/biz/ - Business & Finance

https://twitter.com/SusanneTrimbath/status/1535811226776707077
What I never understood with everything that Trimbath has ever said is how there are such great amounts of persistent FTDs. I understand that ATS and OTC trades are outside of the DTCC, which are the only ones that get reported, but this must be to a degree of insane proportions with all the naked shorting cases we have seen in the past. These off exchange methods must only be used to trade synthetics due to the lack of regulation, and are primarily where phantom shares are created along with bona fide market making on lit exchanges. This tweet emphasizes "delivery of shares", and normally I would expect this to be within T+35+2 or something like that, but if my buy order got routed off exchange, my broker could possibly never own the shares I purchased, regardless of the whole are they lending out my shares question. The DTCC and brokers are truly evil swines
>>49544394
Until you DRS, there is a decent chance you don't own your own shares and your broker dealer is acting as a custodian for your synthetics