TD
Toronto Dominion Bank
stock NYSE

I wanted to reach out to this community to see if anyone else is experiencing similar fill changes recently. I've identified a significant and sustained degradation in my fill quality over the past several months.
I have a semi automated scalping strategy, which does dozens of trades a day, looking for very short lived profit opportunities. I've been running it fairly successfully for 8 years, starting with TD and now with schwab when it was acquired. I understand most people aren't taking anywhere close to this number of trades a day, but the frequency I trade at has magnified a change in the fills I'm receiving.
**The pattern I'm seeing**
On round-trip trades — buying and selling the same equity, often within seconds — my market orders increasingly fill at sub-penny prices that represent minimum of price improvement. For example, on a stock with a $27.86 / $27.87 NBBO, I now routinely see:
* Buy fill at $27.8699 (i.e., $0.0001 below the ask, the legal minimum PFI)
* Sell fill at $27.8601 (i.e., $0.0001 above the bid)
These fills cost me roughly $0.0098/share in round-trip slippage. In contrast, mid-quote price improvement (e.g., a buy at $27.8650 / sell at $27.8650) used to happen much more frequently. I know I'm not entitled to a better price with a market order (my strategy is highly time sensitive so limits are not an option), but historically I would at least get some midpoint fills. Now it seems like I'm always getting the worst possible fill, at least within the spread.
**The data**
I've analyzed 107,399 of my single-fill round-trip trades over the past 8 years and tracked where each fill lands in the sub-penny range. The recent trend is clear:
|**Month**|**% of buys filled at $X.XX90-99 (stingy PFI)**|**% at $X.XX31-60 (mid PFI)**|
|:-|:-|:-|
|Aug 2025|14.9%|66.3%|
|Sep 2025|14.5%|59.2%|
|Dec 2025|17.3%|47.8%|
|Mar 2026|26.6%|48.2%|
|Apr 2026|32.7%|49.8%|
|**May 2026**|**49.5%**|**39.1%**|
The pattern is symmetric on the sell side. My average round-trip sub-penny cost has risen from -$0.00302/share historically to -$0.00405/share in the last 30 days — a 34% increase. Given my trading volume, this represents a real and measurable cost increase: I estimate \~$300-$400 per trading day in degraded fill quality alone, which is material relative to my P&L.
This is not a market-wide volatility effect. I've cross-checked against SPY/VIX regime conditions and the degradation is independent of those — it appears to be a routing- or wholesaler-level change rather than market microstructure.
Anyone else noticed this change? Thanks for your time!
tldr; Schwab market order fills have been significantly worse the past few months.

Yeah.. so this "hostile takeover with no one noticing until it's done" scheme is essentially impossible for a $50B+ public company under current US securities law. 😆
GME would be violating multiple disclosure laws. Just off the top of my head:
* Any accumulation past 5% triggers mandatory public filing, long, long before 51% is reached.
* Derivatives don't hide ownership after some famous case 20 years ago, the SEC treats delta-one/total return swaps as beneficial ownership. So.. gotta tell 'em.
* If there is a hostile tender offer, RC has to treat all shareholders equally. Can't quietly buy a majority stake, needs to give 20 days to review etc.
* There's always a chance that eBay's board will enact "poison pill" provisions, which involves automatically diluting the acquirer as they acquire more shares.
* Given the size of this deal, it's very, very likely that it'll face FTC/DOJ antitrust review, so no sneaky execution is possible.
Btw, note that the $20B TD "credit line" doesn't exist - it's more like a "letter of intent."

go listen to the 2 interview side-by-side. First, in the fox one interview, he mentions that his proposal would take 50% of eBay shares off the table with a 28 billion cash offer. 20 of that would come from the new business load and 8 billion from cash on . Obviously, they would have to restructure the convertible notes a little bit, but that shouldn’t be too hard
The rest of eBay shares would be diluted to increased value asap between the two companies. Right off the bat, the shares of each company might be worth a little less, but very quickly as debt is paid off and the business expenses drop, and profit margins and revenues pick up… shareholder value would be not only back to where it was to begin but higher.
So, the question is how they pay off the $20 billion loan quickly
There’s a little reading between the lines, but listen to this from the TBPN interview:
“Yeah it's really not that complicated. Look at eBay spending 2.5 billion bucks to grow 1 million users,
(2.5 billion gone)
$5.5 billion dollar on operating expenses
pusiness that has no inventory … so cost cuts between sales and marketing and corporate overhead.
(5 billion gone)
It's not something that's going to take a few years.
Like it's something that is going to happen fast fast because I'm putting leverage on this thing and I don't want
to run a leverage business. So I'm not going to run it hot. I'm going to pay down the leverage and I'm going to increase earnings. “
I believe once the company has merged, within that month he will move the $20 billion note that he had to get from TD into something similar to the convertible notes that were issued earlier this year using the new company stock. Obviously there are international buyers who would be eating that up so 20 billion is nothing to get.
That could happen within the first month. From there, in the first year, you have 7 billion in savings and very quickly you have increased value from revenue and without any more share offerings and solutions, you can see how within a year and a half all of the debt is paid off, and the company is stronger than ever with a fresh balance sheet.
Some people might say that eBay hold some debt right now so you have to add that to the equation, but that’s not true. When eBay is bought out, they would pay off all of the outstanding debt our if eBay valuation.

GameStop holds $9.3B in liquid cash/securities plus Ryan Cohen has $3.5–4B, giving him immediate firepower to acquire ~25% of eBay in the open market **today**.
If eBay’s board rejects a friendly deal, RC can execute a hostile takeover entirely with cash and derivatives and no new debt required.
- Using delta-1 leveraged derivatives (the same structure GME’s position is already in), RC can secure economic ownership of 51% using only the cash already secured with TD.
- The $20B TD High Credit Line is reserved solely to exercise those derivatives into actual shares at the moment of takeover execution.
- Post-acquisition, a new holding company will own both eBay and GME equity. The “half-stock” portion of the transaction will redistribute ownership as 40% to GME shareholders and 60% to eBay shareholders — exactly as Cohen outlined in his interview example.
This clearly gives Ryan full control of eBay with zero dilution to GME, minimal debt, and a clean pro-rata equity split that aligns both shareholder bases under the new combined entity.
🚀🚀🚀🚀🚀
Bullish as fuck.
🚀🚀🚀🚀🚀

$20B from TD bank + $7B existing debt from eBay.
Of course, Its an estimation of the rate as GME hasnt actually secured any loan yet but its based on market rate for below average credit rating company securing a loan from a traditional investment bank.

Mir fallen ein paar kleine Gründe dafür und kleine Gründe dagegen ein:
**Pro:**
- zusätzliche Dimension zur FIFO-Optimierung (geht auch durch Teildepotüberträge oder mehrere Depots von Anfang an)
- Wegzugbesteuerung ab 500k Einstandswert pro ETF vermeiden
- Diversifikation des Risikos, dass der Anbieter irgendwas merkwürdiges mit dem ETF macht und dadurch alle Gewinne realisiert und besteuert werden (Verschmelzung über Landesgrenzen; Einstellung des ETFs usw.)
**Con:**
- mehrere Zeilen im Depot :O
- evtl. nimmt man für länger als nötig einen Anbieter mit höherer als nötiger TD/TER? Aber kann man ja selbst beurteilen

This is my cash account. I have a TFSA and RRSP that are direct invested through TD that I get additional income from as well that aren’t pictured in this. In total, a hair over 2.1 mil.

Yh, I'm somewhat concerned that people are investing their money based on this made-up math.
Is it just TD advising them on this one?

Better question to ask is why are they offering such a high loan in the first place. This is bullish, it's always been reported from back in the day that there are numerous securities firms that are short and TD was one of them. TD just may not be as short as some other banks.

RC has neither the stock nor the cash firmly committed.
The stock issuance needs shareholder approval. The HCL is a non-binding assurance by TD that they think they can find the cash.
As you can see from the wide variety of interpretations as to how the stock deal would be structured, the prelim offer letter did not clearly specify what is meant by "50% stock".

I agree. The math about the merger making it a $60 billion company is wrong. It’s not accounting for the $20 billion debt to TD and the $9 billion cash on hand that would be used to acquire eBay. And as you pointed out, a good sum of current income is coming from the cash on hand, so that should not be part of the equation when calculating EPS.
The only way for this acquisition to work well without current GME holders getting diluted like hell is for the stock to rise quickly to $40-50. A “squeeze”. If squeezed to $80, even better because then RC can issue the allowable amount to finance the 50/50 deal.
I want this deal to work, but at the same time, I don’t want my GME holdings to be worth significantly less.

That TD letter is a ‘done deal’. It’s “not done” because the offer and DD wasn’t fully executed. So they “will” assuming all “goes well”. Is what I would take out of it.
What bank wouldn’t loan 20b to possibly if things go south own eBay and Gme.

Zerohedge (lol) is reporting that CNBC (lmao) is saying TD might not lend 20B unless JimmyBay is rated investment grade.
Buf if that's true, shouldn't we be mooning right now, since that'll mean no deal and thus no dilution? Lol.

Hi everyone, bob here.
Monday was a bloodbath eh? 10% dip was intense!....
https://preview.redd.it/gj8l3h2kvpzg1.png?width=1280&format=png&auto=webp&s=32d5ca0ee20ac24a32f608f8a4d725a23737c4ed
No the fuck it wasn't. it was just a fucking blip. I was there in 2021 when they dropped the stock over 50% in less than 30 fucking minutes. Apes didn't flinch then, why the actual fuck would we give a shit about a 10% drop now? Especially with the turnaround and eBay play in full force?
RC went live on [CNBC ](https://www.youtube.com/watch?v=Bmj2PaxX24E)the other day and clowned those absolute mouth breathers and for good reason. They wanted to generate "Ryan Cohen Dilutes The Stock" headlines for their short hedge fund puppetmasters. It didn't work and his "disastrous interview" was actually a masterful first step in his rollout of what's about to come. The subsequent interviews with [Charles Payne](https://www.foxbusiness.com/video/6394706745112) and [TBPN ](https://www.youtube.com/watch?v=RuRH6ULo1F4https://www.youtube.com/watch?v=RuRH6ULo1F4)were very insightful if you were actively listening with a wrinkle or two, which I know are hard enough to come by, even before AI made everyone hop on the short bus - if just to be lazy..........
And it seems a good portion of folks here are still fucking following the bullshit narrative those cucks at CNBC have been pushing... about dilution. It's just wrong. It's even so wrong that its not even possible (to issue over a billion shares like CNBC would have you believe) without a shareholder vote to increase the issuable shares.
So let me break it down for you as simple as I know how: GME wins in this acquisition, and EBAY does too.
# The Merger Maff: A Win-Win (Unless You're Short)
GME pays eBay $28 billion in cash to buy out half of their stock and takes the remainder, combines it with GameStop stock holders to form a new entity: GMEBAY? GMERICA? Who the fuck knows? Maybe those grifters at the BBBYQ table are right on the name (TEDDY)... but I'm not going there. Back on topic.
So the split would go like this:
* **GameStop (GME)** gets **40%** of the new entity.
* **eBay** holders get **60%** of the new entity.
For the eBay crowd, this is a "Cash and Carry" grand slam. They get $62.50 in immediate cash per share (half of the $125 bid). Then they roll the other half into that 60% ownership stake of a company that isn't run by overpaid "professionals" on a permanent vacation.
Quick Math: assume 1% ownership stake in eBay at 103, worth 457M (4,444,444 shares). applying the deal you get a total value of (2,222,222\*125)+(60B\*(.01\*.6))... translating to 537M at 15x and 637M at 20x multiples on the new entity (assuming 2.58 eps)
For GameStop, look at the maffs: GameStop (roughly $10B market cap) and eBay ($50B market cap) combine into a $60B conglomerate. If you have 1,000 shares today, you own a tiny slice of a $10B company. After the merger, you still have 1,000 shares, but they represent a 40% stake in a $50B monster. That means your shares effectively represent ownership in $24B of value ($50B \* 40%). You just doubled your notional stake without spending another dime.
https://preview.redd.it/xqs4zmgpzpzg1.png?width=1067&format=png&auto=webp&s=6fb138711d0590a82cd265220d7087e79e4d5a16
To get the actual EPS for the new entity, you have to account for the $20 billion in debt used to buy out half the eBay shareholders and the presumption that we’re splitting the final pie 60/40.
**The Combined Earnings Pool:**
1. eBay's Optimized Profit: \~$3.54B (The $1.89B legacy + $1.65B synergies).
2. GameStop's Profit: \~$0.418B.
3. Debt Servicing: Cohen is taking a $20B loan... assuming \~6.5% interest. Even after tax benefits, that eats about $1.07B of the profit pool every year.
4. Net GMERICA Income: $3.54B + $0.418B – $1.07B = \~$2.89 Billion in total profit.
**The New Share Count (The 60/40 Split):** Remember, we aren't just buying them; we are merging them into a new entity where GME holders own 40%.
* To make GME's 448M shares represent exactly 40%, the new company must have 1.12 Billion shares total.
* GMERICA EPS: $2.89 Billion Profit / 1.12 Billion Shares = $2.58.
Once RC starts the fat trimming by targeting $2.0 billion in cost cuts by treating eBay like a "family business" and killing their bloated marketing spend we are looking at a combined EPS of about $2.58. Apply a standard 15.2x multiple (like Berkshire) and your settled price target is $39.26.
# The eBay Board
The eBay board is so goddamn desperate they’re actually trying to dig up "dirt" on RC for hiring a personal assistant through GameStop. RC literally laughed it off on TBPN because he pays for that assistant out of his own pocket. Imagine being a board member getting paid $350,000 to $450,000 a year in fees while buying zero shares of your own company, and then trying to lecture a guy who takes a zero-dollar salary.
https://preview.redd.it/msdg83jt0qzg1.png?width=508&format=png&auto=webp&s=261d01e3e523ef55e745ceb3c91721e14e72f841
They just permanently suspended his account (ryan\_5050) because he was "putting the community at risk". The only people are risk is the current management and bloat in eBay if RC gets the deal through. Further, if they fight a deal that gives their shareholders a roughly 46% premium, they are breaching their fiduciary duty.
# The Technical Execution
Check the Form 425 GameStop just filed. RC has already built economic exposure to 23,176,000 eBay shares via put/call pairs. Once he hits the HSR Act Condition, he can settle those in physical shares. This is a voting block ready to facilitate a hostile takeover.
He’s walking in with a $20 billion "highly committed" letter from TD and $9 billion in cash. Because GME doesn't have the authorized share headroom to just print its way to a merger, the only move is a Holding Company (GMERICA).
A new entity means a new CUSIP. That's a forced reconciliation of every share. Legacy shorts who have been hiding *naked* FTDs in the obligation warehouse are fucked if this goes through. When the CUSIP changes, the DTCC runs RECAPS, which re-prices every failed obligation to the *new* market value and forces a mapping of real shares to new shares during the rollout. They don't get to hide the ball anymore; they get an immediate bill for the price difference.
History on my thoughts on related subjects:
* [Warrants](https://www.reddit.com/r/Superstonk/s/dhslyCTfn5)
* [Bonds](https://www.reddit.com/r/FWFBThinkTank/s/D6fGsKi51R)

If this lands at $60B + at 80% cash, it would be an absolute disaster. The interests alone would kill any profit and growth for years. Hell the interest from $20B TD loan + $7B eBay debt is probably $2B a year already which basically wipe out any gain from RC proposed efficiency play.

> The financials are doable, but the end result is unattractive to anyone but Cohen. 
It would also be extremely attractive to eBay's new creditors. On the new debt required for this alone, you'd probably be looking at SOFR plus 3-5% right? So best-case scenario is you're paying an average of 7-10% on this $20 billion in debt. No wonder he wants to find $2 billion in savings. *He'd need that just to pay off his interest on the new debt.*
So TD and whatever investors they find tap into one of the best cash machines on the market via eBay. They don't care that the stock value plummets as long as the company's never insolvent. They don't care if the company is hollowed out/levered up the ass purely in the interest of short-term market cap and EBITDA.
Meanwhile, eBay has lost *all* flexibility or resiliency in the market, because it's shackled by this debt. If there's a correction in the collectibles market (which, let's be honest, there likely will be), they're suddenly in an unimaginably bad position - scraping and clawing just to handling their debt servicing costs.

They’re already getting $20B debt from TD in this deal…

Your read on MU feeling "just heating up" totally tracks with the news from April 29th about their HBM supply being sold out for 2026, locking in revenue. It was also highlighted D.A. Davidson initiating coverage with a $1,000 target and TD Cowen raising theirs to $660, which directly supports your point about the market underpricing MU despite the AI super cycle. More on this here: [https://wiseek.ai/ticker/mu/news/micron-s-hbm-sold-out-for-2026-locking-in-revenue-analysts-boost-targets-276b96d7e440c0f99929ced150571dd6472079a8a2e3e6ca823cdfbcb3080487/](https://wiseek.ai/ticker/mu/news/micron-s-hbm-sold-out-for-2026-locking-in-revenue-analysts-boost-targets-276b96d7e440c0f99929ced150571dd6472079a8a2e3e6ca823cdfbcb3080487/)

Wondering who will makes us $GAY ... Saudis and a little Ichan? Just GME and TD?

Dude has no idea what market cap even is. The other day he was pontificating about how unfair it is that the market won't value GameStop at $30 billion when they have $9 billion in cash (4.5 of which isn't even theirs) and $20 billion in a TD bank loan (which isn't theirs, and they don't even have).