April 20, 2022
Dear All,
Several of my partners and I have been investing in American securities. After closely revising the notice of rule change \"SR-NSCC-2022-003\". We disagree with the rule as it goes against our investments.
The rule disregards the rule of the market being \"fair\". The American market hasn't always been the fairest but this rule will destroy whatever fairness remains. The rule shifts a massive amount of power to institutions who are already in power, power pulled away from the market.
The financial markets aren't in the best shape, that shift in power could lead to many businesses defaulting/liquidating. Darkpools and FTD's are a much bigger problem for the SEC to work on rather than helping hide FTD's with this new rule. I would advise against several sections in this filing. The liquidations to help pay off debts could be beneficial in the short term but is not a solution.
Our concern is with hiding RegSho and hiding FTD's and hiding public data which does not work in the markets favor. A market which is not looking too good. Please adjust/withdraw the proposal as this will cause many problems for the market.
There are many institutions that have a strong interest in this notice, especially with the rate hike and inflation following suit. We would like to keep the long positions open but will have to pull money out if this proposal goes through.
Thank you for your continued efforts.
Best Regards,
Mahmood Al-Futaim
CFO Al-Otaibi Group