June 25, 2023
I'll keep this short as you disregard so-called \"retail\" comments at every opportunity. Granting ANY rights to derivative holders (of ANY kind, cash-settled or not) directly undermines the incentive for true investment in a security by PURCHASING the underlying security. The markets are already rife with corruption, manipulation, and outright fraud. Now you seek to give the last remaining benefits of security ownership away to speculators who do not even make an attempt to own the stock. There already exists a mechanism to receive the rights of beneficial ownership for a given security. BUY THE SECURITY. Stop eroding the laughably few incentives left to actually invest in a security. The only participants in derivatives are degenerates and those with a structural market advantage and/or information asymmetry. (Yes, offended reader, I AM talking about you.) I oppose this rule for its deliberate destruction of actual investment incentives and it should not be implemented.