Apr. 20, 2022
Hello, I am writing to voice my opposition to the proposed rule change SR-NSCC-2022-003. This rule is clearly not designed to enhance the transparency or efficiency of our markets, and in fact is likely designed to increase complexity, making it easier for prime brokers, hedge funds, and market makers to fleece retail investors and avoid their obligations resulting from poor trading strategies. Market makers and prime brokers must be held to the same standards as all other market participants, and my understanding is that this rule would help these large market participants skirt their obligations arising from poorly executed trades, and facilitate the continued abuse of naked short selling and other manipulation tactics. These large market participants, such as Citadel Securities, are all too often caught blatantly breaking securities laws, and Citadel specifically has been fined dozens of times, often for the same infractions over and over again. A search for “Citadel” in the FINRA enforcement database reads like a bad comedy joke, and it is clear they are not honest market participants and are likely either completely corrupt, or completely inept. Quite possibly both. The proposed rule would make it easier for Citadel and firms like them to break laws and defraud investors of their hard earned money. The goal of the SEC should be to reduce market complexity and ensure a level playing field for all market participants. This is why I am opposed to this rule and believe the SEC should not implement it. Thank you, John Jalette