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The Data:
All information is taken directly from the FINRA OTC Transparency website:
https://otctransparency.finra.org/otctransparency/OtcIssueData
The tables below show the total number of shares and trades by participant, broken down into Pre-split (top left), Post-split (top right) and Total (bottom).
In red, you can see the Total OTC and Total Volume across each time period.
Please refer to The Cooks Keep Cooking the Books series for additional information and details on Robinhood and Dirvewealth LLC 'adjusting' their reported OTC trades 8-12 months after they supposedly occurred:
Volume 2 - Robinhood does it again
Volume 3 - Robinhood and Drivewealth
Volume 4 - Featuring Drivewealth LLC adding 3 million OTC trades
Or some of my previous OTC write-ups for additional context and more detailed explanations:
Weekly GME OTC Shares traded
This shows the total weekly shares traded OTC by Citadel, Virtu, G1 Execution, Jane Street, Two Sigma, UBS, Drivewealth, De Minimis Firms, Robinhood, and others Over-The-Counter (OTC), as internalized trades from retail across 184 weeks (over 3.5 years).
- The data ranges from 7/27/2020 - 2/2/2024
- 2 years (104 weeks) pre-split (7/27/2020 - 7/22/2022) and 80 weeks (>1.5 years) post-split (7/25/2022 - 2/2/2024)
A full 184 week (>3.5 years) timeline of GME OTC trading
Weekly OTC Trades
Still some unusual spikes in OTC trading associated with high volume, high volatility weeks
Who is doing all that trading?
Weekly OTC shares by OTC participant
Weekly OTC shares traded by participant
Citadel, Virtu, G1, Jane Street, De Minimis, and Two Sigma account for 93.3% of total OTC shares traded across 184 weeks (2.57 billion out of 2.75 billion shares traded).
Weekly OTC Trades by OTC participant
Weekly OTC by participant (Top 7 in Total trades)
These 7 participants (Citadel, Virtu, G1 Execution, Jane Street, Two Sigma, Drivewealth LLC, and Robinhood Securities) represent 93% of Total GME OTC trades across 184 weeks of data.
Distribution of OTC Shares, Trades, and Shares*Trades
Below are pie charts showing the pre-split and post-split distribution of shares, trades, and shares*trades (activity) for the main GME OTC participants
Distribution of OTC Shares, Trades, and Shares*Trades
Always has been...
This OTC market concentration goes back well before before 2019.
These graphs show GME total daily volume for 2019 and 2020 and closing price. I also included the OTC trading data from these high volume weeks in 2019 (on the right) and 2020 (on the bottom).
Highlighted in yellow are Citadel, De Minimis Firms, G1 Execution, and Virtu. You can see that they have been the main OTC market participants since 2019 (and likely well before that).
Highlighted in red are Robinhood and Drivewealth. This is taken from a previous post showing Robinhood and Drivewealth adding thousands of trades > 9 months after the data was sent to and published by FINRA.
The Flash Crash (a.k.a the Big Dipper)
Here's a reminder of some OTC trading data from 2/22/2021 and 3/8/2021 (the week of the Big Dipper). Robinhood accounted for the 2nd most OTC trades (767,770) during the week of 2/22/2021 and most OTC trades (764,286) during the week of 3/8/2021. Is this how they generated all those fractional shares for our cost-basis? GME was the top traded OTC stock for both of these weeks in terms of total shares traded.
So as not to weigh down this post, please see one of my previous posts for some in-depth analysis on this nefarious pre-split OTC trading activity.
Let's specifically zoom in on the Post-Split data.
Post-Split Data
GME Post-split by Participant
These 5 entities account for 91% of all post-split OTC shares
Together, Citadel, Virtu, G1 Execution, Jane Street, and De Minimis Firms account for over 91% of all GME OTC shares! Adding in Two Sigma gives you 95% of GME OTC shares.
Let's look at a few high-volume weeks
Here's the OTC trading data from 3/20/2023
Comparing OTC Total vs. GME OTC for these participants
Week of 3/20/2023 OTC Total vs. GME
On the right you can see the % of total shares was GME and % total trades was GME. For Comhar Capital, 4.42% of all shares traded was GME
If we zoom into the OTC trading for the weeks of 11/27/2023 and 12/4/2023, we can also see some other interesting findings
First, we see the massive volume from 11/29/2023, with 60.9 million shares traded. We also see over 622,000 contracts traded, which was greater than the OI heading into the day (585,772). 622,000 contracts x100 shares per contract gives us 62.2 million, which is awfully close to the total daily volume. As usual, this massive influx in volume and contracts came on no news from the company.
The next day, we see that OI only changed by 140,000. Another 221,000 contracts traded on 11/30.
The back-to-back high volume weeks featured a first time (and only) appearance by Goldman Sachs, as well as a first time appearance by Jump Execution (who traded on both weeks).
We see an appearance by Comhar Capital, who seem to dip in and out of the OTC like a Sybian. They show up when liquidity is needed, and are AWOL across the rest of the weeks.
- They first showed up in my dataset in 8/31/2020 when RC submitted his 8K.
- They were active during the high volume trading of 10/5 and 10/12/2020, before taking a hiatus until 12/21/2020.
- From 1/11/2021 - 7/5/2021, they were active in the OTC for 22 of 24 weeks (91.66%).
- They came back for the rally during the week of August 23, 2021, but were gone until 12/13/2021.
- They were active on 1/3/2022 and 1/17/2022, before taking another hiatus until they rally in March 2022 (3/21/22 and 3/28/22).
- They came back again in May 2022 for another rally and were gone again until after the split 8/8/22 and 8/15/22.
- They came back again for the high volume trading during the week of 10/31/2022.
- They've only been present for 5 weeks of OTC trading since the split, including high volume weeks of 3/20/2023 and 11/29/2023.
I also believe more attention needs to be brought to Drivewealth (Drivewealth Institutional and Drivewealth LLC), who operate 2 separate OTC entities. Drivewealth Institutional acquired Cuttone and Co. in December 2020. Sponsored by Point72.
ShTR and Sh*T
Here's a chart showing weekly Sh*T*R Score (OTC Shares * Trades * Range) across the 184 weeks (left) and Sh*T Score (Shares * Trades) on the right
Highlighted are some of the higher scoring weeks, which are understandably dwarfed by January 2021.
If we zoom in to post-split data, we can visualize it better.
And removing the weekly range (which they control), helps to normalize the data further. Some good old fashioned Sh*T!
Sh*T*R on the left, Sh*T on the right
ATS (Dark Pool) Trading
Here's a graph showing weekly ATS shares across all 184 weeks. Totals are on the left, and distribution by top participants is on the right.
ATS Totals and ATS distribution
And here's the ATS data broken down into post-split total and distribution by participant
Post-split totals and distribution
ATS Totals (top), Pre-split (bottom left) and Post-split (bottom right)
Short volume, Long volume, and % Short
On top, you can see the Daily volume, Short volume, Long volume by Closing price
In the middle, you can see Short volume, Long volume, and % short
On the bottom, you can see daily 'Missing volume' which is (Daily volume -Short volume - Long volume)
On top, you can see Daily volume, Short volume, Long volume, and missing volume by % Short
On the bottom, you can see % Short volume by Closing price.
TLDR:
I present data from 2019 - today, including daily volume, weekly volume, OTC weekly volume, ATS weekly volume and more. I specifically look at the OTC and ATS trading, comparing pre-split and post-split shares, trades, and overall market distribution. Click on each image and have a look for yourself! When you add it all up, Hedgies Market Makers R truly Fuk.
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