...per your second thought (and all possibilities should be investigated), couldn't we assume that if Alcar was dropped from the list merely due to lack of TA...the same would be true of other former Select clients that are still on the Reg SHO? Case in point...AURC.
The inference I would make is that "Fails to Deliver" must be covered. We should check to see what auditing mechanism is used by the SRO in compiling the daily list.
"It's always darkest...just before it goes...pitch black"
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