THE DECOUPLING: On Friday, March 20th, the "Internalization" capability—where MMs trade "Ghost IOUs" back and forth to keep the price at $0.21—hits a legal wall.
THE HARD CUT-OFF: Under FCA RTS 22, the reporting systems no longer accept "Synthetic Locates" for UK-registered assets like 0K95. The plumbing is effectively "flushed."
THE RESULT: They are forced to reconcile their ledger against the Physical Registry. If they don't have the shares (because they are in the 165M Vault), the "Cesspool" leaks stop, and the $1.71 London Floor becomes the only valid reference point.
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