April 22, 2022
This rule is a clear attempt to launder illegal naked shorts and FTDs. The DTCC and the NSCC both know there are billions upon billions (possibly trillions) of dollars worth of Naked Shorts, FTDs and the like that need cleared. This rule is written to circumvent that requirement. Brokers, hedge funds, and banks have acquired debts they do not or can not pay. So, rather than pay their debts like the rest of us, they make new rules to avoid them. In the process, this will be the largest robbery of assets in the world history. Comment on this rule has been pulled twice and this is the third attempt to push it through. Yet no amount of revising can change the fact that this rule allows hundreds of billions of dollars to go unpaid while harming retail investors, retirement funds, mutual funds, etc. If you believe in democracy and capitalism than it is unacceptable to allow this rule to be passed.