SR-ICC-2021-005 and Morgan Stanley

Just apeish speculation here!

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2021-05-17 - Morgan Stanley has filed a 13F-HR form disclosing ownership of 159,167 shares of GameStop Corp. (US:GME) with total holdings valued at $30,214,000 USD as of 2021-03-31. Morgan Stanley had filed a previous 13F-HR on 2021-02-16 disclosing 4,275,838 shares of GameStop Corp. at a value of $80,556,000 USD. This represents a change in shares of -96.28 percent and a change in value of -62.49 percent during the quarter. (https://fintel.io/so/us/gme/morgan-stanley)

When you read this you may think: Morgan Stanley, what a bunch of paperhands? WTF!

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But as i read this if I take the new SR-ICC-2021-005 into consideration which states:

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For a CP default stress scenario, these recovery tools include:

-...

-...

-...

-Partial tear-up of remaining positions (ICC Rules 20-605(f)(iii) and 809) where ICC

terminates positions of non-defaulting CPs that exactly offset those in the defaulter’s

remaining portfolio (https://www.sec.gov/rules/sro/icc/2021/34-91806.pdf)

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So Morgan Stanley long GME positions could have been forcefully closed to cover short positions in case of a defaulting CP or non-CP as Morgan Stanley was the last ICE clearing participant with a Top 10 GME position. I like to think they smell the MOASS and moved those shares to a more secure location. Maybe that or they just cashed em out on one of the peaks which would make zero sense to me. I don´t know. I am just a german ape. Maybe someone more enlightened wants to pursue this further and confirm the sweet confirmation bias.