December 3, 2021
The amendment posted on 5th November 2021 is quite frankly a disappointment.
Giving the NSCC the ability to delay satisfaction of final settlement of obligations for non-defaulting SFT members essentially creates a massive loophole that admonishes responsibility, and negates the functional purpose of the NSCC.
The NSCC is meant to be there as a protective mechanism to ensure that a default of a SFT member does not affect true price discovery.
This amendment feels like a get out of jail free pass, where the whole purpose of the NSCC is no longer needed. If this amendment goes through, it will be marked in history as the day that the NSCC just becomes a state-sanctioned bureaucratic engine with no real purpose.
The faith in a fair market in America is already wavering. The world is watching with great anticipation in regard to seeing whether or not America is still worth investing in. If there is no accountability for poor business practice, then the American markets will be proven to no longer be a worthwhile investment in the long term for foreign investors like myself.
I truly do hope that this amendment is removed. Accountability is needed. Do not repeat history by empowering bad-faith actors with the ability to not suffer consequences. No one should be considered too big to fail.
If they fail, then they should pay the consequences - only then can it be considered a fair and open market.