Apr. 20, 2022
To the SEC Employee It May Concern: Below are my comments regarding the proposed rule, filed as SR-NSCC-2022-003. The US securities market already lacks transparency and accountability for large institutions, so, like many, I'm rather disappointed this rule is being proposed. I've read every single page in the proposal file and it is very clear what this rule proposes. This rule would increase avoidance of true market price discovery through onward lending. It also removes the infinite risk of naked shorting entirely, and in so doing the deterrent of engaging in what is supposed to be very risky business practice. FTDs (or Fail To Deliver) are already "reset" through a variety of methods such as using deriviatives not allowing them to reach their 30 day mark where the security needs to be "delivered." It's all upside for market makers which excessively naked short securities, and all downside for those on the wrong side of their shorting. How does this rule contribute to a "fair" market by any means...? I don't see it. All it does is allow institutions to reset their Fail To Delivers without even attempting to locate the stocks. This is very frustrating and downright insulting to retail investors such as myself. To see rules like this being proposed that only favor reckless institutions that are constantly bailed out by the American people, is at its very core, un-American. Hopefully you'll consider the words of retail investors more with your decision making on regulations, as we've been educating ourselves a lot more over the past couple years and have no intentions of slowing down. Thank You, Duncan King (Independent Retail Investor)