April 22, 2022
I find this proposal relief borrowers/short sellers from their obligation to deliver their FTDs in a timely fashion. Such a relief will not lead to better competitiveness and will open the door for abusive short selling without fear of harsh consequences. I understand that overleveraged hedge funds represents a risk to market stability, but creating a situation where bad players can continue using their tactics to stay overleveraged and hide their FTDs is not the right way to deal with the situation. As a retail investors I did not see any consideration to the harm that retail investors can suffer with such proposal. Thereby I clearly object on that proposed rules and hope the SEC takes into considerations the point I mentioned and withdraw the proposal.
Please stop endless FTD's and naked shorting. You
guys are supposed to protect the American people
and as it turns out or well seems... all you guys do
this is turn a blind eye and accept small fines. ALL
of retail and the world is watching. Do the right
thing or drag the country down with this greed.
I always knew growing up that the Stock market was
rigged but not to this extent. It seems everyone is
complicit in the theft of everyday taxpayer's
earnings. On that note I plead that you all do the right thing and end this madness. Make the market a fair place for all. Dark pools, algorithms and multi-billion dollar funds/banks already have tools that give them a
major advantage over the average investor. Although dark pools should absolutely be banned just like in China and England. No more FTD's We've had enough Swaps and ISDA contracts blow my mind as well. We want fair price action
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 cleared. 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\". So, rather than pay their debts like the rest of us, they make new rules to avoid them. In the process this will be the largest robbery of assets in world history. Comment on this rule has been pulled twice and this is the third attempt to push it through. Yet no amount of revising can change the fact that this rule allows hundreds of billions of dollars to go unpaid while harming retail investors, retirement funds, mutual funds, and others. This is the 1% making rules because they made bad investments and want us to pay for it. If I attempted a move like this, it would be considered money laundering and I would be charged with a felony offense. Yet, I don't have the power to simply change the rules to benefit self. The passage of this proposal would give hedge funds, brokers, banks, and many others an even greater advantage over retail while further suppressing market transparency.