proptrader123

Howdy /u/jartek. Long time.

How many of the original wsb crew are still around?

Can't complain, still trading my life away :) Listened to your CwT podcast a while back. I got fed up with wsb and unsubscribed once it started getting nuts heh. I'll have to make a reappearance at some point but in the meantime say hi to everyone

CwT podcast

https://chatwithtraders.com/ep-185-jaime-rogozinski/

No, there appears to be conflation of terms here. The tokenized stock market that FTX Intl offered is unrelated to the "FTX Token" itself.

Think of a tokenized stock as a side bet between Party A (Long) and Party B (Short) where the value tracks what happens in the actual stock market. If, for example, AAPL goes higher- Party A's position increases in value relative to Party B's position. The transaction is settled between A and B only. There is no reflection on the actual stock market and the tokens can't be used at the actual stock market either. Its just an isolated side bet.

On your second point, SEC has offered some guidance:

Moreover, the SEC has previously stated that "a bona fide market maker is a broker-dealer that deals on a regular basis with other broker-dealers, actively buying and selling the subject security as well as regularly and continuously placing quotations in a quotation medium on both the bid and ask side of the market."

The idea is generally that a market maker is a person who is making a two sided market near the top of the book most of the time. You don't have to be at the top of the book all the time, but you need to reasonably be posting liquidity that is accessible in times of illiquidity, and you have to be doing this as an ordinary course of business. You can't claim to be a market maker for 10 minutes on a random ticker when it benefits you. There are some scholarly articles that you can access through your library for in-depth discussions on this.