April 20, 2022
After reviewing SR-NSCC-2022-003: Notice of Filing of Proposed Rule Change to Establish the Securities Financing Transaction Clearing Service and Make Other Changes, I'd like to urge the SEC withdraw this proposal.
These rule changes will enable Wall Street investors to enjoy an unfair advantage over main street investors. This rule f gives unlimited power and scope to bad actors who would abuse such mechanics. It is set in place to \"alleviate Fail To Delivers\", but in action does nothing to eliminate them, and in effect protects the action of naked short selling, which is ALREADY ILLEGAL.
This rule leverages the complexity of financial vehicles to put power in the hands of institutions, effectively safe-guarding them from their own bad bets. Passing this new rule would only further deteriorate the American public's faith in a \"free and fair market\".
This rule is just another example of leveraging complexity to fleece over retail by keeping them ignorant. It also allows an unfair advantage to wall street investors/banks.I urge you to withdraw this proposal.