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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>nfnw3tm8</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue 13:02, 17 Sep 2013<span class="gen"> </span> Post subject: hollister sale Depository Trust Company 101</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">The Depository Trust Company (DTC) serves as a custodian of the securities and provides securities settlement services. Not all securities are eligible to be settled through DTC. All companies must satisfy [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] specific criteria in order to be DTC eligible including SEC reporting and non-reporting issuers who go public direct, undertake underwritten as well as direct public offerings and those who pursue reverse mergers with public shells. <br />In order for an issuer's securities to trade electronically, the issuer must among other things, submit an application to DTC for its initial eligibility to trade. If eligibility is granted, DTC will agree to hold an inventory of free-trading street name shares on deposit. The shares that are free-trading and held by DTC become the "public float." DTC is the only depository that provides an inventory for clearing and settlement of the securities of publicly traded companies [url=http://www.getconversational.com]hollister pas cher[/url] in the United States. <br />How DTC Eligibility Affects Trading <br />After the purchase of a security occurs, the second portion of the trade transaction occurs. This portion is referred to as clearing. While brokers maintain individual books recording the entire amount of buy and sell orders transacted by their clients, the act of clearing these transactions is handled by DTC. Clearing trades involves the matching of the buy and sell orders of a security. Once the transactions are executed details are sent to DTC and recorded and matched for accuracy. After all the trades are matched for buys and sells DTC notifies all member firms of their associated obligations, and arranges the transfer of appropriate funds and securities. Thus, individual brokers are not dealing with one another after every trade. Instead DTC serves as an intermediary that facilitates the transfer of stocks and cash. It is important to note that DTC guarantees delivery and if the buyer or seller of the security being cleared through DTC does not deliver the purchase price or security sold, DTC fulfills the obligations of the party that did not deliver.The DTC clearing process takes typically three days to complete. When a security is not DTC eligible clearing occurs only upon physical delivery of the stock certificate representing the security from the seller to the [url=http://www.getconversational.com]hollister france[/url] buyer. Clearing [url=http://www.1855sacramento.com/woolrich.php]woolrich parka[/url] with DTC eligibility through physical [url=http://www.achbanker.com/home.php]www.achbanker.com/home.php[/url] delivery could take weeks to complete. Without DTC eligibility it is impossible for an issuer to establish liquidity in its securities. <br />The Eligibility Process <br />Issuers seeking electronic trading must locate a Participant sponsor the DTC eligibility process. Participants can submit an eligibility request through the underwriting services of DTC either at the time a security is initially being offered and distributed to the marketplace or at a later time for already issued and outstanding securities. It is the responsibility of the participant requesting eligibility for the securities to establish that the securities satisfy the criteria set forth by DTC. Once DTC has reviewed the information submitted, it will likely request an opinion from the issuer's securities attorney to substantiate the legal basis for eligibility. 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Opinions from the issuer's SEC attorney may also be requested in other circumstances, such as when an issuer changes its name or its form of organization in respect to a corporate action and in exchange offers. <br />Securities Not Registered Pursuant to the Securities Act <br />Opinions from the issuer's securities lawyer is often required to make unregistered securities eligible may be required in connection with the following transactions (among others): i. securities issued pursuant to an acceptable exemption from SEC registration under the Securities Act; and ii. the exchange of securities subject to transfer restrictions represented by certificates bearing a restrictive legend for certificates not subject to transfer restrictions [url=http://www.thehygienerevolution.com/barbour.php]barbour[/url] with no restrictive legend. <br />Rule 144A and Regulation S Securities <br />To lift restrictions applicable to securities which DTC has initially accepted as eligible pursuant to Rule 144A and/or Regulation S on [url=http://www.jordanpascherofficiel.com]air jordan[/url] the grounds that [url=http://www.achbanker.com/home.php]hollister[/url] the original restricted and/or distribution compliance period imposed under such exemptions has elapsed, the issuer of the securities must provide an instruction letter to DTC. 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