Apr. 20, 2022
The following is my comment for File Number SR-NSCC-2022-03 I am writing as a first time retail investor, and I’m very concerned about the implications of the rule you proposed. After going through the file twice, it appears to me that the rule in fact acts against the interest of retail investors, whom the SEC is supposed to protect. It does that by increasing possibility for avoidance of true market price through continuous lending. It also significantly lessens the infinite risk of naked shorting. That practice, as I am sure you are aware, is illegal. Without that risk, the institutional investors are free to essentially gamble with taxpayers and retail investors money, posing systemic risk to the integrity of US stock market. What we need is more transparency in how stock market works to level the playing field between retail and institutions, especially considering the widening wealth gap and rising inflation, among other problems our society faces. The proposed rule acts in the opposite direction. I consider that transparancy essential for a fair and sound economy, as well as for the democracy. In closing I sincerely hope that whoever this concerns, will reevaluate their position and withdraw that ruling immediately. -- Alan Gilliam