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Dave Lauer

@dlauer

Creating @UrvinFinance at https://t.co/wRGu09xo8l. Advocate for fair markets. Passionate about science & my kids. Believer in @WeTheInvestors_. ๐Ÿ‡บ๐Ÿ‡ฒ in ๐Ÿ‡จ๐Ÿ‡ฆ

calendar_today23-06-2008 18:27:12

21,8K Tweets

168,6K Followers

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Dave Lauer(@dlauer) 's Twitter Profile Photo

Sounds like the GME stock split/dividend has completely destroyed some brokers back-office systems - I keep hearing about the nightmare of dealing with TDA. Also sounds like overseas brokers are having serious problems, and German brokers are struggling getting shares to people.

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Dave Lauer(@dlauer) 's Twitter Profile Photo

My opinion is that at this point, it's a bit late in the game. If you still haven't received your shares, it's time to get concerned. For US brokers, you should push hard to get to someone senior who can help. Overseas it's less clear to me what your options are.

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Dave Lauer(@dlauer) 's Twitter Profile Photo

People keep asking me whether this is the first split-as-dividend & why brokers are having such problems. It's not the first, but it's also not normal - very much an edge case. And PFOF brokers usually don't invest in any tech that doesn't result in their customers trading more.

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Dave Lauer(@dlauer) 's Twitter Profile Photo

I think generally with GME we've seen a lot of back office problems, such as spikes in FTDs. It's possible that distributing the split as a dividend has exposed a lot more problems in how brokers are booking and holding shares for their customers. FINRA should investigate.

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Dave Lauer(@dlauer) 's Twitter Profile Photo

Even when shares are recv'd, some people report that the broker treated them as trades, not as a split. If broker under-investments in back office systems cause tax implications for their clients, that's a huge problem. You'll want to make sure tax forms are correct next year.

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