who is leading the Prediction Markets desk at Susquehanna International Group. And then also pod-favorite @iaindunning of @WeAreHRT Tickets here: events.bloombergevents.com/event/Odd-Lots…

@compound248 They raise $50b & valued at $1.5/$2t. If it was me running the endowment, I would be like, let me take some cash off the table. Lets say Endowments want to pull 5% off the table w/a $2t value, that would be $100b +the $50b of raised capital. GL taking that off the table soon.

The world has no idea how GIANT a position the entire Endowment & Foundation industry has in SpaceX. There is at least one major endowment that has a 20% SpaceX position and MANY others with 5-10% (on a look-through basis at $900B valuation). At $1.5T, things get wild...

I've believed for years that compute would evolve into one of the world’s most important commodities — which is why I backed the creation of @Silicon_Data and @computeexchange two years ago. Today’s announcement from @Silicon_Data and @CMEGroup is an important step in that direction. As AI scales, compute markets are developing the same kinds of supply, volatility and capital allocation dynamics we’ve seen in energy and other major commodity markets. Futures markets matter because they improve price discovery, reduce the cost of capital and support long-term infrastructure investment. ft.com/content/3e6b81…