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Post by fastwalker on Aug 26, 2004 10:03:20 GMT -5
;D FYI /FWIW... The DTC, or Depository Trust Corporation, is the clearinghouse for CMKX - it's where the shares are actually held. They send reconcilliation files to all the brokerage houses each night showing the balance each broker has. The broker reconciles that amount with his own clients accounts. Sales are initiated by the client, who calls the broker, who calls the MM. The MM acknowledges the sale, procurs the shares and forwards them to the DTC. The DTC is supposed to know how many they have. Where the shorts come in is the MM's acknowledge, but never procure the certs and foward them. It's all designed to be a series of checks and balances. But the SEC isn't enforcing on the pinks, since they aren't required to report. There is only one cusip number - it's a unique number assigned to each stock, not certificates. So simply ..its... frightening how complicated it has become....lol
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