I have a call into them . I have two accounts with them and neither account has the NRZ shares in them and they are telling me they won't have the shares of NRZ in the account until May 21! Excuse, me, I said, but NRZ is trading today (2.7 million shares already) so somebody has the stock! And I can't sell my shares. They tell me this is a "conservative policy" they follow with not allowing sale of the shares until they are actually iin the account! Are other broker accounts you poeple have doing the same thing? Thanks.
With Merrill and NRZ shares are not in the account. Have a high level account so it is not a cheapness factor. The response I got was that they were expecting the shares to be in the account on May 21st.
OMG I just called Scottrade 5 minutes ago and now I just saw your post ; Joe told me it would take until sometime next week before those shares will show up in my account ; I'm assuming the settlement price was fixed as of yesterday
Had a long talk with Scottrade and it is their position that the NRZ shares showing in other brokerage accounts are not the ACTUAL shares, but these brokerage firms are assuming they will receive the actual shares in several days and permitting their customers to trade (sell) them as thought they are there. Scott says they've been doing this for years and their lawyers have vetted this and they stand by it. So I told them then we're not playing in an "equitable market" when some can sell and others cannot and I have a call into the SEC to present the "legality" of this to them. Does the SEC want to have this kind of market condition? Really, it's sad. It should either be illegal for anyone to trade this stock until all the actual shares have been deposited in the rightful owners' accounts, or NO ONE can trade them. FAIR IS FAIR, but evidently the SEC doesn't care.
Just like the SEC never responded to another criticism I made months ago (without a return phone call) that permitted some traders to trade stock in 10 thousandths of a decimal places... you know like 2.0045 and ordinary investors (like me at Scottrade) are not allowed to do this! Why should some traders (high frequency big voume players) be allowed to trade securities at prices that the general public cannot do? Is this FAIR also. Don't think so! But they don't seem to care.
I hear your frustration, but I don't think that it is an SEC or legal issue. Every brokerage has policies that they practice regarding when a stock can be sold or when cash, for example, from a sale, can be accessed or used for another transaction. Those are different in my Schwab and Wells accounts. It's not an SEC issue and isn't a fairness issue, IMO. It reflects the differences between brokerages and what their policies are for handling shares and cash. The market condition you are frustrated with and complaining to the SEC about has always existed. It's not an SEC concern.
t's between the consumer/investor and the vendor/brokerage that you choose to conduct your business. So if I want quick access to money and to buy and sell shares like NCT in a situation like this one then I would have it in my Schwab account. If I am not as concerned about slow service and policies that will hinder me in trading quickly then I have it in Wells Fargo.
When I get a dividend from a stock or fund it is usually in the Schwab account quickly. It shows up later in my Wells account. I can transfer that Schwab account dividend to my checking account, to another account somewhere else, etc.,the moment it appears in my account. With Wells it may take three to five days. The NCT - NRZ situation is really little different. It's a brokerage issue based on their policies and practices.
The same issue arose with TWO a few weeks ago, re: their spin off of SBY. At that time some brokerages had the ability to trade the shares EARLY and some didn't but that was a different type of spin off and SBY was already a company and trading. I'd certainly take everything out of Scottrade. That will impress upon them how wrong that policy is. The transfer agent had the NRZ shares for distribution yesterday. No reason for any sort of delay in putting it in investors accounts. Schwab is always right on top of these type of things (although they were one of the ones that couldn't trade the SBY shares EARLY, until distribution date, but on that date they were immediately tradeable.
my account is w/ options house. NRZ shares are nowhere to be found. i called options house and they said they'll call me back when they have the answer.... that was 2 hours ago.
so apparently a bunch of brokerages dont have the shares, and i wonder how much that is impacting the NRZ share price.... since it means a lot of people who own NRZ cant sell it, while anyone can buy it.