Apr. 20, 2022
Hello, I am writing to express my stern disagreement with the latest NSCC proposal being deliberated by the SEC, SR-NSCC-2022-003. Using a SFT (Securities Financial Transaction as you’ve decided to slyly label it) as a means to obsfuscate or placehold for any securities transaction is a deceiving business practice that allows broker-dealers and any entity dealing in borrowed shares an opportunity to engage in illegal practices like naked short selling and continued Fail-To-Delivers on a perpetual basis. How can you proceed with these kinds of rules for our financial markets, which encourage illegal behavior, all while saving face in the public sphere with empty comments from your chair Gary Gensler on Twitter, stating that he and the SEC organization are tackling corruption in the markets. It’s a spit in the face to the American people. Using Securities Financial Transactions (SFTs) as a fungible tool to avoid delivering on borrowed securities simply protects the reckless market makers, and HURTS the retail investing community. This rule MUST NOT BE PASSED. Do your job SEC and work for the American people. -- John Menist (702) 513-9740