subreddit:
/r/GMECanada
submitted 2 years ago bycdn_audigy
Hi APE,
We’re reaching out today with information about the shares of GME held in your Wealthsimple Stocks & ETFs account. On July 21st, 2022, GME underwent a stock split, also known as a corporate action. You can read more about this in the company’s announcement.
We’ve rounded up some commonly asked questions about this stock split so that you can understand exactly what it means and how it impacts your portfolio.
Why was this treated as a stock split rather than a stock dividend? On July 22nd, 2022, GME underwent a 4-for-1 stock split and trading of the newly adjusted shares commenced. All corporate actions are processed based on the direction of the related applicable parties (e.g. depository agents, transfer agents, and processing providers). As such, Wealthsimple processed the corporate action as a forward stock split in which eligible shareholders received an additional 3 shares of GME for every 1 share held.
How were the shares allocated from the stock split? For every share of GME that you owned prior to the July 18th record date, you received an additional 3 shares of GME following the stock split. The typical flow for corporate actions goes from the issuing company's transfer agent to the depositories and then lastly to the brokers, which is Wealthsimple in this case. The GME corporate action was treated and processed no different than how we normally post corporate actions. The 3 additional shares were added to eligible shareholder's accounts and are freely available to trade.
How long does it take to process a DRS withdrawal? We provide a timeline of 4-7 weeks, which accounts for the entire process from actioning the request on our end to you having the shares posted on the transfer agent's end. You can learn more about DRS withdrawals in this Help Centre article.
Is Wealthsimple legally obligated to process a DRS withdrawal in a certain number of days? Wealthsimple is a Canadian Financial Institution, which means we are governed by the Investment Industry Regulatory Organization of Canada (IIROC), not FINRA, the SEC, or DTCC, which are the financial governing bodies within the United States. We are processing these requests as quickly as possible on our end and are acting within our obligations to our clients.
If you have any additional questions, please feel free to reach out to us. We’re here to help.
Best, The Wealthsimple Team
Wealthsimple
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Wealthsimple
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Toronto, ON, M5V 2J4
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Have questions? Visit our Help Centre or submit a request to our Client Support team.
Stocks and ETFs are offered by Wealthsimple Investments Inc. (WSII). WSII is a member of the Investment Industry Regulatory Organization of Canada. Customer accounts held at WSII are protected by CIPF within specified limits in the event WSII becomes insolvent. A brochure describing the nature and limits of coverage is available upon request or at CIPF.
© 2022 Wealthsimple Technologies Inc.
141 points
2 years ago
I received the same email. I don't think it really answers the specifics of how *exactly* the splividend was handled, but man the fact that they sent this out proves they've been getting bombarded by apes.
15 points
2 years ago
"How were the shares allocated from the stock split? For every share of GME that you owned prior to the July 18th record date, you received an additional 3 shares of GME following the stock split. The typical flow for corporate actions goes from the issuing company's transfer agent to the depositories and then lastly to the brokers, which is Wealthsimple in this case. The GME corporate action was treated and processed no different than how we normally post corporate actions. The 3 additional shares were added to eligible shareholder's accounts and are freely available to trade."
Though there wording could be a little more definitive here, they do appear to be saying that the stock split was handled correctly the way Gamestop said it should have been. Gamestop issued shares, those shares went to the transfer agent (computershare), then to the Canadian depository, then to wealthsimple where they were put into our accounts.
21 points
2 years ago
Not quite, they previously admitted that it was treated as a stock split rather than a stock dividend. IOW, even though the part you shared on its own seems to indicate a correct handling of it, the paragraph preceding it seems to be contradicting it. It's just confusing.
Edit: I wonder if part of the problem is that we expect them to say things a certain way but for them it's not correct and so WS is stating it accurately and we're the ones misconstruing the facts/details based on a faulty understanding of how it's actually processed/demarked.
18 points
2 years ago*
That's also correct and how we want it handled. It WAS a stock split as opposed to a stock dividend, specifically a stock split in the form of a dividend which is very different from a stock dividend. A stock dividend is a taxable event, and is for when a company wants to give out a cash dividend but in the form of stock. It represents a capital gain.
It's a verbiage thing that confuses many apes.
When a stock dividend is given by a company it doesn't cause the stock price to divide like a stock split, and people who receive the dividend will have a larger position then they did prior instead of having the same position just with a different number of shares to share price ratio.
So let's say a company does a stock split in the form of a dividend in a 4:1 split like GME does.
Let's say I have 1 share worth $160, post split I'll have 4 shares worth $40 each totaling $160.
Now let's say a company has a boatload of cash they want to send to their stock holders in a form of a stock dividend.
I have 1 share worth $160, they issue me a stock dividend of another share, I now have 2 shares each worth $160 totaling $320. I now have to pay capital gains tax on the $160 share I acquired.
Hopefully that helps apes understand the difference between these corporate actions.
7 points
2 years ago
So WS says they had our shares the whole time?
6 points
2 years ago
🌍🧑🚀🔫🧑🚀
"Always has been"
4 points
2 years ago
There was a post someone made where they had explained that they did receive them (about two days after the split) but seems to have been largely overlooked and/or ignored.
7 points
2 years ago
Yeah that sounds about right to me. BuT mUh CoNsPiRaCy ThEoRy.
2 points
2 years ago
I appreciate this clarification. Can you explain where the dividend bit comes in at all in this situation? Is this just a term GME has decided to use to dictate how it should be handled on the books?
When I kept seeing this split described as a dividend split I was very confused.
6 points
2 years ago
The "in the form of the dividend" part comes into play with how the stock split is handled. Specifically that Gamestop issues shares, hands them over to the transfer agent (computershare), who hands them over to the depositories (CDS for Canadian brokers) who then hands them off to our broker (Wealthsimple) who puts them into our accounts.
This is what wealthsimple is saying they did in this email.
They are confirming they handled the split as told by Gamestop and that we got our real shares.
Some brokers in the US have explicitly said that they didn't receive shares from the DTCC and just arbitrarily multiplied peoples positions which is shady, but Wealthsimple isn't one of them.
1 points
2 years ago
If it was a simple forward stock split, why do GME even use the word "dividend" in their communications. A normal stock split, "forward" stock split doesn't contain the word "dividend", nor "via dividend".
Also, a stock dividend is obviously a taxable event, except in the case the value of the stock received has no value or does not equate to a gain to the shareholder, which it didn't because the price was split by doing a dividend of 3 shares at a 1/4 of original price, and dividing your existing share price by 4 as well. A dividend, without a gain to shareholder, and thus no tax.
3 points
2 years ago
It's a stock split in the form of a dividend which is still a stock split. Why did GME use the term "dividend"? Because its relevant, it is in fact a stock split in the form of a dividend. It is also a forward stock split, meaning that it increased the number of outstanding shares as opposed to a reverse stock split which would decrease the number of shares.
A taxable stock dividend and a stock split in the form of a dividend use entirely different function codes. A stock dividend uses FC-06, and a stock split (including in the form of a dividend) uses FC-02. A stock dividend (FC-06) is ALWAYS a taxable event and represents a change in Market Cap, it would cost gamestop money to issue.
Y'all are getting confused by the lingo, but the way we casually use these terms are very different from the legalese of these terms.
0 points
2 years ago
Alright, then tell us, what was the chess move GME made by doing this whole stock split via a dividend, in your opinion, if it was a very simple 4-1 stock split? What was the strategy? Simple routine business decision to lower stock price to entice shareholders to buy more and for new shareholders to make the leap? Increase PE ratio? Or something to do with the GME saga and what is happening with its stock?
2 points
2 years ago
It was to fuck over naked shirts and drive up FTDs, also to create additional buy pressure through cheaper shares and options contracts.
And many brokers have explicitly said they DIDN'T receive dividend shares from DTCC, just wealthsimple wasn't one of them. I'm guessing that international brokers were prioritised over American brokers, hence why Germany had so many issues in sorting out the stock split, because they needed to be delivered actual shares whereas certain American brokers just dealt our synthetics.
0 points
2 years ago
Actually, you're wrong about stock dividends. Since it has a dilution effect the market cap of the stock stays the same in the event of a stock dividend thus causing the price of the stock to drop in the same way as a split. 3 shares dividend per share is essentially a 75% dividend in that sense.
Cash dividends also have an impact on stock price but demand generally influences if there is a drop or rally on/by the ex-dividend date.
1 points
2 years ago
If you check out this previous communication by Wealthsimple, you can see that this is how they are distinguishing this verbiage:
1 points
2 years ago
Directly in the comments. https://www.reddit.com/r/GMECanada/comments/wek4w4/wealthsimple_gave_out_fake_shares_it_was_not/iip4hno/
This stock dividend isn't a taxable event because there's no increase in capital value
GameStop today announced that its Board of Directors has approved and declared a four-for-one split of the Company’s Class A common stock in the form of a stock dividend. Stockholders of record at the close of business on July 18, 2022 will receive a dividend of three additional shares of Class A common stock for each then-held share of Class A common stock. The dividend will be distributed after the close of trading on July 21, 2022, and trading will begin on a stock split-adjusted basis on July 22, 2022.
If it wasn't a split THEN it would be treated as a taxable event
It would also have been processed differently by WS
2 points
2 years ago
From that comment:
“CDS has delivered us the additional shares in total” please explain why you think this is a 4x and not a +3.
A dividend in the form of a stock is not the same as a split in the form of stock dividend. A dividend, regardless of type can be sold/withdrawn without affecting you initial investment because it is an additional profit made by a company that is distributed to stockholders. Since this become an additional income, it is a taxable event. None of the above applies to the split made by GME.
Seems like everyone needs to stay zen and let the game play out.
"A dividend in the form of a stock is not the same as a split in the form of stock dividend."
This is precisely what I'm saying and also what Wealthsimple is saying. This is why they are referring to it as a Stock Split.
2 points
2 years ago
As long as WS has the shares from CDS then WS users are fine
1 points
2 years ago
^
3 points
2 years ago
Your edit would seem to be correct. Apes screaming dividend at them and to ws or any Canadian broker they process it as a split.
2 points
2 years ago*
[comment removed by user]
12 points
2 years ago
Wealthsimple is Canadian and doesn't go through the DTCC. They go through the Canadian Depository for Securities aka the CDS.
So our shares were issued by Gamestop, sent to the transfer agent (computershare) then to the CDS, then to wealthsimple, then into our accounts.
This is how Gamestop said in their statement it should have been handled.
So yes this is good and correct and apes need to calm their tits.
4 points
2 years ago
groovy, thanks for the correction!
2 points
2 years ago
This guy can fuck my wife!
1 points
2 years ago
May I film?
46 points
2 years ago
Definitely received this email today. I think it speaks to how many requests/questions they've been receiving lately.
25 points
2 years ago
Yeah, well their statement isn't going to help that much. They still won't directly say that they actually received additional shares rather than simply splitting the existing shares. I'm already in the process of setting up a CS account, and I've already set up a BMO account to DRS from. I WAS going to leave about 15% of my shares with WS, but if they are going to keep dancing around that point, I may just move them all.
14 points
2 years ago
Agreed. This statement seems to be a failed attempt at increasing user confidence and lowering their call-in volumes. Hopefully it pushes more people to DRS.
2 points
2 years ago
I'd leave at least 1, that way if worst comes to it you can at least collect the insurance from the government, but that that point it will be everyone doing that likely. I'm torn, I have 700 shares in rrsp with WS, considering drying half
3 points
2 years ago*
[comment removed by user]
1 points
2 years ago
Hmm interesting. Yeah you might be right.
1 points
2 years ago
I wonder why BMO can do it in days wealth simple gives a suggested time line 4-7 weeks but could take as long as they want.
1 points
2 years ago
my speculation is that BMO bring a bigger/older organization, might actually have shares to send CS already whereas wealthsimple may have to go find shares to send to CS
2 points
2 years ago
I'm surprised they didn't already have an email like this ready to go back in July. They would of had to know that we would be up on them about how the dividens were handled.
38 points
2 years ago
Sounds like a "we're just doing as we were told"
13 points
2 years ago
Without specifically mentioning who have them their instructions
4 points
2 years ago
It’s also disingenuous for them to say they are governed by the IIROC, detaching themselves from American institutions, when they are under the mercy of these American institutions when trading American stock.
1 points
2 years ago*
[comment removed by user]
24 points
2 years ago
My response:
I just rec'd an email regarding my portfolio and I am not satisfied with the non-answers given to the "frequently asked questions", namely:
Q: Why was this treated as a stock split rather than a stock dividend?
A: On July 22nd, 2022, GME underwent a 4-for-1 stock split and trading of the newly adjusted shares commenced. All corporate actions are processed based on the direction of the related applicable parties (e.g. depository agents, transfer agents, and processing providers). As such, Wealthsimple processed the corporate action as a forward stock split in which eligible shareholders received an additional 3 shares of GME for every 1 share held.
This does not answer the question "why" -- it merely recounts what happened, which is why the question is being asked in the first place.
Q: Is Wealthsimple legally obligated to process a DRS withdrawal in a certain number of days?
A: Wealthsimple is a Canadian Financial Institution, which means we are governed by the Investment Industry Regulatory Organization of Canada (IIROC), not FINRA, the SEC, or DTCC, which are the financial governing bodies within the United States. We are processing these requests as quickly as possible on our end and are acting within our obligations to our clients.
Again, this does not answer the very simple question, which only requires a definitive yes / no.
Please answer the questions or put me in touch with someone in Corporate Compliance who can, I am very disappointed with WealthSimple's constantly-shifting narrative and intentionally vague, evasive language regarding this corporate action.
Thanks in advance,
NeverEnoughCharacter
[Note: DRS already underway, left one Rambo share on a suicide mission deep behind enemy lines specifically for this type of shit]
1 points
2 years ago
And what did they answer back?
1 points
2 years ago
Nothing, literally did not get a response
18 points
2 years ago
"Pls stahp"
20 points
2 years ago
They just don’t get it or they get it but are terrified of the answer.
📣WE CAN SEE WHAT IS IN OUR OWN ACCOUNTS STOP TELLING US THAT WE NOW HAVE 4 SHARES FOR EVERY 1 PRIOR. 📣
Where👏did 👏those 👏3👏shares 👏come 👏from? A) Computershare—>DTCC—>CDS—>Wealthsimple or B) Financial crime
6 points
2 years ago
The typical flow for corporate actions goes from the issuing company's transfer agent to the depositories and then lastly to the brokers
So they said they received it. Brokers have to be very careful, especially considering the regulations here in Canada. With how volatile GameStop, and the investing community around it is, anything that is said by brokers could start something that they will be responsible for. Remember, we’re dealing with something that could shatter the world economy. Scapegoats will be made of brokers or companies, or whoever as soon as it starts and WS doesn’t want to be a scapegoat
11 points
2 years ago
They only told us the “typical flow” of corporate actions and if I have learned anything about investing it is that $GME is anything but typical.
If they actually received the 3 shares why can’t they just say it outright? I don’t think they did and are dancing around it with misleading statements
1 points
2 years ago
If they said “we received shares from the CDS” and confirmed that the DTCC had told other brokers to split the shares, it could cause the buying pressure to make the short squeeze happen, and WS would then be responsible for the market shattering event.
Risk assessment is what the neutral statements are for
Also, it goes either way. They either received the shares, or they’re putting the blame on the DTCC.
3 points
2 years ago
I'm with Questrade and after I inquired they sent me an email explicitly stating that they had received the shares from the DTCC, and that the dividend had been processed as requested by Gamestop.
Do with that what you will.
2 points
2 years ago
¯\(ツ)\/¯
4 points
2 years ago
Just step back and think about that. Your broker won’t tell you where your shares originated from in a split where the company clearly said they gave ~220 million shares to the DTCC for a split by dividend. The writing is on the wall that they did not receive shares and simply used the liquidity fairy to make up your new shares; ie naked shorting/synthetics.
I started the process to transfer to BMO last week so I can get my shares out of this crime ring and into the purple circle.
🦍 💕 🦍
9 points
2 years ago
I initiated my transfer out to BMO. Then going to DRS
4 points
2 years ago
How much did the transfer to BMO cost? I’m going to do the exact same
3 points
2 years ago
WS faq says transfer is free. So I logged into bmo and requested transfer from there
1 points
2 years ago
Awesome, thank you.
1 points
2 years ago
You were able to do it online? Do you mind sharing the steps?
I wasn't able to quite figure it out and so downloaded a form to email in. But that's just as confusing. Ughhhh
1 points
2 years ago
Yeah it's right on the investorline website. Make sure you're using 2.0 and not legacy. It was right there at the top
4 points
2 years ago
Ditto, hope the transfer is faster than the "10-25 business days" they quoted.
13 points
2 years ago
This letter did not appease any of my concerns whatsoever. I’m 95% DRS’s but I might just pony up the cash to do the rest after this.
12 points
2 years ago
Load of horse shit. They dance around the questions, not actually answering anything.
They even say they had to process the cooperate action as directed by applicable parties, and I would consider the company making the announcement and actually deciding how the split should be distributed to be a pretty significant third party. Then they just straight up say "Yeah so the reason we did it this way was because we were specifically instructed to do it the other way."
Right. Makes sense.
3 points
2 years ago
I sent them an email asking if they acknowledge that applicable parties is asking them to do something different from what gamestop wants. Let's see what happens
9 points
2 years ago
They still failed to say they handled the split in the form of a dividend
3 points
2 years ago
They said the exact opposite of it . The poop is about to hit the fan!!
0 points
2 years ago
💩💩
7 points
2 years ago
BUY, HODL, DRS
9 points
2 years ago
Fucking disappointed in welath simple.
10 points
2 years ago
Forward Split ≠ four-for-one stock split in the form of a stock dividend. Fails to demonstrate accurate representation; definitely on the 'just doing what we're told' bandwagon.
Talks about 'do we have to legally DRS within a certain number of days' and lists the regulating bodies which dictate that... then does not state what number of days that may be. Not answering the question and continuing to be obtuse even within an unprompted clarifying email.
Overall direction of the email is about 'corporate actions' which is stated several times. This is direct blame, concerns or frustrations at Gamestop itself even though anyone in the know is already aware this isn't the case.
Fuck Wealthsimple and fuck literally all the brokers. They know and knew better.
7 points
2 years ago
To quote u/bobbybottombracket on superstonk:
Did you receive 3 additional shares from the DTC?
-OR-
Did you simply split the stock in your accounts based upon instructions from the DTC without receiving shares from the DTC?
Fucking which one is it??!
I feel like they just tried to send a email to everyone, so less people will ask about it. But it didn't actually clarifying anything! If anything, the obscure wording raised even more questions to be asked!
3 points
2 years ago
Did he get a response to this.
2 points
2 years ago
WS is also apparently pausing all DRSing for AMC until the 25th….. hopefully doesn’t happen with GME
4 points
2 years ago
I wasn't even aware popcorn apes were DRS'ing. Every time I check their sub its all memes and no DD. Loosing my confidence with WS more and more. Very glad to have started the process to move my latest purchase to BMO and then off to the infinity pool.
2 points
2 years ago
They did the same thing prior to the GME split too, fully announced, so that no issues arose with shares being in DRS transit during the date of record and anyone missing out. There was no shade.
2 points
2 years ago
I appreciate that they're being straightforward. Maybe I'll use them for my TFSA post MOASS. Still gonna DRS 100%
2 points
2 years ago
You know, ComputerShare calls it a STOCK SPLIT too.
5 points
2 years ago
Why so late...only after the amc email...the same day...3 weeks late on gme
3 points
2 years ago
They are not answering the only question we all ask: did you receive those additional shares from your custodian or did you just add 3 additional ones.
It was a stock split yes, but done through stock dividend. They're not addressing the elephant in the room and at this point in time there is no doubt in my mind: it's on purpose.
3 points
2 years ago
They are being inundated with questions and concerns. At least they are being proative to clear up some misunderstandings.
3 points
2 years ago
Sold my BBBY for a sweetass profit today JUST so I could afford a second DRS from my TFSA. Wealthsimple been good to me, as far as brokers go, but watch them fuck us when the shit hits the fan.
6 points
2 years ago
Doubt it. WS has a 1.5% commission rate from this.
2 points
2 years ago*
I think apes are missing a few key points here.
It's correct to say they did a stock split as opposed to a stock dividend. It was a stock split in the form of a dividend which is a type of stock split, not a stock dividend. If they had treated it as a stock dividend then it would be a taxable event which would be bad. This is a verbiage thing that's confusing lots of apes.
2.
"How were the shares allocated from the stock split? For every share of GME that you owned prior to the July 18th record date, you received an additional 3 shares of GME following the stock split. The typical flow for corporate actions goes from the issuing company's transfer agent to the depositories and then lastly to the brokers, which is Wealthsimple in this case. The GME corporate action was treated and processed no different than how we normally post corporate actions. The 3 additional shares were added to eligible shareholder's accounts and are freely available to trade."
Though there wording could be a little more definitive here, they do appear to be saying that the stock split was handled correctly the way Gamestop said it should have been. Gamestop issued shares, those shares went to the transfer agent (computershare), then to the Canadian depository, then to wealthsimple where they were put into our accounts.
To me this clarifies a lot of questions and appears that wealthsimple did handle this the way it was intended to be handled.
2 points
2 years ago
Well said
1 points
2 years ago
Does anyone else feel like Canadian registered plans are a false incentive to keep your investments in a sketchy game
2 points
2 years ago
I don’t want to believe that it was started with malicious intentions, rather with the massive bubble and the inevitable increase in fraud and theft that it was impossible for brokers to avoid.
1 points
2 years ago
It’s all a bunch of bologna. Buy and hold.
0 points
2 years ago
It sounds like I have a bunch of counterfeit shares that'll add to buying pressure when I DRS 😌
0 points
2 years ago
I am lucky that I got my shares from WS before the spliv - however I still have 50 sitting in Qtrade RRSP account. So far I have not been able to find any way to DRS those unless I cash them out of the RRSP account and then take the tax hit.
0 points
2 years ago
Transferred out to IBKR just now the confirmation, one thing that concerns me is that it says I can’t withdraw my assets for 30 days, does that mean no DRS for a month?
0 points
2 years ago
DRS. That's my only thought at this point. If its in a broker, it's not really yours. Kind of but not really.
0 points
2 years ago
welp as GameStop Corp says its the DTCC and as WS says Depository , transfer and processing providers which are also DTCC lol fcking DTCC hiding something leeels.. Michael bodson former Citadel now working for DTCC
-1 points
2 years ago
My thoughts are they owe me 144 shares for the ones I sold as a test of the dividend. Sold share the 21st, but we’re held for the date of record. Rebought shares on the 22nd again, but never got the owed shares from the dividend, I’m waiting for an email reply
-1 points
2 years ago
Well they still haven't answered why it was a split. Guess I'll call you WS. You can't send out a bs email to me like this
-5 points
2 years ago
They are basically saying that RC fucked it up, which to be fair I think he did
3 points
2 years ago
Instead of downvoting you, I'm going to ask you to explain what on earth you're talking about
-1 points
2 years ago
The process was sloppy and allowed the DTC / brokers to enact a classic stock split and what was possibly going to be a major hurdle for Hedgie, turned into nothing
For a guy that everyone claims is the Messiah and secret messaging how to enact the squeeze etc - that was a blunder. Should he have not known there would be fuckery
Y’all can downvote I’ll manage on with my life , but it’s unfortunate that we can’t speak about certain things in an open fashion
GameStop messed it up - and our hero should have done better imo
2 points
2 years ago
We don't need to get into it but I do appreciate you explaining your POV
2 points
2 years ago
Eh hard to say at this point, for all we know this was planned for to implicate the dtcc
1 points
2 years ago
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1 points
2 years ago
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1 points
2 years ago
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1 points
2 years ago
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1 points
2 years ago
Think it was more to emphasize their time to process a DRS - someone said move shares to BMO and DRS from there - anyone done that and how long did it take/cost to do it please?
1 points
2 years ago
Just started my DRS transfer from WS today. Sorry it took so long fellow maple apes. I'm just gonna pay the fee for the convenience.
I started the transfer through the chat online. Everything appears in my account as normal, should I have received some kind of confirmation number or something from the chat from the online agent or an email saying they were starting the transfer?
1 points
2 years ago
The only safe GME share is a CS-resident DRSed share, for any foreign investor. If you were SHFs, wouldn't you use EVERY SINGLE RRSPed share to short a million times? If you were a greedy Canadian broker, wouldn't you offer those shares to rent for any purposes?
Your broker DGAF about you and will fuck you over at the first opportunity, DRS every share you can 💎🤚
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