Oct. 09, 2022
October 9, 2022 I am here today to comment on proposed rule S7-18-21.I believe it is absolutely necessary to enact this rule as soon as possible, for many reasons. First and foremost, the current system governing the purchase and sale of securities/bonds/whatever it may be is a joke. There is more fraud and greed prevalent in our financial system than just about ANY OTHER FINANCIAL SYSTEM THAT EXISTS ON THIS PLANET. It is imperative that transaction by transaction reporting and the 15 minute reporting requirement be put into action immediately. These 2 measures will force trading transparency, and help prevent fraud and make it impossible for unethical practices to stay hidden in loopholes, or in the \"aggregate,\" where some funds literally make the majority of their money by manipulating stock prices for profit. This has many very harmful effects. While naked short selling may be quite profitable, which is why funds want to fight the application of rules preventing the practice, its also quite ha rmful. An average investor that buys stocks in a company which is then shorted by some powerful, cash-rich fund can lose all or a large portion of his investment, and not because the company he/she invested in was weak or about to fail, but because some greedy fund marked it as a potential short selling money maker. So average joe loses his money, and the company which may have been very healthy is now in big trouble, solely because of predatory investing and short selling pulling down their stock price. I believe these practices are immoral, dishonest, but most importantly they do nothing but harm everyone and everything they touch, including the investors of such companies and the companies themselves, while providing only one thing for the person/fund engaging in these activities- money. Money is their family, their religion, their God. Money is all that matters, and money is all they want, regardless of who they hurt in the process. The entire system is broken, but if it is fix ed it will bring MANY, MANY MORE investors into the market, and will give companies a chance to have their stock price be an actual reflection of the health and status of their company's affairs, not an artificial manipulated price. Please, consider what is best for the average American. Do not do what is easy, do what is right.