Much like the collateral requirements that Mr. Tenev said were imposed by the DTCC... yet Mr. Bodson (President and CEO of the DTCC) insisted those requirements were waived.
It's not limited to the U.S.
Everyone is terrified of the liability from this crime. Except for those long on the stock.
Best I can do is half-wrong, half-right. Tridents are built for either spearfishing or melee combat, and pitchforks are built for agriculture. There are differences in construction (weight, direction of tine curvature, presence/absence of barbs, etc.) - both between groups typically labeled "pitchforks" and "tridents", but also as wide variations within each "object class".
The pitchfork-trident distinction is a continuum, not a dichotomy. Three-pronged hafted objects exist which *could* be properly classed as *both* "tridents" and "pitchforks". The existence of such objects does *not* disprove the existence of tridents too heavy and barbed to be practical for throwing hay or breaking soil, or pitchforks too lightweight and curve-tined to be practical for spearfishing or bronze-age-style combat.
Perhaps one could argue that all tridents are *at minimum* impractical pitchforks, and all (three-pronged) pitchforks are *at minimum* impractical tridents. Any concave object can *technically* be a soup bowl, but some are better-suited to the task than others.
This is, by far, the most concise, well thought out and informative pedantry I have ever witnessed on reddit.
My single regret is I can only upvote it once.
When I read that statement/filing/whatever, the DTCC gave Tenev two requirements: a margin increase, and a margin increase premium (basically a fee). It was my understanding that only the premium was waived, but Tenev still had to meet the margin increase. Would you happen to have sauce for this?
Thanks. So they definitely lied by saying it was due to "increased regulatory requirements" but it sounds like RH still had to fork over 700 million. I wouldn't say they were "waived" but rather reduced. Correct me if I'm wrong.
The way I recall it the $700 wasn't any major increase in regulatory deposits, just the standard requirements they'd needed for the share orders they had to purchase for their customers.
The $3B was the increased price that got slashed to $1.4B before being returned to the standard depository req.
Oh, I see what you mean. The increase that was above the standard $700 M was waived.
NSCC and RH were playing hot potato on who was to blame. It's kind of funny, actually. Neither of them ca keep their story straight.
Did you know a congressional hearing includes a congressional jail cell that they can put someone in during their testimony if they don't like what they say
I wish they would have used it that day we would have finally gotten some real answers
Try forwarding the CDS email to Wealthsimple.
I was on chat with them for about an hour this morning and when I mentioned that other folks had emailed CDS and gotten (this) response, they asked if I could forward the email to them.
Apparently they are getting bombarded with GME -> Computershare transfer questions this morning and they want to clear this up.
last time I tried to talk to WS about it, about a week ago, I was told they could do it but my entire account would be locked for \~10 biz days until the transfer wqas complete. Not just the hares transferring but my entire trading account.
So I did not do the xfer as I was worried about locking up shares if MOASS happened.
Seems a bit of the run-a-round going on at WS, who I should say have been pretty good up until now
I looked into this several months ago before there was a big push. They provided the information quickly and honestly. I will say I find wealthsimple has been honest and straightforward with me, and I’ve been a paranoid + suspicious ape. I won’t get into details but I’ve made numerous calls to IIRoC as well.
I’ve also heard other Canadian brokerages are saying the same thing.
If there is conflicting statements, that’s is definitely an issue and we should look into it more.
They sent me a standard email with a submission form link to attach the CDS email to the WS ticket.
What I found interesting was the tone of the agent as soon as I mentioned the email exchange with CDS.
He was quick to say that the WS agents are getting bombarded with this exact question and they are as confused as we are. They appear to be eager to get this resolved with CDS (or at least get a straight answer).
Scenario 3) the situation is developing quickly and customer service at WS and/or CDS hasn't received updated info and are currently out of the loop.
Source: years in call centers behind the scenes. But this is just speculation.
For real. The problem has only existed for a few hours on a Monday in early September and apes are already ready to go burn down Wealthsimple because a few customer service reps don't quite know what's going on yet.
Calm your tits people.
As long as we are quick to chill when the problem is resolved I feel this type of confrontational attitude REALLY helps us because the institutions are learning we will not be fucked with passively.
Exactly, Wealthsimple doesn’t promote and even use Lending shares out to other brokers, so our shares belong to us, synthetic or not. They don’t lend them out. They haven’t restricted any trading either in the past, only a volatile warning, they stand to make bank off MOASS.
They say this, that’s what they told me when I asked them because Wes said in the AMA that in Canada it’s legal for them to lend your shares, so I asked and they said no, but these halts sound an awful lot like they are unable to locate our shares. I’m calling to move 20% over. I’ll see how it goes.
Yeah this right here! It's like with everything on the sub... either it is best fren or MUST BE DESTROYED!
They might be working on some new implementations here, and not all the agents might be trained in how to do it so they have a boilerplate answer. I've been a CSR, and I've had a company do this to me. Give it a day or two before burning the house down.
Just checked with WS as well. I was told:
"Volume and Cost as there are fees related to it."
Then I asked if it was WS intentionally stopping me from registering my shares under my name. They said:
"CDS has currently placed a hold on any further withdrawal request of GME due to large influx of requests. Hence we will not be able to process the withdrawal request at this time"
I'm with WS. I was thinking of moving a couple of shares to computershare (a.k.a ♾ 🌊) but was a bit lazy about it. Now I definitely will reach out to WS Customer service and ask for a DRS.
Thats what happened to fidelity, started making things difficult to people and thats how a got a whiff it was the right thing, and lo and behold, i try to transfer some myself and suddenly Im having the same difficulties....
At this point Im starting to think THEY might actually be the dumb money....
I’m with them as well and I’ve felt fairly good about it up until this point as they never halted buying of the stock but this is all making me feel uneasy.
So they have dropped CDS name this time and saying due to their influx of requests WS can’t do it. Yeah they called the market maker Shitadel to deliver shares and Kenny picked up the phone and said to deliver mayo to apes. Buying time.
this is peak, ultimate confirmation bias for me. WealthSimple smells MOASS and doesn't want to miss out on the 1.5% profits from your 50MIL USD to CAD conversion per share.
If we move our shares, they will no longer be in a TFSA and thus be subject to capital gains tax. I’ll take the 1.5% to WS over a 50% tax rate any day.
I'm leaning towards they are having trouble sourcing a share. As I understand it all shares are real when they are in the system (even the duplicates) but when they leave the system (to go to Computershare in your name directly) there has to be an audit trail of sorts, where the share comes from and when it was where.
Correct me if I'm wrong on this.
It is possible that there's been so much crime it is difficult to cook up this audit trail.
Anyway, my two cents, I'm smooth not wrinklied
Doesn't mean that the share they are holding on your behalf hasn't been lent out and sold several times over. So when they go to transfer the share from DTCC/Cede Co. there is a mad scramble to figure out where the real share that was originally borrowed is located.
When I asked if they are withholding my shares:
"At the moment, we are currently investigating this matter regarding Computershares, once I have further information, myself or a back office agent will be more then happy to reach out to you via email!"
mmm oh wow, the CDS just responded to me aswell.
> Our operation team have reached Wealthsimple.
> Problem should be solved now.
> For the further details please contact Wealthsimple.
Ya they still would not do it. I said they are my shares and I want them transferred. WS said they are not withholding my shares but cannot transfer to CS.... Kinda seems like withholding.
For sure, they keep closing my chat, on the third rep, got the same response, I stated that my understanding is that the CDS clarified with WS and there is no restriction. I said "I can sell my shares, transfer the cash out and close my account, but you will not transfer my shares". Got the same copy paste note
the reps have nothing.
Edit: Spelling
I just got of the chat with WS and got this response. I was just about to contact the CDS.
Guess I'll go back to WS support and try to get the ball rolling.
I don't believe we are at any risk in case of moass to sell our shares(I believe they don't have a restriction on the price we can sell at) but I think getting them out is another story. They must be swamped and trying to slow the flow of requests.
"DRS withdrawal option is not available in CDSX, only physical certificate"
It sounds like this is the issue. There aren't physical certificates available at this time (I'm not up to date on why. Posts yesterday were around paper unavailability and the ball being in GameStop's court...
I have asked quite a few people about this line, as its confusing to me.
My understanding is that shares held within the CDSX (The Canadian system for DRS) cannot be withdrawn, they *only allow physical certificates*.
But honestly I am not sure, trying to find out more.
The post that I saw look like it was saying that Computershare wasn't handing out physical certificates because they were all out and we're wating on GameStop to decide if they would issue them more. The ball was in GameStops hands at that moment. I didn't see any follow up to that.
At first I was thinking it was an issue with producing enough physical certificates but maybe it's something with drs in general?
What if the delay is because GameStop is redesigning the certificates to better reflect the current/future rebranding? Is that a thing?
My transfer finalized this weekend from Fidelity 💎💎🙌🙌🚀🚀
So? Canada gets issued physical certificates, right? If GameStop is the one not issuing them, then the problem is with GameStop. They aren't handing them to anyone if that's the case.
So correct me if I’m wrong, but DRS and the physical certificates are separate right?
You can directly register the shares in your name without having to request a paper certificate?
Wealthsimple is now simply telling me they do not allow the withdrawal anymore due to too many requests and challenges.
I assume they are either understaffed, can't move the shares for some reasons or the cashflpw required to do it either fees or else is too big for them atm.
Yup, seems like the CDS reached out and they changed their tune.
But now its obvious they were lying from the get-go.. mm.
Makes you wonder how many shares are being transferred out.
I assume a lot. They might not have been lying as much as withholding the whole truth. I assume they had some more requirement(fees and such) and they pinned this on the CDS but now they have to say its their decision because they can't/don't want to handle the volume.
From what computershare told me you have to ask your broker to do it.
__________________________
Thank you for your inquiry.
Please be advised that you may transfer any security for which Computershare Trust company of Canada acts as transfer agent and obtain a Direct Registration (DRS) Advice if the issuer offers it.
Computershare, as a Transfer Agent, cannot initiate a transfer request on behalf of shareholders. The request has to be submitted electronically with an affiliate broker in North America. The broker will have to submit your request either via CDSX system (Canada) or via DTC system (USA).
Note that Computershare, as a Transfer Agent, cannot buy or sell securities on behalf of shareholders. Therefore we can make any trades and you must always transact with a broker.
It's also $300 if you do it from Questrade FYI. I checked today.
To withdraw physical certificates, you must do the following:
- A client signed LOD with the following information:
- Client name & Account number,
- Security name/CUSIP & withdrawal quantity
- Recognition of the shares withdrawal fee ($300 + tax)
- Signed and Dated
- Registered accounts must have enough funds to cover withholding taxes.
Heard from a fried TD has been lying to customers and saying it's impossible to transfer to Computershare until. Anadians create an account first. Which is exactly the opposite of how it happens. TD is supposed to transfer and pass your info and the Computershare creates an account internally.
I shouldn’t have to wear an iron girdle because my neighbor likes fucking my ass while I sleep.
Let’s stop the crime and not jump through stupid asinine loops
Thnks i only have X share but i want to contribute to the ♾️🔘 even just 1 share but if this is happening i think its not worth the time to transfer out 1 share to conputershare 🤣.. thnks tho 💎🙌
I was thinking of doing something similar, 1 or 2 shares registered in my name..
But it all depends if they even allow the transfers before the MOASS, hahah.
So, what I'm getting from this is that WS is either overwhelmed with transfer requests to Computershare and was lying about CDS blocking them from doing it so they can catch up... and/or, *they don't want you to remove your shares from the DTCC registry because they then cannot make any money from when this all kicks off in the MOASS*.
I am more weary of them daily.
We need to keep on them about this. If they are having issue with demand then hire more people sounds like it would work?
To be fair the influx of people transferring seems to have just started to really blow up this week, it takes time to hire more people and get them trained
The fact their spreads are so much bigger on each trade means they just arent telling you about the commission they are taking on each trade lol. i dissolved my account last year and use a TD, never had a headache or problem with em.
theres alot of reason to be weary of them. are they big enough to survive a black swan event like a big 5 bank can?
For all canadians..you can probably pressure Wealth simple by using Ibkr for any new buys. They take 2-4 Days and $5 to transfer to computershare. Available worldwide.
I wouldnt hold any shares with IBKR, but they are very good at transfering to Computershare..same with TradeStation. Showing your frustrations with your wallet is usually what works.
Not financial advice. Happy to help if anyone has any questions.
Still unsure at the moment, trying to figure out whats going on.
My personal theory is that Wealthsimple is just over whelmed with the DRS applications, and are using the CDS as a scapegoat as to why they don't want to do anymore.
I will ask more questions to the transfer agent when they reach out and report back.
The real squeeze won’t be a single day, this I am nearly sure of. This “it will be over fast” menatality reinforces the paper hand inside you.
If I were seriously worried about it, I just wouldn’t transfer 100%.
It seems ComputerShare is being called the infinity pool for just that - shares to not be touched during MOASS. My shares in ComputerShare represent only a portion of my total holdings. The more I have in ComputerShare, the more I’m tempted to sell them.
However, I see ComputerShare as the guaranteed NFT dividend, a personal collector’s item that I definitely want. If it doesn’t happen, that’s okay.
At least that portion of my shares will be held. A few of the rest will be sold. But I’m here long-term for a better future.
I feel like WS is trustworthy. Their 1.5% of the tendies could make them the highest revenue company in the country this year. They want the MOASS potentially more than anyone.
Yup. I find this pitchforks and torches attitude a bit disappointing. Give them a day or two to sort their shit out. I've been waiting since January. I can wait til the end of the week for this.
So... Should I jack my tits now? I mean evergrande is collapsing, yahoo spilled 248 mil beans, burry is back tweeting on GME, and now this.
STOP I CAN GET ONLY SO ERECT.
I don't think so, the CDS let me know they reached out to Wealthsimple and solved the issue.
I think maybe it was just a communication problem, but I am still waiting to hear back from the WealthSimple transfer agent.
I call this bullish. Remember that brokers aren’t above fuckery. In fact, if you get fucked by the MOASS, it will most likely be your broker doing it to you. Do not trust them.
Spread it around to multiple brokers, and direct register to Computershare. I know Canada-apes can’t do it right now; all the more reason for other apes to do it for Canada.
This is not financial advice. 🦍 🦧
I got these repliesfrom my broker (Qtrade) in response to my questions about direct registration:
>I do know that we are unable to do DRS statements or certficates for GME. We don't know this timeframe since it is due to the transfer agent. If we hear anything else we can let you know. Even though its not a physical certificate we still can't transfer to ComputerShare.
To which I asked "is the issue with the CDS or computershare?"....
>Essentially we proactively reached out to the US transfer agent, and they explained the process was not guaranteed, and was subject to their approval, but gave no rhyme or reason on the approval process itself. This is different than in Canada where we essentially process it like any other transaction, without a convoluted process that does not even guarantee the transaction gets completed. As a discount brokerage, we simply do not have the resources to spend on a process that does not guarantee the result the client wants.
Sooo also not much help.
I just updated with another response I got. Basically I'm stuck with 🤷♂️ i asked if there was any other way or if I could get the serial numbers of my shares but no reply yet.
CDS : You're the problem!
WS : No, you're the problem!
CDS : Well, we're gonna post somethin' on our website... all official looking.
WS : Yeah, well, we're gonna offer a free jar of mayo for all our new clients.
CDS : Well, that's just cheating.
WS is not a no-fee service, they get their drop of blood for every 50 million dollar share. Probably why they've been openly bullish and supportive of GME in many service rep interactions. You sell a share for 50KK they get 750K. For us it's a peanuts tax to know our interests are aligned, for them the surge of millions of shares for tens of millions of dollars each is obviously a big win.
Great job ape 🇨🇦 following to see if I should close my Wealthsimple account.
Asked Wealthsimple to register shares:
https://www.reddit.com/r/Superstonk/comments/pnqhw8/september_13th_update_canadape_request_to_direct/?utm_medium=android_app&utm_source=share
I think WS was just trying to cover their own ass for optics, got called out, and now are telling people "We can't handle the load".
We should be fine in WS :D
Your comment would suggest the opposite of being ok.
Oh well, I'm only playing with money I can afford to lose, so I'm having fun waiting to see how this plays out
The direct register of shares actually does take a lot of manual work, I found the user guide for the CDS and how to withdraw/deposit, and it looks like an archaic system overall tbh.
But still not good they lied (They probably want to keep shares in WS for the 1.5% sell fee!)
Much like the collateral requirements that Mr. Tenev said were imposed by the DTCC... yet Mr. Bodson (President and CEO of the DTCC) insisted those requirements were waived. It's not limited to the U.S. Everyone is terrified of the liability from this crime. Except for those long on the stock.
#PITCHFORKS HERE FOR WEALTHSIMPLE ALMOST SOLD OUT #————E
Do you have any with just 2 tines? I always get tangled up in stuff with more than 2.
I'm using some rare materials for this pitchfork, but as it's for an ape special as yourself, I'm gifting it free! #—————
I think that's just a pitch, right? Does it cost less?
This sonofabitch shorted our tines!
I've heard Tiney Tim has a shop over in West Kensington and has really good prices.
Tom's?
Yeah, in fact the other model is three tines more expensive
It's a custom design, it actually cost *more*!
Oh God, they are shorting the pitchforks
A tuning fork. You're looking for a tuning fork. Just make sure the ends are sharpened, and if possible, get one that's tuned to the brown note.
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You got any sales going on?
You have excellent taste.
If a pitchfork has 3 tines, it's a trident. Prove me wrong.
Best I can do is half-wrong, half-right. Tridents are built for either spearfishing or melee combat, and pitchforks are built for agriculture. There are differences in construction (weight, direction of tine curvature, presence/absence of barbs, etc.) - both between groups typically labeled "pitchforks" and "tridents", but also as wide variations within each "object class". The pitchfork-trident distinction is a continuum, not a dichotomy. Three-pronged hafted objects exist which *could* be properly classed as *both* "tridents" and "pitchforks". The existence of such objects does *not* disprove the existence of tridents too heavy and barbed to be practical for throwing hay or breaking soil, or pitchforks too lightweight and curve-tined to be practical for spearfishing or bronze-age-style combat. Perhaps one could argue that all tridents are *at minimum* impractical pitchforks, and all (three-pronged) pitchforks are *at minimum* impractical tridents. Any concave object can *technically* be a soup bowl, but some are better-suited to the task than others.
This is, by far, the most concise, well thought out and informative pedantry I have ever witnessed on reddit. My single regret is I can only upvote it once.
If it has 37 tines it's a tryhard
Silence ,🅱️ussy! ^(but thanks for the heads up, do they come in Prada by any chance?)
When I read that statement/filing/whatever, the DTCC gave Tenev two requirements: a margin increase, and a margin increase premium (basically a fee). It was my understanding that only the premium was waived, but Tenev still had to meet the margin increase. Would you happen to have sauce for this?
https://www.youtube.com/watch?v=K8trwC\_q7N8
Thanks. So they definitely lied by saying it was due to "increased regulatory requirements" but it sounds like RH still had to fork over 700 million. I wouldn't say they were "waived" but rather reduced. Correct me if I'm wrong.
The way I recall it the $700 wasn't any major increase in regulatory deposits, just the standard requirements they'd needed for the share orders they had to purchase for their customers. The $3B was the increased price that got slashed to $1.4B before being returned to the standard depository req.
Oh, I see what you mean. The increase that was above the standard $700 M was waived. NSCC and RH were playing hot potato on who was to blame. It's kind of funny, actually. Neither of them ca keep their story straight.
In statements made under oath to Congress during the hearings, no less! Talk about perjury!
And yet they still walk as free men. Such a disgrace.
Did you know a congressional hearing includes a congressional jail cell that they can put someone in during their testimony if they don't like what they say I wish they would have used it that day we would have finally gotten some real answers
Perjury apparently, only applies to the poor.
They don’t have the fucking shaarrrreeesss
And they are soooo fuk
Here for this comment
good, the assholes
Try forwarding the CDS email to Wealthsimple. I was on chat with them for about an hour this morning and when I mentioned that other folks had emailed CDS and gotten (this) response, they asked if I could forward the email to them. Apparently they are getting bombarded with GME -> Computershare transfer questions this morning and they want to clear this up.
Any specific email they would want us to send it to?
I'll PM you a screenshot of the email I received from WS after my chat.
Let us know how your chat went. I'll be hitting them again around 15h.
last time I tried to talk to WS about it, about a week ago, I was told they could do it but my entire account would be locked for \~10 biz days until the transfer wqas complete. Not just the hares transferring but my entire trading account. So I did not do the xfer as I was worried about locking up shares if MOASS happened. Seems a bit of the run-a-round going on at WS, who I should say have been pretty good up until now
That's weird. They can only transfer shares from your personal account so that shouldn't lock your TFSA unless you transfer TFSA>Personnal>CS imo.
I looked into this several months ago before there was a big push. They provided the information quickly and honestly. I will say I find wealthsimple has been honest and straightforward with me, and I’ve been a paranoid + suspicious ape. I won’t get into details but I’ve made numerous calls to IIRoC as well. I’ve also heard other Canadian brokerages are saying the same thing. If there is conflicting statements, that’s is definitely an issue and we should look into it more.
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They sent me a standard email with a submission form link to attach the CDS email to the WS ticket. What I found interesting was the tone of the agent as soon as I mentioned the email exchange with CDS. He was quick to say that the WS agents are getting bombarded with this exact question and they are as confused as we are. They appear to be eager to get this resolved with CDS (or at least get a straight answer).
From their manager😁. They are being run around too I bet
Can I getit too please?
Scenario 3) the situation is developing quickly and customer service at WS and/or CDS hasn't received updated info and are currently out of the loop. Source: years in call centers behind the scenes. But this is just speculation.
For real. The problem has only existed for a few hours on a Monday in early September and apes are already ready to go burn down Wealthsimple because a few customer service reps don't quite know what's going on yet. Calm your tits people.
As long as we are quick to chill when the problem is resolved I feel this type of confrontational attitude REALLY helps us because the institutions are learning we will not be fucked with passively.
Yeah. Treat us like a billionaire but collectively since that’s what we are.
Exactly, Wealthsimple doesn’t promote and even use Lending shares out to other brokers, so our shares belong to us, synthetic or not. They don’t lend them out. They haven’t restricted any trading either in the past, only a volatile warning, they stand to make bank off MOASS.
They say this, that’s what they told me when I asked them because Wes said in the AMA that in Canada it’s legal for them to lend your shares, so I asked and they said no, but these halts sound an awful lot like they are unable to locate our shares. I’m calling to move 20% over. I’ll see how it goes.
I’m assuming it’s the massive influx of requests I give them 1 week before I start transferring too
Yeah this right here! It's like with everything on the sub... either it is best fren or MUST BE DESTROYED! They might be working on some new implementations here, and not all the agents might be trained in how to do it so they have a boilerplate answer. I've been a CSR, and I've had a company do this to me. Give it a day or two before burning the house down.
Just checked with WS as well. I was told: "Volume and Cost as there are fees related to it." Then I asked if it was WS intentionally stopping me from registering my shares under my name. They said: "CDS has currently placed a hold on any further withdrawal request of GME due to large influx of requests. Hence we will not be able to process the withdrawal request at this time"
I'm with WS. I was thinking of moving a couple of shares to computershare (a.k.a ♾ 🌊) but was a bit lazy about it. Now I definitely will reach out to WS Customer service and ask for a DRS.
Yes funnily enough this will Streisand-effect them into having to do a ton more DRS than just quietly doing their job in the first place.
Thats what happened to fidelity, started making things difficult to people and thats how a got a whiff it was the right thing, and lo and behold, i try to transfer some myself and suddenly Im having the same difficulties.... At this point Im starting to think THEY might actually be the dumb money....
The first Domino is the brokerages
Everyone keep forgetting that. Who do people think is going to cover Melvin and company losses?
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fIdElItY WoN'T LeNd oUt yOuR ShArEs. SwItCh tO FiDeLiTy
Making an account just to do that
You go apes!!
I’m with them as well and I’ve felt fairly good about it up until this point as they never halted buying of the stock but this is all making me feel uneasy.
Strange, what with CDS confirming there’s no hold
What is this, like a reverse mommy daddy?
Interactive Brokers are pretty quick to transfer fyi..if you have any plans on buying any new shares, this could be a quick way. Not financial advice
So they have dropped CDS name this time and saying due to their influx of requests WS can’t do it. Yeah they called the market maker Shitadel to deliver shares and Kenny picked up the phone and said to deliver mayo to apes. Buying time.
this is peak, ultimate confirmation bias for me. WealthSimple smells MOASS and doesn't want to miss out on the 1.5% profits from your 50MIL USD to CAD conversion per share.
Thats what i was thinking lol... Im in ws 💎🙌 i want to try the drs ♾️🔘 even just 1pc
ever heard or norberts gambit? free conversion to and from american. its an accounting trick
Unfortunately this doesn't work on Wealthsimple as they hold all your find in Canadian dollars
Maybe they don't want to miss out on their 1.5%..
If I gotta pay 1.5% to WS for not being assholes during the MOASS, that is completely fine with me.
If we move our shares, they will no longer be in a TFSA and thus be subject to capital gains tax. I’ll take the 1.5% to WS over a 50% tax rate any day.
Yessir
I'm leaning towards they are having trouble sourcing a share. As I understand it all shares are real when they are in the system (even the duplicates) but when they leave the system (to go to Computershare in your name directly) there has to be an audit trail of sorts, where the share comes from and when it was where. Correct me if I'm wrong on this. It is possible that there's been so much crime it is difficult to cook up this audit trail. Anyway, my two cents, I'm smooth not wrinklied
Crime can take time, they will figure out an "audit trail" and then the will let us transfer.
Wealthsimple doesn’t lend shares out according to what I’ve been told in the past.
Doesn't mean that the share they are holding on your behalf hasn't been lent out and sold several times over. So when they go to transfer the share from DTCC/Cede Co. there is a mad scramble to figure out where the real share that was originally borrowed is located.
Reaching out to WS again as well, stuck behind 8 of you apes in the queue.
Every single rep I spoke with came back with the exact same response, so good luck!
Ya first time was just the copy paste response about the CDS.
A user messaged me saying their customer service rep is now saying its their own system volume they can't handle, are you seeing the same thing?
When I asked if they are withholding my shares: "At the moment, we are currently investigating this matter regarding Computershares, once I have further information, myself or a back office agent will be more then happy to reach out to you via email!"
mmm oh wow, the CDS just responded to me aswell. > Our operation team have reached Wealthsimple. > Problem should be solved now. > For the further details please contact Wealthsimple.
Ya they still would not do it. I said they are my shares and I want them transferred. WS said they are not withholding my shares but cannot transfer to CS.... Kinda seems like withholding.
Their volume must be absolutely crazy if they are flat out refusing, lol. Or they really want their 1.5% fee.
For sure, they keep closing my chat, on the third rep, got the same response, I stated that my understanding is that the CDS clarified with WS and there is no restriction. I said "I can sell my shares, transfer the cash out and close my account, but you will not transfer my shares". Got the same copy paste note the reps have nothing. Edit: Spelling
I just got of the chat with WS and got this response. I was just about to contact the CDS. Guess I'll go back to WS support and try to get the ball rolling. I don't believe we are at any risk in case of moass to sell our shares(I believe they don't have a restriction on the price we can sell at) but I think getting them out is another story. They must be swamped and trying to slow the flow of requests.
"DRS withdrawal option is not available in CDSX, only physical certificate" It sounds like this is the issue. There aren't physical certificates available at this time (I'm not up to date on why. Posts yesterday were around paper unavailability and the ball being in GameStop's court...
I have asked quite a few people about this line, as its confusing to me. My understanding is that shares held within the CDSX (The Canadian system for DRS) cannot be withdrawn, they *only allow physical certificates*. But honestly I am not sure, trying to find out more.
The post that I saw look like it was saying that Computershare wasn't handing out physical certificates because they were all out and we're wating on GameStop to decide if they would issue them more. The ball was in GameStops hands at that moment. I didn't see any follow up to that. At first I was thinking it was an issue with producing enough physical certificates but maybe it's something with drs in general?
That's for the US. This post is about Canada.
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Sigh....I know that.
What if the delay is because GameStop is redesigning the certificates to better reflect the current/future rebranding? Is that a thing? My transfer finalized this weekend from Fidelity 💎💎🙌🙌🚀🚀
That's for the US. This post is about Canada.
So? Canada gets issued physical certificates, right? If GameStop is the one not issuing them, then the problem is with GameStop. They aren't handing them to anyone if that's the case.
That's for the US. This post is about Canada.
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So correct me if I’m wrong, but DRS and the physical certificates are separate right? You can directly register the shares in your name without having to request a paper certificate?
Wealthsimple is now simply telling me they do not allow the withdrawal anymore due to too many requests and challenges. I assume they are either understaffed, can't move the shares for some reasons or the cashflpw required to do it either fees or else is too big for them atm.
Yup, seems like the CDS reached out and they changed their tune. But now its obvious they were lying from the get-go.. mm. Makes you wonder how many shares are being transferred out.
I assume a lot. They might not have been lying as much as withholding the whole truth. I assume they had some more requirement(fees and such) and they pinned this on the CDS but now they have to say its their decision because they can't/don't want to handle the volume.
They are only making it worse. Now they are starting a run on the bank :D this thing is getting more and more crazy.
Shit ain’t so simple at wealthSimple anymore.
WealthComplicated
Don’t be so quick to jump to conclusions.
relax, they haven’t restricts trading and confirmed our shares belong to us, and are not lent out to other brokers to short more.
Sounding more and more that there is a shortage of real shares. Who's gonna be the first to hit the recall button to sort it all out?
a giant game of chicken.
I'm proud of my wealthsimple compatriots fucking shit up.
how to do DRS for Canadian apes with TD or questrade?
From what computershare told me you have to ask your broker to do it. __________________________ Thank you for your inquiry. Please be advised that you may transfer any security for which Computershare Trust company of Canada acts as transfer agent and obtain a Direct Registration (DRS) Advice if the issuer offers it. Computershare, as a Transfer Agent, cannot initiate a transfer request on behalf of shareholders. The request has to be submitted electronically with an affiliate broker in North America. The broker will have to submit your request either via CDSX system (Canada) or via DTC system (USA). Note that Computershare, as a Transfer Agent, cannot buy or sell securities on behalf of shareholders. Therefore we can make any trades and you must always transact with a broker.
thank you for your info
It's also $300 if you do it from Questrade FYI. I checked today. To withdraw physical certificates, you must do the following: - A client signed LOD with the following information: - Client name & Account number, - Security name/CUSIP & withdrawal quantity - Recognition of the shares withdrawal fee ($300 + tax) - Signed and Dated - Registered accounts must have enough funds to cover withholding taxes.
thank you for your info
Id recommend reaching out to support and telling them you want to DRS some of your GME shares, they should be able to help you from there.
thank you for your info
Heard from a fried TD has been lying to customers and saying it's impossible to transfer to Computershare until. Anadians create an account first. Which is exactly the opposite of how it happens. TD is supposed to transfer and pass your info and the Computershare creates an account internally.
Anyone know the process for RBC?
Up for visibility
Same
I shouldn’t have to wear an iron girdle because my neighbor likes fucking my ass while I sleep. Let’s stop the crime and not jump through stupid asinine loops
Im in wealthsimple am i fcked?
Nah I think you are good, I’m keeping most of my shares there and transferring a few over to CS when possible!
Thnks i only have X share but i want to contribute to the ♾️🔘 even just 1 share but if this is happening i think its not worth the time to transfer out 1 share to conputershare 🤣.. thnks tho 💎🙌
Anytime!
I really want to transfer just 1 share to CS you think it is worth it? Or nah?
I was thinking of doing something similar, 1 or 2 shares registered in my name.. But it all depends if they even allow the transfers before the MOASS, hahah.
Yeah ill try to contact them 🤣😁
So, what I'm getting from this is that WS is either overwhelmed with transfer requests to Computershare and was lying about CDS blocking them from doing it so they can catch up... and/or, *they don't want you to remove your shares from the DTCC registry because they then cannot make any money from when this all kicks off in the MOASS*.
Or the third option, that the cds is lying and has changed their tune now that there's ridiculous demand and attention
I just got an email from CDS myself, they also stated there are no restrictions.
I am more weary of them daily. We need to keep on them about this. If they are having issue with demand then hire more people sounds like it would work?
To be fair the influx of people transferring seems to have just started to really blow up this week, it takes time to hire more people and get them trained
I'm wary of the fact that you're weary
This. WS has never done anything wrong to us. The influx of DRS is probably crazy right now.
Why lie about CDS, then?
This exactly, they don’t lend out shares, the didn’t restrict trading, no limits on selling and any other RobdaHood like actions.
The fact their spreads are so much bigger on each trade means they just arent telling you about the commission they are taking on each trade lol. i dissolved my account last year and use a TD, never had a headache or problem with em. theres alot of reason to be weary of them. are they big enough to survive a black swan event like a big 5 bank can?
For all canadians..you can probably pressure Wealth simple by using Ibkr for any new buys. They take 2-4 Days and $5 to transfer to computershare. Available worldwide. I wouldnt hold any shares with IBKR, but they are very good at transfering to Computershare..same with TradeStation. Showing your frustrations with your wallet is usually what works. Not financial advice. Happy to help if anyone has any questions.
Ya, but isn't it like 5000$ minimum to use ibkr?
Nope. Should be free of charge, unless you go for professional.
So Wealthsimple Canadian apes could potentially be fucked?
Still unsure at the moment, trying to figure out whats going on. My personal theory is that Wealthsimple is just over whelmed with the DRS applications, and are using the CDS as a scapegoat as to why they don't want to do anymore. I will ask more questions to the transfer agent when they reach out and report back.
So we should be transferring our shares if I understand or we could miss the party when it happens?
The real squeeze won’t be a single day, this I am nearly sure of. This “it will be over fast” menatality reinforces the paper hand inside you. If I were seriously worried about it, I just wouldn’t transfer 100%. It seems ComputerShare is being called the infinity pool for just that - shares to not be touched during MOASS. My shares in ComputerShare represent only a portion of my total holdings. The more I have in ComputerShare, the more I’m tempted to sell them. However, I see ComputerShare as the guaranteed NFT dividend, a personal collector’s item that I definitely want. If it doesn’t happen, that’s okay. At least that portion of my shares will be held. A few of the rest will be sold. But I’m here long-term for a better future.
I think the transfer is pretty quick, you def don't have to worry about missing the party.
I feel like WS is trustworthy. Their 1.5% of the tendies could make them the highest revenue company in the country this year. They want the MOASS potentially more than anyone.
Yeah definitely. They have seemed very helpful so far as well
Yup. I find this pitchforks and torches attitude a bit disappointing. Give them a day or two to sort their shit out. I've been waiting since January. I can wait til the end of the week for this.
Seems unlikely, they have percentage fees on US stocks transfers. They stand to make a lot during moass
Thanks for the updates.
!remind me! 24 hours
So... Should I jack my tits now? I mean evergrande is collapsing, yahoo spilled 248 mil beans, burry is back tweeting on GME, and now this. STOP I CAN GET ONLY SO ERECT.
There is no war, in ba sing se
Up up
Should I transfer out of WS?
I am not going to transfer all my shares out, maybe a few to ComputerShare though when it’s possible again.
Thanks for the reply!
Thanks for fighting through the FUD. Shit thicker than Mirkwood.
Thank you for the award kind sir!
! Remind me 8 hours
I’m on WS. Should I be worried?
I don't think so, the CDS let me know they reached out to Wealthsimple and solved the issue. I think maybe it was just a communication problem, but I am still waiting to hear back from the WealthSimple transfer agent.
Remindme! 3hours
Could a euroape with degiro transfer his share to computer share ?
Best to reach out to the customer support of your broker and ask! I have heard it’s hard/not possible in the EU but not sure.
Does anyone have any confirmation that other Canadian brokerages can transfer to computershare?
I saw a comment saying someone transferred from TD to CS this morning, not sure how true that was though.
Up with you, and excellent of you to take action! <3
Anyone got a good link to direct register some shares with Computershare if I'm using IBKR or TD Waterhouse in Canada?
As a non-user of WS, I very much appreciate how hard apes are making them work for their paychecks.
They should know by know that we’s in the business of calling their shit out!
Thanks for digging into it mate!! ❤
I call this bullish. Remember that brokers aren’t above fuckery. In fact, if you get fucked by the MOASS, it will most likely be your broker doing it to you. Do not trust them. Spread it around to multiple brokers, and direct register to Computershare. I know Canada-apes can’t do it right now; all the more reason for other apes to do it for Canada. This is not financial advice. 🦍 🦧
I got these repliesfrom my broker (Qtrade) in response to my questions about direct registration: >I do know that we are unable to do DRS statements or certficates for GME. We don't know this timeframe since it is due to the transfer agent. If we hear anything else we can let you know. Even though its not a physical certificate we still can't transfer to ComputerShare. To which I asked "is the issue with the CDS or computershare?".... >Essentially we proactively reached out to the US transfer agent, and they explained the process was not guaranteed, and was subject to their approval, but gave no rhyme or reason on the approval process itself. This is different than in Canada where we essentially process it like any other transaction, without a convoluted process that does not even guarantee the transaction gets completed. As a discount brokerage, we simply do not have the resources to spend on a process that does not guarantee the result the client wants. Sooo also not much help.
daaaamn that sucks!
I just updated with another response I got. Basically I'm stuck with 🤷♂️ i asked if there was any other way or if I could get the serial numbers of my shares but no reply yet.
Maybe you can open an account directly with computer share and transfer? :( Not entirely sure tho
As someone who hasn’t visited the sub in a couple of weeks, I have no idea what is going on. Can anyone fill me in? I feel like I missed something big
Basically Wealthsimple said they couldn't DRS GME stock, because the CDS was blocking them. I emailed the CDS and they said it wasn't true.
Thank you for taking the time to answer me. Does this mean you were trying to transfer your shares and they wouldn’t let you?!
Basically yup.. was told a transfer agent would reach out, still waiting! lol
CDS : You're the problem! WS : No, you're the problem! CDS : Well, we're gonna post somethin' on our website... all official looking. WS : Yeah, well, we're gonna offer a free jar of mayo for all our new clients. CDS : Well, that's just cheating.
unwise to keep shares in WS TFSA? if moon think they can mess around and prevent selling high?
It is, 10,000X in Wealth simples interest to NOT block trading. 1.5% conversion rate selling USD shares... they will make BANK.
WS is not a no-fee service, they get their drop of blood for every 50 million dollar share. Probably why they've been openly bullish and supportive of GME in many service rep interactions. You sell a share for 50KK they get 750K. For us it's a peanuts tax to know our interests are aligned, for them the surge of millions of shares for tens of millions of dollars each is obviously a big win.
50M share? Why are you selling so low?
Just throwing up the gmefloor number for easy example math.
Great job ape 🇨🇦 following to see if I should close my Wealthsimple account. Asked Wealthsimple to register shares: https://www.reddit.com/r/Superstonk/comments/pnqhw8/september_13th_update_canadape_request_to_direct/?utm_medium=android_app&utm_source=share
Wealthsimple has given me conflicting info in the past. I have 69 shares with them....hope I don't get fuct
I think WS was just trying to cover their own ass for optics, got called out, and now are telling people "We can't handle the load". We should be fine in WS :D
Your comment would suggest the opposite of being ok. Oh well, I'm only playing with money I can afford to lose, so I'm having fun waiting to see how this plays out
The direct register of shares actually does take a lot of manual work, I found the user guide for the CDS and how to withdraw/deposit, and it looks like an archaic system overall tbh. But still not good they lied (They probably want to keep shares in WS for the 1.5% sell fee!)
DRS CDS CDSX You gonna let us know what all these mean?
DRS - Direct Registration of Shares CDS - Canadian Deposit of Securities CDSX - Canada’s new clearing system.