Apr. 20, 2022
To whom it may concern, This proposed filing (SR-NSCC-2022-801/SR-NSCC-2022-003) is nothing more than yet another sponsored attempt at undermining the free-and-fair market principles ostensibly underpinning the American financial system. In 40-odd pages of legalese obfuscation, the rule change proposal condenses to the following point: adding the ability to essentially roll-over FTDs potentially forever by laundering them through a never-ending series of iterations. Clearly, this removes the inherent infinite risk exposure for those engaging in naked short-selling activity, thereby incentivizing such practice, in turn hampering or outright eliminating true price discovery. Additionally, the mention of “Fire Sale” clearly points to the true purpose of this change: unfair mitigation of short-squeeze potential and of the consequences of such events on the bottom line of bad-faith (but big-name) traders. Acceptance of this rule would severely erode the faith placed in the stock market by investors domestic and foreign as a fair and safe vehicle of securities exchange. Please don’t let this be the beginning of the end of the market … don’t let Wall Street destroy itself to protect a few bad-apple participants stuck with the baggage of haughty mistakes. Retail investors will no longer meekly accept such outright discrimination and disenfranchisement. Yours, A Good-faith Trader