Wer Aktien kauft ist nicht deren Eigentümer! Wer dann? Kennen Sie DTCC und CEDE?

Es gibt ein kleines privates Unternehmen von dem Sie sicherlich noch nicht gehört haben – sollten Sie aber! Der Name des Unternehmens ist Despository Trust & Clearing Corporation, kurz DTCC. Auf den ersten Blick scheint es sich bei der DTCC um einen Finanzdienstleister zu handeln. Dienstleistungen, wie es sie für die digitale Finanzwelt viele gibt. Doch der scheint trügt: Die DTCC und das Tochterunternehmen CEDE &Co. sind Eigentümer von 99% aller Aktien, die an den Börsen in den USA gehandelt werden (NASDAQ, NYSE…). Wert des Anlagevermögens: rund 25 Billionen (25.000.000.000.000) USD.

DTCC

Was bedeutet das? Blicken wir kurz auf die Historie des Aktienhandels zurück. Als Aktienbesitzer hatte man früher gedruckte Aktien in Papierform. Der Eigentümer war man selbst, man konnte sie anfassen, sie wurden zuhause oder im Bankschließfach aufbewahrt. Wollte man Aktien handeln, musste man sie einen Broker übergeben. Der Broker war Besitzer Ihrer Aktien, suchte einen Käufer und übergab ihre Papieraktien. Sie erhielten ihr Geld vom Broker. Das Eigentum der Aktien wurde gegen Geld getauscht, ein Broker war Mittelsmann und überwachte die Transaktion.

In Zeiten von Hochfrequenz-Computer-Trading, wo Millionen von digitalen Transaktionen in Millisekunden getätigt werden ist dieses Verfahren des gedruckten Aktienaustauschs natürlich hinfällig. Um diese enorme Geschwindigkeit des Aktienhandels bewerkstelligen zu können, wurde der Mensch durch Software ersetzt und ein neues Verwaltungsverfahren eingeführt: Der Broker wird Eigentümer ihrer Aktien und Sie der Besitzer. Was bedeutet das? Wenn Sie heute Aktien über Ihren Broker kaufen, kauft er Ihre Aktien im Namen der DTCC oder der CEDE & Co. und bucht sie auf Ihrem Depot für den Handel ein. Sie sehen ihre Aktien in Ihrem Depot und können in Sekunden kaufen und verkaufen und von diesem schnellen Handelssystem profitieren – Eigentümer ihrer Aktien sind sie jedoch nicht mehr! Sie können sich das auch so vorstellen: Papieraktien (also der echte Eigentumsnachweis) werden namentlich der DTCC zugeordnet, verwaltet werden die Papieraktien durch eine digitale Datenbank (ihr Depot), die alle Transaktionen abgleicht und festhält, welchen Markteilnehmern welche Aktienpositionen im Depot dargestellt werden. Aktien können in einer Sekunde 100.000 mal den Besitzer wechseln. Die Software verschiebt digitale Positionen in Depots der Marktteilnehmer, ohne dass wie früher Papieraktien bewegt werden müssen.

Die DTCC ist ein privates Unternehmen. Eigentümer sind große US-Banken, die selben die auch Eigentümer der FED sind. Letztlich also eine kleine Gruppe von Bankern, die ganz offiziell und juristisch korrekt Eigentümer fast aller Aktien der Welt sind. Denn die DTCC ist weltweit tätig. Die Finanzdienstleistungen der DTCC enteignet Ihr Eigentum an Aktien. Behalten Sie dieses Wissen bitte im Hinterkopf! Ihre Aktien gehören Ihnen definitiv nicht – Sie können nur vom Aktienhandel profitieren

Ein weiteres Problem, dass sie berücksichtigen sollten. Sie vertrauen komplett auf eine Software. Ihr Depot kann jederzeit durch einen Servercrash vernichtet werden. Wie beweisen Sie, dass sie ein Depot mit Aktienpositionen bei Ihrem Broker haben? 

Die vermeintlich sicheren Aktien sind heute leider nicht so sicher, wie man immer meinen möchte. Persönliches Aktieneigentum, wie vor 50 Jahren gibt es nicht mehr. Es gibt nur noch einen Eigentümer der Aktien und viele Besitzer. Das ist alles kein Problem, solange die DTCC und deren Töchterunternehmen nicht von diesem Eigentumsrecht Gebrauch machen!

Selbst der Finanzbranche ist DTCC und CEDE nicht geheuer, wie ein offener Brief an die SEC (US Börsenaussicht) zeigt:

From: Lori Livingston
Sent: Friday, May
27, 2005 3:26 PMTo: chairmanoffice@sec.gov; marketreg@sec.govSubject:
Elimination of Stock Certificates

To whom it may concern:

I am writing in regard to the recent press release from the Depository Trust Company (DTC) and other recent events and rules regarding DTC eligibility and Issuer rights in regard to DTC participation. As someone who has been in the transfer agent business for 23 years, I am alarmed by recent developments and trends that all work toward a system of increasing positions on the books and records of corporations in the name of Cede & Co. (nominee name for DTC). As the transfer agent for approximately 300 issuers, I am increasingly contacted by these companies as they seek information regarding the stock ownership in their companies and the underlying trading of those shares in the market. Over the years as the amount of shares held at DTC has increased it has become more and more difficult to determine who owns the shares, who is trading them and if the trading is proper. This trend, and the resulting problems I will detail below, continues to increase because a minority of the total number of shareholders are reflected on the books and records of the corporation, most activity takes place behind the wall of ownership that is designated as Cede & Co. and neither the company nor the transfer agent has any access to the underlying information.

While the press release (which I have attached) heralds the movement toward increasing this trend of dematerialization as a triumph and great progress which will save investors millions of dollars, I see this trend from a different perspective and one which is not only alarming to me but to many of the companies that will be effected by these changes. I also disagree as to whether or not it will save shareholders millions of dollars or merely shift the costs through a different route and into different pockets. Additionally, I see this as continuing the trend of increasing costs to corporations, particularly smaller issuers already struggling with the ever increasing price of being a public company, and further decreased shareholder value based on the additional expense paid by the company.

Furthermore, DTC recently managed to put through a rule change (Release No. 34-50758A; File No.S7-24-04) that prohibits a transfer agent from representing any company who seeks to withdraw from the DTC system. This change effectively leaves companies with no voice or choice in the management of their stock and their ability to have any transparency as to what is actually taking place in the market in regard to their stock.

I receive calls from companies seeking information as they watch millions of shares trade in a single day, who watch their share price decrease in value and who have no access to information regarding who is behind the trading of these shares, or if in fact the trades are at all legitimate. As the system now operates, most companies have a large percentage of shares on their books registered to Cede & Co. This position usually represents a majority of the outstanding stock in any given company. Underlying this position is a system at DTC which is reflected in a Position Listing Reportand this report represents the brokers and clearing firms that hold positions in any given security on DTCs books and records for the beneficial owners (Non Objecting Beneficial Owners NOBOs and Objecting Beneficial Owners OBOs) or shareholders. The trades that take place on a daily basis move between these brokers and clearing firms electronically; however, the Issuer (nor their transfer agent) has any access to this data unless they order and pay for the lists. This is not only expensive for the company, but it also does not tell them anything about who actually owns the stock. For that information they must go to yet another party and that is ADP.

ADP is engaged by the brokers to keep track of the NOBOs and OBOs and to send the shareholders in Street Namereports and communications from the Issuer. Their other vital function is to serve as proxy tabulator for the shareholders who hold their shares in broker accounts. This is a critical function for the public company and one which they are required to perform by law. Given the importance of shareholder voting and communication one would assume that the same requirements placed on transfer agents as to accuracy and reporting would be placed on ADP and Cede & Co. as they usually hold or service the majority of the shares owned in any given company. I have found; however, that when presented with the tabulation reports from ADP the share totals they report sometimes exceed the total number of shares outstanding for the company. Let me restate this because it is a very important part of my concern about a system that is more and more headed in the direction of increased control by DTC. The shares presented by ADP, that are the shares voted by the brokers on behalf of the shareholders for whom they hold accounts, EXCEED when added to the shareholders of record the total number of shares outstanding. As the final judge and inspector of elections I would naturally inquire as to how the number of shares could be higher than the total shares that exist for a company and to my surprise I am told by ADP that they only vote what is reported by the brokers. It becomes the responsibility of the company, and further the transfer agent, to reconcile the numbers so that an annual meeting can be conducted that reflects numbers of share voted that makes any sense.

Where are these extra shares coming from? Why are there no controls on the number of shares held in the nominee name Cede & Co. vs. the ownership on the books and records of the brokers and why is the company not privy to any information unless it pays whatever fees it is told it must pay by the organizations that control the data? There have been a great deal of new regulatory levels of reporting put on companies (i.e. Sarbanes- Oxley Act compliance), but from where I am positioned in the marketplace that does not address what is a far greater problem for issuers shareholders and the integrity of the markets, and that is, who are their shareholders and how are their shares trading?

I will close at this point with a request to the SEC that in the rush to move to dematerialization someone look at the existing system and the inequities that exist in the market based on a companies complete ignorance and inability to know what is actually going on with the shares of their companies and the problems we face in the future as we move toward a system where the brokers, DTC and ADP have more information and control than the shareholders, the transfer agents and the issuers. In fact, as the system is evolving, DTC is de facto becoming the largest transfer agent in the industry even though it is an organization formed by and working for the interests of the brokerage community. If, ultimately, the S.E.C. is in place to protect investors then this issue can not be ignored because in the end when the market is completely under the control of the brokers and
the organizations that represent them then the market can neither be
transparent nor fair.

I thank you for your time in reading this communication.

Lori Livingston
President & CEO
Transfer Online, Inc.
317 SW Alder St., Second Fl
Portland OR 97204″

Das Video von Greg Hunter erläutert DTCC und CEDE ab Min. 23:00. Sehr sehenswertes Interview mit Bix Weir!
„Financial Crash Coming, War with Russia-China to Protect US Dollar, Ferguson Police Action“

(C) GELDRAUB

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