Apr. 20, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. Hello SEC, I am writing to inform the Securities and Exchange Commission that I am against this rule SR-NSCC-2022-003 proposal. Retail investors are already at an uneven playing field in the securities market and this rule proposes additional membership categories creating an even further imbalance. How can a retail investor compete against firms engaging in securities lending transactions when these members are able to sidestep their original fulfillment obligations by simply exchanging cash equivalents as an iou. The market is increasingly unfair and retail investors are at a disadvantage as this proposal allows participants from completely sidestepping their duties on exchanging equity securities. It would make more appropriate if these individual investors or retail was able to receive the proposed equivalent cash payments in lieu of securities until the obligation is met. This proposal seems written for larger firms and do not benefit smaller investors at all, and for that I am against this proposal. Johnnie tran