I'm going to tell a story.
A story about Charles Schwab, TD Ameritrade, and yesterday's "Cyber Event"
A story of coincidences.
🧵 1/8
MARCH 1, 2024
Charles Schwab releases 2023 Fiscal Report
CEO Walt Bettinger discusses completing 90% of the "largest, most complex, and detailed acquisition integration" in banking history (TD Ameritrade)
10% of the acquisition remains.
JUNE 28, 2024
DTCC releases changes to Participant List
Schwab to assume all open TD Ameritrade Clearing contracts (acct#0188) effective July 17th
JULY 5, 2024
DTCC amends Participant List changes
Schwab now to assume all open TD Ameritrade Clearing contracts (acct#0188) effective July 18th, one day later
JULY 12, 2024
DTCC sends reminder of the change, and adds an additional account to be retired...
TDA Clearing's Securities Lending Account (#5298)
JULY 18, 2024
Schwab assumes all TDA Clearing contracts
Stock continues to tumble, along with collateral value
JULY 19, 2024
Global "cyber event" triggers relief for affected broker/banks
While microtransactions continue by day end, capital requirements not to resume until back end issues resolved
While I am ending this thread here, it is to be continued...
As I dive into background on these TD Ameritrade Clearing Accounts...
Unveiling where this game of 'Kick the Clearing Can' actually began.
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