/biz/ - Business & Finance

>>50627894
Two parties
Seller: Failed to deliver
Buyer: Failed to receive

an FTR basically means a fail to receive or a fake share (IOU). I bought stock and never received it. but you can never know if you have an FTR or a real share.

Now when a buy-in is initiated, the seller has a specific number of shares that he can juggle around. They don't have enough shares for everyone. So they juggle the real shares to the person who initiated the buy-in. And the FTRs that person held are now moved to someone else. What the writer means of the FTR not being resolved is that the FTR still exists somewhere.

The interesting part is when people DRS, they have to give them real shares and so the juggling becomes really difficult.

>>50554754
>>50554806
DTC participants mainly. Could be hedgie or broker but they don't do that to each other. see pic rel last paragraph.