Mar. 23, 2023
March 23, 2023
Hello,
I am commenting on my concerns about file S7-01-23.
I am against exceptions/exemptions for \"risk-mitigating hedging activities, bona fide market making, certain liquidity commitments.\"
The proposed rule suggests less transparency, and regulation. History will show that this will always result in misconduct, unaccountability and corruption.
I believe that the SEC has publicly stated that their aim is to provide more transparency for our markets. Our current markets operate on complexities that are purposefully obscure. This leads to a decline in retail confidence in markets. If the SEC wants individual investors to fully understand their investments, transparency is required. The advent of PFoF and HFT conveys that an individual investor only serves as a way for large institutions to make money, typically by stealing, in the best scenario, pennies from individuals.
Allowing for exceptions of any kind will continue to deflate individual confidence and any further lack of transparency will deflate that even further. Do no allow any exception, unless the SEC's goal is to further obfuscate the market and erode individual understanding of the markets.
The SEC states that its mission is to protect investors and provide fair markets.
I believe all participants in the market- retail, institutional, investment advisors, market makers etc., should have access to the same amount of information, and subject to the same rules, and regulations, NO EXCEPTIONS/EXEMPTIONS.
I also wanted to bring attention to \"naked short selling, phantom shares, synthetic shares, fail to deliver,\" and any other name to describe the same systemic abuse and criminal activity against US Citizens and businesses. Naked short selling combined with unlimited FTDs due to loopholes, exemptions/exceptions, is destroying and bankrupting America and the abusers are stealing from every American.
Consider implementing towards FTDs and settlement:
-Fines equal to or greater than the monetary amount of the settlement/trade violation.
-Margin calls for FTDs with no exceptions/exemptions, waivers.
-Mandatory Buy-in with increased offers until closed.
-Suspend close accounts of brokers who FTD 3x/month: SecExch Act 1934, 17A.a.5.(C)
Thank you for your time,