US Stock Clearinghouse (DTCC) Suspends Stock Certificate Repatriation

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by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

Dear Friend of GATA and Gold:

The Depository Trust & Clearing Corp., which stores most stock certificates and settles most securities transactions in the United States, has suspended all securities repatriation services since March 23 and announced on March 28 that these services will remain suspended until at least April 6. The suspension was attributed to difficulties arising from the virus epidemic sweeping the world.

So anyone who wants to take possession of stock certificates or transfer them to the possession of someone else is out of luck for the time being.

This is a situation that gold advocate and mining entrepreneur Jim Sinclair of often warned against years ago.

The DTCC says all the rest of its services remain operational, though in recent years some investors and corporate officials have complained that those services include facilitating naked short selling.

In an update on the DTCC’s internet site dated March 28 —…

— DTCC President and Chief Executive Officer Michael C. Bodson says:

“Due to ongoing concerns related to the COVID-19 virus, we have taken the decision to extend the suspension of all physical processing services until, at the earliest, Monday April 6, 2020.

“DTC requests that participants and transfer agents not send certificates via messenger, courier services, or U.S. Postal Service to DTC until further notice as DTC will not have a mechanism to accept or perform any transaction processing.

“Further details are provided in Important Notice B13161-20: Temporary Suspension of All DTC Physical Securities Processing. This notice supersedes important notice B#13153-20 distributed on March 26, 2020, announcing the re-opening of physical processing, which is no longer accurate.

“All other DTC services remain business as usual. DTCC remains open and we continue to provide uninterrupted access to our products and services to our clients across the globe. Further details are provided in the Physical Securities Processing FAQ (3/30/2020).”

Of course this is hardly the only company that has been hobbled in some way by the virus epidemic, and with luck things will get back to normal everywhere in a few months. But in the meantime the ultimate proof of the ownership of most stock shares in the United States is not available and hypothecation and rehypothecation of shares may become even easier.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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