#AMC #GME #wallstreetbets #AMCSqueeze #GMEtothemoon #MEMES #stonks let’s talk about this rule that is being changed and why.... so the SR-NSCC-2021-006 (not 806) 🤪 time to put my glasses on. 🤓 The purpose of rule change is to I quote “remove a service that allows issuers of
Securities, either themselves or through an issuer-designated administrator, to track and limit the number of beneficial owners for an individual Security (“Security Holder Tracking Service”),” so what is going on???? Let’s walk down memory lane... in 2008 the DTCC built this
tracking system to allow companies that were closely held to track and limit the number of shares sent out to investors in regards to ownership. The system knew the stock the shareholders had and how much each one held. That’s great in a perfect world but unfortunately for us
we left that perfect world the day HF and MM oversold our meme stocks. Keeping that in mind, let’s move to current day. It is my belief that HF and MM have flooded the market with real and synthetic shares since March of 2020. It is also my understanding that because the
Two are so mixed up that the DTCC can no longer keep track or keep up with appropriately who has what share from which company. It is not so much that they don’t know how many shares you have as that’s reported by your specific brokerage it is more or less about how
The DTCC accounts for it in its records. So the once perfect system is now being done away with at the moment. The DTCC is getting rid of its tracking system. Per the rule it doesn’t say if it’ll be replaced by something else. But what we do know is that the DTCC
is actively trying to get its bookkeeping in order from other rules. I hope that helps. Have a great morning. @threadreaderapp unroll #stonks #market
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