April 20, 2022
Settlement periods are being abused by certain traders to hide naked short selling, mainly hedge funds.
I support the reduction of the settlement period to T+1, and to eliminate T+4 for after hours trading (4:30pm).
I support T+0, because the only reason you need more than T+0 is to commit financial fraud.
I agree that shortening settlement all the way to T+0 would prevent brokerages from participating in trades that can not be settled same day. In other words, I support rules that stop brokerages entering trades that only have the purpose of trading naked shares, which amounts to fraud. They are entering trades to benefit their own short positions without having a long in hand, this is the only reason whey they need longer settlement periods so they can cover, not even close, short positions that were made to manipulate stock price and not participate in legitimate price discovery.
Also, you the SEC, you know all this, its ridiculous that you pretend that you don't know what is happening and how large financial actors are using financial markets to steal from retail investors. DO YOUR JOB Oh right, your next job is to work for these financial companies doing the fraud, or it was your previous job, or get paid by them for private speaking events while you are in office regulating the ones paying you more for speaking events than the government pays you to regulate those same people/companies. Stop the fraud, stop the revolving door, and protect retail investors against the clear fraud being enacted by institutional financial actors. Gary Gensler himself still gets paid by Goldman today by his previous Goldman employment contract, this is sort of conflict of interest and revolving door that is pervasive at the SEC and prevents the fraud from being addressed. This is why I support this rule change, but I suspect that its only allowed because the actors committing fraud are figuring out how to commit that same fraud under a T+1 scenario, you would really be doing your job by surprising naked short sellers with a T+0 rule that is implemented in 2022, but you wouldn't do that because it would actually solve the problem at hand of naked short selling.