I have seen a lot of content from friends, and some have slight misunderstandings, but it doesn’t look good when it turns into arguments.

For example, regarding the DTCC issue, there are deviations in understanding among friends.

The U.S. securities market does not have every retail investor's name directly registered with the DTCC. Users buying U.S. stocks through IBKR, Charles Schwab, or Fidelity are mostly under a nominee/street name structure, and the DTCC ledger does not directly list individual users' names.

The key point is not whether your name is on the DTCC, but whether your rights can be identified in the back-end broker-dealer's client ledgers, clearing records, confirmations, and monthly statements.

The SEC's official Investor Bulletin also clearly states that most investors hold securities in street name, with records maintained by broker-dealers as beneficial owners.

Unless someone actively transfers shares from the brokerage to the issuer's transfer agent (like Computershare), they cannot be registered in the issuer's ledger under their personal name.

Only then will shares be removed from the DTCC ledger and no longer show under Cede & Co. But the vast majority of retail investors (including those buying through IBKR, Schwab, or Fidelity) would not do this, unless specifically applying for DRS.

Therefore, generalizing based on exceptions is not very meaningful, and arguing is even less meaningful. The development of an exchange is not based on what is said, but on the consensus formed through long-term validation. What is said now holds little significance; we shall see as time goes on.

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