May. 31, 2023
Dear SEC, You know how to do the right thing but by letting these predatory firms hide behind lies and obfuscations you are failing in your duty to the American People - your true employers. In 2008, complicit firms asked where the regulators were when the markets imploded because of insane risk taking. They lined up for their billions in tax payer money. This crisis will be no different. End the charade and madness, transparency is good for all of America. The proposal entitled “Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Clearing Agency Investment Policy” (SR-NSCC-2023-005) is significantly redacted which prevents public review making it impossible for the public to meaningfully comment on this proposal; so this proposal should be rejected on that basis alone. Segregating funds is a key protection against misappropriation of funds and customer protection. Deposits to the Participants Fund and Clearing Funds should not be commingled with each other or with general corporate funds of the Clearing Agencies. If the proposed changes are merely corrections, clarifications, and simplifications, then the proposed changes should be made available for public review instead of hidden in redacted exhibits. Obscuring proposed changes from public review, followed by approval and implementation, reduces the already dwindling public trust in both our SIFMUs and their regulators. Thank you for your work. Do you job to make our market truly fair and truly transparent. Sincerely, HD