The Golden Lounge

[budge]

if brokers wait until they have shares to distribute then that would end intra-day trading. when you sell shares that you bought a half hour before, you're selling a promise by the broker to deliver shares they will receive on settlement of your initial purchase. that's why cash from unsettled trades is restricted until settlement of your purchase.

the dtc shuttles those promises around to where they are needed. the problem with gvrp is that the dtc didn't send the promises. no promises delivered...no pressure to cover any short.

just my take.