April 20, 2022
I am disappointed and extremely concerned that SR-NSCC-2022-801 is being proposed, and again no less for the third time after repeated opposition from the investing public. The current market lacks transparency and accountability for large institution, and this rule would increase avoidance of true market price discovery through onward lending. It also removes the infinite risk of naked shorting entirely and in so doing, the deterrent of engaging in what is supposed to be an unsafe and harmful business practice.
Failure-to-delivers (FTDs) are already \"reset\" through various methods such as using derivatives, not allowing them to reach their 30-day mark where the security needs to be \"delivered\".
This is very frustrating to see rules like SR-NSCC-2022-801 being proposed, as they only favor reckless institutions. Hopefully, the SEC will consider the words of retail investors on present and future regulations, as retail investors continue to get the throughout the investment world.
I would firmly ask that you deny the SR-NSCC-2022-801 proposal and do your part to stop this. I completely understand that innocent people's retirements and pensions will suffer when/if the SEC decides to stop the endless stream of FTDs and force institutions to deliver on their naked borrowing, but you cannot allow this financial-hostage situation to persist these institutions are destroying the US economy and are bastardizing the idea of free-markets.
Thank you
William Johnson