Thread by @741trey

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.