Apr. 20, 2022
So the NSCC wants to avoid taking responsibility for not properly keeping track of the trades THEY act as THE clearing, settlement, and RISK MANAGEMENT service for? They SERIOUSLY want to just be able to enable FAILURE TO DELIVER events to just be shrugged under the rug at little to no cost to the party that is unable to deliver? Excuse me, is this a market or a ponzi scheme that is coming close to unraveling? Do I - a regular Joe - have to explain why allowing FTDs to be handled as this proposal suggests does absolutely nothing to easy my own - and almost certainly MILLIONS OF INVESTORS IN US MARKETS - suspicion that the US markets that I am invested in are nothing but fraudulent and rotten to the very core? After reading this proposal, I feel like I need a shower for even having money in US stocks. I wish I could brush this away as a proposal by some nobody but no, this was made by the NSCC itself. Boy I am waiting for the day when I can just casually bet myself into so much debt that the very top of the very institution that enabled my debt-taking will just say "it's ok, here, let me make sure you don't default, PLEASE DON'T DEFAULT". What a joke. If there's integrity left in the souls that have the power to reject this proposal, they will do so. If not, there's another mystery for me to crack: how do those people look ANYONE in the eyes and not immediately succumb to the feeling of guilt? Maybe they just don't. Scary thought. Sincerely, Mikkel Baumann-Jørgensen