Apr. 20, 2022
To whom it may concern at the SEC, The financial market is already short on transparency and accountability for big institutions. I am very disappointed and severly concerned as a retail investor that SR-NSCC-2022-801 is being proposed. This rule would be bad in so many ways: It would increase avoidance of fair, transparent and true market price discovery through onward lending. The infinite risk of naked shorting would be cut out as well entirely and by that, the risk, especially for big institutions, of conducting what is deemed an unsafe and damaging business procedure. This proposal would be an absolutely unfair advantage for market makers and short hedgefunds, who unbelievably naked short securities, and establish a limitless downside for the actors on the wrong side of their shorting action. I cannot see at all how this rule is supposed to contribute to a "fair" market by any standards other than "take from the people, give to the elite"...? I don't understand how the SEC, supposedly watching out for the retail investor and for the people in financial markets, is trying to or being coerced into introducing this rule. Fails to delivers on securities are already being reset via a lot of different means, e.g. employing derivatives or not allowing them to reach the 30-day mark where a security needs to be delivered. It is very aggravating seeing rules like SR-NSCC-2022-801 being proposed, as they only favor reckless, often times business-wrecking institutions like Citadel Securities. I do hope very very much that the SEC heeds the words of numerous retail investors on current and future rules and regulations, as it is evident in cases such as the GAMESTOP idiosyncratic risk situation ever since the end of 2020 that retail investors are being taken advantage of, shut out of participating in market proceedings (like buing GME through bad brokers like Robinhood around January 27th 2021, when the buy button was shut off) and continue to get screwed over in the investment world. The loss of trust in the US financial markets is gigantic and future generations of retail investors will not participate in these practices, because the screwed-over generation is shouting it from the rooftops and helping each other in establishing fairer, transparent and simpler markets, e.g. decentralized and blockchain-based. I am convinced that SR-NSCC-2022-801 is aggravating and a true danger to anyone, especially retail investors, who has bought a stock in the US markets. With this new rule proposal, the NSCC would have the SEC facilitate and actively support their unlawful activities under a guise of fairness that would only stand a chance if all new retail investors are blind, deaf and mute. But they are not and will not be ever again. That is something that is being taken care of by retail for retail and it will make it to the headlines. It will be too large to be ignored and it will be dealt with. What is enormously irritating is, that this same policy has already been proposed two times before under different n thatames and descriptions and has previously been commented on so heavily negatively or revoked that no one could have honestly thought "third time's a charm, yep!". It is worrying to the bone that market makers and financial institutions propose - again and again - such obviously unfair and harmful rules and regulations, just hoping and waiting for the public to not cry out about the unfairness, the intransparancy and the sheer audacity of those who are finally losing at the bet they set up so menacingly and try having it paid for by the people. consequences, and the investors they exploit. With all due respect, I do ask of You to reject, deny, block the SR-NSCC-2022-801 proposal. As a retail investor in the US stock market, as one of many millions and as one of those learning more about the crooked ways of market makers and their unlawful dealings, I beg of You to view this proposal as a grave danger to the fairness, transparency and functionality and rightfulness of our markets and as a heinous strike against all retail investors. Please act, please do it on behalf of the people, not the market makers, please stop this madness. Signed, Erik Steffen