I agree. It may be that the system sees it as such.
It's possible that MMCAP is loaning out shares to short sellers for income.
No chance for fails to deliver if the shares that they are shorting actually exist.
Naked shorting is "generally banned". “Regulation SHO,” mandate that broker-dealers have reasonable grounds to say that shares will be available for delivery before facilitating short positions.
It's all very interesting.
![](data:image/png;base64,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)