April 20, 2022
Please withdraw this proposed rule change. \"Novates\" and/or replacements of IOUs for FTDs that are the result of naked shorting (aka robber baron tactics by brokers and market makers) do not serve the interests of the American people in any way. Do you want the entire market to become Enron? That's what this proposed rule change does. It eliminates the need to locate nakedly shorted shares by allowing market makers to \"novate\" the locate obligation with an endless stream of IOUs to replace the FTDs at which time a locate is supposed to be found. This is the 3rd time this rule change has been proposed. Please withdraw it AGAIN. He who sells what isn't his'n can not create an IOU saying trust me bro I'll locate the shares one day.