Subject: File No. S7-05-22
From: HARALD

February 19, 2022

There's no excuse for non-instantaneous security settlement in the modern electronic market. Delivering IOUs are a toxic trait in the market, mostly because it's extremely exploitable. And it seems to be a systematic risk to the market, as we've seen with the Gamestop stock incident. If you wanna maintain international trust in your system, we expect you to continualy improve it for the retail investor.