April 20, 2022
To whom it May Concern:
I do believe this is rule is only being brought to the table in order for Wall Street to continue to fleece investors out of valid capital gain. If we continue to allow big money to dictate their own rules then not only are every day people impacted but so are those who have no choice but to trust retirement to the markets that are controlled by a select few. It is time for the SEC to protect the tax payers as they are built to do. At this point, most do not have confidence in the SEC and their power to enact change for everyday people. Keeping this rule only reinforces that the markets are nothing but a Ponzi scheme for a select few to profit. If retail investors must be made to accept their bad trade/bet/what have you then so should Wall Street.
As a retail and independent investor I am very disturbed by the content of this new proposed rule that would effectively 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 does not in any way benefit investors and in fact could be extremely harmful, which is anathema to the entire purpose of the SECs very existence.
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. 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 needs to come to an end.
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. What a colossal waste of time, mine and yours, to continue to have to repeat this song and dance over and over again.
Thank you in advance for your timely attention to this matter, and please live up to your obligations and help the investors from predatory behavior by financial institutions.
Sincerely,
Ben Brendle