Apr. 20, 2022
To whom it May Concern: As a retail investor, I am highly disturbed by the content of this new proposed rule that would effectively allow for Failure To Delivers (FTD) to continue and worsen. This does not benefit investors and could be extremely harmful, which is anathema to the entire purpose of the SEC's very existence. Please do not allow Security Financial Transactions (SFT) proposed in this rule to create new and potentially endless layers of can-kicking to be allowed, whereby the very real financial obligations of the FTDs get passed along instead of settled. I can see how it provides stability at the moment, but it also allows for abusive practices where market makers are never accountable for their failings. This is unacceptable and creates an opportunity to harm retail investors, and it violates our rights to a free and fair market. The manipulation needs to come to an end. Iterations of this have been rejected in the past and continue to be dismissed by educated investors. The mission of the SEC is to look out for the well-being of investors such as myself. This would best be accomplished by banning Payment For Order Flow which is inherently harmful to retail investors and unfairly benefits Market Makers and brokers who do not have investors' best interests in mind. 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, Dara Kim