One Step Ahead

[Ignutz]

It's only legal Spark, if the certificates backing the shares exist and can be delivered to the purchaser within the 3 day settlement period. The broker/dealers get around this requirement by rotating their obligation to a fellow broker/dealer every 3 days like a hot potato to begin the clock ticking for another 3 days all over again. If they get to feel the heat they bring in their hedgefund co-conspirators to tie everything up longterm.