Apr. 20, 2022
The following is a comment for File Number SR-NSCC-2022-003: There is already little to no transparency in the markets, and for the most part, accountability does not exist for institutions. The proposal set forth in this rule goes against every notion of fairness for the retail investor. This rule would increase avoidance of true market price discovery through onward lending. It also removes the risk of naked shorting, and in so doing the deterrent of engaging in what is supposed to be very risky business practice. It's all upside for market makers which excessively naked short securities, and all downside for those on the wrong side of their shorting. How does this rule contribute to a "fair" market by any means...? FTDs are already reset through a variety of methods such as using derivatives, not allowing them to reach their 30 day mark where the security needs to be "delivered." It is very frustrating to see rules like this being proposed that only favor reckless institutions. Retail investors need to be protected. We the people demand fairness and accountability. It is with our money that the markets flourish, and it is only with our money that they will continue to do so. If institutions are allowed to continue taking advantage of us in ways that this rule would allow, it will create a dystopian wasteland that will only further spurn on the creation of decentralized exchanges. Sincerely, A concerned investor.