Synopsis for 03-16-2021 what we need to know before the market opens DD
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**Author: [u/rensole](https://www.reddit.com/user/rensole/)**

[News](https://www.reddit.com/r/GME/search?q=flair_name%3A%22News%22&restrict_sr=1)

Good morning San Diago,

I am Rensole,

What do you see Bubbles? -something fucky

*insert flashy intro card*

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/z0syxag22dn61.png?width=680&format=png&auto=webp&s=3089e1b6145e2a2ce0594542ccffc462b804ee3d)](https://preview.redd.it/z0syxag22dn61.png?width=680&format=png&auto=webp&s=3089e1b6145e2a2ce0594542ccffc462b804ee3d)

None of this is financial advice

The letter to the board

<https://www.reddit.com/r/GME/comments/m63ery/the_letter_has_been_delivered_to_the_board_thank/>

Well this is important, or at least to me, the letter has been signed and stopped collection signatures and has been delivered to the board with 32,180 signitures.

All we can do now is wait!

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/kxyfsqee2dn61.png?width=640&format=png&auto=webp&s=f8ee929537facccf85041ad8e26fe2bf77a497af)](https://preview.redd.it/kxyfsqee2dn61.png?width=640&format=png&auto=webp&s=f8ee929537facccf85041ad8e26fe2bf77a497af)

Failed to delivers

As you can see from the data below it shows that GME has close to 300,000 failed to delivered stocks... but they closed their positions right?

<https://www.sec.gov/data/foiadocsfailsdatahtm>

20210216|36467W109|GME|5218|GAMESTOP CORP (HLDG CO) CL A|52.40

20210217|36467W109|GME|52861|GAMESTOP CORP (HLDG CO) CL A|49.51

20210218|36467W109|GME|8435|GAMESTOP CORP (HLDG CO) CL A|45.94

20210219|36467W109|GME|16734|GAMESTOP CORP (HLDG CO) CL A|40.69

20210222|36467W109|GME|1910|GAMESTOP CORP (HLDG CO) CL A|40.59

20210223|36467W109|GME|14856|GAMESTOP CORP (HLDG CO) CL A|46.00

20210224|36467W109|GME|173307|GAMESTOP CORP (HLDG CO) CL A|44.97

20210225|36467W109|GME|29072|GAMESTOP CORP (HLDG CO) CL A|91.71

20210226|36467W109|GME|298018|GAMESTOP CORP (HLDG CO) CL A|108.73

Now I have to give a HUGE shoutout to [u/aNinjaAtNight](https://www.reddit.com/user/aNinjaAtNight/) he was so awesome he checked the FTD's of EVERY ETF that contains GME, so check out his thread [here](https://www.reddit.com/r/GME/comments/m63jfb/ftd_of_62_etfs_that_contained_gme/)

the most important one is his exel sheet he's got [here](https://docs.google.com/spreadsheets/d/1PZ2-hnCtDNRnbE8Wm5ByudBcg26T3lGjsec9bSE9x9I/edit#gid=0)

his research shows that the ETF's on their own are close to 900,000 FTD shares

So that makes a total of 1,200,000 FTD's.

And please keep in mind Shorts and FTD's are all self reported, so it could be a lot more than this.

Unfortunately we've learned that sometimes the data can be unreliable.

The FTD's of the ETF's also fall in line with GME being shorted VIA the ETF's

<https://www.reddit.com/r/GME/comments/m5v1xy/i_think_its_quite_evident_they_shorted_gme/?utm_source=share&utm_medium=ios_app&utm_name=iossmf>

Also keep in mind these are JUST the FTD's that are traded with the DTCC, this does not account for the ones traded OUTSIDE of the DTCC. (there was an entire thread going into detail why this was important but I can't seem to find it atm if anyone can link me I'd really appreciate it).

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/nmf1cd3q4dn61.jpg?width=560&format=pjpg&auto=webp&s=80d6e1fda9a51768b29fb04ff6e32f92fd36f2b1)](https://preview.redd.it/nmf1cd3q4dn61.jpg?width=560&format=pjpg&auto=webp&s=80d6e1fda9a51768b29fb04ff6e32f92fd36f2b1)

the name is Bonds, Shit bonds.

So what else have we seen in the past days, oh right The bonds!

So what do these bonds mean? very simply put, Citadel needs money.

A lot of money.

<https://www.spglobal.com/marketintelligence/en/news-insights/videos/capital-markets-view-february-2021>

lets speculate for a moment, Citadel has been paying a lot of money to be able to kick the can down the road, like a lot of money, billions at this point. and to be honest they will try to elongate this as long as possible.

These guys are used to winning, so don't expect them to take this all laying down, expect fuckery, expect dips expect bots spreading FUD and bullshit.

the thing that was eye catching to me in the bonds are a few things.

1.  Ratings BBB- (S&P)this is just above shit tier, BBB- is bad

2.  Coupon 3.375%This is a high bond yield % so them offering such a high % shows how badly they need the money

3.  Notes Proceeds for general corporate purposesAKA gib money for bonusses.

Also Kenny can't seem to afford his luxury stay in florida anymore

<https://commercialobserver.com/2021/03/citadel-securities-four-seasons-palm-hotel-palm-beach-florida/>

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/53y4w7n16dn61.jpg?width=500&format=pjpg&auto=webp&s=c865cd0dc62b3d37a0a9fb0edb8b9889f59e39a1)](https://preview.redd.it/53y4w7n16dn61.jpg?width=500&format=pjpg&auto=webp&s=c865cd0dc62b3d37a0a9fb0edb8b9889f59e39a1)

The hearing

Tomorrow is another hearing

<https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406268>

10 AM E.T. 17th of march.

<https://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-20210317-sd002.pdf>

The memorandum that accompanies the hearing.

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/drc2uk187dn61.jpg?width=828&format=pjpg&auto=webp&s=da38ee9cc38350cc310af287152cc4cdd9514193)](https://preview.redd.it/drc2uk187dn61.jpg?width=828&format=pjpg&auto=webp&s=da38ee9cc38350cc310af287152cc4cdd9514193)

DTCC Rules?

ok so I'm going to copy pasta the entire post here as the original OP is no longer on Reddit.

Posting this for [u/Swimmerchild](https://www.reddit.com/u/Swimmerchild/)

Since I have you all here this is my post

So the SR-NSCC-2021-801 filing that we have been waiting for is one step closer to passing.

<https://www.dtcc.com/legal/sec-rule-filings>

Today the DTC submitted a filing DTC-2021-003 which eliminated the requirement that a Participant must confirm its activity statements monthly through DTC's Participant Inquiry Notification System (PINS) system. In short the HF's and MM's no longer have to submit data to DTC/DTCC monthly on shorts, longs, or any other relevant information that can be used for the monthly risk assessment that is currently being used. Best part is that the Deputy General Counsel of the DTC approved this change on January 14, 2020 and the Effective date is listed as "The proposed rule change would become effective upon filling" which this was filed today, March 15, 2021.

The SR-NSCC-2021-801 is an advance notice filing that only required the SEC to approve before NSCC "Implements proposed rule changes no later than 10 business days after approval by the Commission". For those of you too smooth to remember the 801 will allow the NSCC to assess the risk of members daily and let them demand a higher Secondary Liquidity Deposit (SLD) daily if the member would risk defaulting. The 801 basically makes HF's and MM's pay more if they are playing too risky and can let the DTCC liquidate the member's positions if it could risk the NSCC's ability to complete that day's trades.

Edit: addition from [u/swimmerchild](https://www.reddit.com/u/swimmerchild/) *Hi. This is a good thing. Basically they cant have a rule that says they have to report once a month and another that they have to report daily. It's one or the other, and they just tossed out the monthly one

Edit 2: please direct any and all questions to [u/swimmerchild](https://www.reddit.com/u/swimmerchild/) This person is the true OP of this post.

Also the link where you can see when the new rule passes: <https://www.dtcc.com/legal/important-notices?pgs=1>

the fact that we are seeing changes is a good one in my book, how it will be implemented is something we will have to see how that turns out. I hope that we get some stricter regulations or better yet, remove the ability to short in total but that's just a pipe dream right now.

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/rmoxkli18dn61.jpg?width=500&format=pjpg&auto=webp&s=d283bf92a8d17db5159ce51ff3d760e15d62e4d2)](https://preview.redd.it/rmoxkli18dn61.jpg?width=500&format=pjpg&auto=webp&s=d283bf92a8d17db5159ce51ff3d760e15d62e4d2)

Patience.

Ok so this is something I need to drive home, each and every day, at every step remember.

these guys wont play fair, they never did they never will.

we will see fuckery because lets be honest would you in their position?

March 19th has been marked in our calendar AND ALSO THEIRS! so expect the worst case scenario.

expect this to go down a lot, they'll try to destroy morale in every possible way, this is a literal war of attrition, not a race but a marathon.

This is NOT something that will come easy, this will separate the boys from the men as this is a very simple thing, relax sit back and learn some patience.

The only things we can do is grab the dips and hodl, that's it, they will flood the boards with Fud, they will try to make it look like this was all over and now well look at this other stock!

Just keep level headed, stay relaxed this is nothing more than waiting for it to go pop.

Because when GME hit's that shiny nice launch button there is nothing the hedgies can do.

The board can call an emergency shareholder meeting whenever they deem fit.

They can recall shares for a number of reasons, or do a reverse stock split or whatever.

Remember we have seen WEEKS of red, we have at this point grown accustomed to it, to the new people relax this is something you'll get used to, and if you get nervous look at the fundamentals. I believe in this company and I love the stock.

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/hntvuspm9dn61.png?width=640&format=png&auto=webp&s=b6a14822ff7b885aee2ca3f54cb85826aa1b087e)](https://preview.redd.it/hntvuspm9dn61.png?width=640&format=png&auto=webp&s=b6a14822ff7b885aee2ca3f54cb85826aa1b087e)

Kill them with kindness.

Remember everyone please, be super nice, OVERLY nice to everyone here.

This has made it so easy to spot the Shills and the noobs get more help, making paperhands slowly turn to diamondhanded apes.

But suddenly we get a lot of people saying bad stuff about me Broviet Pixel and the entire mod team, funny how I wrote about it yesterday and it's already happening totally not expected 🙄🙄🙄

Remember: APE FRIENDLY, APE DONT FIGHT APE!

Again as always none of this is financial advice I eat off brand crayons

Options

Ok this needs to be stated and everyone needs to get this through their ape skulls.

Options calls puts everything like that, you need to understand a 100% of what these mean and how they work, if you don't know everything about them BE CAREFULL.

Options are dangerous if you don't know how they work.

[![r/GME - Synopsis for 03-16-2021 what we need to know before the market opens DD](https://preview.redd.it/6hn7dcvdadn61.png?width=400&format=png&auto=webp&s=1be9dcea05f03972d5eab71730b426fdbc7088ab)](https://preview.redd.it/6hn7dcvdadn61.png?width=400&format=png&auto=webp&s=1be9dcea05f03972d5eab71730b426fdbc7088ab)

Remember none of this is financial advice, just one idiot ape to another.

If I forgot anything let me know and I'll add it below here

backups: <https://gmebackup.tumblr.com/>

<https://twitter.com/rensole>

Edit 1:

Discounts incoming

ETF just had 1.5 million shares borrowed so expect a steam sale

<https://gme.crazyawesomecompany.com/>

Edit 2:

[u/the_captain_slog](https://www.reddit.com/u/the_captain_slog/) raised a good point which I think should also be read.

That is not what the DTCC change means. DTCC is a clearinghouse. They already have records of all shorts, longs, options, warrants, etc. that members are clearing. The rule change is about the participants (aka hedge funds) confirming the information in the reports provided by DTCC. The rule change is the top one here: <https://www.dtcc.com/legal/sec-rule-filings>

The following is from the Background section that states the rationale for the rule change.

*Paragraph 1: "DTC provides regular reports and statements to Participants showing their settlement activity; this includes activity, risk control monitoring and settlement reports. The Procedures of DTC require Participants to reconcile both their activity and positions with DTC upon receipt of applicable daily activity statements at the end of each day and to immediately report any discrepancies. Participants must also provide a month-end confirmation of their activity."*

Again, they already know what participants do because they are the clearinghouse. The reporting is not being done by the hedge funds. This is being provided to the hedge funds.

*Paragraph 2: "With respect to the month-end confirmation, the PTS/PBS Guides require each Participant to reconcile and confirm with DTC its month-end securities positions listed on its DTC monthly statement of positions ("Monthly Position Statement"). 7 No later than the 10th business day after the last Friday of the month, the Participant must confirm the accuracy of the position statement electronically via PINS."*

Under the old rules, once a month they required the participants to confirm their statements (i.e. check if they got it right). Remember, the new liquidity deposit change? The positions are what they must collateralize.

*Finally, last paragraph in the section: "DTC believes that the requirement for Participants to submit a month-end confirmation of positions is no longer necessary for DTC or its Participants to ensure prompt and accurate reconciliations by Participants of their activity. In the past, Participants frequently received hard copy reports relating to their DTC activity, which could take longer to process and reconcile than electronic reports. Today, reports and statements are offered exclusively in electronic form, which facilitates the daily reconciliation of activity by Participants in a prompt and accurate manner through automated means."*

So because we have moved online and are no longer dealing with paper statements, DTCC is removing the monthly confirmation requirement for members to verify that the positions listed are correct. They have guaranteed access to the statements every day electronically and don't need to wait on mail to arrive. Think of the DTCC statement like your bank statement. People used to wait for bank statements to arrive and balance checkbooks to know what their balances were before online banking told you your balance every day. Now that we have online banking, no one balances manually checkbooks and talks to the bank about discrepancies (except maybe my grandma).

Also, remember that liquidity collateral is based on positions. If DTCC is expecting to require members to post additional liquidity - which we all think is likely - a very reasonable stall tactic could have been "oh, I haven't balanced my checkbook yet - let me get back you about that liquidity in 10 days after I reviewed." So, this is a positive change because now they can't buy time with that cover.

-----

Changing topic to the bonds, again, as I have posted this a couple times: I don't think it's a signal that they're bleeding money. Citadel generally does a bond raise every 2 years. General corporate purposes is also a catch-all use of proceeds that pretty much everyone uses. In my ~15 years working on capital raises, it was included in almost every deal that I saw.

Here's a link to how S&P rates long term corporate issues: <https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352>

BBB- is a better credit score than most of us have. It's not "shit tier" at all. Most issuers are BBB +/- rated. You can read what the scores mean on that chart. I'd also hesitate to call it ultra high yield. The video you linked to actually talks about spreads in the +300-400 bps range, so that's in line. Maybe someone with a bloomberg terminal can pull current credit spreads on corporate senior debt issuances by rating to check, and that would be interesting.

Remember, debt is an IOU. This one was also $1,000 denomination which indicates to me that it was an institutional offering. Fellow banks and institutions are not going to take 3.75% rate on debt from someone if they don't think they can pay it back. They'd want much higher yields to correspond to the higher risk (like when someone tries to get a car loan or mortgage - higher risk = higher rate).

There has been some deterioration in their credit rating since the last issuance in 2019, which is noteworthy.

One very important thing for everyone to consider when reading news: Gamestop, DTCC, Citadel, Melvin, etc.... these are all operating businesses who must continue to operate in the normal course of business through this. If Citadel generally does a bond raise every two years, they're going to do a bond raise. If GME sends marketing tweets about sales, they're going to keep tweeting. And so on. Not everything is about us and the stock. We should get over ourselves a bit when investigating corporate actions.

Also, remember to stay skeptical of what you read. A quick google search has debunked or provoked questions about a lot of the "factual information" presented to the sub lately. Skepticism is healthy. There's also some really interesting information buried in a lot of the bad interpretations, so it's doubly frustrating at times.
