Apr. 20, 2022
The following is my comment for File Number SR-NSCC-2022-03 I am writing as an American retail investor based in New York, very concerned about the implications of the rule you proposed. After going through the file, it is very clear to me that the rule acts against the interest of retail investors, whom the SEC is supposed to protect. It does that by increasing the possibility for avoidance of true market price discovery through continuous lending. It also significantly lessens the infinite risk of naked shorting. Without that risk, institutional investors are free to essentially gamble with tax payer and retail money, posing systemic risk to the integrity of the US stock market. What we need is more transparency in how the stock market works in order to level the playing field between retail and institutions, especially considering the widening wealth gap and soaring inflation, among other problems our society faces. The proposed rule acts in the opposite direction. I consider that transparency essential for a fair and sound economy, as well as for the continuation of a healthy and true democracy. I sincerely hope that whoever this concerns, will reevaluate their position and withdraw that ruling completely. best, Michael