Subject: Overview of Clearance and Settlement system
You have requested an overview of how the clearance and settlement system deals with the large amount of stock that is not being delivered in the U.S. and elsewhere. All of the following are detailed in the enforcement actions I enclose. While the cases we have handled have similar evidence, I cannot discuss those (as they are subject to a confidentiality order that prohibits disclosure to people outside the lawyers and clients in the case).
Let’s understand what occurs based on the enclosed: