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I'm struggling for time lately, but at the urging of some great SuperStonk users like u/whatt_shee_said and others, I'm reposting my comment from yesterday. Originally on u/hatter01 excellent post (The Borrowed Shares we saw from Ortex are Real. [...]) analyzing the specific phrasing used by Ortex.
u/Responsible_Ad_7210 asked:

So...I like this info. But if in fact it is real, how was Ortex just able to completely remove the data as if it never existed. That seems like some crazy shit?!

So I forced together an overview from my research. Forgive my candor, the reply was written in my downtime between tasks.

The shares Ortex showed were the result of Synthetic Prime Brokerage borrows that were briefly uncovered from their balance sheet netting. The borrows disappeared again after new Prime Brokers acquired the accounts, and were able to hide the borrows once again.
Prime brokerages extend credit to traders, making fees by lending them securities or money to invest with. Traditionally this means transferring (hypothetically) 100k shares of GME to a short. The prime broker would then have to hedge the loan by (very roughly speaking) holding another 100k shares to protect against the short losing everything.
Critically, the loan of 100k shares would show on the reported balance sheets of the prime broker (loan) and the short (borrow), impacting the leverage requirements of both. These requirements were increased after 2008, greatly limiting the amount of leverage that Prime Brokers and Shorts could carry on their balance sheets. As you might expect, instead of reducing their leverage to the regulatory limits, they simply found a way to get it off their reported balance sheets.
The answer was Synthetic Prime Brokerages. In this relationship, the Prime Broker creates an account, puts 100k shares of GME inside, and gives the Short Borrower access to trade the account. Like the traditional relationship, the Prime Broker gets paid fees for the loan, and the Short Borrower gets paid on successfully shorting the stock. HOWEVER, the Prime Broker technically never lends the shares to the Short Borrower - the Short is trading the Prime Broker's shares, keeping the profits, and paying a fee for the access.
This means that there is no 100k GME loan on the balance sheets to be reported for the Prime Broker, or borrow for the Short, because the transaction is taking place entirely on the balance sheets of the Prime Broker. At that point, the Prime Broker can conceal any balance sheet reporting of the position by simply hedging the market impact short & long to the extent that it nets to zero. That is to say, how Credit Suisse could owe an entire floats worth of GME, but hide it from balance sheet reporting by purchasing enough far OTM calls AND puts to supposedly net out when GME either goes broke or to the Moon.
Fuck this is too long already... So the Prime Brokers evil shit got screwed because the Borrowers blew up and couldn't close when they went under. This leaves the Prime Broker holding the bag on the account, which has sold short a mountain of GME. On top of that, whatever far OTM puts & calls they're holding to net out the market exposure (& hide from balance sheets), are inherently off - because the metrics for assessing the appropriate hedge to actually reach zero exposure have been corrupted by their very own hidden exposure... not to mention the hidden exposure from all the other Prime Brokers pulling the same bullshit.
Oh God damnit, it's still going. I need a job. Writing DD doesn't pay. Researching financial bullshit doesn't feed my dog.
The fucking loans popped up on Ortex because the struggling Prime Broker was forced to transfer the positions to another Prime Broker. It (hypothetically) started as a loan from Credit Suisse to Credit Suisse (itself, the synthetic position that when netted doesn't appear on a balance sheet). Then Credit Suisse fucked up and needs to move these accounts to another Prime Broker. Doing so revealed the borrows on the Ortex data. New Prime Brokers acquired these accounts and closed the borrows seen on Ortex with synthetic prime positions they can once again conceal.

Some quick Sources:
The Trade News
Hide from balance sheet reporting
Hedge Fund Law Report
Synthetic Prime Broker Relationship
HedgeWeek
Benefits of the Synthetic Prime Broker relationship
Continued
Shorts here
Risk .net (archive link)
\"WE TECHNICALLY DON'T HAVE A POSITION ANYMORE\"
This last source reveals why you can't find the GME short on the balance sheets of Hedge Funds or the Prime Brokers. "WE TECHNICALLY DON'T HAVE A POSITION ANYMORE," per Jon Cossey, Head of Equity Finance at JP Morgan. Almost as good as Ashley Wilson, head of equity finance at Barclays, "leading to lower balance sheet usage, versus cash prime brokerage which records a gross balance sheet use of client longs and shorts." Straight from the mouths of top Wall Street executives. They aren't confessing, they're bragging.
For those with concerns, want more DD, or appreciate the work -

Have a degree in professional writing, done a couple hundred hours of research and sourcing on a thorough DD for financial luddites that provides a more complete picture of the situation GME is caught in. Unemployed though, so time for passion projects (or full responses like above) is sparse.
The money comments are just my internal frustration with spending so much time learning Wall Street's bullshit instead of making cool NFT's or something, but I very much appreciate your supportive sentiment. Definitely reminds me it's important to soldier on with the work.
Here's a reward from where I'm currently at: Market Makers (like Citadel) who depend on high frequency trading have also become increasingly dependent on synthetic prime brokerage services to access/provide liquidity in the underlying because conducting it through the prime brokers books insulates the market maker profits from the fees on all those individual trades.

Happy to answer questions when I get a chance.

According to the investor's complaint：
The user has a brokerage account 7000065 with $575 in commissions, and as soon as he submits a withdrawal request, he is prompted with "An error occurred, please try again", and this has been happening every day for a week. The user contacted the official NAGA customer service, but there has been no response.
The customer under this user name is also unable to withdraw, the customer has deposited $1800 in NAGA, profit of more than $2000, currently also can not withdraw.
The user said that if NAGA does not deal with it, will fight with the platform to the end.
More details:http://fxgecko.com/complaint/7316.html
FxGecko has sent the complaint to NAGA but has not received a reply yet.

https://preview.redd.it/ocn51oue7i381.png?width=735&format=png&auto=webp&s=7d05bb7cca0943bb4c0490bf54835466b155902a
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In addition, if you have lost a lot of money, it is recommended that you call the police or contact a local attorney immediately.
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Background: I’m an incoming summer Analyst at Big 6 Canadian Bank in prime services/brokerage. I have lots of questions, and not many answers.
Is prime brokerage buy side or sell side?
Is prime brokerage considered prestigious over other Capital Market roles?
Does Prime Brokerage fall under S&T?
Thanks guys!

You can discuss something like these, ITT:

What brokerage are you using currently?
Is the brokerage structure suitable to your needs?
How is the availability of the brokerage service?
Do you experience issues with login/authentication? Do you experience issues with posting trades to NSE and BSE? Do you experience issues with executing trades at NSE and BSE?
How do you rate the brokerage reports provided by the brokerage house?
How are the ancillary products and services provided by the brokerage house?
Do you use Smallcase to manage your portfolio, and how was the service?

You can ask for a general review of a particular product, or service that you are researching - Is X good? Is it recommended for long-term delivery trades?, but please avoid asking for personal advice.
The discussion is for consumption by a broader audience. For advice regarding your personal situation, the bi-weekly advice thread is recommended.
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Coinbase Global Inc. said it will expand its offering of prime brokerage services for institutional customers with a unit that ties together custody, trading, data analytics and other amenities.
Coinbase Prime will provide institutional clients access to pricing on 12 different regulated exchanges, including Coinbase, according to a statement Tuesday. The unit is seeking to function as an umbrella of services ranging from smart-order routing to detailed trade cost analysis reports and concierge support from account management and trading teams.
Coinbase had more than 8,000 institutional clients with about $122 billion in assets on the platform at the end of March. The largest U.S. cryptocurrency exchange generates 5% to 7% of its revenue from institutional clients. The bulk comes from retail investors.
“It opens the door for institutions clustering more and more of their services through us,” Brett Tejpaul, head of institutional sales, trading, custody and Prime services, said in an interview. The prime brokerage expansion is the latest effort focused building out the institutional business. Coinbase acquired institutional crypto broker Tagomi last year, and institutional custody business of Xapo in 2019.
Coinbase went public via a direct listing in April. After reaching a closing high of $342 on April 16, the shares have slumped about 34%
Source: https://www.bloomberg.com/news/articles/2021-05-25/coinbase-expands-prime-brokerage-services-to-institutional-users

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