Whatever they want. They have full rights to them in a catastrophic event. Not to mention they could be entirely liquidated and you only get SIPC coverage for your shares ($500k max).
Also technically Cede & Co (Cabal) own them if they aren’t DRS’d. I personally DRS’d the majority of my shares and left IRA & a few shares at a couple different brokers.
Direct Registration. Shares are held in your name.
You can use a transfer agent like ComputerShare.
Visit their website and if you buy stock, it is held under your name instead of in a brokerage, which means you have full control and your shares cannot be lent to short sellers.
Direct Registration System. As an example, GameStop's direct registrar is ComputerShare.
So with GME shares, you can call up your broker (i.e. Fidelity) and tell them you want to direct register your shares with ComputerShare. They will then send your shares info over to ComputerShare, and then your shares will be registered at ComputerShare directly in your name. This removes Cede & Co as being the owner listed on the shares and instead lists you as the owner. This gives you full ownership/control over your shares and removes control from Cede & Co/DTCC.
Fidelity (broker) has been good about DRSing quickly (within 3-5 days). Other brokers however have been dragging their feet. I heard some users state that Vanguard took 2-3 weeks to complete DRS.
I also have some of my shares in a brokerage account and I’ve been a little worried. What do you think they might try to do??
Whatever they want. They have full rights to them in a catastrophic event. Not to mention they could be entirely liquidated and you only get SIPC coverage for your shares ($500k max).
Also technically Cede & Co (Cabal) own them if they aren’t DRS’d. I personally DRS’d the majority of my shares and left IRA & a few shares at a couple different brokers.
Not financial advice. I just like the stock.
Can you explain what DRS is, and how to go about doing it?
Here is an excellent source of information with many links:
www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/
Direct Registration. Shares are held in your name.
You can use a transfer agent like ComputerShare.
Visit their website and if you buy stock, it is held under your name instead of in a brokerage, which means you have full control and your shares cannot be lent to short sellers.
Direct Registration System. As an example, GameStop's direct registrar is ComputerShare.
So with GME shares, you can call up your broker (i.e. Fidelity) and tell them you want to direct register your shares with ComputerShare. They will then send your shares info over to ComputerShare, and then your shares will be registered at ComputerShare directly in your name. This removes Cede & Co as being the owner listed on the shares and instead lists you as the owner. This gives you full ownership/control over your shares and removes control from Cede & Co/DTCC.
Fidelity (broker) has been good about DRSing quickly (within 3-5 days). Other brokers however have been dragging their feet. I heard some users state that Vanguard took 2-3 weeks to complete DRS.
It's FUDelity now.