For the last time, Depository trust does not clear trades. They are a friggen "bank" where their members (broker-dealers) electronically ledger their holdings.
When your overdraw on your bank account, you must deposit funds in your account to come back into a positive balance.
When Broker Joe has a negative share balance on his DTCC ledger, Broker Joe must deposit real shares with the DTCC to bring his corporate account back into balance.
Capital Growth and JH Darby can even show you why.
now the real question that you seem to be unable to clarify in your mind or anybody elses here is whether it's worthwhile to become regulatorily compliant with the SEC
That is not an option. There are steps companies must take and being fully compliant would help tremendously.
Sorry your honour...we were compliant once, but we're pouting over the treatment we received so we're not going to spend the money to stay in compliance.
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