Wednesday, February 27, 2013 11:27:21 PM
CUSIP changes are done at the book entry level and shares are converted at the DTCC level, but nowhere is book entry and DTCC reconciled against each other. When a CUSIP change takes place every broker-dealer simply renames the shares in your account at the same time; electronically and instantaneously. None go thru the TA. Those held at Cede and Co. are converted between old CUSIP and new and done naming Cede and Co. as the holder.
CUSIP changes to reconcile NSS have proven costly and disappointing.
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