The Cede & Co. Monopoly: How One Private Firm Owns 83% of U.S. Stocks
When you click buy on a trading terminal, you are not actually buying a piece of a company. Over 83% of all public stocks in the United States are officially owned by a single private partnership in New York created in 1973.In this deep dive, we expose the structural blueprints of the financial system. We break down the 1994 revision of Uniform Commercial Code Article 8, which stripped away direct property rights and replaced them with security entitlements to legitimize indirect clearing.We reveal the hidden mechanics inside the Depository Trust Company (DTC) and the National Securities…
The skinny
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