How can the MM's settle those trades if those shar
Post# of 11038
Posted On: 08/26/2015 10:15:54 PM
How can the MM's settle those trades if those shares don't exist
JAYLIN Member Level Wednesday, 08/26/15 09:51:00 PM
Re: lilly-finance post# 25487
Post # of 25519
It's common sense. "FINRA determines that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or the security underlying an OTC ADR or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process"
MM's were probably offering numerous X amount of shares to borrow based on the count before Aug 13th and after Aug 24th those shares were no longer actually available to short.
How can the MM's settle those trades if those shares don't exist anymore due to being returned to treasury via the buyback? They can't.
I would not be surprised to see this open in a few days with 4 makers on the box and much thinner. Perhaps even at a higher PPS
JAYLIN Member Level Wednesday, 08/26/15 09:51:00 PM
Re: lilly-finance post# 25487
Post # of 25519
It's common sense. "FINRA determines that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or the security underlying an OTC ADR or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process"
MM's were probably offering numerous X amount of shares to borrow based on the count before Aug 13th and after Aug 24th those shares were no longer actually available to short.
How can the MM's settle those trades if those shares don't exist anymore due to being returned to treasury via the buyback? They can't.
I would not be surprised to see this open in a few days with 4 makers on the box and much thinner. Perhaps even at a higher PPS
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