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SBA 7A Guaranty Loan Program
Use of Proceeds
7(a) loan proceeds may be used to establish a new business or to assist in the operation, acquisition or expansion of an existing business. These may include (non-exclusive):
• To purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities;
• To acquire equipment, machinery, furniture, fixtures, supplies, or materials;
• For long term working capital including the payment of accounts payable and/or for the purchase of inventory;
• To refinance existing business indebtedness which is not already structured with reasonable terms and conditions;
• For short term working capital needs including: seasonal financing, contract performance, construction financing, export production, and for financing against existing inventory and receivable under special conditions; or
• To purchase an existing business.
Ineligible use of Proceeds
There are certain restrictions for the use of SBA loans. The following is a list of purposes which SBA loans can not finance:
• To refinance existing debt where the lender is in a position to sustain a loss and SBA would take over that loss through refinancing;
• To effect a partial change of business ownership or a change that will not benefit the business;
• To permit the reimbursements of funds owed to any owner. This includes any equity injection, or injection of capital for the purposes of the businesses continuance until the loan supported by SBA is disbursed;
• To repay delinquent state or federal withholding taxes or other funds that should be held in trust or escrow; and
• For a non sound business purpose.
http://www.sba.gov/services/financialassistance/sbaloantopics/7a/
Federal Programs Planned for Small Business Owners
by The Brunswick News - 2009-09-02
By Lindsey Adkison, The Brunswick News, Ga.
Sep. 2--Federal officials will begin holding more than 200 events over the next few months to share information on government contracting opportunities for small businesses owned by minorities, women and veterans.
Andrew Standard, chief executive officer of the Coastal Area District Development Authority, said that the government has been working on lending opportunities with the Small Business Association.
"The economic stimulus package made substantial benefits to borrowers and bankers through cost savings and increased loan guaranty amount," he said.
Standard said that the development authority offers assistance with both the SBA 7A Guaranty Loan Program and the SBA 504 Loan Program.
"The current exceptionally low rates and reduced costs make it a perfect time for minority owned businesses to open or expand," Standard said. "It also is more appealing to the bankers, as the fees involved have been reduced or eliminated and the guaranty amounts have increased from 75 to 90 percent on the 7A program."
Understanding what is available is important, said Craig Fleisher, chair of Business and Public Affairs and professor of Management at College of Coastal Georgia.
He said that capital is key for minority-owned small businesses.
"One of the largest sources that often and surprisingly goes untapped by these groups is federal government contracts -- a source that has grown markedly in recent months through the American Recovery and Reinvestment Act and related stimulus injections," he said.
Fleisher said that this is because many people are not familiar with how to submit applications.
"The Obama administration's recognition of this long-standing issue has led to the roll out of these 200 events. These will both take care of the awareness issues as well as provide some basic background on the processes entailed in actually applying for the contracts," he said.
"There is no doubt in my mind that a number of Coastal Georgia small business owners will be eligible for a number of the opportunities that are available, both in the short- and long- term. I would encourage them to attend one of these outreach workshops when they are nearby."
To learn more about federal programs, visit www.fedbizopps.gov.
http://www.blackenterprise.com/news-article/134844129
I'm still gonna go with the 15c3-3 timeline.
It should get very interesting as the divy date moves much closer. You might recally the huge run this stock had back when the 5% divy was issued. There was a lot more MOMO behind the stock at that time, but I'm sure there were a lot of buy-in's as well.
It looks like the run was closer to the 45 day limit from the divy.
SEC Rule 15c3-3
CUSTOMER PROTECTION – RESERVES AND CUSTODY OF SECURITIES
PHYSICAL POSSESSION OR CONTROL OF SECURITIES
(1) A broker or dealer shall promptly obtain and shall thereafter maintain the physical possession or control of all fully-paid securities and excess margin securities carried by a broker or dealer for the account of customers. Excess margin securities are securities carried for the account of a customer having a market value in excess of 140 percent of the total of the debit balances in the customer's account.
Requirement to reduce securities to possession or control
Securities included on his books or records as failed to receive more than 30 calendar days, then the broker or dealer shall, not later than the business day following the day on which such determination is made, take prompt steps to obtain physical possession or control of securities so failed to receive through a buy-in procedure or otherwise
Fail to Receive Buy-In Accomplishment
When the buy-in of aged fail to receive is necessary to obtain securities require to be held in possession or control, the security must be purchased if the order is executable. In the event the buy-in order is not executable, other steps must be promptly taken to obtain required possession or control (i.e., borrowing).
Securities receivable by the broker or dealer as a security dividend receivable, stock split or similar distribution for more than 45 calendar days, then the broker or dealer shall, not later than the business day following the day on which such determination is made, take prompt steps to obtain physical possession or control of securities so receivable through buy-in procedure or otherwise.
When did most people receive thier divy?
I don't think they feel any pressure at all, they can FTD it for at least 45 days.
Securities receivable by the broker or dealer as a security dividend receivable, stock split or similar distribution for more than 45 calendar days, then the broker or dealer shall, not later than the business day following the day on which such determination is made, take prompt steps to obtain physical possession or control of securities so receivable through a buy-in procedure or otherwise.
http://www.law.uc.edu/CCL/34ActRls/rule15c3-3.html
What happened to the donation?
Form X-17A-5 Focus Report
(Financial and Operational Combined Uniform Single Report)
SEC Rule 15c3-3
CUSTOMER PROTECTION – RESERVES AND CUSTODY OF SECURITIES
PHYSICAL POSSESSION OR CONTROL OF SECURITIES
(1) A broker or dealer shall promptly obtain and shall thereafter maintain the physical possession or control of all fully-paid securities and excess margin securities carried by a broker or dealer for the account of customers. Excess margin securities are securities carried for the account of a customer having a market value in excess of 140 percent of the total of the debit balances in the customer's account.
Requirement to reduce securities to possession or control
Securities included on his books or records as failed to receive more than 30 calendar days, then the broker or dealer shall, not later than the business day following the day on which such determination is made, take prompt steps to obtain physical possession or control of securities so failed to receive through a buy-in procedure or otherwise
Fail to Receive Buy-In Accomplishment
When the buy-in of aged fail to receive is necessary to obtain securities require to be held in possession or control, the security must be purchased if the order is executable. In the event the buy-in order is not executable, other steps must be promptly taken to obtain required possession or control (i.e., borrowing).
Securities receivable by the broker or dealer as a security dividend receivable, stock split or similar distribution for more than 45 calendar days, then the broker or dealer shall, not later than the business day following the day on which such determination is made, take prompt steps to obtain physical possession or control of securities so receivable through buy-in procedure or otherwise.
Use of Securities Subject to a Buy-in Procedure
The initiation of a buy-in procedure does not give the broker-dealer the right to use securities needed for possession or control that come into its possession during the period of time between the issuance of the buy-in and its actual execution and/or receipt of the securities that were the subject of the buy-in. Securities that are received physically by the firm during this interim period should be allocated to eliminate the deficiency that triggered the buy-in procedure. Only when that deficiency has been corrected can the firm resume use of securities for other purposes.
CNS System Fails to Receive - Not Aged
Fails to receive from a registered clearing agency operating under a continuous net settlement system which is marked to market daily need not be aged. Thus, under ordinary circumstances such fails to receive need not be bought in under this subparagraph unless delivery is request by the customer, or a buy in is required through other rules or circumstances.
Convertible Securities
The requirement to maintain possession or control of a security is not accomplished by segregation of a security which is convertible into it.
A broker or dealer shall not be deemed to be in violation of the provisions of paragraph (b)(1) of this section regarding physical possession or control of customers' securities if, solely as the result of normal business operations, temporary lags occur between the time when a security is required to be in the possession or control of the broker or dealer and the time that it is placed in his physical possession or under his control, provided that the broker or dealer takes timely steps in good faith to establish prompt physical possession or control.
A broker or dealer shall not be deemed to be in violation of the provisions of paragraph (b)(1) of this section regarding physical possession or control of fully-paid or excess margin securities borrowed from any person, provided that the broker or dealer and the lender, at or before the time of the loan, enter into a written agreement that, at a minimum;
•Sets forth in a separate schedule or schedules the basis of compensation for any loan and generally the rights and liabilities of the parties as to the borrowed securities;
•Provides that the lender will be given a schedule of the securities actually borrowed at the time of the borrowing of the securities;
Specifies that the broker or dealer:
•Must provide to the lender, upon the execution of the agreement or by the close of the business day of the loan if the loan occurs subsequent to the execution of the agreement, collateral, which fully secures the loan of securities, consisting exclusively of cash or United States Treasury bills and Treasury notes or an irrevocable letter of credit issued by a bank or such other collateral as the Commission designates as permissible by order as necessary or appropriate in the public interest and consistent with the protection of investors after giving consideration to the collateral's liquidity, volatility, market depth and location, and the issuer's creditworthiness; and
•Must mark the loan to the market not less than daily and, in the event that the market value of all the outstanding securities loaned at the close of trading at the end of the business day exceeds 100 percent of the collateral then held by the lender, the borrowing broker or dealer must provide additional collateral to the lender by the close of the next business day as necessary to equal, together with the collateral then held by the lender, not less than 100 percent of the market value of the securities loaned.
Control of securities
Securities under the control of a broker or dealer shall be deemed to be securities which:
•Are represented by one or more certificates in the custody or control of a clearing corporation or other subsidiary organization of either national securities exchanges or of a registered national securities association, or of a custodian bank in accordance with a system for the central handling of securities.
•Are carried for the account of any customer by a broker or dealer and are carried in a special omnibus account in the name of such broker or dealer with another broker or dealer in compliance with the requirements of section 4(b) of Regulation T under the Act; or
•Are the subject of bona fide items of transfer; provided that securities shall be deemed not to be the subject of bona fide items of transfer if, within 40 calendar days after they have been transmitted for transfer by the broker or dealer to the issuer or its transfer agent, new certificates conforming to the instructions of the broker or dealer have not been received by him, he has not received a written statement by the issuer or its transfer agent acknowledging the transfer instructions and the possession of the securities or he has not obtained a revalidation of a window ticket from a transfer agent with respect to the certificate delivered for transfer; or
•Are in the custody of a foreign depository, foreign clearing agency or foreign custodian bank which the Commission upon application from a broker or dealer, a registered national securities exchange or a registered national securities association or upon its own motion shall designate as a satisfactory control location for securities.
Special reserve bank account for the exclusive benefit of customers
•Every broker or dealer shall maintain with a bank or banks at all times when deposits are required or hereinafter specified a "Special Reserve Bank Account for the Exclusive Benefit of Customers" (hereinafter referred to as the "Reserve Bank Account"), and it shall be separate from any other bank account of the broker or dealer. Such broker or dealer shall at all times maintain in such Reserve Bank Account, through deposits made therein, cash and/or qualified securities in an amount not less than the amount computed in accordance with the formula set forth in Rule 15c3-3a.
•It shall be unlawful for any broker or dealer to accept or use any of the amounts under items comprising Total Credits under the formula referred to in paragraph (e)(1) of this section except for the specified purposes indicated under items comprising Total Debits under the formula, and, to the extent Total Credits exceed Total Debits, at least the net amount thereof shall be maintained in the Reserve Bank Account pursuant to paragraph (e)(1) of this section.
•Computations necessary to determine the amount required to be deposited as specified in paragraph (e)(1) of this section shall be made weekly, as of the close of the last business day of the week, and the deposit so computed shall be made no later than 1 hour after the opening of banking business on the second following business day; provided, however, a broker or dealer which has aggregate indebtedness not exceeding 800 percent of net thereof and which carries aggregate customer funds , as computed at the last required computation pursuant to this section, not exceeding $1 million, may in the alternative make the computation monthly, as of the close of the last business day of the month, and, in such event, shall deposit not less than 105 percent of the amount so computed no later than 1 hour after the opening of banking business on the second following business day.
(m)Completion of sell orders on behalf of customers
If a broker or dealer executes a sell order of a customer (other than an order to execute a sale of securities which the seller does not own) and if for any reason whatever the broker or dealer has not obtained possession of the securities from the customer within ten business days after the settlement date, the broker or dealer shall immediately thereafter close the transaction with the customer by purchasing securities of like kind and quantity: Provided, however, the term “customer” for the purpose of this paragraph (m) shall not include a broker or dealer who maintains a special omnibus account with another broker or dealer in compliance with Section 220.10 of Regulation T.
Exempt securities
Debt obligations of the World Bank, the Asian Development Ban and the Inter-American Development Bank are treated as exempt securities for purposes of SEA Rule 15c3-3(m) but are not considered qualified securities for use in the Reserve Bank Account.
FINRA Docket /Case Number 20041000164-01
Reporting Source:
Regulator
Current Status:
Final
Allegations:
SEC Rule 203(B)(3) of Regulation SHO, NASD Rules 2110, 3010,3370, 6130(B)
Scottrade, Inc. affected short sales in a security for the firm’s proprietary account(s) and failed to annotate an affirmative determination that the firm could borrow the security or otherwise provide for delivery of the security by settlement date. The firm had fail-to-deliver positions at a registered clearing agency in threshold securities for 13 consecutive settlement days and because of discrepancies between data processing systems, failed to immediately thereafter close out the fail-to-deliver positions by purchasing securities of like kind and quantity and continued to have fail-to-deliver positions at the clearing agency thereafter for consecutive settlement days through future dates. The firm failed to accept or decline in the NASDAQ Market Center (NMC) transactions in reportable securities within 20 minutes after execution that the firm had an obligation to accept or decline in the NMC as the order entry identifier. The firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and NASD rules concerning SEC Rules 203(a)(1) and203(b)(1), and NASD Rules 3370 and 6130(d)(6).
Initiated By :
FINRA
Date Initiated:
06/26/2008
Docket /Case Number:
20041000164-01
Principal Product Type:
Other
Other Product Type(s):
Threshold Securities, Reportable Securities
Resolution:
Acceptance, Waiver & Consent (AWC)
Resolution Date:
06/26/2008
Sanctions Ordered:
Censure
Monetary/Fine $45,000.00
Other Sanctions Ordered:
Undertaking
Sanction Details:
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings; Therefore, the firm is censured, fined $45,000.00 and required to revise its written supervisory procedures regarding SEC Rules 203(A)(1), 203(B)(1), and NASD Rule 6130(D)(6) within 30 business days of acceptance of this AWC by the NAC.
Being skeptical is good to certain extent. A good trade is achieved in many ways, quick momo, a gut feeling, PINKY DD, even hope sometimes.
The only way anyone is going to learn how to look objectively at a stock is answered in your third sentence. No comment from any member can teach that lesson.
National Securities Clearing Corporation (NSCC)
Equities Clearance and Settlement Trade Capture and Reporting: Over-the-Counter (OTC) Comparison Service
The Over-the-Counter (OTC) Comparison service accepts one-sided transactions from NSCC participants and matches buyers and sellers based upon clearing firm, executing market participant ID, CUSIP or trading symbol, share quantity, price and trade date. Once a match is established the trade is recorded and a contract is forwarded to the participants confirming the comparison. For securities eligible at the depository, the trade data is also forwarded to NSCC's Continuous Net Settlement (CNS) system for settlement as well as risk management systems for risk control.
Continuous Net Settlement (CNS) System
The Continuous Net Settlement (CNS) System is an automated book-entry accounting system that centralizes the settlement of compared security transactions and maintains an orderly flow of security and money balances.
Regardless of volume, CNS nets on a daily basis participants' security obligations to one net long or short position in each issue, minimizing security movements and associated costs.
Through CNS, NSCC becomes the contra-party to each compared trade and guarantees settlement for eligible transactions as of midnight of the day the trade is reported to the member as compared.
Closing fail positions are marked-to-market daily, which reduces risk and ensures the integrity of the system.
While deliveries between CNS and users' depository positions are made automatically, participants can exempt certain short positions (or portions thereof) to avoid segregation violations and effectively meet other delivery needs.
Cash and stock dividends and bond interest are automatically debited or credited to participants' CNS accounts with respect to open fail positions.
How the Service Works
On T+3, all transactions are netted by issue to net long (buy) and net short (sell) positions, and then are further netted with positions that remained open after T+3; this includes positions due to settle that day as well as fail positions. Members' receive and deliver obligations are to and from NSCC.
CNS short positions, which represent securities owed by participants to NSCC, are compared against their DTC accounts to determine issue availability. If shares are available, they are transferred from the member's account at DTC to NSCC's account at DTC to cover participants' short obligations to CNS. To control the automatic delivery of securities from their DTC accounts, participants can use CNS exemption procedures (partial settlements are permissible).
CNS long positions, which represent securities owed by NSCC to participants, are processed in an order determined by an algorithm built into the system. Securities are automatically allocated to users' long positions as the securities are received by NSCC. Participants can request that they receive priority for some or all issues on a standing or override basis. Submission of buy-in notices also will affect the priority of a member's long position.
Daily money settlement is based on the value of all settled trades plus or minus mark-to-the-market figures for all open CNS positions.
Through the CNS System, NSCC offers three ancillary services:
1. The Stock Borrow Program enables participants to lend excess securities in their DTC accounts to CNS so that NSCC can satisfy CNS delivery obligations not filled via normal deliveries.
2.The Fully-Paid-For Account provides an SEC-approved "good control location" for participants' fully-paid-for customer securities in the event of a deficit that results from deliveries made outside CNS in anticipation of CNS receives.
3. Reorganization Sub-Accounts allow participants to take part in voluntary tender and exchange offers in an automated environment.
The Stock Borrow Program
The Stock Borrow Program allows participants to lend NSCC available stocks and fixed income securities from their account at The Depository Trust Company (DTC) to cover temporary shortfalls in NSCC's Continuous Net Settlement (CNS) System.
NSCC credits members' money settlement accounts with the full market value of securities borrowed, and members can earn overnight interest on that value by investing the funds. In addition, members can enhance securities inventory management in a safe, controlled environment through the program.
The Stock Borrow Program enables participants to earn interest on the full current market value of their excess DTC positions borrowed by NSCC, while lending securities in the safety of a controlled environment.
By early evening on each business day, participants forward to NSCC a list of securities that are available for borrowing. The list can be transmitted via CPU-to-CPU link or PCWeb Direct. Early in the morning on the following business day, NSCC determines the securities obligations that remain open after CNS clearance processing. NSCC then attempts to satisfy these obligations by borrowing from participants in the Stock Borrow Program.
NSCC distributes reports to participants each morning, reflecting Stock Borrow activity. In reviewing the report, participants sometimes discover that the securities lent to NSCC are needed for customer securities segregation requirements.
In such cases, at the request of the participant, the long position in the Stock Borrow account is moved into a long position in the Fully-Paid-For (E) account. This results in the member not being credited the current market value of the securities position. The Securities & Exchange Commission treats this "E" position as a good control location for customer securities under Commission rule 15c3-3.
13 minutes after I posted this, two more MM's cam on. Now look at it, hit 19 today. Maybe Markman coming out soon...
A lot more MM's lined up now...
I totally agree with you. In every security position report I've seen, they're usually the broker with the largest repository of shares listed. The exception could be once in a while some stock was crossing or similar. That's what intrigues me about this situation, how does one deplete such a large store? Hmm...
Mention or recommend it to WHOM?
Yea I know, they were trying to push the certs on me. For a pink? You gotta be crazy...
Can you get them put into your name? I would like to know if DRS is possible with another broker, if not, maybe they're just air shares.
You're welcome. I know it wasn't a complete answer, but I did the best I could. I think everything's gonna be alright here.
Agreed. Now is the time. I would love to see the 300M buyback go through scottrade now, Brian asking for certs from them would be priceless.
Exactly. It's not like there's been a huge increase in volume recently, which is usually the reason most get put on the list.
It sure is.
I'm trying to find out why I can't take them out of street name, but since this is only a secondary account, I guess I'm not enough of a spender to talk to the back office. The manager said they put the symbol in the computer and it tells them if it is DRS eligible. I asked who wrote the program and who comes uo with the parameters that decides this? All he could say was why would anybody short a .0018 stock? lol...
I called scottrade and they said SYNJ is not DRS eligible.
Still on it.
The list has not changed since 9-8-2009
As an individual investor, you have up to three choices when it comes to holding your securities:
Physical Certificate — The security is registered in your name on the issuer's books, and you receive an actual, hard copy stock or bond certificate representing your ownership of the security.
"Street Name" Registration — The security is registered in the name of your brokerage firm on the issuer's books, and your brokerage firm holds the security for you in "book-entry" form. "Book-entry" simply means that you do not receive a certificate. Instead, your broker keeps a record in its books that you own that particular security.
"Direct" Registration — The security is registered in your name on the issuer's books, and either the company or its transfer agent holds the security for you in book-entry form. The "Direct Registration System" (also known as "DRS") allows investors to transfer securities held this way.
http://www.sec.gov/investor/pubs/holdsec.htm
It sure does sound nice.
In addition to just holding them, take your shares out of street name, so they have to possess shares for you, and can't lend them out. I'm doing it tomorrow.
Yep, you're right carpet...
I was just just trying to show that they always don't go through NITE, and the relationships between them, but thanks for pointing that out.
Scottrade has a long list of three groups of stocks.
The first group you can buy, but you must call in the order, and selling is allowed online. This list is not published, it just happens when you try to buy a particular stock a big red notice will pop up and say please call etc.
The second group is no buying at all, and selling allowed online. This is the one SYNJ is on.
The third group is no buying or selling at all. This one sucks as you can imagine. I still have one in this group, but thankfully not much. This is where the true scams end up.
So when they do list different companies, I think it's for a variety of reasons, some good, some bad. Regarding SYNJ, I think scottrade's store of shares is depleted for one reason or another, probably because of shorting. The SEC is getting tougher finally on NSS and the DTC goes in-step with them.
The only manipulation now is Cornell. Don't be fooled by people and think they are done shorting/selling, they're not.
A crazy idea just popped into my head. What if someone knew Cornell was going through Scottrade, or whomever, and quietly bought a lot of shares through them also, and now has asked for the certs. That would cause a panic for shares to cover it, and if they didn't find them quickly enough, the hounds would be on they're trail. Hmmm... just a thought...300M buyback...
There's no significance about it. After I found Sun SC and Met Sc, I noticed his name was the same as the incorporator for SRE SC. I wanted to find the stuff I had on him, so I searched for the word "Carlos", hence the highlight.
Rule 606 -- Disclosure of Order Routing Information
SEC Rule 606 Reporting: This rule requires brokers to make publicly available, on a quarterly basis, a report on their routing of their U.S. equity and option orders. The Report must include the percentage of customer orders that were market orders, limit orders and other order types; the identity of the top ten market centers to which such orders were routed and any other market center that received 5% or more of such orders; and a narrative discussion of the material aspects of the firm's relationship with each market center identified on the Report.
The reporting period began on July 2, 2001. At the end of the quarterly reporting period, the firm's Report for the entire period will be available and the firm will be able to up-load into the Report the firm's narrative description of order flow or profit sharing arrangements as required by the Rule. Once the narrative portion has been inserted by the firm, the firm's Report will be posted and made available to the public on a publicly accessible Internet Website. All brokers with equity order flow, no matter how small, are required to comply with Rule 606.
Scottrade, Inc. - 2nd Qtr, 2009
(Percentages of Total Non-Directed Orders Routed to Individual Route Venues)
Disclosure Information:
Material Aspects of Relationships with Route Venues
Scottrade, Inc. Second Quarter 2009
I. Securities Listed On the New York Stock Exchange:
[TRIM]
Scottrade, Inc. receives payment from Knight Capital Markets LLC (a subsidiary of Knight Trading Group, Inc.) for orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
Scottrade's principal shareholder and President is a shareholder of Knight Trading Group, Inc.
[CDRG]
Scottrade receives payment from Citadel Execution Services for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
[UBSS]
Scottrade receives payment from UBS Securities LLC for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
[SBSH]
Scottrade receives payment from Citigroup Global Markets for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
Scottrade's Director of Trading Services is a shareholder of Citigroup.
II. NASDAQ Securities:
[NITE]
Scottrade receives payment from Knight Equity Markets, LP (a subsidiary of Knight Trading Group, Inc.) for certain types of orders in NASDAQ and OTC securities. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
Scottrade's principal shareholder and President is a shareholder of Knight Trading Group, Inc.
[CDRG]
Scottrade receives payment from Citadel Execution Services for certain types of orders in NASDAQ securities. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
[UBSS]
Scottrade receives payment from UBS Securities LLC for certain types of orders in NASDAQ and OTC securities. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
[SBSH]
Scottrade receives payment from Citigroup Global Markets for certain types of orders in NASDAQ and OTC securities. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
Scottrade's Director of Trading Services is a shareholder of Citigroup.
III. Securities Listed on the American Stock Exchange or Regional Exchanges:
[TRIM]
Scottrade, Inc. receives payment from Knight Capital Markets LLC (a subsidiary of Knight Trading Group, Inc.) for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
Scottrade's principal shareholder and President is a shareholder of Knight Trading Group, Inc.
[CDRG]
Scottrade receives payment from Citadel Execution Services for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
[UBSS]
Scottrade receives payment from UBS Securities LLC for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
[SBSH]
Scottrade receives payment from Citigroup Global Markets for certain types of orders in listed stocks. Payment is variable based on order and execution types. Payments during second quarter 2009 averaged at or below $0.001 per share.
Scottrade's Director of Trading Services is a shareholder of Citigroup.
IV. Exchange-Listed Options:
Options Order Routing Disclosure:
[SBSH]
Scottrade receives payment from Citigroup Global Markets Inc. for certain types of option orders routed to them for execution on an option exchange. Payment is determined based on a schedule provided by Citigroup. Payments in second quarter 2009 averaged at or below $0.70 per contract.
Scottrade's Director of Trading Services is a shareholder of Citigroup.
[CES]
Scottrade receives payment from Citadel Execution Services for certain types of option orders routed to them for execution on an option exchange. Payment is determined based on a schedule provided by Citadel. Payments in second quarter 2009 averaged at or below $0.70 per contract.
[SUSQ]
Scottrade receives payment from Susquehanna International Group for certain types of option orders routed to them for execution on an option exchange. Payment is determined based on a schedule provided by Susquehanna. Payments in second quarter 2009 averaged at or below $0.70 per contract.
Of course not. So calling the TA does nothing regarding this problem. It all stems from the brokerage. They should have AT LEAST the amount of shares to cover the OBO/NOBO total. If they don't, then one or more of their customers are shorting. Shorting's OK with the marketplace as long as they can cover with their store of shares, or be able to locate some. Evidently they can't do either now. So your right, NSS.
The TA keeps the records of the shareholders that hold certs and OS/float totals.
Here is an example:
Included is the total for FAST BALANCE - CEDE & CO, which is the nominee name for The Depository Trust Company. Also the number of NOBO’s and the total NOBO shares for each brokerage are listed. Here is an example:
First the shares are issued in cert form.
Then the cert is canceled and the shares are added to the Fast Balance total - free trading.
People call in; they give out the OS/float totals.
The TA is done at this point
It’s possible to order a more detailed NOBO list from companies like Broadridge. The NOBO listing will provide you with the names, addresses, and number of shares of all Non-Objecting Beneficial Owners. Only a count is available from them regarding the OBO’s.
Now the shares are in the DTC. This is an example of a security position report available to the company.
I've seen a few times when the OBO/NOBO total for a brokerage is more than the store of shares reported in the SPR to the DTC. This can be a problem as we all know...short.
The TA keeps the records of the shareholders that hold certs.
This is the information that is on a report, usually in excel form, listed by columns
IssuanceId
Co_Lst_Name
First_Name
Name_2
Cert_ID
Shares Type
Issue_Date
Cancel_Date
Address_1
City
State
Zip
Reference
OrderSeq
Included is the total for FAST BALANCE - CEDE & CO, which is the nominee name for The Depository Trust Company.
First the shares are issued in cert form
Then the cert is canceled and the shares are added to the Fast Balance total - free trading
The TA is done at this point
Yep, that is a good thing, I just hope nothing has changed at the Delaware SOS.
I would consider Williams 50+ million shares a postion in the co.
I am telling others what I heard which is what the CEO is suppose to be doing since he is the only one with a position in this company.
Kites "position" is just a title, there's nothing to do, just let the lawyers file cases and do their thing. Williams and possibly Emas are still the puppet masters. Nothing has changed and there's no repercusions, despite whatever Kite has told you in his one duty as CEO, to call a single shareholder.
I wonder which MM is going to help them sell shares, because that is really the only thing the company does, after source is out.
This is from their broker agreement.
"We may route any order authorized by you to any exchange, other market centers where such business is then transacted, or we may execute the order ourselves . You understand that we do not provide you with direct access to the marketplace."
Most likely the OBO and NOBO total is more than the total shares held as reported to the DTC, which means FTD's. Now what would be interesting is if everybody took their shares out of street name, possible total panic situation.
Not the volume, but the daily closing balances are available to the Company in a security position report from the DTC, from this report it's possible to find out what broker Cornell is using to short/sell.
EOD big blocks have always been, and still are, trades by Cornell.
What broker ?
It's the DTC clearing restrictions that caused it to be put on the no buy list. I'm wondering if Cornell has shorted so many shares that the DTC can't cover them. I hope this would cause Cornell to cover it themselves and finally be out of the picture.
The minority status is listed in the CCR
Here you go - INCL L2