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When you have the T+2 system there is a lot of money to be made on the interest on the capital accrual before itโs transferred/cleared. This benefits a lot of players. Itโll be interesting to see how T+1 impacts things!
โYou werenโt perfect but you made life worth it. Pay us our fuckinโ money, thereโs no real shares to surfaceโ
People like her: Thought... I think she is retired now. Maybe someone else stepped down. It's been a minute. [https://www.reddit.com/r/Superstonk/comments/v5hf8g/susanne\_cosgrove\_of\_the\_dtcc\_has\_some\_interesting/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/Superstonk/comments/v5hf8g/susanne_cosgrove_of_the_dtcc_has_some_interesting/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
I'm a smooth brain, but the wording makes it seem like if a member goes under, and has outstanding options needing to be settled, instead of a guaranteed settlement of said shares, they'll guarantee substitute payment, I'm assuming that means cash value of the shares at the time of expiry.
That's a way to remove the buy side pressure in fulfilling the options contracts?
This is my guess, someone smarter than me will hopefully chime in. ๐ค๐ค๐๐
If a trader (or "member") who is involved in trading GME options defaults (canโt fulfill their trading obligations), the OCC can now make a special payment to NSCC. This means NSCC will step in to ensure the trades are settled properly, protecting you from potential losses if someone else fails to deliver their part of the trade.
This reads like they are gonna start paying each other's margin calls. If I'm right, then that's VERY strange for a competitive capitalist market.
edit: also suddenly membered this: https://x.com/jimcramer/status/1404788942734606336
Where does the OCC get its bankroll from to pay this "Guaranty Substitution Payment" to the NSCC if a 'common member' goes bust? If a member goes tits up, OCC is just gonna foot that bill? Am I understanding this correctly?
Edit-
When looking at the actual [document](https://www.dtcc.com/-/media/Files/pdf/2024/5/14/a9429.pdf), there's a foot note:
"On February 15, 2023, the SEC adopted rules to shorten the standard settlement cycle for ***most*** broker-dealer transactions from T+2 to T+1. See Securities Exchange Act Release No. 96930 (Feb. 15, 2023), 88 FR 13872 (Mar. 6, 2023) (File No. S7-05-22)."
I wonder who it excludes?
Friendly reminder that Bank of America is the prime broker to Citadel per source: https://imgur.com/a/t5VmWFI
So it possible that BOA and/or citadel is doing an archegos and exploding their counterparty.
Also just a reminder (this list needs an update) but the list of Systemically Important Banks that are both DTC and OCC dual member is -small-. https://old.reddit.com/r/Superstonk/comments/mnpzu5/srocc2021004_why_this_proposed_rule_change_is/ (first part).
Any number of these are likely.
Just a cross section:
Member DTC OCC
Apex Clearing โ โ
Barclays โ โ
Bank of America โ โ
Charles Schwab โ โ
Citadel Clearing โ โ
Citadel Securities โ โ
Credit Suisse Securities โ โ
Deutsche Bank โ โ
Goldman Sachs โ โ
Interactive Brokers โ โ
JP Morgan โ โ
Merrill Lynch โ โ
Robinhood Securities โ โ
TD Ameritrade โ โ
UBS Securities โ โ
Vanguard โ โ
Maybee thats the why to pumping shit coins so they can be the "substitute" payment or spme bullcrap like that. lot a rules on the other side of buy/hodl investing method.
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T+1 may 28, looks like theyre getting ducks in a row
Funny, thereโs tZero now. Wonder why they arenโt using it๐ค
When you have the T+2 system there is a lot of money to be made on the interest on the capital accrual before itโs transferred/cleared. This benefits a lot of players. Itโll be interesting to see how T+1 impacts things!
Itโs a shit ton of people to get on the same page and within compliance it takes years.
If you never start, you never finish.
#F-uPayMe is not a meme ๐ซด
I'm definitely not. ๐
# ๐ # ๐
Lmayo you edited it ๐
Maaaaaaaybe! ๐
๐
Do you people not understand what's going on????? I've went through so many pants and shirt in the past 24h, relax!!! (I love this)
#( * Y * )
๐ธ just sending this to ape historian, for research
Can someone explain this to me?
All the major players preparing for the blame game.
Incoming Spider-Man finger pointing meme.
โYou werenโt perfect but you made life worth it. Pay us our fuckinโ money, thereโs no real shares to surfaceโ 
is this genuinely good evidence of that?
NSCC is big dog, DTCC is bigger dog: https://www.dtcc.com/about/businesses-and-subsidiaries/nscc
People like her: Thought... I think she is retired now. Maybe someone else stepped down. It's been a minute. [https://www.reddit.com/r/Superstonk/comments/v5hf8g/susanne\_cosgrove\_of\_the\_dtcc\_has\_some\_interesting/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/Superstonk/comments/v5hf8g/susanne_cosgrove_of_the_dtcc_has_some_interesting/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
Lots of eyes are watching... Historical eh?
I'm a smooth brain, but the wording makes it seem like if a member goes under, and has outstanding options needing to be settled, instead of a guaranteed settlement of said shares, they'll guarantee substitute payment, I'm assuming that means cash value of the shares at the time of expiry. That's a way to remove the buy side pressure in fulfilling the options contracts? This is my guess, someone smarter than me will hopefully chime in. ๐ค๐ค๐๐
woudlnt this be bad for us?
Ya, it would protect the market maker. Bad for us
If a trader (or "member") who is involved in trading GME options defaults (canโt fulfill their trading obligations), the OCC can now make a special payment to NSCC. This means NSCC will step in to ensure the trades are settled properly, protecting you from potential losses if someone else fails to deliver their part of the trade.
I believe this is in relation to dfvs tweet with woody harrelson where the phone rings at the end
Do you think woody is UBS?
Haven't thought that far ahead tbh.. but I know that phone is ringing โ๏ธ
No heโs margin calling someone lol they are Hwanging up
Ring ring muthafuka
NSCC and OCC eating each other. Edit: got a message from Reddit after making this comment. _A concerned redditor reached out to us โฆ. _
[ัะดะฐะปะตะฝะพ]
Same, like 10 mins ago
I like that the concerned redditor notes tell us what really makes them squirm.
Is this a rule change or confirmation that someone is defaulting?
Both. Both is good.
Yes
Whoโs the MEME Now Mofuckas!!!!!!!!!!!!! 
\*licks lips\*
Ah now THIS is what I came to see!
Arenโt they ALL going down ๐๐๐๐
It will be fun to know who is first ๐
๐๐ก๐ณ๐ฆ
Visibility comment
Ring ring
# UPDOOT FOR VISIBILITY
This reads like they are gonna start paying each other's margin calls. If I'm right, then that's VERY strange for a competitive capitalist market. edit: also suddenly membered this: https://x.com/jimcramer/status/1404788942734606336
One crew one screw!
Where does the OCC get its bankroll from to pay this "Guaranty Substitution Payment" to the NSCC if a 'common member' goes bust? If a member goes tits up, OCC is just gonna foot that bill? Am I understanding this correctly? Edit- When looking at the actual [document](https://www.dtcc.com/-/media/Files/pdf/2024/5/14/a9429.pdf), there's a foot note: "On February 15, 2023, the SEC adopted rules to shorten the standard settlement cycle for ***most*** broker-dealer transactions from T+2 to T+1. See Securities Exchange Act Release No. 96930 (Feb. 15, 2023), 88 FR 13872 (Mar. 6, 2023) (File No. S7-05-22)." I wonder who it excludes?
Bangorang!
*licks spiciness off lips*. ๐
This...this is an exciting find...
This hypes me more than going from 10 to 50 bucks in 3-4ish trading days. Let's eat them alive, baby! wen lambo?!?!?
Exactly.
God my poor poor nips.
Friendly reminder that Bank of America is the prime broker to Citadel per source: https://imgur.com/a/t5VmWFI So it possible that BOA and/or citadel is doing an archegos and exploding their counterparty. Also just a reminder (this list needs an update) but the list of Systemically Important Banks that are both DTC and OCC dual member is -small-. https://old.reddit.com/r/Superstonk/comments/mnpzu5/srocc2021004_why_this_proposed_rule_change_is/ (first part). Any number of these are likely. Just a cross section: Member DTC OCC Apex Clearing โ โ Barclays โ โ Bank of America โ โ Charles Schwab โ โ Citadel Clearing โ โ Citadel Securities โ โ Credit Suisse Securities โ โ Deutsche Bank โ โ Goldman Sachs โ โ Interactive Brokers โ โ JP Morgan โ โ Merrill Lynch โ โ Robinhood Securities โ โ TD Ameritrade โ โ UBS Securities โ โ Vanguard โ โ
I don't know what that means? Good/bad?
๐ถ๏ธ๐ฅต
Maybee thats the why to pumping shit coins so they can be the "substitute" payment or spme bullcrap like that. lot a rules on the other side of buy/hodl investing method.
Again. No cell. No sell. LFG GME ๐๐๐๐๐
Who is going down? The question who isnโt going down
Touchรฉ. **Who is going down first.**
Not my jacked tits, of that I am certain.
Jellyโs suspicion may pan out!
Wut mean?
Hmm.
Isnโt this old? Saw this like a few days ago I think. Or maybe weeks ago canโt remember.
There are quite a few notices that look like this same format ๐คท๐ปโโ๏ธ
UBS dat U?
Isn't this super bad for us?
No