February 7, 2022
I am a retail investor and I am in favor of this rule. The only thing I will say is that I am skeptical of any rule such as this actually working/ being enforced.
Over the past year it has become completely obvious that Reg-SHO is largely ignored by broker-dealers and they continue to navigate the market unpunished. Or loosely punished at best with fines being small fractions of the total profits created.
This market is very broken. And I doubt new rules will create compliance amongst the criminal abusers. We dont need new rules to go unenforced. We need to see gross abusers go to jail. We need real consequences.
Heres a quote the SEC should become well acquainted with: When setting expectations, no matter what has been said or written, if substandard performance is accepted and no one is held accountableif there are no consequencesthat poor performance becomes the new standard.
Due to the lack of consequences on Wall Street crime, gross negligence, and misreporting has become the new standard.
Thats on your organization. Based on my observations, retail is becoming fed up with it. Trust is easily lost, and very difficult to regain.
Additionally. To quote https://griffinlied.com/
\"Citadel LLC CEO Ken Griffin (among others) was called to give testimony in front of the US house committee. During the hearing, U.S. representative Juan Vargas asked Mr Griffin, under oath, whether he or anyone under him had any communication with Robinhood prior to the halts on trading.
In Mr Griffins own words Let me be perfectly clear, absolutely not.
How ever images of email and Slack communications have since emerged which appear to show conversations between various Citadel and Robinhood staff, most notably Robinhood CEO Vlad Tenev.
One such screenshot shows Mr Tenev requesting a meeting with Mr Griffin:
\"
Thank you
Aaron