RE:Failing to deliver a securityvalleyeast wrote: In order to support CDS in cases where a seller has failed to deliver a security following a trade, TSX has developed a special "Buy-In" facility to locate alternate sellers capable of immediately delivering the security, therefore enabling CDS to quickly and efficiently clear the failed position.
So.... someone sold shares they could not deliver on and they need to buy them from another seller. Sorta like getting cought on a naked short??? I
I had never heard of a CDS (small volume yesterday) but interesting.
Happened again today 3pm,,, shorts stuck.. what was there,, 400,000 short shares I think and tight shares, ask is all phantom mm imo.... they can't temper it anymore. There was a shift last week,,, I think take off is coming soon. 73500 buyin yesterday
Tightly held shares, long loyal holders, 130m shares with few available, rocket fuel!!!!!!!!
| 02/26/2019 3:00 PM EST | | 0.55 | 35,000 | 0.08 | TSXV | 100 | 083
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TSX Buy-Ins
In order to support CDS in cases where a seller has failed to deliver a security following a trade, TSX has developed a special "Buy-In" facility to locate alternate sellers capable of immediately delivering the security, therefore enabling CDS to quickly and efficiently clear the failed position.
Buy-In Procedures:
On a daily basis, CDS provides a list of securities that Participating Organizations have failed to make delivery on.
1:30 PM (1st Cycle) - TSX receives and posts the preliminary Buy-In list. At this point, other Participating Organizations have the opportunity to provide liquidity by submitting Buy-In orders.
2:45 PM (2nd Cycle) - TSX receives and posts the Final Buy-In list. This list identifies the remaining securities that still need to be delivered.
3:00 PM - Cut-off for accepting Buy-In orders
Upon completion of the Buy-In period, TSX allocates fills on an equal by member basis to the sellers and calculates a price. This price is based on the last board lot trade before 3:00 plus a premium.