Apr. 20, 2022
To Whom it May Concern: As a retail investor I am extremely concerned by the design, motives, and content of this new proposed rule: SR-NSCC-2022-003. This would effectively allow for FTDs (Failure To Deliver) to continue to worsen and increase indefinitely, which can and will be abused by market makers. FTDs have been used in conjunction with dark pool abuse, and illegal naked shorting to control and suppress the price on security trading. Allowing more flexibility for FTDs is a horrible move if the end goal is free and fair markets. This does not benefit investors, and in fact could be extremely harmful. The SEC's purpose is to protect free and fair markets, including retail investors. This rule flies in the face of that goal. Please do not allow the creation of SFTs (Security Financial Transactions) proposed in this rule. This rule would allow new and potentially endless layers of abuse. The financial obligations of the FTDs would get passed along instead of settled. This allows for abusive practices where market makers will never be held accountable for their failings. This is not acceptable. It serves only to harm retail investors, and it violates our rights for a free and fair market. The manipulation needs to be addressed, investigated, and acted upon. Please remove this proposed rule. Additionally, please do not just try to wait and then propose something similar again later on, as multiple iterations of this have been rejected in the past, and will continue to be rejected by educated investors every time they resurface. Repeatedly attempting to bring this rule into effect is a waste of time for all parties involved, and is blatantly unconscionable that it would even have been proposed in the first place, let alone multiple times. The mission of the SEC is to look out for the well-being of all investors, that means retail investors such as myself. I propose that you direct your attention to ensuring truly fair and transparent markets. Ban Payment For Order Flow which is inherently harmful to retail investors, and which only benefits Market Makers and brokers who are only concerned about their own profit margins. Another worthy target for your attention would be the abusive use of dark pools by market makers such as Citadel. These dark pools have consistently been used to undermine the true value of securities traded by retail investors, and to suppress actual price discovery. Thank you for your time, and please live up to your duties and obligations to help the investors from predatory behavior by financial institutions. The financial future of generations is in your hands, please make the right decision to protect retail investors instead of protecting corrupt and self-serving Market Makers and hedge funds. Sincerely, Collin McManus