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Tuesday, February 14, 2023 9:03:31 AM
My broker is going to expect the correct number of bona fide ELTP shares to show up within three days, and when they don't, it becomes a failure-to-deliver.
There a multiple ways this is accomplished. One easy to follow way using the FTD scenario with MMs:
MM#1 naked short sells 2,000,000 shs ELTP
a few days later receives a call to deliver
MM#2 shorts 2,000,000 shs ELTP to MM#1, covering MM#1 deliver requirement
MM#1 is now flat
MM#2 maintains the naked short of 2,000,000 shs
rinse and repeat
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