Apr. 20, 2022
Dear SEC: I am a humble retail investor who is the son of a banker and hard working, law-abiding, tax paying member of the US economy. While my parents taught me to spend less than I make, and save my money, I have become jaded by our current system and I would like to share my thoughts on rule SR-NSCC-2022-003. This rule gives additional unfair power to the institutional funds that can and will abuse this mechanism as it will lead to another way to make money. Wall Street is driven by the need to make money - regardless of the law or rules. This rule will change the way failed to deliver (FTD) shares are handled and essentially allow them to be sent into a low-cost void where nobody can see or care about them. Every FTD is an indicator that something isn't working in our system, and should raise red flags for regulators like yourselves. Retail investors don't cause FTD's, only the hedge funds, family offices, and investment banks doing crazy manipulations around borrowing and lending of shares in order to short sell are responsible for these types of indicators. I urge you to withdraw this proposal immediately! For the sake of the safety, justice, and transparency of markets, please withdraw this proposal. This has become more than a worrisome trend - I fear that this is now a matter of national security. Thank you for listening. I hope to be one of the minnows that cumulatively weighs more the whales out there and that my little voice can be heard as one of many. Sincerely, Nick Rothacher