Subject: File No. S7-05-22
From: Mike H

February 20, 2022

The settlement time period being shortened to T+1 is a step forward but not enough. Anything less than instantaneous settlement allows for sellers to delay the delivery of stock until it's profitable for them to do so. Furthermore T+1 still gives the selling side the option to sell a stock they don't own creating artificial availability within periods of demand. This in turn is not allowing for price discovery where demand dictates.