RCC Holdings Corp fka RCCH

[frogdreaming]

Stuff and nonsense.

DTCC is giving them 5 days, if you have an ftd on any of these companies in the DTCC bulletin, you have to cover, no matter what.

This exercise has nothing to do with 'covering' anything. It is quite clear that it is an exercise in the completion of unfinished legitimate transactions. Any transactions that were instigated AFTER the DTC exited the security and were therefore 'unfinished' will be completed during the period. That is all.

For so long as the global lock is in effect, Participants are unable to settle any further trades in that security, as their inventory is frozen and settlement of pending trades will fail. If counterparties nevertheless continue to trade in a security which is globally locked and those trades are submitted to DTC for settlement, those trades will also fail and be rejected in DTC’s system.
In connection with certain designated CUSIPs (see Exhibit A attached), although DTC issued an Important Notice to its Participants to advise that the global lock was implemented, many Participants
did not immediately stop trading in these securities and additional trades occurred, so that firms experienced a growing number of trade fails.

Only existing transactions with unfinished clearing are to be allowed.

Working with the Participants, DTC identified a number of options and determined that the preferred solution is to lift the global lock on designated CUSIPs for a limited period of time, to allow Participants to take appropriate steps (including any appropriate segregation updates) to make deliveries that will resolve outstanding fails in the designated CUSIPs. DTC will report all such deliver orders during the specified period to the Securities and Exchange Commission.

Furthermore, it specifically excludes the covering of any potential 'short' sale ftds by not allowing any additional transactions.

DTC cautions participants that, if a participant were to make or receive deliveries to or from a party other than the original counterparty or the NSCC assigned counterparty, which resulted in the fails in the designated CUSIP, change of such counterparty to the transaction likely would be deemed to be effecting a new transaction.

There is no 'cover' there is no squeeze, there is only minor housekeeping. Spin away.