Apr. 20, 2022
Update. Incorrect rule cited. Rule being cited SR-NSCC-2022-801 To whom it May Concern, As a retail investor, I am extremely concerned by the content of proposed rule SR-NSCC-2022-801 that allows for Failure-To-Delivers (FTDs) to continue and worsen. This function is already being abused by market makers (MMs) and is used in conjunction with illegal naked shorting and abusive dark pool trade routing to control and suppress the price on security trading. This practice is extremely harmful to retail investors and should alarm the SEC as retail investor protection is one of the SECs main mission objectives. Security Financial Transactions (SFTs) proposed in this rule, to create new and potentially endless layers of deferment to be allowed, whereby the very real financial obligations of the FTDs get passed along instead of settled absolutely should not be allowed. This change will only exacerbate the abusive practice where market makers are never held accountable for their failings. This is not acceptable and creates an opportunity to harm retail investors. This directly violates retail rights for a free and fair market, again which are SEC main mission objectives. This manipulation must come to an end to ensure the future generation of investors have confidence in the US financial system. The SR-NSCC-2022-801 rule needs to be removed from consideration nor should modifications or similar rule changes be proposed in the future. Retail investors are more educated with the US financial infrastructure than ever before and will continue to be vigilant when changes like these are proposed. I expect more from the SEC especially now in this current financial environment the US and world is in today. The mission of the SEC is to look out for the well-being of investors such as myself, so I would propose that you direct your attention to doing so. To start, work on banning Payment For Order Flow which is detrimental to retail investors and unfairly benefits MMs and brokers who most certainly do not have investors' best interest in mind. Additionally shutting down the abusive use of dark pools by MMs which has been used to undermine the true value of securities traded by retail investors and to suppress price discovery. Even your commissioner Gary Gensler has communicated publicly on how these dark pools are interfering with the free market. If this is such a well-known issue to the SEC, why hasn’t it yet been resolved? I appreciate your timely attention to this matter and hope you uphold your obligations to protect investors from predatory behavior by financial institutions. Sincerely, Kyle Scott On Wed, Apr 20, 2022 at 1:08 PM Kyle Scott < > wrote: To whom it May Concern, As a retail investor, I am extremely concerned by the content of proposed rule SR-NSCC-2022-003 that allows for Failure-To-Delivers (FTDs) to continue and worsen. This function is already being abused by market makers (MMs) and is used in conjunction with illegal naked shorting and abusive dark pool trade routing to control and suppress the price on security trading. This practice is extremely harmful to retail investors and should alarm the SEC as retail investor protection is one of the SECs main mission objectives. Security Financial Transactions (SFTs) proposed in this rule, to create new and potentially endless layers of deferment to be allowed, whereby the very real financial obligations of the FTDs get passed along instead of settled absolutely should not be allowed. This change will only exacerbate the abusive practice where market makers are never held accountable for their failings. This is not acceptable and creates an opportunity to harm retail investors. This directly violates retail rights for a free and fair market, again which are SEC main mission objectives. This manipulation must come to an end to ensure the future generation of investors have confidence in the US financial system. The SR-NSCC-2022-003 rule needs to be removed from consideration nor should modifications or similar rule changes be proposed in the future. Retail investors are more educated with the US financial infrastructure than ever before and will continue to be vigilant when changes like these are proposed. I expect more from the SEC especially now in this current financial environment the US and world is in today. The mission of the SEC is to look out for the well-being of investors such as myself, so I would propose that you direct your attention to doing so. To start, work on banning Payment For Order Flow which is detrimental to retail investors and unfairly benefits MMs and brokers who most certainly do not have investors' best interest in mind. Additionally shutting down the abusive use of dark pools by MMs which has been used to undermine the true value of securities traded by retail investors and to suppress price discovery. Even your commissioner Gary Gensler has communicated publicly on how these dark pools are interfering with the free market. If this is such a well-known issue to the SEC, why hasn’t it yet been resolved? I appreciate your timely attention to this matter and hope you uphold your obligations to protect investors from predatory behavior by financial institutions. Sincerely, Kyle Scott