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 internalize retail buys off-exchange so the lit bid never moves
Every time an investor pulls 150 shares out of street name into Computershare (DRS Book), or withdraws 5,000 $$DOGE into a cold wallet, the fractional-reserve locate multiplier shrinks.
>>2150
It's literally fractional-reserve banking applied to stocks and crypto.
Routing through IEX on Charles Schwab + DRS Book is the one-two punch that breaks internalization.
BookKing!npDz07xi | ID: 531c8f63 | No. 2152 | 2026-06-28 15:44:24