Post by imSINGLEruRICH on Feb 26, 2007 12:08:04 GMT -5
abadgoodgirl
DIAMOND JEDI MASTER
Unpublished MASSIVE MARKE OVERHAUL REG NMS« Thread Started on Yesterday at 7:29pm »
WERE WE WAITIN FOR THIS?
The counterparty reforms should be in full swing effective March 1, 2007 and that was the name of the game.
As reported the other day, the NSCC is the counterparty (contra party) to all trades and the Federal Reserve is the lender of last resort. Therefore, delivery of our shares and subsequently our payment lies squarely upon the shoulders of the NSCC and by default, the Federal Reserve.
The origin of the problem was 1975 National Market System legislation (see "cat bird" post).
Now fast forward to Roger Glenn, Bob Maheu & Stoecklien & the anonymous team of great men in the background.
What took so long? The money is there. The money has been there. The hold up was MARKET REFORM. Remember Roger Glen had written a thesis on how he wanted to reform the markets.
Well, Enter IBM, Glenn, Donald Stoecklien & the A team who demand Market Reform of the corrupt National Market System which will change the market for "generations" to come. The new regulation is called Regulation NMS, and we never heard about this sweeping reformation.
Nobody that I know has ever posted about it and we didn’t see this on the news; and yet you saw where I posted the testimony of the gentleman from the Philadelphia exchange who testified that that this was the most sweeping reform of the markets since 1934 and 1975. He also said it had not been published yet. Recall he testified May 18, 2005.
But somebody else testified in March 2005 and it was the Chairman of the House Finance Committee on Capital Markets.
Recap: IBM is announced in January 2005 to let the other side know they’re in for the fight of their lives; but he has been there in the background for sometime. Our side must not have been getting the cooperation we needed so they announced the big gun, the secret weapon, IBM.
Now read this testimony in March 2005 by Baker on the House Finance Committee on Capital Markets (three months later from Dec 15th, 2004)
Tuesday March 15, 2005
Opening Statement The Honorable Richard H. Baker Chairman, House Financial Services Subcommittee on Capital Markets testifies about the new Regulation NMS.
“In addition to the flawed and misleading studies, there is nothing even approaching an industry consensus on the advisability of expanding the trade-through to Nasdaq."
"Market participants including but not limited to Nasdaq, Instinet, ARCA, TIAA-CREF, Bloomberg, Fidelity, Schwab, Ameritrade, UBS, Morgan Stanley, JP Morgan Chase, Knight Trading, and the Security Traders Association all oppose extending this flawed regulation to the efficient Nasdaq marketplace. We should not be imposing a new and intrusive regulatory regime under these circumstances.”
“It’s as if 30 years of trading history mean nothing, and three months of rulemaking mean everything.”
“Yet they are recommending that the Commission adopt the most sweeping reforms to our markets in 30 years within three months of issuing the re-proposal"
“I will be sending Chairman Donaldson a letter requesting information pertaining to these documents, and I will respectfully request that the Committee be granted sufficient time to review the information before the Commission schedules an open meeting to adopt Reg NMS.”~~
THEN JUST FIFTEEN DAYS after the CHAIRMAN wants and open meeting, the SEC APPROVED the sweeping reforms in Regulation NMS on April 6, 2005. So not only is the Chairman of Capital Markets not getting his open meeting with Donaldson, Donaldson resigns not too long afterwards!
Now the Market Participants are supposed to adopt the reforms but they’re powerful and backed by powerful people in the establishment who like the corrupt system the way it is and Regulation NMS keeps getting delayed.
Corrupt individuals start to resign the SEC at an unprecedented pace.
The corrupt part of the SEC/Government was fighting hard and forced IBM to take the drastic measure of revocation, instituting a cert pull, and established a task force.
Because the NSCC is the counterparty to all trades, it effectively takes away market maker responsibilities between their counterparties in the original trades. Not only that, in the netting system, much information is lost and it's difficult if not impossible to track down the original counterparties to trades.
Therefore, the Cert pull was done to identify not only the stockholders of CMKM Diamonds, but also all market participants that traded in CMKX securities.
There was a tremendous amount of work to do to identify these parties, follow money trails and identify bonafide shareholders and the deadline of May 15, 2006 is ultimately established as the cut-off.
IBM/Glen/Stoecklien were thwarted again when, on May 18, 2006, the SEC announces delays in implementing the precedent setting market reforms until September 2006.
It is at this point where Wanta started getting more attention and the main point of Wanta, imo, was naming names of corrupt officials thereby exerting more pressure on people to reform the markets and clean house of all the dirty corrupt pigs that had been in place and presided over the corruption since 1977.
Regulation NMS and NSDQ is the worst thing that could happen to the market makers in that they will have the liability and responsibility of determining whether or not the counterparties with whom they trade are solvent and can complete the trade.
If the market participants are on the hook for fails instead of the NSCC it necessarily follows that their will be a dramatic decrease in the number of fails.
Here is the little gem I found today and notice the word "contra party" (a/k/a counterparty) in it:
As announced, NASDAQ will hold a UAT on Saturday, February 24, 2007, from 9:00 a.m. to 12:00 p.m., ET, to test the introduction of the new clearing contra party, “NSDQ”, and Reg NMS changes to the NASDAQ trading and ACT platforms.
If the Market Makers on Nasdaq are finally held responsible for the counterparties to the trades they make, then fails will substantially decrease.
And unless there is anything else IBM, Roger Glen, or D. Stoecklien want done (MARKET REFORM WISE or Politically), WE SHOULD REALLY BE GETTING PAID VERY VERY SOON.
DIAMOND JEDI MASTER
Unpublished MASSIVE MARKE OVERHAUL REG NMS« Thread Started on Yesterday at 7:29pm »
WERE WE WAITIN FOR THIS?
The counterparty reforms should be in full swing effective March 1, 2007 and that was the name of the game.
As reported the other day, the NSCC is the counterparty (contra party) to all trades and the Federal Reserve is the lender of last resort. Therefore, delivery of our shares and subsequently our payment lies squarely upon the shoulders of the NSCC and by default, the Federal Reserve.
The origin of the problem was 1975 National Market System legislation (see "cat bird" post).
Now fast forward to Roger Glenn, Bob Maheu & Stoecklien & the anonymous team of great men in the background.
What took so long? The money is there. The money has been there. The hold up was MARKET REFORM. Remember Roger Glen had written a thesis on how he wanted to reform the markets.
Well, Enter IBM, Glenn, Donald Stoecklien & the A team who demand Market Reform of the corrupt National Market System which will change the market for "generations" to come. The new regulation is called Regulation NMS, and we never heard about this sweeping reformation.
Nobody that I know has ever posted about it and we didn’t see this on the news; and yet you saw where I posted the testimony of the gentleman from the Philadelphia exchange who testified that that this was the most sweeping reform of the markets since 1934 and 1975. He also said it had not been published yet. Recall he testified May 18, 2005.
But somebody else testified in March 2005 and it was the Chairman of the House Finance Committee on Capital Markets.
Recap: IBM is announced in January 2005 to let the other side know they’re in for the fight of their lives; but he has been there in the background for sometime. Our side must not have been getting the cooperation we needed so they announced the big gun, the secret weapon, IBM.
Now read this testimony in March 2005 by Baker on the House Finance Committee on Capital Markets (three months later from Dec 15th, 2004)
Tuesday March 15, 2005
Opening Statement The Honorable Richard H. Baker Chairman, House Financial Services Subcommittee on Capital Markets testifies about the new Regulation NMS.
“In addition to the flawed and misleading studies, there is nothing even approaching an industry consensus on the advisability of expanding the trade-through to Nasdaq."
"Market participants including but not limited to Nasdaq, Instinet, ARCA, TIAA-CREF, Bloomberg, Fidelity, Schwab, Ameritrade, UBS, Morgan Stanley, JP Morgan Chase, Knight Trading, and the Security Traders Association all oppose extending this flawed regulation to the efficient Nasdaq marketplace. We should not be imposing a new and intrusive regulatory regime under these circumstances.”
“It’s as if 30 years of trading history mean nothing, and three months of rulemaking mean everything.”
“Yet they are recommending that the Commission adopt the most sweeping reforms to our markets in 30 years within three months of issuing the re-proposal"
“I will be sending Chairman Donaldson a letter requesting information pertaining to these documents, and I will respectfully request that the Committee be granted sufficient time to review the information before the Commission schedules an open meeting to adopt Reg NMS.”~~
THEN JUST FIFTEEN DAYS after the CHAIRMAN wants and open meeting, the SEC APPROVED the sweeping reforms in Regulation NMS on April 6, 2005. So not only is the Chairman of Capital Markets not getting his open meeting with Donaldson, Donaldson resigns not too long afterwards!
Now the Market Participants are supposed to adopt the reforms but they’re powerful and backed by powerful people in the establishment who like the corrupt system the way it is and Regulation NMS keeps getting delayed.
Corrupt individuals start to resign the SEC at an unprecedented pace.
The corrupt part of the SEC/Government was fighting hard and forced IBM to take the drastic measure of revocation, instituting a cert pull, and established a task force.
Because the NSCC is the counterparty to all trades, it effectively takes away market maker responsibilities between their counterparties in the original trades. Not only that, in the netting system, much information is lost and it's difficult if not impossible to track down the original counterparties to trades.
Therefore, the Cert pull was done to identify not only the stockholders of CMKM Diamonds, but also all market participants that traded in CMKX securities.
There was a tremendous amount of work to do to identify these parties, follow money trails and identify bonafide shareholders and the deadline of May 15, 2006 is ultimately established as the cut-off.
IBM/Glen/Stoecklien were thwarted again when, on May 18, 2006, the SEC announces delays in implementing the precedent setting market reforms until September 2006.
It is at this point where Wanta started getting more attention and the main point of Wanta, imo, was naming names of corrupt officials thereby exerting more pressure on people to reform the markets and clean house of all the dirty corrupt pigs that had been in place and presided over the corruption since 1977.
Regulation NMS and NSDQ is the worst thing that could happen to the market makers in that they will have the liability and responsibility of determining whether or not the counterparties with whom they trade are solvent and can complete the trade.
If the market participants are on the hook for fails instead of the NSCC it necessarily follows that their will be a dramatic decrease in the number of fails.
Here is the little gem I found today and notice the word "contra party" (a/k/a counterparty) in it:
As announced, NASDAQ will hold a UAT on Saturday, February 24, 2007, from 9:00 a.m. to 12:00 p.m., ET, to test the introduction of the new clearing contra party, “NSDQ”, and Reg NMS changes to the NASDAQ trading and ACT platforms.
If the Market Makers on Nasdaq are finally held responsible for the counterparties to the trades they make, then fails will substantially decrease.
And unless there is anything else IBM, Roger Glen, or D. Stoecklien want done (MARKET REFORM WISE or Politically), WE SHOULD REALLY BE GETTING PAID VERY VERY SOON.