May 7, 2021
To Whom It May Concern,
Thank you for the opportunity to provide feedback on this subject matter. I'm a foreign retail investor that has invested many times in the US markets.
But the recent events of GME has opened my eyes to the corruption and manipulation that lies within the US Markets. I'm disgusted to see that the SEC or a regulator body can sit by and bluntly let hedge funds manipulate the stock market for their own gains is a utter disgust and a total disregard for the US laws or US regulations currently in place. In fact the whole US financial system is currently a joke in the worlds eyes, it only protects the rich and not the hard working people or their money nor do their protect the US citizens from market crashes like 2008.
The fact that the SEC or any US regulators can allow naked shorting or unlimited supply of synthetic shares being produced to bring a share prices down is sickening.
I've been monitoring the US trades and have seen with my own eyes how the hedge funds can funnel buy orders thru the dark pools while the sell orders go thru the normal exchanges this is pure stock manipulation and price suppression, Currently the US is not a fair market place but a manipulative one.
The fact that hedge funds have the power to halt a trade for their own gains shows whos is in control of the system. If you (SEC/DTCC/or whatever regulator body) wants foreign investors then you need to do better job on regulating your markets and bring about accountability and criminal charges for those system abusers.
There also needs to be a hard look at potential conflicts of interest within Citadel, no company should have total control of the market, they cannot be allowed to be the market maker and broker-dealer, etc. all at the same time. This setup is flawed and does not benefit investors instead causes loopholes and shady behavior.
With regards to GME, I'm sure you're aware that the whole world is watching you (SEC/DTCC/etc.) with many rich foreign investors that have a vested interest in this stock, investors in the coming months be taking a hard look on whether the US markets is the safe right place for their investments.
I for myself have seen enough corruption and stock manipulation in the US markets to pull all my money out of the US, I will not return until the US laws change to stop system manipulation and there is better accountability and criminal charges for abusers.
Regulations like this is just a start but you have a long ways to go to protect retail investors.
Best Regards.