Aug. 16, 2022
August 16, 2022 The proposed rule should be put into effect immediately. The only objections are the industry owners and FINRA members who abuse their market maker status to naked short in the name of liquidity. Doug Cifu spoke of this liquidity fairy in an interview bragging about Virtu getting over 20% of retail order flow. Ken Griffin of Citadel had someone from his company add comments about how this 15 minute reporting would hurt his ability to make money shorting stocks. How can the SEC with a straight face take that comment and put its importance above the retail investor? Retail needs investment-by-investment reporting. Aggregates only aid and abet the FINRA members to conceal their reporting. Because data is available doesnt mean it is useful. The current data is not appropriate to keep retail informed. Long untracked lending chains are vehicles for market participants to obfuscate and misdirect the public at large. 15 minute reporting is still too much time. It should be instantaneous. To keep this at T+1 would be a gross misuse of this commissions abilities. These high frequency firms trade at THOUSANDTHS of a second. How am I to believe a 15 minute window to report a short sale is going to cripple the financial industry? These firms that participate in this information arbitrage are feasting on the public, and the regulatory bodies have been compromised to let this go so far. Immediate reporting is where we should be, 15 minutes is better and T+1 is a complete joke and gift to the industry.