Apr. 20, 2022
The following is my comment against SR-NSCC-2022-003. This is a horrible rule, it’s only necessary because of horrible abuses in the market concerning fails to deliver, and issues around fails to deliver. Had those abuses been dealt with sooner we wouldn’t be in this mess… This will only allow the problem to get bigger and will only cause a bigger systemic risk than what it is now. We should be unwinding these problems slowly to prevent catastrophe and at a loss to those that took this risk. That’s how retail is treated, so should the rich and powerful. We don’t need market makers, dark pools, off exchange, internalization, pfof, or manipulative derivative fraud. Every buy and sell threw a broker should go to a lit market. Everything else is distorting our markets and making it not only a joke but a disaster waiting to happen…. Our markets are so far from what was intended, for companies to raise capital and for others to invest and grow capital. Now it’s wealth extraction from retail to kill small companies or any company that competes with what big players have invested in or deem should succeed in the market. Fixing is what’s needed not avoidance to the problem that this rule would create. Yes it will likely be impossible to fix without it hurting some or a lot even but not fixing could lead to near destruction . Austen K. Rippel