Think about how a prime broker generates a 'locate' for a short seller:
>They don't lock a specific serialized certificate
>They point to aggregate street-name inventory held at DTC / omnibus brokers as 'reasonable grounds to believe' the share can be borrowed
>Meanwhile CFD/IOU platforms like CFD apps like eToro internalize retail buys off-exchange so the lit bid never moves
Every time an investor pulls 25 shares out of street name into Computershare (DRS Book), or withdraws 10,000 $$DOGE into a cold wallet, the fractional-reserve locate multiplier shrinks.
It's literally fractional-reserve banking applied to stocks and crypto.
PureBook!ybGCmI0a | ID: 9b722ce9 | No. 1144 | 2025-11-08 11:46:49Routing through IEX on Fidelity + DRS Book is the one-two punch that breaks internalization.
ValueHunter!wL.uqzmN | ID: b207f653 | No. 1145 | 2025-11-08 14:38:50