January 7, 2022
As Head of Investments for a US/IL based conglomerate, and otherwise as a retail investor, I believe this rule should be applied effective immediately. Furthermore, my concern is enhanced by the sheer fact that brokers such as Fidelity Investments Inc. have displayed confusion regarding shares available to lend, making me question the entire financial system that is marketed to the average investor.
Additionally, the fact that loaned shares can be used to close FTDs is nothing short of laughable. This supposed fair and free market burdens the masses only to benefit those in an already favourable position such as Market Makers and Hedge Funds.
Finally, I ask that this rule isnt only applied, but also correctly enforced by the U.S. Securities And Exchange Commission with increased and denting fines that exceed the shy amounts often referred to as Cost of Doing Business. Engaging in criminal activity should in no way be encouraged, and it definitely should not be an expense that companies budget for.
Knowing that Institutions and regulatory bodies such as the SEC, whom we are supposed to trust, are responsible for enabling the exploitation and swindling of hard workers to obtain their hard-earned money, is a fact that makes me and many other people I know reconsider our presence in US markets.
If the actions of those exploiting and abusing the system aren't truly punished by the SEC, then the SEC will be added to the list of those punished by history.
BR,
H. Katz