April 20, 2022
The following is a comment for File Number SR-NSCC-2022-003:
I'm disappointed this rule is being proposed for a 3rd time. The \"free market\" is already regulated to the advantage of corporations and bad actors who seek to defraud the retail investor and American people of their hard earned money.
This rule would increase avoidance of true market price discovery through onward lending. It also removes the infinite risk of naked shorting entirely, and in so doing the deterrent of engaging in what is supposed to be very risky business practice. People and groups that choose to participate in these practices are aware of the risks and should be be beholden to the consequences when the bet is lost.
It's all upside for market makers which excessively naked short securities, and all downside for those on the wrong side of their shorting. How does this rule contribute to a \"fair\" market by any means?
FTDs are already \"reset\" through a variety of methods such as using derivatives not allowing them to reach their 30 day mark where the security needs to be \"delivered.\"
This is very frustrating to see rules like this being proposed that only favor reckless institutions. Hopefully you'll consider the words of retail investors like myself more with your decision making on regulations, as we've been educating ourselves a lot more over the past couple years. Proposals such as this are leading to a loss of faith in the bodies responsible for regulating and policing what should be a FREE and FAIR market.