April 23, 2022
Good day,
The following is my comment for File Number NSCC-2022-801:
The market already lacks transparency and accountability for large institutions, so it is very disappointing that this rule, NSCC-2022-801, is being proposed.
After taking the time to read this proposed rule, one can only come to the following conclusion.
The NSCC is desperate to get this rule passed, as this is now the third time it has been submitted, just packaged in a different way. NSCC-2022-801 is just another version of NSCC-2021-10, which was a version of NSCC2021-03. Those two proposals failed, so isnt it blatantly obvious people dont want this rule passed. Stop trying to get in the way of fair market price discovery by trying to circumvent the SEC stock loan tracking proposal. All you want to do is warehouse stock loan agreements like you already do with FTDs. We all know about the massive amounts of daily FTDs that get warehoused, in hopes that the greater general public never learns about these FTDs and how a majority are never deliver the FTD or contractual obligation.
It is very frustrating and and only creates more distrust amongst retail investors to see rules like this being proposed that only favor reckless institutions. Hopefully you'll consider the words of retail investors more with your decision making on regulations, as we've been educating ourselves a lot more over the past couple years.