MERCATO LIBERO

Berlino si parte.

Il bello è che si parte da prima del 1996 nella dematerializzazione voluta dalla Sec

http://www.sec.gov/rules/sro/nyse9629.txt

Ora è implementato in modo efficiente attraverso la DTCC e le sue subsidiaries in tutto il mondo

http://www.dtcc.com/downloads/leadership/issues/nomorepaper/DRS.pdf

Partecipano le più grandi aziende di capitali del mondo

http://www.dtcc.com/leadership/issues/nomorepaper/industry/companies.php?lpos=asset_lob&lid=nomorepaper_drs_list

e i broker più importanti

http://www.dtcc.com/downloads/membership/directories/dtc/DRS.pdf

Esempi:


http://www.mgeenergy.com/services/directreg.htm
http://www.stctransfer.com/drs.htm Ensure that your broker-dealer sends an electronic message to Securities Transfer Corporation via the DRS Profile System. The Broker or clearing agent must be a DTC Participant. Book-entry through the Direct Registration System is the new standard in share ownership.

http://colonialstock.com/directregistration.htm

http://www.gapinc.com/content/gapinc/html/investors/stock_information/directreg.html

http://www.cmcsk.com/shareholder-account.cfm

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Direct Shareholders
If you hold physical stock certificates, or if your
stock certificates have been electronically registered with our transfer agent, you are a direct shareholder.

Indirect Shareholders
If you hold your stock through a broker, you are an indirect shareholder.

http://www.stocktransfer.com/index.cfm?action=shareholders.FAQ.dirRegistration

If you currently hold your security in street name registration, you can instruct your broker or the issuer to move your security position to the issuer for direct registration. In any situation, you will receive a statement of ownership from the issuer acknowledging your DRS book-entry position once the change has been made . If you want a certificate or if you want to use street name registration, tell your broker your choice at the time of purchase. If you elect a certificate, one will be sent to you. If you chose street name registration, your broker will send you a confirmation and periodic account statements acknowledging your ownership. If you currently hold a certificate, you can deliver the certificate to your broker with instructions to change your registration to street name registration. If you currently hold in street name registration, you can tell your broker to obtain a certificate for you.

How do I sell my security held in Direct Registration?
You can instruct the issuer to sell your security (many issuers can accommodate sale requests); or you can instruct your broker or the issuer to electronically move your security to your broker for your broker to sell; or you can request a physical certificate and deliver it to your broker to sell.

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How do I sell my security held in Street Name?
You can instruct your broker to sell your security; or you can request a physical certificate and deliver it to another broker to sell; or you can instruct your broker or the issuer to electronically move your security to the issuer for the issuer to sell (many issuers can accommodate sale requests) or to electronically move to another broker to sell.

How do I sell my security held in my possession?
You can deliver the certificate to your broker with your instructions to sell or you can deliver the certificate to the issuer with instructions to change how you hold your security from certificate to direct registration and to sell (many issuers can accommodate sale requests). When selling a security through the issuer, the issuer will sell your security under the terms and conditions in place for that issue. For example, some sell orders will be executed on the day the issuer receives them, and some orders are aggregated for frequent, but not daily, execution. (Note: you should ask the issuer if it offers a selling service and what the terms and conditions are.) Proceeds from the sale will be mailed to you three business days after the date of sale. When selling through your broker, your instructions will be acted on immediately and in accordance with the guidelines it provides to you. Proceeds from the sale will be made available to you or credited to your account three business days after the date of sale.

What are the fees associated with direct registration?
There are no fees charged by an issuer for direct registration. However, because brokers offer differing services and plans, you should contact your broker to learn what, if any, fees it charges.


How are my securities protected if I chose street name ownership?
Nearly all brokers are members of Securities Investor Protection Corporation (SIPC). As a result your securities and money held at your broker are protected up to $500,000 with a $100,000 limit for cash. Many brokers also carry insurance in excess of SIPCs coverage.

http://corporate.computershare.com/Canada/Documents/DRS_QandA_06112008.pdf


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D'altra parte per certo Fidelity and UBS charge ZERO to move something to DRS

E se tutto questo non vi basta, ecco il GET the FACTS relativo all'HOLDING YOUR SECURITY della SEC

http://www.sec.gov/investor/pubs/holdsec.htm

Considerando che il certificato fisico è stato abolito per l'accordo via DTCC dalla maggiorparte delle società di capitali del mondo, preferite detenere le vostre security

- in Street Name Registration
- in Direct Registration

?????????????????

Mi sembra ovvio. Considerate che oggi avete tutto in Street Name Registration: cioè nel caso di fallimento del broker non avete nulla, se non il pezzettino di carta del deposito titoli della vs. banca e una bella causa persa in partenza in America perchè non conoscevate il regolamento SEC anche se investivate nel MOT.....causa, ma quale causa? Fa testo la recente sentenza della corte di Chicago CONTRO i clienti del fallimento Peregrine (http://www.forbes.com/sites/halahtouryalai/2012/07/11/peregrine-files-for-bankruptcy-after-215m-goes-missing-where-were-the-regulators/)

Protect yourself.

Il Folletto

Adesso dopo che avrai studiato tutto questo sono sicuro che Ti vedrai la conferenza di D'Orlando all'Ergife!

Il Folletti

Chiaramente con la "Direct" Registration, che è una procedura totalmente elettronica gestita con la piattaforma informatica, non cambia di nulla l'operatività di buy/sell.

Solo che ..... siete veramente proprietari delle securities.

Al massimo qualche broker fa pagare 5,00 €, ma in genere è assolutamente gratuita come visto.

Mica monate...

Il Folletto

Grazie.

Scusa Folletto,
ho letto velocemente,senza andare ai link, il tuo interessantissimo intervento e mi riprometto di approfondire con calma, ma chiedevo se e come faccio a capire su che barca sono se le mie partecipazioni azionarie nelle società quotate al NYSE sono in un dossier di un classico istituto di credito italiano.
Grazie--Alex

Approfondisci.

Se vuoi avere una parvenza di proprietà sui tuoi beni mobili devi richiedere la DRS per ciascuna componente del tuo dossier.
Tutte le società più importanti hanno aderito all'accordo nel 2008 anche le italiane più grosse (Eni, Enel, Benetton, ecc. e non riguarda solo lo NYSE, perchè la DTCC opera attraverso subsidiaries in tutto il mondo.
Di fatto hanno espropriato la proprietà privata dei nostri beni mobili come in un classico contratto di deposito bancario in c/c, che non è nemmeno un deposito, bensì noi siamo mutuanti alla banca, tanto è vero che ci riconoscono degli interessi.

Per avere una parvenza di proprietà dei beni mobiliari quotati l'unica possibilità è la DRS: per altro nessun broker chiede la commissione per la DRS, nemmeno gli gnomi di UBS.

Il Folletto

Grazie mille Folletto.
Impacchetto gli articoli e vedrò di sviscerarli nel fine settimana.
--Alex