A U.S. Senator is now putting pressure on FINRA CEO Robert Cook regarding an ongoing MMTLP investigation.
Last month, Senator Vance joined Senator Crapo in the pursuit for answers after the two signed a letter to SEC Chairman Gary Gensler requesting “that the U.S. Securities and Exchange Commission (SEC) examine events surrounding the trading halt of Meta Materials Series A preferred shares (MMTLP) and provide appropriate information to Senate offices engaged on this matter.“
Now Senator Mike Crapo is addressing FINRA CEO Robert Cook directly in a new letter dated October 16, 2023.
“I write today to request that the Financial Industry Regulatory Authority (FINRA) offer further information on events surrounding the trading halt of Meta Materials A preferred shares (MMTLP).
It is important to congressional offices engaged on this matter that FINRA reassures us it has done its due diligence in investigating the matter.
While investors have struggled to gain clarity regarding both the spin-off transaction and the trading halt, they have also alleged wrongdoing including the existence of counterfeit short sales.
I ask that you confirm FINRA is continuing to look into the trading halt for any potential wrongdoing,” said Senator Crapo in his letter to FINRA CEO Robert Cook.
Investors sent more than 40,000 letters to Congress this year, catching the attention of several Congress members.
In June, FINRA claimed immunity and refused to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.
FINRA stated that the petitionerās request is āoverbroad and unduly burdensomeā, being one of the few claims to deny MMTLP investors the blue sheets.
Market News Today – A Senator Now Puts Pressure on FINRA Regarding MMTLP.
A new petition appeal for MMTLP is now proceeding as OTC Lawyers, led by Mark Basile, fight for blue sheet data.
āPetitioner-Appellant seeks information and data contained in FINRAās Electronic Blue Sheets (āBlue Sheetsā) to identify specific defendants in an action to be commenced by Petitioner-Appellant.
Once the information is disclosed, Petitioner-Appellant anticipates bringing claims for damages for fraud and market manipulation through stock spoofing and naked shorting against unknown and unidentified brokers,ā the Preliminary Statement read.
FINRA denied investors the blue sheet data in June and the motion was dismissed.
The self-regulatory body claimed immunity and refused to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.
FINRA stated that the petitionerās request is āoverbroad and unduly burdensomeā, being one of the few claims to deny MMTLP investors the blue sheets.
However, the court says that turning over blue sheet data is indeed not āoverburdensomeā.
āIt would not be overburdensome for Respondent-Respondent to provide the Blue Sheet data to Petitioner-Appellant because Respondent-Respondent admitted it already has the Blue Sheets for its own internal investigation.ā
This means regulators already have this information at hand.
āPetitioner-Appellant David Khorassani, a member of the investing public in MMTLP, to whom Respondent-Respondent Financial Industry Regulatory Authority owes a duty of care. respectfully requests that the Court vacate and reverse the June 15, 2023 Order denying Petitioner Appellantās Verified Petition to Compel Disclosure Pursuant to CPLR Ā§ 3102( c) and instruct the Special Proceedings Court to issue an order requiring Respondent-Respondent to turn over the Blue Sheets,ā the briefing closed.
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Market News Today – A Senator Now Puts Pressure on FINRA Regarding MMTLP.
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Free Live Daily Updates: AMC Short Interest Today + More.
Community, I’m going to be updating this list of momentum stock and their short interest and utilization daily (AMC short interest, BBIG, MULN, BIOR, GME, APE, and many others).
Be sure to bookmark this page for daily AMC short interest updates and more.
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– Frank Nez
What has investing in the stock market taught you?
There comes a point when you realize that in order to build wealth it will require you to build multiple streams of income.
The average millionaire has seven.
The stock market is one way you can invest your earned income in order to start earning passive income and multiply your money.
Here’s how to invest in the stock market step by step for beginners.
Welcome to Franknez.com – the blog where you can digest content on personal finance, entrepreneurship, market news, and trending investing topics.
Lets get started!
I’ve been investing in the stock market since 2019.
When I learned how to open a brokerage account and buy company stock, I knew I had to show people how to do it too.
Everything I found online was outdated so I wanted to make it easy for people to start.
Benefits of investing in the stock market
One of the greatest benefits of investing in the stock market is that you get to hedge against inflation.
Inflation is at an all-time high right now and simply letting your money lose its value isn’t going to create wealth.
The stock market also provides an average return of 7%-8% annually which means those CDs and high yielding savings accounts are a thing of the past.
Even so, you can always create a portfolio bringing in 20%+ annual returns!
In June of 2021, AMC shareholders saw a whopping 3000% return on their investment at its high.
GameStop shareholders saw about half!
Although these trades are much different anomalies then traditional long-term investing, it paints a picture of the power of the market.
Let’s get you started!
#1. Set a Budget When Planning to Invest
Before you begin to invest you will need to set a budget on your first investment(s).
The great thing about the stock market is that you can invest with as little as $50 or so depending on the cost of a share.
A share is a fraction of a company you can own and earn money from as the company grows and profits over a period of time.
Example
If you set a budget of $200 and the share of a company you want to invest in costs $50 then you can purchase (4) four shares of said company.
If a month later the shares you purchased are worth $60 each then your shares would now be worth $240, resulting in a $40 gain.
This is how investing in the stock market works.
Note: I highly recommend having your emergency fund built prior to proceeding with investing in the stock market.
It is important to highlight that the money you invest in the stock market will need to be money you can tolerate losing.
The stock market is volatile meaning the value of your assets is constantly going up and down.
Something to keep in mind is that the value of your investments can go down just as fast if not faster than they went up.
Now, this is not addressed to scare you. The stock on average has an annual return of 6-8% per year.
Why should you invest in stocks?
Investing in stocks is a great way to diversify your portfolio.
You don’t want to keep all your eggs in one basket.
For this reason, the wealthy invest in companies they believe have long-term potential to thrive and to multiply their investment.
#2. Know What to Invest In
Now that you’ve set a budget you’ll need to know what you want to invest in.
Once you do, find the stock market symbol of the company on Google search engine.
If you wanted to invest in Coca-Cola for example, you’d search ‘stock market symbol for Coca-Cola’ on Google.
You’ll see that the NYSE (New York Stock Exchange) symbol for Coca-Cola is KO.
This is how you will identify and search for companies to invest in when you’re in the market to buy stocks.
Here are some different type of investments you can invest in within the NYSE.
Stocks
A stock is a share of a company just like Coca-Cola.
Buying a share from one specific company is a stock.
Stocks are good to purchase if you strongly believe in the continued success of your choice of company.
Invest in companies that have room to grow and are constantly innovating.
Stocks I personally favor are Tesla, Apple, and Amazon.
These tech companies are always innovating therefore I have strong conviction towards their continued growth and success.
Index Funds
An index fund is a fund that tracks and follows the index (growth) of a group of companies.
When you own a share of an index fund, you own a percentage of a pool of companies oppose to just one company.
What makes an index fund great is that if a company within an index fund isn’t performing very well there are other companies that may balance the overall performance of the fund resulting in a fair return.
A popular choice is the S&P500.
This index fund tracks the performance of the top 500 companies in the United States.
This type of investment tends to be a less risky and yield great profits over the long run.
It’s an investors favorite and I personally hold shares in the S&P500.
A REIT (Real Estate Investment Trust Fund) is very similar to an index fund.
The only exception is that it invests exclusively in real estate companies oppose to other businesses.
If you want to invest in real estate without the hassle of learning the game, using cash up front, or getting into debt, REITs are a great way to diversify your portfolio into the real estate sector.
A great REIT I’m invested in is VNQ with Vanguard.
Which investment is right for you?
Each of these investments has their own benefits.
My suggestion is to research them individually as all of our needs are very unique.
As your skills develop as a retail investor, you’ll find yourself having a diversified portfolio consisting of all three.
Invest in the stock market and learn to identify which investment is best for you.
Price is what you pay. Value is what you get.
Warren buffett
#3. Choose a Brokerage Firm to Begin Investing in The Stock Market
This is the fun part.
Choose a reputable online brokerage firm.
A brokerage firm is a platform where you will be doing all of your investing through the NYSE.
Here you’ll be able to purchase stocks and sell them.
Each brokerage firm has their own customer advantages but are very similar to use.
Here is a list of brokerage firms you can open an account with and sign up for free.
Check out each brokerage firm’s website and see which feels more comfortable for you to navigate.
Do some research on each of them to see which has the strongest potential for your needs. I personally use Vanguard.
How to invest in the stock market for beginners
Note: When you purchase investments, there are small commission fees your investments will pay out to the firm.
They are very small in most cases and don’t hinder your earnings like you’d think. Vanguard has the lowest fees.
Each brokerage firm will have different commission fees and the percentage will vary in each firm.
For example: Coke (KO) will have a slightly different commission fee in every firm despite having the same share cost.
#4. Open your account
For this step-by-step on how to invest in the stock market I’m going to use Vanguard.
Vanguard is one of the most reliable brokerage accounts you can use.
How to invest in stocks for beginners
Head over to Vanguard and select ‘Open an account’.
How to invest in stocks with Vanguard
Select ‘Start your new account’ to get started.
Choose the method you will be funding your new account. You can choose between:
Electronic bank transfer or another Vanguard account
Rollover from an employer plan (e.g., 401(k) plan)
Transfer investments from another financial firm
Most new retail investors will be choosing the first option, using an electronic bank transfer to fund your account.
Before you open your account to begin investing in the stock market you’ll need your bank account and routing number as well as other personal information.
Once you’re in it’s time to transfer funds into your account.
#5. Transfer Funds into Your Brokerage Account
Congratulations! Now that you’ve chosen a brokerage account to invest with, you’ll have the tools at your disposal to begin investing.
Navigate throughout your brokerage website. Get comfortable with where things are.
Things might seem very new at first, intimidating even.
Don’t worry, now that you’ve begun something new, you’ll begin to take the first steps toward self-education.
First, you’ll want to learn how to transfer funds into your brokerage account.
I will be demonstrating step by step how to do this using Vanguard.
Toggle the settings to connect your bank account with your brokerage account so you can start to invest in the stock market.
This direct line will allow you to transfer funds into your account so you may begin to purchase shares.
Once you have this set up you may transfer the money from your budget to invest in.
#6. Make Your Very First Investment in The Stock Market
Now that you’ve transferred your funds over to your brokerage account, navigate through the site to make your very first purchase.
Search the symbol of the stock, index, or REIT you will be investing in.
Note: Before purchasing, make sure you thoroughly navigate the website to get comfortable using it.
This will make the purchase experience a lot easier.
Once you pull up the investment, go through the details provided on the page.
You should be able to see its history, it’s projected return, its risk level, and so much more information about the investment.
Purchase the investment!
Purchase the investment with the option set to ‘Market’.
This option will allow you to purchase the investment instantly at the price it’s worth.
We suggest doing a test purchase since this is your first time investing in the stock market.
This will help you get a feel for it. Purchase one share so you understand the process.
It will serve as good practice and experience.
Congrats on buying your first share!
Follow up on your investment the following day and see whether your investment had gains or losses.
You’ll see for the very first time how your investment grew in value or decreased in value.
You now have a taste of what it’s like to invest in the stock market.
I have personally invested in stocks since 2019 and have learned a lot about the stock market.
In fact, I’m still learning today.
I published an article on the best tips and advice for beginners investing in stocks to further help you on your journey.
Stock investing is all about strategy.
When you make money in the stock market you may let it sit and accumulate over time, or you may cash in your profits and allocate those gains towards other opportunities.
This is why I believe investing in stocks is extremely important to someone who wants to build wealth.
The stock market allows you to multiply your hard-earned money so you may further invest it in other assets.
If you received value from this post please be sure to share it with someone who’s working towards becoming financially independent and who is also building their financial future.
My mission is to help people all around the world attain financial stability in order to live their best lives possible.
Market News Daily – More Than 50% of AMC Stock is Now Trading Off Exchange This Month.
The latest dark pool and off exchange data shows that more than 50% of AMC stock is currently trading off exchange this month already.
According to Chart Exchange, AMC Entertainment’s (NYSE:AMC) trading volume in off exchanges is currently between 50% and 59%.
On Tuesday, off exchange volume peaked at 59.47%.
Wednesday saw 56% volume happening outside the lit exchange.
At the time of this publication, AMC stock is trading at $8.21 post reverse split.
Is off exchange trading suppressing AMC’s true demand from retail investors?
The possibility is rather likely.
Gary Gensler announced last year that 90%-95% of retail orders do not go through the lit exchange.
We The Investors asked the SEC Chairman if dark pools suppressed the price of stock and whether retail investors could influence the price of a stock if majority of orders traded in the lit exchange.
While there was no direct answer to the suppression of price, the Chairman says that with so much trading happening off-exchange, he doesnāt think itās a leveled playing field as “dark pools give institutions an unfair advantage.”
“Retail investors as individuals donāt have the power to move the markets, but retail orders combined could have significant price impact.”
AMC stock is currently down more than -76% this year-to-date and down more than -88% in the past year.
Market News Daily – More Than 50% of AMC Stock is Now Trading Off Exchange This Month.
Dark pools are privately organized platforms, also known to be an alternative trading system accessible to only institutions.
Dark pool trading, or off-exchange trading has risen substantially since Gary Gensler was appointed Chair of the Securities and Exchange Commission (SEC) in April of 2021 by President Joe Biden.
But SEC Chairman and Commissioner Gary Gensler says payment for order flow is partly the reason why orders arenāt processed on the lit exchange.
He says retail orders go to wholesalers on an order-by-order competition.
Citadelās Ken Griffin has praised PFOF stating itās good for retail investors; however, in 2004 Citadel stated payment for order flowĀ ācreates conflicts of interest andĀ should be bannedā, according to anĀ SEC file.
PFOF allows market makers to process retails orders in the ādark marketsā, or dark pools, per SEC Chairman Gary Gensler.
See, the thing is that the SEC actually has the power to ban dark pool trading.
Why dark pool trading has risen since Gary Gensler took office is something the retail community is trying to comprehend.
When more than 50% of a stockās trading volume goes to dark pools, the demand is cut by 50%, often times more depending on the trading day.
Half (or more) of retailās money is not being reflected per the real demand of a security when trading has been rerouted to dark pools.
In other words, dark pools seem to allow institutions to suppress shares from rising based on the true demand of a security.
Then of course there are other means of driving shares down such as through spoofing, naked short selling, and short and distort campaigns.
But I’d love to hear your thoughts on this – leave a comment down below.
Market News Published Daily š°
Market News Today – More Than 50% of AMC Stock is Now Trading Off Exchange This Month.
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