Apr. 22, 2022
Re:STOP proposed rules NSCC-2022-003 and NSCC-2022-801. I, like lots of retail investors, have seen with some upset the proposed rule mentioned above. In essence I can see moving forward it can make sense to stabilise the way the markets will work in the future. However, what it doesn't do is bring any consequence to the illegal activity that current hedgefunds have, and I'll still using in the market today. Naked shorts, synthetic shares and dark pool trading are all too common with little to no actual punishment. And as the fines for such activity are so low there is no real consequence for anyone involved in these activities. What is being proposed with the rule above is essentially creating is a ‘legal’ backdoor for overleveraged hedge funds to launder illegal naked short sells and FTDs. While these new rules could be beneficial to retail investors as far as eliminating naked short selling in the future, it washes away the damage already created by overleveraged hedge funds today. Surely from the financial crash of 2008 we are back in the same situation where nobody has learnt any lessons and everything is at risk again, with zero consequence. Why would anyone change if they can *always* get away with any illegal behaviour. Anyone who has invested money in a stock market has put their finances on the line. By continuing with these proposed rules its clearly siding with one over the other. The differences is at the retail sector has NOT acted illegally. There must be a consequence for any illegal action. As far as I was aware that is your organization's commitment to achieve. You are not doing this anywhere near well enough. I demand you stop progress with processed rule NSCC-2022-003 and NSCC-2022-801 and do a better job at holding to account hedge funds who indulge in naked short selling, synthetic shares and dark pool trading. Yours sincerely, Concerned retail investor. C Mitchell Craig Mitchell Director- Funk City band