think about the difference between a trade for trade aka "chill" and a freeze

dtc acts as a super electronic clearinghouse- in a trade for trade chill dtc merely says it wont offer its clearing services on a stock- but brokers are free to clear the trades themselves-trades reportedly cost brokers only 20 cents each electronically-and i imagine brokers using a sweatshop to manually match trades in a chill

but in a freeze dtc shuts down everything re stock it has certs to and sends a notice to all brokers at least in their system prohibiting them from trading stock represented by certs held by dtc

physical certs are usually held by dtc's nominee cede and co and thus stock represented by those certs cannot be traded

but dtc has no ownership over certs held privately-which can be delivered to a broker to be manually matched w a buy order,just as buys and sells were manually matched under the trade for trade

so some have presented hard stock certificates to brokers to be manually matched w buy orders because dtc has no ownership over such privately held stock certs

as to who is presenting hard certs thats a mystery-the only hard certs during CWRN's time to our knowledge was Cotton family members but Brad bought all such stock- could be previous principals of casino airlinks who had their certs replaced w CWRN certs by transfer agent-is only thing i can think of

self clearing is relevant to a chill but has no relevance to a freeze if the broker has no ownership rights to the stock and could incur sanctions by the dtc