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Thursday, November 29, 2012 5:48:07 PM
http://www.sec.gov/spotlight/keyregshoissues.htm
Failures to deliver may result from either a short or a long sale. There may be legitimate reasons for a failure to deliver. For example, human or mechanical errors or processing delays can result from transferring securities in physical certificate (i.e. paper hitting the street) rather than book-entry form, thus causing a failure to deliver on a long sale within the normal three-day settlement period. A fail may also result from naked short selling. For example, market makers who sell short thinly traded, illiquid stock in response to customer demand may encounter difficulty in obtaining securities when the time for delivery arrives.
Based on the various databases available to us, and understanding what each does is important in deciphering a problem. SRGE has no shorts while on Reg SHO. SRGE had massive volume when qualifying to SHO. SRGE was running up when the FTD's occurred on less than 50% short volume when short volume represents the sale of long and short sales. Longevity on SHO implies that it is a paper settlement issue more than anything. Paper is either settled or it is not - no middle ground - where a natural market FTD is easily cleared.
Fortunately in another couple days the new FTD data will be reported and you will see exactly what these FTD's look like. Do you know where to get the data?
http://www.sec.gov/spotlight/keyregshoissues.htm
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