Apr. 20, 2022
Good Afternoon, I am a retail investor who is incredibly disturbed by the content of this new proposed rule. Specifically the proposed rule SR-NCSS-2022-003. This rule would effectively allow for FTD's (Failure To Deliver) to continue without and become even greater of a blight to American financial markets then it already is. FTDs are already abused by market makers and used together with illegal naked short selling as well as abusive dark pool trade routeing to control and suppress prices of traded securities. There is no way that this could benefit an investor. In fact this is likely to be incredibly harmful to retail investors. Isn't this counter the purpose of the SEC? Is it not the SECs job to protect the retail investor? We cannot allow SFTs (Security Financial Transactions) proposed in this rule to create a new way to endlessly kick the can down the road and for shorts to never need to deliver ever. FTDs must deliver. If one is to short the stock illegally this should be the consequences of their actions. We cannot allow a new vehicle for FTD circumvention to exist. SFTs will merely become one more abusive practice for market makers and manipulators to skirt financial consequences to poor financial investments. Leaving the burden of consequence to the average american, those who you are supposed to exist to protect. SFTs violate our rights for a free and fair market. Manipulation in American markets needs to end. Please remove this proposed rule and furthermore please do not try to propose something similar again in the future, as iterations of this have been rejected in the past and continue to be rejected by educated investors every time they resurface. What a colossal waste of time and money, mine and yours, to continue to have to repeat this song and dance over and over again. 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. This would best be accomplished by banning Payment For Order Flow which is inherently harmful to retail investors and which unfairly benefits Market Makers and brokers who do not have investors best interest in mind. Another worthy target for your attention would be to shut down the abusive use of dark pools by market makers such as Citadel which has been used to undermine the true value of securities traded by retail investors and to suppress price discovery. Thank you in advance for your timely attention to this matter, and please live up to your obligations and help the investors from predatory behavior by financial institutions. Sincerely, Jonathan Tai