alot of the time the fails to recieve don't even know they havent recieved the shares, since it is book entry. although my firm now posts stocks bought and not delivered as notrecby (firms initials), of which pbls is one of them. the trades all go through a MM, but the MM probably has no idea if it is a fail to deliver or not,they just process the trade, although the clearing firm would know once the shares hasnt been delivered.
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