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 eToro CFD/IOU accounts internalize retail buys off-exchange so the lit bid never moves
Every time an investor pulls 200 shares out of street name into Computershare (DRS Book), or withdraws 5,000 $$DOGE into a cold wallet, the fractional-reserve locate multiplier shrinks.
It's literally fractional-reserve banking applied to stocks and crypto.
Anonymous | ID: eab09f7a | No. 2080 | 2026-06-12 12:28:56Routing through IEX on Interactive Brokers (IBKR) + DRS Book is the one-two punch that breaks internalization.
ColdWallet!EYZWfgvu | ID: 2a368c14 | No. 2081 | 2026-06-12 13:14:50