Apr. 20, 2022
To whom it concerns, Our market demands no transparency and accountability of large institutions. As a retail investor, I'm immensely concerned that SR-NSCC-2022-801 is even being entertained. This rule seeks to avoid 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 obviously seeks to create an unfair advantage for market makers, which naked short securities to impossible levels, and all create infinite downside for those on the wrong side of their immoral shorting. It's perfectly clear to me: this rule seeks to cement the obvious advantage traditionally powerful people have in our supposedly free economy. This isn't regulation; it's classism by force of the law. 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." It's disheartening to see reckless rules like SR-NSCC-2022-801 being proposed. Hopefully, the SEC will consider the words of retail investors on present and future regulations, as retail investors continue to get the short end of "regulation" over and again. SR-NSCC-2022-801 is frankly an endorsement of criminal activities. This same unfair policy has been proposed twice before under different guises and has been rejected. Large financial institutions are horrified that they might have to face the risky nature of their risky bets — god forbid someone takes the bumpers off for the highest scoring bowler. You are entertaining a threat to retail investors. Reject the SR-NSCC-2022-801 proposal. Please do your part and stop this. Signed, -Ben Merrick -- Ben Merrick