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valorie
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http://www.businessjive.com
Posts: 14 | From: oregon | Registered: Oct 2007  |  IP: Logged | Report this post to a Moderator
glassman
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DTCC Responds to The Wall Street Journal article, "Blame the 'Stock Vault?'"

New York, NY, July 6, 2007 - The Wall Street Journal (WSJ) article "Blame the 'Stock Vault?'" (July 5, 2007) contained a number of omissions and factual errors that misinform readers. DTCC is providing the following information, as it did during lengthy meetings with the reporters, to set the record straight.

1.The WSJ article failed to report DTCC's response to a core premise, i.e., whether we played a role in naked short selling?

As DTCC has explained, short-selling and naked short selling are trading strategies. These trading activities are regulated and policed by the marketplaces/exchanges, the self-regulatory organizations and the SEC. DTCC is involved in post-trade processing, which occurs after a trade is completed. DTCC has no regulatory authority over trading activity or to release information related to trading activity. In fact, as we told the WSJ reporters, we have no power to force the closing of an open fail, no matter what the cause, and we do not have the authority to force a buy-in. And we provided information to the reporters from the SEC, which regulates the clearance and settlement system, so they had the highest credible source on this issue.


http://www.dtcc.com/news/press/releases/2007/wsj_response.php

as you can see? it's not an urban myth, it's a legitimate trading strategy according to the DTCC...

ask your broker about it...

they own the DTCC thru the NASD and the NYSE...

DTCC is owned by its principal users and operates on an at-cost basis, which means we look to return profits we make to our customers. Driven in part by economies of scale, our transaction fees are among the lowest in the world.

http://www.dtcc.com/about/business/customers.php

so as you can see? when the brokers blame the DTCC? they are still reponsible...

All services provided through the clearing corporations and depository are registered with and regulated by the U.S. Securities and Exchange Commission (SEC). The depository is also a member of the U.S. Federal Reserve System and a limited purpose trust company under New York State banking

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Don't envy the happiness of those who live in a fool's paradise.

Posts: 36378 | From: USA | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
glassman
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the "key" wording is the use of the term SRO (self reguating organisation)

they ain't doin' it...

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Don't envy the happiness of those who live in a fool's paradise.

Posts: 36378 | From: USA | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
T e x
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oh...

they're self-regulating, all right... they simply ignore regs in place designed to keep a somewhat-level playing field.

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
   

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