Apr. 20, 2022
SR-NSCC-2022-801 it’s a rule to launder illegal naked shorts & persistent FTDs! The NSCC explicitly “understands” that there are significant FTDs, Naked Shorts and similar that need to be cleared. This rule proposes a service to “avoid” those pesky obligations. It does so by introducing a new transaction layer that “novates” (replaces) old obligations b/w NSCC member lender / short sellers / prime brokers / etc. with a new obligation b/w a member and the NSCC itself as the new counterparty. This novation is done with even more lending of securities. This proposal is not in the interest of RETAIL. This does NOT lead to Transparency or hold those who have put this country at risk accountable.