Apr. 09, 2021
To whom it may concern, I am writing in regards to rule NSCC-2021-801. I would like to see this rule passed and implemented immediately. For too long the market has operated on an old system where certain investors have minimal checks as to their practices and 30 days to settle (hide) transactions. The victim of this atrocity is retail investors who suffer losses through either sell offs like the recent CBS/Discovery stock or who invest in a company they are unaware is being heavily shorted. Shorting though developed to protect the market has become an attempt to bankrupt companies with profits in mind. Toys-R-Us years ago and now AMC and GME. When a fund manager tweets that the price target for AMC (a fundamentally sound 100 year old company with exemplary leadership in Adam Aron) is $0.01 there is clearly an issue. I believe in capitalism with all my heart but I also believe in the words of the Declaration of Independence, that “all men are created equal” something that for too long in this country has been ignored. Nobody should have the level of advantages in a free market that hedge funds and market makers experience. In 2021 it should take hours to confirm the sale of stock with computers, not 30 days. We need to come to place where Americans have a fighting chance in the market and the feeling that the market is fair! The time is now, this cannot wait! With billions of dollars from stimulus packages finding its way into the market we must protect retail investors NOW from the manipulation “allowed“ under current rules. Meaning the ability of market makers to cover their tracks for 30 days. I have kept up with many of the recent rule changes being proposed this year since retail investors are so largely influencing the market these days. In large part they should largely be passed to stop manipulation and protect the people who have revitalized the market when it should be in shambles due to the Covid-19 pandemic. Best Regards, Steven Queen Sent from my iPhone