Authors Alexis Goldstein
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Some quick observations from today’s @FSCDems second hearing on GameStop (with thanks to Chair @RepMaxineWaters for the opportunity to testify):
Many open questions remain — and policy makers should work to ensure there aren’t data gaps as they investigate.
(THREAD)
/1
We need to know more about what the volume of over-the-counter options traded in $GME was in the period of highest volatility. How much GameStop were the Wall Street titans trading?
In the hearing, many Republicans implied in that ending payment for order flow (PFOF) would end zero commissions. But as I mentioned in my written testimony, there are brokerages like @public who ended PFOF but still offer commission free stock trades. /3
https://t.co/dAaqinMuaR
- Republicans seemed to trust the @SEC_News to investigate many things, like best execution. So I hope they support a well-funded SEC!
- We don’t know what amount of stock hedge funds are shorting, Bc it is not disclosed on the Form 13F /4
One quick win would be for @SecYellen to re-start the Hedge Fund working group at the Financial Stability Oversight Council. /5
Many open questions remain — and policy makers should work to ensure there aren’t data gaps as they investigate.
(THREAD)
/1
We need to know more about what the volume of over-the-counter options traded in $GME was in the period of highest volatility. How much GameStop were the Wall Street titans trading?
One of my big outstanding Qs about $GME is what was the footprint of institutional traders? What was the volume of over-the-counter options (traded only among big players, off-exchange)? Since they delta hedge them, it would have led to stock trades too pic.twitter.com/hOJDmg8gKn
— Alexis Goldstein (@alexisgoldstein) March 18, 2021
In the hearing, many Republicans implied in that ending payment for order flow (PFOF) would end zero commissions. But as I mentioned in my written testimony, there are brokerages like @public who ended PFOF but still offer commission free stock trades. /3
https://t.co/dAaqinMuaR
- Republicans seemed to trust the @SEC_News to investigate many things, like best execution. So I hope they support a well-funded SEC!
- We don’t know what amount of stock hedge funds are shorting, Bc it is not disclosed on the Form 13F /4
One quick win would be for @SecYellen to re-start the Hedge Fund working group at the Financial Stability Oversight Council. /5
After a prompt from @RepChuyGarcia, @alexisgoldstein says the board of federal financial regulators, FSOC, should restart the working group to oversee hedge funds for their risks to volatility on the market pic.twitter.com/WahQa2GzzR
— AFR (@RealBankReform) March 17, 2021