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 250 shares out of street name into Computershare (DRS Book), or withdraws 25,000 $$DOGE into a cold wallet, the fractional-reserve locate multiplier shrinks.
It's literally fractional-reserve banking applied to stocks and crypto.
Anonymous | ID: b6106e3e | No. 1664 | 2026-03-08 14:48:21Routing through IEX on Interactive Brokers (IBKR) + DRS Book is the one-two punch that breaks internalization.
Anonymous | ID: 77735f7c | No. 1665 | 2026-03-08 16:02:25