Apr. 20, 2022
Good day, The following is my comment for File Number SR-NSCC-2022-003: The markets already lack transparency and accountability for larger institutions, so I and other retail investors are absolutely livid this rule change is even being discussed. I've read every single page of the proposed rule and can only come to the following conclusions: 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 doing so makes this despicable and anti-American business practice risk-free, in what is supposed to be a very risky business practice. It is only upside for market makers which excessively naked short securities, and will only negatively effect retail investors on the wrong side of the trade. How this rule change contributes to a "fair market" is beyond me, and it's an embarrassment and slap to the face of anybody that buys into the market thinking they're getting a fair shake. Fail to Delivers 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." Market makers and huge institutions do not need a new vehicle to hide their shitty trades. They need to own up to it and take the loss, as any retail investor would be expected to do. This is very frustrating to see rules like this being proposed that only favor reckless institutions. I hope you consider the many voices of retail investors, we aren't the stupid investors of generations past, we understand these rules and see through the shit being passed before our eyes. Thank you.