March 6, 2022
S7-08-22 should be approved and enforced immediately. There is no reason to allow for any delay. S7-08-22 will not create an undue financial burden for institutions, because the financial institutions of the United States are well known for their innovations in meeting new challenges. S7-08-22 will help create jobs.
I support the statements made by Retail Investor Manirul Islam. As I am also a Retail Investor, and so I would like to expand and develop on key points Manirul Islam has made, and provide one additional suggestion.
\"The market is completely rigged.\"
As a United States taxpaying citizen, it is depressing to understand how my tax dollars are supporting corruption in U.S. financial systems. Lack of rule enforcement is an injustice to those that are following the rule of law. In order to 'plan for retirement' for myself, it seems that my Greatest Generation grandparents were correct: the best thing to do with your US Dollars is to hide them in a mattress.
\"Retail is not at a disadvantageous position in the same game with wall street. Retail is playing an entirely different game that Wall Street makes retail to believe is the same game. Retail is completely screwed everyday.\"
I believe there is a typographical error in the first sentence as it is written. It is correct and accurate to write: \"Retail (investors) is NOW at a disadvantageous position...\" This is because the individual retail investor does not have access to high frequency trading which obviously manipulates the price of securities. Retail investors do not have offices of data analysts and legal professionals to discover what types of innovative actions are not technically illegal for them to adopt and execute. Retail investors cannot 'opt-out' of dark pool trading, or from having their securities holdings borrowed and loaned to other institutions. Retail investors ARE INDEED in a disadvantaged position in the U. S. stock market.
I support these two ACTION POINTS:
A) make this rule effective immediately so we know the short positions. Short positions should be reported daily.
B) immediately suspend dark pool for retail orders. Dark Pool trading should be made illegal.
S7-08-22 should include a section which assigns a third party for enforcement of this rule, and all rules related to short selling. Legal enforcement should be entrusted to the common law legal system of the Republic of Ireland, because the legislative bodies of the United States have proven themselves to be inadequate and uninterested in enforcing laws. The United States can no longer be entrusted to 'regulate itself'. Enforcement of all rules related to short selling practices should be entrusted to an independent, third party entity that is honest and trustworthy. The Republic of Ireland should then be unfairly overcompensated for its work in providing legal justice and financial security services for the financial markets in the United States. Compensation can be funded through the dissolution of the Federal Reserve.
Shelby Coffeecup, Retail Investor
Oklahoma City, Oklahoma