I believe that apart from legacy certificates in a lockbox under grandma's bed (and non-traded private classes of stock) it is actually true. What DTC trades a

I believe that apart from legacy certificates in a lockbox under grandma's bed (and non-traded private classes of stock) it is actually true. What DTC trades are assignments of stock held by Cede corp, what you own are assignments of assignments held by brokers - it's how you take physical stock certificates and start trading them electronically (back in the 60s)