Post by jcline on Sept 29, 2007 10:50:51 GMT -5
“FAILS TO DELIVER AND RECEIVE AMOUNT TO ABOUT $6 BILLION DAILY...”- Larry Thompson, General Counsel, DTCC
“THE $6 BILLION OF FAILS-TO-DELIVER SECURITIES EXISTING ON ANY DAY ARE EQUIVALENT TO 37.5 PERCENT OF THE AVERAGE DAILY TRADES THAT REQUIRE THE DELIVERY OF SECURITIES...”- Robert Shapiro, Former U.S. Under Secretary of Commerce for Economic Affairs
“AT TIMES, THE AMOUNT OF FAILS TO DELIVER MAY BE GREATER THAN THE TOTAL PUBLIC FLOAT”- Securities and Exchange Commission, Proposed Regulation SHO
“FOR THE PAST FEW YEARS WE HAVE BEEN HEARING FROM MANY DIFFERENT REGULATORS REGARDING THEIR CONCERNS ABOUT THE INCREASE IN THE LEVEL OF FAILS THAT THEY ARE SEEING. THEY BELIEVE, AND THEY HAVE STATED ON NUMEROUS OCCASIONS, THAT ONE OF THE PRIMARY CAUSES OF THE HIGH LEVEL OF FAILS WAS THAT VARIOUS PARTICIPANTS IN THE SHORT SALE PROCESS, PRIME BROKERS, EXECUTING BROKERS, CLIENTS, WERE NOT FOLLOWING ALREADY ESTABLISHED RULES."
Bill Philek, Bear Stearns General Counsel
“[IN TERMS OF COST] THE PROCESS OF ACTUALLY SETTLING THESE [FAILED] TRADES…COULD BE GREATER THAN THE LIQUIDITY IN THE SYSTEM.”Patrick Byrne, CEO, Overstock.com
"NASAA URGES THE COMMISSION TO RECONSIDER ITS STANCE REGARDING THE ROLE OF THE DEPOSITORY TRUST AND CLEARING CORPORATION (THE DTC). AS A THRESHOLD MATTER, NASAA BELIEVES THAT THE COMMISSION SHOULD EXPLICITLY PROHIBIT THE DTC FROM LENDING MORE SHARES OF A SECURITY THAN IT ACTUALLY HOLDS.”Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities
“THE $6 BILLION OF FAILS-TO-DELIVER SECURITIES EXISTING ON ANY DAY ARE EQUIVALENT TO 37.5 PERCENT OF THE AVERAGE DAILY TRADES THAT REQUIRE THE DELIVERY OF SECURITIES...”- Robert Shapiro, Former U.S. Under Secretary of Commerce for Economic Affairs
“AT TIMES, THE AMOUNT OF FAILS TO DELIVER MAY BE GREATER THAN THE TOTAL PUBLIC FLOAT”- Securities and Exchange Commission, Proposed Regulation SHO
“FOR THE PAST FEW YEARS WE HAVE BEEN HEARING FROM MANY DIFFERENT REGULATORS REGARDING THEIR CONCERNS ABOUT THE INCREASE IN THE LEVEL OF FAILS THAT THEY ARE SEEING. THEY BELIEVE, AND THEY HAVE STATED ON NUMEROUS OCCASIONS, THAT ONE OF THE PRIMARY CAUSES OF THE HIGH LEVEL OF FAILS WAS THAT VARIOUS PARTICIPANTS IN THE SHORT SALE PROCESS, PRIME BROKERS, EXECUTING BROKERS, CLIENTS, WERE NOT FOLLOWING ALREADY ESTABLISHED RULES."
Bill Philek, Bear Stearns General Counsel
“[IN TERMS OF COST] THE PROCESS OF ACTUALLY SETTLING THESE [FAILED] TRADES…COULD BE GREATER THAN THE LIQUIDITY IN THE SYSTEM.”Patrick Byrne, CEO, Overstock.com
"NASAA URGES THE COMMISSION TO RECONSIDER ITS STANCE REGARDING THE ROLE OF THE DEPOSITORY TRUST AND CLEARING CORPORATION (THE DTC). AS A THRESHOLD MATTER, NASAA BELIEVES THAT THE COMMISSION SHOULD EXPLICITLY PROHIBIT THE DTC FROM LENDING MORE SHARES OF A SECURITY THAN IT ACTUALLY HOLDS.”Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities