but what you have so far laid out is that...nobody...has any responsibility for verifying anything but the T/A. That unfortunately for your arguement is just not the case I'm afraid.
Only (1)The Transfer Agent or (2) The Company (if self-clearing) know if a certificate is real or not. Who else do you think has the ability to verify anything in real time?
Brokerages and broker-dealers....and shareholders rely on the Transfer Agent to police the market. Your fantasy of the DTCC supposedly having some compliance officer to watch for bogus shares does not happen.
The elctronic transfer from the T/A to the DTC is, as you point out
I didn't point out an electronic transfer between the T/A and DTCC. Brokerages electronically ledger their holdings with the DTCC.
The brokerages deal with the T/A. The T/A deals with brokerages and shareholders.
If the DTC were to find themselves in need of the actual certs they had previously accepted; what/how would they do?
The DTCC does not physically need certs for themselves. They would only request Cede to request shares from the T/A. Or...they issue a blue sheet to all brokers notifying them there are not enough certed shares to back all shares in the market.
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