Anybody who actually reads that document would come to the same conclusion.
This document is a "nothing burger"!
People are taking the word "Disruption" and are trying to make it seem like it has something to do with shorts!
Nothing could be further from the truth!
Here is the gist of what these rule changes do:
(i) update and add definitions used throughout the Disruption Rules;
(ii) update the provisions and governance for declaring a Major Event (which would be redefined as a
Major System Event);
(iii) clarify and enhance the requirements of the DTCC Systems Participant to notify the Clearing Agencies of a Systems Disruption (which would be redefined as a Participant System Disruption);
(iv) add provisions incorporating the reporting, testing, and approval requirements, process,
legal obligations, and governance necessary for “reconnection” (as defined in the Rule Filing) of a DTCC Systems Participant that was “disconnected” from DTCC Systems pursuant to a Disruption Rule; and
(v) make technical, ministerial, and other conforming and clarifying changes, including updating the name of the Disruption Rules, each of which is described in greater detail in the Rule Filing. The full text of the Rule Filing may be obtained at www.dtcc.com/legal/sec-rule-filings.
Looks to me like that guy over on the other thread was correct. This is just to redefine terms in the rules regarding System Disruptions.
Bearish
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