April 9, 2021
Hello,
I am an individual retail investor and would like to express my opinion regarding proposed rule SR-NSCC-2021-801.
I believe this rule, if enacted, is a big step in the right direction towards accountability for those who engage in the short selling/stock borrowing program. It is time for an update to the current RegSHO closeout requirements, and I believe that this SLD change in process from Monthly to Daily settlement is progress.
I would like to see this rule passed and implemented immediately.
I would also like to see stronger penalties enacted for non compliance and violation of this rule. When fines are so low they are simply seen as a 'cost of doing business' and just a fraction of a percent of profits, it's no wonder that some companies choose to intentionally break or bend the rules.
Fair markets should be fair to all who choose to participate, not just those who can afford to abuse the system. Faster settlement and greater transparency would definitely be seen as improvement.
I thank you for your time consideration in this important matter.
Sincerely,
JB