Saturday, August 06, 2011 10:08:26 AM
DTC document:
http://www.dtcc.com/downloads/legal/imp_notices/2011/dtc/set/0846-11.pdf
Sounds like as a result of a Global lock placed on some companies by the DTC there were some failed trades that have been left in limbo for several weeks if not months.
In connection with certain designated CUSIPs (see Exhibit A attached), although DTC issued an Important Notice to its Participants to advise that the global lock was implemented, many Participants did not immediately stop trading in these securities and additional trades occurred, so that firms experienced a growing number of trade fails.
The DTC is unlocking the following companies only from August 15, 2011 - August 19, 2011 so that failed trades only can be settled then the lock will be placed back on those companies again:
During that same period a chill will remain in place to prevent any other services from taking place including deposits and withdrawals. So in other words - no new trades.
A quick glance through that list and it appears they many of those are stocks that were suspended and have become mostly inactive trading on the grey sheets. Obviously they all have issues otherwise they would have never been given the Global lock in the first place.
http://www.dtcc.com/downloads/legal/imp_notices/2011/dtc/set/0846-11.pdf
Sounds like as a result of a Global lock placed on some companies by the DTC there were some failed trades that have been left in limbo for several weeks if not months.
In connection with certain designated CUSIPs (see Exhibit A attached), although DTC issued an Important Notice to its Participants to advise that the global lock was implemented, many Participants did not immediately stop trading in these securities and additional trades occurred, so that firms experienced a growing number of trade fails.
The DTC is unlocking the following companies only from August 15, 2011 - August 19, 2011 so that failed trades only can be settled then the lock will be placed back on those companies again:
During that same period a chill will remain in place to prevent any other services from taking place including deposits and withdrawals. So in other words - no new trades.
A quick glance through that list and it appears they many of those are stocks that were suspended and have become mostly inactive trading on the grey sheets. Obviously they all have issues otherwise they would have never been given the Global lock in the first place.
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