Apr. 12, 2023

To those in the NSCC, FICC, and DTC responsible,


As a household investor, I am OPPOSED to rule changes where entire exhibits (such as Exhibit 5 in these rule change proposals for File Number SR-NSCC-2023-003, SR-FICC-2023-004, and SR-DTC-2023-003) are redacted from the very public whose comments are being solicited as part of the rule change process.

It is further egregious that said proposed rule changes would take immediate effect.

This is not market transparency, or even market rule transparency, and I am very disappointed to see this proposal even be made.

Who has access to the unreacted Exhibit?  Are they market participants?  How am I to know, without the same access, that I as a household investor have fair access to the market rule changing process?  Fair markets must be the goal, and fair access to rule change proposals governing the market is obligatory in that process.

I believe these rules should be rejected on the basis of their lack of transparency, and reintroduced, if necessary, with an UNREDACTED Exhibit 5.


Thank you,


Joshua Forester