True counterfeiting was the catalyst...brokers saw a gold mine and took advantage. The fake certs were removed from the market...and in any case, were only 250M in number. The NSS far exceeds that...most of it after the DTCC 'freeze'. Do you know what the 'freeze' means to those brokers that transacted shares under that freeze? Do you know what ex-clearing is? It is all about possession and control...you must have one or the other t+3...after the 'freeze'...it is control only...control of physical certs!....everything else is fraud.
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