Atwec Technologies Inc (ATWT)

[LovetheLord]

This is an interesting article I found in another board about naked short selling.


WoooHoooooooo !!! By: pjstevenson2001
24 Jan 2007, 12:57 AM EST
Msg. 477414 of 477430
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DTCC announcement-<Brokers must use this new system by Feb 5, 2007!

http://www.dtc.org/impNtc/ope/ope_0872-07.pdf
The bottom line:
No more naked shorting!
Brokers must use this new system by Feb 5, 2007.
Yes, Feb 5, 2007!!!

Excerpt below.
Looks like the original announcement date was supposed to be Dec 2006, but this was held back for some reason....hmmmmm.
---------------

December 2006
Important Information . Automated Recall Messaging System (ARMS)
Adoption Nears
The industry]wide adoption of the Automated Recall Messaging System (ARMS) initiative is
scheduled for February 5, 2007. This system, built in 2003, provides for the electronic messaging
of securities lending recalls and will eliminate the paper intensive fax]based process employed by
agent banks and broker]dealers since the 1970fs. Although currently available today, ARMS has
been used primarily amongst broker]dealers within the same vendor system (SunGard.s Loanet
and/or Equilend).
In recent years, increased scrutiny of the securities lending business by regulators has focused on
accurate record keeping (Agent Lending Disclosure) and timely buy]ins of fails (Regulation
SHO). With this in mind, industry]wide implementation of ARMS to stay ahead of the regulatory
review process is logical, timely, and achievable. Transmitting recalls via ARMS creates an
electronic audit trail for agent banks and broker]dealers either at the user.s vendor or DTCC,
which houses the message hub for all non]intra]vendor recall messages.
To facilitate its rollout, an industry lead committee of lenders (agent banks) and borrowers
(broker]dealers) has been meeting since August in an effort to advise the lenders and borrowers
on how to get started using ARMS. All firms transacting in Securities Lending are urged to
enable their vendor or proprietary systems for ARMS and to contact DTCC to sign up to
activate their mailbox in DTCC.s messaging hub.
For more information on ARMS, or to be added to the industry]wide working group please
contact: Joseph Graziano, JP Morgan . 212]623]8781
Irving Klubeck, Pershing LLC . 201]413]4045
SIFMA contact: John Panchery at: 212]618]0537