April 20, 2022
I'm writing to request that rule SR-NSCC-2022-003 not be implemented.
The proposed Securities Financial Transactions (SFTs) would allow large short sellers (hedge funds, market makers, et al) to avoid paying for bad trading choices. At the retail level, traders are held accountable for their bad trading choices. If I buy a put option on a stock, and that stock goes up, I lose all the money I invested. Why are the large players being allowed to issue IOUs when they make a bad trade, instead of paying actual money for their poor investment choices like retail does?
Having two sets of rules is not compatible with the notion of a free market.
Please do not pass SR-NSCC-2022-00.