I know that I mentioned this in a thread somewhere but it was buried and I think this is a bigger deal than I thought. I know there was a bigger issue and people were starting to pester brokers and the SEC with concerns about naked short selling and FTD's. I even withdrew a few company shares back in 2008. It wasn't that hard and cost me $40 per certificate, which seemed like a reasonable fee.
Well, I've started looking at this again because I have a stock that has more shorts than shares outstanding. My broker is likely making bank lending out my shares with no compensation to me and at the detriment to the company. Well looking into E'trades forms and I find this interesting. I knew they raised the price but this seems crazy.
"How do I request paper stock certificates or electronically register shares directly with the transfer agent?
Effective January 1, 2009, E*TRADE and other broker-dealers will no longer be able to fulfill paper certificate requests due to an SEC regulation change. Instead E*TRADE will default paper certificate requests to electronic registration directly with the transfer agent using the Direct Registration System (DRS) built by the Depositor Trust Clearing Corporation (DTCC) and the industry Transfer Agents."
But under the Stock Certificate Request page they list this... (wait what $500?) They are not making this straightforward. It looks like all exchange listed securities can go with the electronic system but I'm not sure what qualifies.
"Indicated number of shares for each company that you would like to receive paper certificates. Please note all requests will default to electronic registration with the transfer agent for all exchange listed securities. In the event the security is NOT eligible for electronic registration a paper certificate will be mailed to you for a fee of $500.00 for domestic companies and $250.00 for international companies. "
Well, I've started looking at this again because I have a stock that has more shorts than shares outstanding. My broker is likely making bank lending out my shares with no compensation to me and at the detriment to the company. Well looking into E'trades forms and I find this interesting. I knew they raised the price but this seems crazy.
"How do I request paper stock certificates or electronically register shares directly with the transfer agent?
Effective January 1, 2009, E*TRADE and other broker-dealers will no longer be able to fulfill paper certificate requests due to an SEC regulation change. Instead E*TRADE will default paper certificate requests to electronic registration directly with the transfer agent using the Direct Registration System (DRS) built by the Depositor Trust Clearing Corporation (DTCC) and the industry Transfer Agents."
But under the Stock Certificate Request page they list this... (wait what $500?) They are not making this straightforward. It looks like all exchange listed securities can go with the electronic system but I'm not sure what qualifies.
"Indicated number of shares for each company that you would like to receive paper certificates. Please note all requests will default to electronic registration with the transfer agent for all exchange listed securities. In the event the security is NOT eligible for electronic registration a paper certificate will be mailed to you for a fee of $500.00 for domestic companies and $250.00 for international companies. "
