Apr. 20, 2022
The current market lacks transparency and accountability for large institutions. As a retail investor, I'm disappointed and extremely concerned that SR-NSCC-2022-801 is being proposed. This rule would increase avoidance of true market price discovery through onward lending. It also removes the infinite risk of naked shorting entirely and in so doing, the deterrent of engaging in what is supposed to be an unsafe and harmful business practice. This new proposal would become an outrageously unfair advantage for market makers, which excessively naked shorts securities, and all create infinite downside for those on the wrong side of their shorting. How does this rule contribute to a "fair" market by any means...? I don't see it. FTDs are already "reset" through various methods such as using derivatives, not allowing them to reach their 30-day mark where the security needs to be "delivered." This is very frustrating to see rules like SR-NSCC-2022-801 being proposed, as they only favor reckless institutions. Hopefully, the SEC will consider the words of retail investors on present and future The current market lacks transparency and accountability for large institutions. As a retail investor, I'm disappointed and extremely concerned that SR-NSCC-2022-801 is being proposed. This rule would increase avoidance of true market price discovery through onward lending. It also removes the infinite risk of naked shorting entirely and in so doing, the deterrent of engaging in what is supposed to be an unsafe and harmful business practice. This new proposal would become an outrageously unfair advantage for market makers, which excessively naked shorts securities, and all create infinite downside for those on the wrong side of their shorting. How does this rule contribute to a "fair" market by any means...? I don't see it. FTDs are already "reset" through various methods such as using derivatives, not allowing them to reach their 30-day mark where the security needs to be "delivered." This is very frustrating to see rules like SR-NSCC-2022-801 being proposed, as they only favor reckless institutions. Hopefully, the SEC will consider the words of retail investors on present and future As a retail investor, I implore you to take this threat to the very sanctity, fairness and transparency of our markets For what it is – a threat against every single retail investor. Please do your part and stop this! Signed Dana Morgan This e-mail may contain information that is privileged, confidential or protected under state or federal law. If you are not an intended recipient of this email, please delete it, notify the sender immediately, and do not copy, use or disseminate any information in the e-mail. Any tax advice in this email may not be used to avoid any penalties imposed under U.S. tax laws. E-mail sent to or from this e-mail address may be monitored, reviewed and archived.