April 20, 2022
Dear Sec, I believe by implementing this rule change you'll allow bad actors in finance to take advantage of anyone participating in the market, too an even greater extent.
The market is already unfair to anyone who doesn't belong to the largest market makers or banks. This rule in conjunction with PFOF and Dark pools will make any already impossible market even less attractive to any potential future investor.
Providing large parties the ability to just never cover their short positions until it is convenient for their bank accounts, is both morally wrong and directly stealing money from the everyday person.
Banks and MMs should be require to close any FTDs at the time of failed delivery, not given a blank check for the future. I was raised to believe that a capitalist country was run by successful people who did well in a fair market, not by greedy crooks who change the rules to make sure only they win.
Should this rule, among many others, pass, it would not only confirm that the game is rigged. It would confirm that the entire system needs to be torn down and rebuilt by people who aren't swayed by cash alone.
I believe this rule is a huge mistake, and the markets should fairly decide who lives and dies. Let companies fail if they make poor choices, but don't let banks and MMS have infinite power to destroy these corporations for a profit.