Apr. 20, 2022
The proposed SFTs are just another bandaid patch to cover for an ever growing amount of FTDs (most likely from naked shorts). This proposed rule allows the trader to essentially pay a fee to kick the can down the road on the FTDs they have created. We need market transparency for retail so that the makers for these FTDs are held accountable. We need trades that "settle" with FTDs to be reversed immediately (to prevent the creation of more FTDs) and existing FTDs to be closed out within a year. Otherwise these cannot be considered fair and free markets with natural price discovery. I do not approve of this rule.