Thursday, July 24, 2014 6:26:26 PM
Brokers dont "cut" certificates the Transfer Agent does concurrently with the NSCC. The process is not in days it is weeks to produce an UNDERWRITTEN physical certificate.
First thing is we are not getting the actual statement, instead were getting "basically said".... well great but what did they really say as I can guarantee they didnt say "I dont have any". Once again they dont produce certificates in the first place, so it is quite moot to expect them to have a physical certificate to give you.
First T+3 has to do with Trading and settlement not delivery of a physical certificate. Once again they do not have PHYSICAL certificates in their possession, that is strictly the Transfer Agent.
There isnt any Naked Short selling going on here, you are absolutely correct and the problem presented also doesnt have anything to do with Naked Shorting. In fact the problem presented is complete unawareness to the actual process and incorrect expectations of a broker.
THE REAL DTCC DISCUSSION
http://investorshub.advfn.com/boards/board.aspx?board_id=23867
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