Saturday, August 29, 2026

Trade at SCHWAB?

A typical retail equity order at Charles Schwab is seen by about two firms before it executes: Schwab itself, then one wholesaler.

Schwab does not internalize stock orders or trade them as principal. Its smart router looks at order type, size, and market conditions, then sends the vast majority of non-directed marketable orders to a small group of unaffiliated liquidity providers (wholesalers). Those firms either fill the order against their own capital (internalization) or, less often, send it onward to an exchange or ATS.

Q2 2026 Rule 606 data shows the concentration. For S&P 500 names the main destinations were:

  • Citadel Securities ~36%
  • Virtu Americas ~18%
  • Hudson River Trading ~18%
  • Jane Street ~10%
  • Two Sigma ~9%
  • G1 Execution ~5%

The same handful of names dominate non-S&P 500 flow. An individual order is sent to one of those firms, not broadcast to all of them.

Industry studies put internalization of marketable retail flow at roughly 80%. That means most small retail market or marketable-limit orders never leave the wholesaler’s book and never appear on a public exchange. Larger or non-marketable limit orders are more likely to be posted on an exchange (directly or via the wholesaler).

So the practical path for a garden-variety Schwab retail order is:

  1. Schwab’s systems
  2. One wholesaler (most often Citadel)
  3. Execution (usually internalized)

That is far fewer counterparties than an institutional order that is sliced across multiple exchanges, dark pools, and algorithms. It is also why PFOF and wholesaler internalization remain the core of how most U.S. retail equity flow is handled.

Friday, August 28, 2026

Free For All ...IT is Friday, Isn't IT?

Ever wake up on a Friday and say it's about over?

Over?

Over what?

Are you over it?

It.  You know.  IT!

It is relative.  It is all around you.  Everywhere is IT.

You my friend are surrounded by it.

It's deep and invariably circles back to politics, government, morals.

Today, it's Friday.  I'm looking around.  My vision is clear!

Are you tired of this bullshit with Mitch McConnell pulling a Houdini on America?   75 fucking days of Mitch's GHOST flying around.   This, America is what you voted for?  Lies and distortion.  Well, you sure as hell got it.  

Tired of Somali's in Minnesota milking billions of dollars?

Tired of about every Indian Reservation in America crying, "whoa is me" for more money, more grift, more handouts, more travel, more conferences, more of the same to get them to where they were 50 years ago?  I know, I lived on more reservations than you have ever been on. 

Tired of the FEDERAL RESERVE BANK in America?

Tired of all the economic data brought to you with as many lies and as much distortion as possible to milk the gravy train for more votes and better political press?

Tired of Fin TV and it's associated cheerleading?

Sick of watching the television set in your house and having to listen to commercial after commercial try to sell you pills, drugs, and more Pharma Death than at anytime in history?

Sick of a tax code that makes no sense?

Sick of insider trading in Congress but you front run a press release and you have the SEC nut jobs calling you night and day?

Tired of stockbrokers who aren't fiduciaries telling lie after lie after lie?

Sick of FINRA representing the big brokerage firms?   LOLOLOL, say it ain't so, FINRA!

Tired of dentists that lie to you?

Tired of doctors that lie to you?

Tired of veterinarians that lie to you?

Tired of Big Pharma?

Tired of all the Americans still dying from Covid vaccine injections?

Tired of the red/blue nonsense when they are all the same?

I’m sick of pretending this is a functioning country with a functioning government.

Congress is not “divided.” 

It is not “gridlocked.”

It is not “just politics.”

It is a criminal class of 535 people who have spent decades selling this country piece by piece while lecturing the rest of us about democracy, values, and the rule of law.  Don't believe me, look right here.

DEBT CLOCK for AMERICA

$40,000,000,000,000.00 in debt today.  Go ahead, look at it accumulate.

These fakes pass spending bills they don’t read.

They pile debt on people who are not born yet. They take money from foreign interests, lobbyists, PACs, and industries they regulate, then act shocked when anyone calls it what it is: influence-peddling.

They protect their own.

They investigate their enemies. They never investigate themselves with the same fervor. 

The worst part isn’t even the money. It’s the moral rot. A government that can lecture parents, churches, and working people about morality while shielding predators, burying files, redacting names, and treating elite sex-crime networks like a scheduling inconvenience has no moral authority left. If the same evidence, the same flight logs, the same sealed names, and the same “we can’t comment” stonewalling applied to anyone outside their class, those people would already be in prison. 

You see, EPSTEIN says it all.  All you need to know.  For this crowd, it becomes “complicated,” “ongoing,” or “not the right time.”  You see, IT is their business model. They take the money, take the trips, take the talking points, then wrap themselves in the flag and tell you anyone who notices is a conspiracy theorist. 

They will fight harder to protect their donors and their secrets than they will fight to protect the border, the budget, or the people who actually pay for all of it.  

I don’t hate “government” as an idea. I hate this government, the one that treats citizens like a revenue stream, treats accountability like an attack, and treats the most disgusting crimes as a club you only get punished for if you’re not connected. 

Fuck it, no more polite language.  No more “both sides” anesthesia.

If Congress had a shred of honor left, they would open every sealed file, name every protector, cut the foreign cash pipelines, and submit themselves to the same laws they impose on everyone else. 

They won’t. That’s IT.  

That is the point. 

They are not public servants. They are a protected class. And the country is rotting under them.

And knowing what I know now, I am dam sure tired of the politics in the United States military.    Amazing some of these Generals can tie their own boots.

Today I am tired of the envy of the wealthy.  Most of America wouldn't know a 50 hour work week if it showed up in their bank account.

Tired of the communities of color in America grandstanding about how bad they have it?

It is tiring.

IT is awful old.  Does it change or does IT not change?

IT is what IT is, isn't IT?

I am tired of Americans being lazy, not working, sucking at the hind teat of taxpayers, tired of the lack of two parent households raising children, just tired of IT.    

America is the land of freedom.  The land of opportunity.

About everyone you know seems to have forgotten that.

IT is a dam shame.

Tomorrow is Saturday, IT will still be front and center.

 


 

Monday, August 24, 2026

TIME is All You Have..............

Dostoevsky writing to his brother a few hours after nearly being executed by order of Tsar Nicholas I.



Saturday, August 22, 2026

AUBREY NIEDERHOFFER has kicked off his start!

 Aubrey Niederhoffer, Thiel Fellow


If he hadn’t dropped out, Aubrey Niederhoffer would be nearing the end of his sophomore year at UC Berkeley. Instead, the 19-year-old from the New York area is living in Lagos, where he just launched his food delivery app, Swoop. The 28-person company just booked $7.3 million in seed funding, and the teenager was named to the prestigious Thiel Fellowship.

The Thiel Fellowship, founded by billionaire investor Peter Thiel in 2011, offers young people $250,000 to skip or drop out of college and “build new things.” Notable recipients include Figma CEO and cofounder Dylan Field, Ethereum cocreator Vitalik Buterin, and at least one early employee at Elon Musk’s Department of Government Efficiency.

In an interview, Niederhoffer recounted how he grew interested in Africa while playing the online geography game GeoGuessr as a tween. When he was 15, he started a recruiting company focused on the labor pool in Eswatini, and would visit the southern African country during breaks from school.

VICTOR NIEDERHOFFER MEMORIAL SERVICE

 Tribute to Victor Niederhoffer, Memorial Service

No Excuse for Stupid!