Apr. 20, 2022
To Whom It May Concern: I am a retail investor who is deeply concerned with this rule and how it would impact the treatment of FTDs (Failure to Delivers). Market Makers are currently able to take advantage of the FTDs, in conjunction with abusive routing of orders to the "dark pool" to effectively create unlimited liquidity in a given security. This excess liquidity has profound impacts on price discovery and ultimately leads to a market that is not free or fair. The SFTs (Security Financial Transactions) proposed in this rule, allow market makers to endlessly avoid fulfilling their financial obligations to settle their FTDs, which is not at all in the best interest of retail investors. Financial Obligations have a duty to be fulfilled. I am running short on time, but my point is If market makers are to never fulfill their financial obligations, then they should not be allowed to enter said position in the first place. Please cease attempting to assist the corruption and instead propose rules that create a fair market environment for retail investors. Thank you,