April 21, 2022
This rule is a clear attempt to launder illegal naked shorts and FTDs. The DTCC and the NSCC both know there are billions upon billions (possibly trillions) of dollars worth of Naked Shorts, FTDs and the like that need to be cleared. It's equivalent of the casino not paying out when the better wins. The sole focus of these proposed rules is to not deliver on the security. This is a bold attempt by the DTCC, NSCC, MM to avoid accountability for making a bad bet by the \"house\". This rule is written to circumvent that requirement. Brokers, hedge funds and the like have acquired debts they do not (or cannot) want to pay. A perfect example is Citadel owing (per their 2021 statement) over $65 billion in securities sold, not yet purchased, at fair value. WE all see through this nonsense. The passage of this proposal would give hedge funds, brokers, banks, and many other key market players an even greater advantage over retail while further suppressing market transparency. Do the right thing. Deny this proposal.