Steve, good to hear. Hopefully the meeting will no
Post# of 45510
Steve, good to hear. Hopefully the meeting will not only describe the problems, but offer ideas to make the DTC more transparent and accountable.
A year ago, the SEC fiiiiinally ordered the DTC to Adopt Fairness Procedures on Suspensions ... This ruling is good news for issuers facing a so-called DTC “chill.” It is now clear they have standing to insist on a proper and fair hearing, and the chance to appeal to the SEC if they are not satisfied. Appeal to the SEC? More time and costs, but the threat may be worth it. The lawyers at the meeting may have an update on whether this is working.
As mentioned, TDAmeritrade seems like the lone broker with its PNCH Chill. Very curious if any of the meeting participants suspect that the TDA microcap chills are connected with TDA's bailout of Knight.
Anyway I'm beginning to understand a little more how the system can be gamed.
The DTC monitors "unusually large" deposits of microcap securities. Definition of unusually large? Who knows. If a friend of TDA can deposit (transfer) enough shares, it would kick up a red flag and the stock could be declared non-CNS eligible or given DWAC status. In either case, that would give TDA an excuse to chill the stock.
This board is good at reporting chills. If other brokers are preventing buys, pls yell.
Onward.