| Author | Source |
|---|---|
| u/Antioch_Orontes |
๐ฆ๐ฌ What the fuck are you talking about?
NSCC-801 is the companion amendment to DTC-003, which was recently filed and effective as of March 16th. Here are links to the filing and the notice of filing of NSCC-801.
https://public-inspection.federalregister.gov/2021-05993.pdf
https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/NSCC/SR-NSCC-2021-801.pdf
๐ฆ๐ฌ What the fuck am I looking at? Words and numbers scare me and opening that link made me have a momentary seizure!
DTC-003 TL;DRย โ โReport your positions on a daily basis. Furthermore, liabilities arising from the misreporting of positions fall solely on the misreporting party.โ
NSCC-801 TL;DRย โ โWe will use the position reports received via DTC-003 to calculate if it is necessary for you to contribute a supplementary liquidity deposit due to your positional risk. Furthermore, if multiple members have supplemental liquidity obligations in excess of $2B each, we can decide if itโs all on them, or if it should be split up pro rata among all members.โ
๐ฆ๐ฌ Have mercy! Youโre hurting my feeble brain meats!
DTC-003 TA;DRย โ โYou tell us whatโs on your books every day instead of every month. If you lie about it and that lie causes us to lose money, youโre paying the bill.โ
NSCC-801 TA;DRย โ โIf your positions are fucked enough that youโre at risk of losing so much money itโll fuck us all over, weโll margin call your ass so fast itโll make your head spin. If two or more of you assholes were that much of a dipshit, we can make you pay OR we can make everyone in the gang have to chip in. Theyโre going to fucking hate that and theyโre going to want to prevent the possibility of that happening, so theyโll probably turn on your ass.โ
๐ฆ๐ฌ ๐ฆ๐ข๐คฏ๐ตโ๏ธ๐ฅโโ๏ธโ (I donโt understand anything youโre saying, because I only speak in emojis.)
DTC-003 ๐ฆ๐ฌ
๐ ๐ฆ๐ฐโ๏ธ ๐๐ป๐ธโ๏ธ
๐ ๐ฆ๐ฐโ๏ธ ๐๐ป๐ธโ๏ธ
๐ ๐ฆ๐ฐโ๏ธ ๐๐ป๐ธโ๏ธ
NSCC-801 ๐ฆ๐ฌ
๐ฆ๐ฐโ๏ธ ๐๐ป๐ธโ๏ธ
๐ฆ๐ซ๐ฐโผ๏ธ ๐๐ป๐ซ๐ธโผ๏ธ
๐ฅโ๏ธ๐ฆโ๏ธ๐ฅ
๐ฅโ๏ธ๐๐ปโ๏ธ๐ฅ
๐๐๐๐ฆ๐๐๐
๐ฆ๐ฌ So, when is this going to happen?
Here are possible outcomes:
SEC does nothing. It takes effect 60 days from the date of filing.
SEC approves it. It takes effect whenever the fuck that happens.
SEC requests additional information. Countdown restarts at 60 days as soon as they receive that info.
SEC asks for extra time because their brains have grown smoother by the day in the current market environment. They get an extra 60 days.
SEC objects. It does not take effect. (In my personal opinion, I find this unlikely, as this amendment was clearly written as a companion/follow-up to DTC-003.)
๐ฆ๐ฌ Anything I can do while I sit on my ass and wait for this?
The SEC invites interested persons to submit views, data, and arguments for or against NSCC-801. You can submit it by either:
Using the form atย http://www.sec.gov/rules/sro.shtml
Emailing them atย rule-comments@sec.govย with File Number SR-NSCC-2021-801 in the subject line.
Please donโt fill their mailbox with apespeak and emojis, but making your opinion on NSCC-801 heard is never a bad thing. You are a participant in the market, one who may be affected by this rule if it passes, so your voice matters, and this is an opportunity for the SEC to hear from retail investors, who historically donโt speak up much on these things.
๐ฆ๐ฌ Hey asshole! You fucked up your DD!
Please let me know ASAP so I can make the correction. Most of this was written around 2AM CST, so I canโt make any promises that I didnโt flub one of the details when reading these filings.
๐ฆ๐ฌ This is handy info for a chimp like me. Can I have more of this wisdom?
If there is interest in me writing more informative posts in the TA;DR style on market-related subjects including but not limited to implied volatility, options, technical/fundamental analysis, options greeks, or portfolio sizing, please feel free to make requests. I would be happy to write them.
๐ฆ๐ฌ This is still too many words! Iโm confused and I hate this.
Feel welcome to ask any questions you may have in the comments. Iโll try to get back to everyone to the best of my ability, and Iโll add crayon drawings if you really need it.
๐ฆ๐ฌ ๐ฆ๐โผ๏ธโผ๏ธ ๐๐ญ๐ฆ๐โผ๏ธโผ๏ธ ๐๐ฆโผ๏ธโผ๏ธ
๐ธ๐
Note:ย This is a preemptive double-post, with the counterpart onย r/wallstreetbets, in part because I anticipate the removal of at least one of them, and in part because I am tracking the concentration, volume, and frequency of upvotes/downvotes on either post. The objective here is to see if I can identify if one sub has higher bot activity than the other, and if there is any recognizable/actionable pattern to identifying botted vote manipulation. I am also personally curious if there will be a heavy difference in prevailing sentiment between the two subs.
Edit 1 @ 8:30 AM CST:ย I am surprised and grateful for the volume of positive feedback, and doubly surprised at landing a spot onย u/rensoleโs morning report. I am waiting in the lobby of the vet to pick up my kitten (who is fine, donโt worry), so my ability to research and reply is a bit limited, but I plan on adding more resources and links to this post as requested. Please look forward to:
๐ฆ๐ฌ โIโm worried the SEC will filibuster this filing or reject it outright. Can you tell me something to steady my frail, trembling paper hands?โ
๐ฆ๐ฌ SR-OCC-2021-801 TA;DR
๐ฆ๐ฌ โThe concept of time is incomprehensible to me, which is why I buy options with less than 7 days to expiration. Just tell me when this thing will pop off.โ
๐ฆ๐ฌ More TA;DR posts as requested, including:
Fundamental Analysis (DFV-style research) For Apes
Technical Analysis (crayon drawing class) For Apes
Since these donโt directly pertain to GME, I will probably post them in a separate subreddit, which will be linked here when those posts are written.
Have an excellent day! ๐ฆ๐ญ๐