Apr. 20, 2022
As a retail investor, I’m writing to express my strong objection to this new rule being proposed. Implementation of this rule will allow Failure To Delivers (FTDs) to accrue, which can be abused by market makers to inhibit true price discovery. Allowing Security Financial Transactions (SFTs) proposed in this rule would add yet another way for big Wall Street firms to obfuscate data available to retail investors, therefore prohibiting everyday investors from making informed investment choices. While many rules are implemented for the sake of providing liquidity to markets, it is becoming clear that market makers take advantage of these rules, abuse them and even disregard them to the point of criminal activity. While allowing this rule to be in effect your mission to protect retail investors will be undone as this will be countering retail investors protections in what is supposed to be a free and fair market. SR-NSCC-2022-801 will allow for less transparent markets and will further erode the trust of retail investors who are only looking for a chance to participate fairly in markets. Additionally, I implore you to refrain from proposing similar rules like this in the future, as rules like this have been rejected by retail investors in the past already, and will continue to be heavily opposed in the future. Thank you for your time. Sincerely, Jason