Sep. 24, 2024
I am writing this email to your office in order to voice my anger and disgust at the existence of NSCC Rule 22. This rule, for all intents and purposes, essentially renders numerous other NSCC rules meaningless. It is tantamount to a 'Get Out of Jail Free' card for large financial organizations (such as hedge funds and market-makers) who have accrued enormous cumulative FTD's (Failures to Deliver). It is bad enough that this rule even exists, but this rule also requires no public reporting/disclosure of its enactment in any way whatsoever! NSCC Rule 22 is yet another toxic means through which true price discovery on the open market is suppressed - and I find it sickening that the NSCC, an organization funded in part by my tax dollars, is brazenly enabling huge financial institutions to commit these repeated acts of fraud. FTD's should not be tolerated at all, and it's especially egregious to allow millions of these 'failures' to occur across the market nearly every day. The bulk of these so-called 'failures' aren't even actual failures of electronic processing - they are deliberate, calculated choices made with the express intent to disenfranchise individual investors. My name is Brenna Stevens, I live in Monument, CO, and I am filled with the furious desire - nay, the furious need! - to see reform. NSCC Rule 22 needs to be removed. FTD's need to be closed. Sincerely, -B. Stevens