Apr. 21, 2022
Dear sir or Madam As an International retail investor I am very concerned by the content of this new proposed rule that would allow for FTDs (Failure To Deliver) to continue and worsen, which can be abused by market makers and used in conjunction with illegal naked shorting and abusive dark pool trade routing to control and suppress the price on security trading. This could be extremely harmful, to retail investors. Please do not allow SFTs (Security Financial Transactions) proposed in this rule, to create new and potentially endless layers of can-kicking to be allowed, whereby the very real financial obligations of the FTDs get passed along instead of settled. I can see how it provides stability in the moment, but it also allows for abusive practices where market makers are never accountable for their failings, if I make a bad call then it is on me, nobody covers my bet! This is not acceptable and creates an opportunity to harm retail investors and it violates our rights for a free and fair market. The manipulation in the market needs to come to an end, and those who made bad calls need to be accountable for them. Please remove this proposed rule and furthermore please do not try to propose something similar again in the future, as iterations of this have been rejected in the past and continue to be rejected by educated investors every time they resurface. The mission of the SEC is to look out for the well-being of investors such as myself, so I would propose that you direct your attention to doing so. If this rule is passed I imagine there would be a global withdrawal from the US market, the damage done to it’s reputation would be irreparable. I for one will withdraw my capital from the US market, and it is not a small amount. I look forward to a swift withdrawal of this proposed rule, it serves only to protect those who have made bad calls, how will they learn if this happens every time they go rogue? It is time you just let the cards fall and make the market a level playing field for all. Regards Gary Taylor Business owner and International retail investor (Australia)