Meanwhile, Euroclear (Europe’s DTCC) Warns That It, Too, Engages in Fractional Reserve Banking Without a Reserve Requirement

    “The Euroclear operator advises as follows: under Belgian law, investors that are credited with securities on the records of the Euroclear operator have a co-property right in the fungible pool of interests in securities on deposit with the Euroclear operator in an amount equal to the amount of interests in securities credited to their accounts. In the event of the insolvency of the Euroclear operator, Euroclear participants would have a right under Belgian law to the return of the amount and type of interests in securities credited to their accounts with the Euroclear operator. If the Euroclear operator does not have a sufficient amount of interests in securities on deposit of a particular type to cover the claims of all participants credited with such interests in securities on the Euroclear operator’s records, all participants having an amount of interests in securities of such type credited to their accounts with the Euroclear operator will have the right under Belgian law to the return of their pro-rata share of the amount of interests in securities actually on deposit” (emphasis added).

    – Warning on securities issued in Europe

    Maybe somebody should invent a way to issue a cryptosecurity that trades on a peer-to-peer exchangeless-exchange that generates a public ownership ledger while bypassing all Bezzle-generating centralized institutions.

    Just a thought.

    This post was written by:

    - who has written 226 posts on Deep Capture.

    I am a concerned citizen who has been focused on systemic instability since 2004.

    Contact the author

    24 Responses to “Meanwhile, Euroclear (Europe’s DTCC) Warns That It, Too, Engages in Fractional Reserve Banking Without a Reserve Requirement”

    1. sean says:

      This entire world wide financial system is nothing but a Ponzi Scheme and it’s time that something is done about it!! Thanks for another heads up to these crimes against humanity!! This will not end well for the perpetrators.

    2. Anonymous says:

      PDF] 2011EF State of New York General Obligation Bonds, December 2011…/2011EF_OS_12_2011.pdf‎Similar
      Dec 15, 2011 … Interest on the Series 2011F Taxable Bonds will be subject to Federal …. of the
      Bonds or any other securities of the State of New York by any person or in ……
      Euroclear Bank would have the right under Belgian law to the return of their pro-
      rata share of the amount of interests in securities actually on deposit.

    3. iStandUp says:

      Gold and Silver Manipulation:

      Including the buying of new long contracts in the managed money category of some 20,000 contracts, the technical funds have bought an incredible 53,000 net contracts in COMEX silver futures since the beginning of June, the equivalent of 265 million oz.

      It is not possible that the buying of 265 million oz of COMEX silver futures over the course of 6 weeks would not result in more than a rally of close to $2 were it not for collusive and deliberate commercial selling designed to cap the price.

      Everything about the CME, which oversees COMEX trading, screams out that this is a criminal enterprise.

      While this [past] week’s COT changes are inconsequential, the same can’t be said about the change over the past 6 or 7 weeks; I’m still shaking my head over what has transpired on the COMEX.

      Simply put, COMEX futures positioning is the sole explanation for the (tepid) price rise—and will, most likely, be the sole explanation for what occurs next.

      – Silver analyst Ted Butler: 26 July 2014

    4. sean says:

      Portuguese Regulator Bans Short-Selling After Banco Espirito Santo Unveils Massive $5 Billion Loss
      Submitted by Tyler Durden on 07/30/2014 – 16:46 Having waited until after the US equity markets closed, Portugal’s troubled Banco Espirito Santo unveiled an enormous EUR 3.577 Billion loss – that is 15 times larger than the loss the bank suffered a year earlier. The data – to end-June, before the crisis really got going – already shows notable deposit flight, a 73.1% plunge in banking income, and a EUR 3 billion collapse in repoable assets (i.e. liquidity). On the heels of this Portugal’s securities regulator has enforced a short-selling ban on BES… we suspect they would not have done that if all was systemically well in Portugal.

    5. Anonymous says:

      Sean, banning short selling is bad for markets. Patrick Byrne approves of short selling and has himself shorted shocks. Its manipulative short selling or naked short selling which he frowns upon.

    6. Sean says:

      Anon, then Patrick and I would respectfully have to agree to disagree because I think ALL short sell is non-value added transactions and only benefits the crooks of Wall Street. I STRONGLY believe that all short selling should be PERMANENTLY banned from all Capital Markets.

      • n-tres-ted says:

        Sean, I agree with you. Without short selling, market crashes would be neither as severe nor as profitable to the Wall Street players.

    7. iStandUp says:

      Gold and Silver Manipulation:

      Even though its current concentrated short position in COMEX silver is way down from previous peak levels, JPMorgan still holds 15% of the entire net (minus spreads) short open interest (20,000 contracts out of 131,000 total net open interest).

      A fifteen percent market share of any modern futures market by a single trading entity constitutes market control and manipulation on its face.

      That the CFTC can charge JPMorgan for filing false individual reports, yet at the same time overlook the continued blatant concentration JPM has held in COMEX silver and gold since acquiring Bear Stearns in 2008 can only be explained by gross incompetence or complicity–

      –and I’m sticking with conspiracy.

      – Silver analyst Ted Butler: 30 July 2014


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    13. iStandUp says:

      Gold and Silver Manipulation:

      67,000 COMEX contracts are the equivalent of 335 million oz of silver and I don’t think a single ounce of the concentrated short position is remotely linked to legitimate mining or inventory hedging.

      With eight crooked COMEX traders (mostly banks) net short 40% of the world’s mine production—and almost 200% of the total COMEX silver warehouse inventories, no one should wonder why silver is priced so cheap.

      Quite simply, silver is the most manipulated market in the world because it has the world’s most concentrated short position, thanks to the crooks at JPMorgan and the CME.

      Accordingly, no one should wonder how and why I can get away with calling JPMorgan and the CME (and the CFTC) market criminals with no rebuke. ****

      I’d like to see anyone explain—with a straight face—how the world’s most concentrated and uneconomic short position is legitimate.

      It’s hard to calculate how high the price of silver would be if the illegitimate concentrated short position in COMEX silver didn’t exist.

      – Silver analyst Ted Butler: 02 August 2014

    14. si_ravenseye says:

      Traders brace for research crackdown as easy money dries up
      By Lionel Laurent LONDON Sun Aug 10, 2014 10:32am EDT
      …For advocates of more transparency, this is an important step that will in the end benefit the client even if it skims some of the frothy profit from broker relationships. …

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    At the time much of the content on was written, the Great Financial Crisis of 2008 was either on the verge of happening or had just occurred. In those days, emotions among this publication’s contributors were raw and, in an effort to get their warnings noticed and appropriate blame placed, occasionally hyperbolic language and shocking imagery were employed.

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