Apr. 20, 2022
As a retail investor I am against this new proposed rule that would essentially allow for FTDs (Failure To Deliver) to continue. It will only continue to allow market makers to continue manipulating equity prices using illegal naked shorting and devaluing the entire US stock market in the long term. This rule wouldn't even need to exist if stricter FTD obligations were adhered to and steeper penalties and permanent removal of members were enforced for FTD violations. Please do not create another layer in which FTDs can be manipulated through SFTs (Security Financial Transactions). More and more people are becoming aware of the FTD problem the DTCC is trying to hide and it's better to deal with the problem now instead of adding another layer of complexity to the problem....which will just allow them to kick the can a little longer and avoid the inevitable to happen. The mission of the SEC is to protect "all" investors and the proposed change, I think.... will only lead to protecting a select few who have abused FTD rules and loopholes to their benefit and need protection now as the problem is now catching up to them. We can build a stronger market together, not just by helping the select few who have been helping only themselves all this time. Thank you for your time and consideration of this matter Cheers, Dan