starfire,
I quoted from the article (using quotation marks), so we don't have to "believe" what it says:
"the ftd data do not include “ex-clearing”
transactions—that is, trades cleared
directly by brokers that bypass the dtcc."
I then asked:
"Does this mean that the data does not reflect a failure of customer A to deliver shares, whether long sales or short, to customer B with both parties being customers of the same broker?"
You answered:
"In ex-clearing, customer A & B are not from the same broker."
......Clearly indicating that my understanding of ex-clearing transactions is incorrect (very plausible). If that's the case, exactly what type of trades are "trades cleared directly by brokers that bypass the dtcc."? Please provide a definition of an ex-clearing transaction. If you don't mind, include an example.
Maybe if you'll help me understand that, I'll be able to understand how and if it relates to naked short sales. The fact that the FTD stats don't reflect ex-clearing transactions is a characteristic of the statistic, it doesn't define an ex-clearing transaction, so it's not "the way ex-clearing works."
I'm tryin ta think but nuttin happens......Curly, the deepest of the Stooges.
