Nov. 4, 2024
Hello My name is Jared, I’m a U.S. citizen that wants to be proud of what our country stands for. Currently and recently, the NSCC has proposed or passed rules that are simply vague, egregious, or outright blatantly against the average citizens best interest. The rules in currently writing about are NSCC rule 4, 18, and 22. Here are some of my non negotiable regarding these rules. 1. There MUST be strict, unavoidable procedures for completing settlement of guaranteed transactions 2. Please remove absolutely ALL gray area and ambiguity and discretion when it comes to enforcement 3.drastically increasing the liquidity and therefore strengthening all SIFMU’s, specifically the NSCC and the OCC. 4. Genuinely supporting and creating long term stability of the financial markets and the financial system as a whole 5. Forcibly incentivize appropriate risk management practices of ALL financial market participants. ESPECIALLY the largest players, market makers, etc. Final statements: as a long time retail investor AND U.S. citizen, I thoroughly believe these necessary enhancements to the NSCC RULES 4, 18, and 22 will do a few things: protect retail investors, keep both fair orderly and truly free markets, and facilitate capital formation that aligns with the SEC’s mission. These enhancements to these rules would follow a very obvious line of reason being a “ you broke it you buy it” mentality. Where the cost for closing out possibly disruptive positions are first paid out by the participants who are the defaulting members AND its executives. This must be done with defined and consistent clearance of settlement procedures. To make America remarkable and respectable, we must be absolutely eager to enforce drastic clawbacks for executive compensation when terrible and overly risky financial decisions are made. This heavily incentivizes true risk management in the short medium and long term along with showing ourselves and the rest of the world we have a shred of respect for ourselves and our citizens. This implies not allowing the socializing of losses for privatized profits. I genuinely appreciate the opportunity to voice my opinion, but hope more than anything, when the chance to do the right thing and fight for the people with a small voice comes, those with the power to enact true change, make the decision they’ll respect themselves for on their deathbed. Sincerely, A concerned and active retail investor