Subject: File No. SR-NSCC-2022-003
From: Mike Bercheny

April 22, 2022

You must not let Margin calls be negated via more loopholes to create shorted stock shares at the will of over leveraged market participants. The financial system becomes a dumpster of free cash for market makers and hedge funds with no penalties. And penalties should be equal or more to funds shorted, owed in margin or decimated from innocent parties. At least 100% penalties for monies pulled in and not handled legally. This offering creates endless short power, endless can kicking and endless FTD protections. It hurts retail and does not fix a broken system.