Subject: File No. SR-NSCC-2022-003
From: Mike Kerr

April 20, 2022

Fair and orderly markets need MORE locates and LESS borrowing: the SEC is literally moving the markets backwards by adopting this.

Just because some market participants got themselves into hot water doesnt mean that the SEC should change the rules to protect them from consequences. Make the borrowers deliver on their promises instead of granting them overnight IOUs This shouldn't even be a discussion point. Absolute \"no\" to this proposed rule