NSS ~ Counterfeiting Stock ~ MM Games Played

[Olie77]

This information if great. Thank you.

Im trying to understand the chain of events..maybe you can help me.

We know that recently Penson discontinued electronic clearing for a number of non dtc elible securities due to FEES associated. Those fees are now to be passed on to the client and they are substantial.

Question: I'm having a hard time beleiving that Penson was eating these fees up until now. Im more inclined to believe that were somehow bypassing DTC and not incurring fees. Does ex-clearing come into play here? forgive my ignorance i'm trying to get up to speed on the clearing and settlement procedures.


In the Penson memo (May2) they say, "As Penson identifies additional securities that are Non-DTCC-eligible, they will bed added to the list..."

Is it possible they've JUST discovered they've been handling non-dtc eligible securities incorrectly?

I've seen MAJOR back-office screw-ups in my day..so I can't say anything would suprise me.

any insights on what's going on at Penson would be appreciated.