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What's an SFTS do? If someone (hedgies/banks) defaults, they can... just delay the lender from using the collateral to buy the shares.
Hedge-funds: “Don’t make me pay trillions because I’m fucked up.”
NSCC: “No problem. Take care of this little thing when you’re ready. Bye bye”
Source: https://www.sec.gov/rules/sro/nscc/2021/34-92570.pdf