Dec. 21, 2022
December 21, 2022 Do not grant the NSCC any of their new proposals without a full AUDIT. We know this Ponzi scheme will continue because NOBODY has access to their DATA. Continuous Net Settlement (CNS) hides billions of counterfeit shares that never make it to the Reg. SHO radar screen, as the shares borrowed from the DTC are treated as a legitimate borrowed shares. CNS totals are only obtained by successfully serving the DTC with a subpoena. Find out how many fake shares they issued from their infinite stock borrow program and how many were sold and never bought. NSCC becomes the buyer to every seller and the seller to every buyer during trade netting in a process known as novation. they have no idea what broker did what to whom. If a seller fails to deliver securities for settlement, the failure to receive is randomly assigned to brokers who were expecting shares/bonds for the investor accountholders that already paid for them. They have dug a hole that they cant get out of. The DTCC is alread y a member of the Federal Reserve System. Broker-dealers and market makers should be subject to announced and unannounced audits by federal bank examiners with penalties equal to those imposed for bank fraud, etc. We need a Settlement Discipline Regime (SDR) in the USA. An SDR would prevent the value of those failed positions from overwhelming the system. It would also ensure that every retail investor who pays for a stock receives a real share and not just a phantom entitlement on the brokers books. I know you won't do anything, but I want this on public record to show how much the SEC ignores and is complicit.