Aug. 12, 2022
To whom it may concern, I am writing this email as an extremely concerned retail investor. I am in favor of additional regulations and requirements for reporting for clearing houses (DTCC, OCC, etc.). Although it may be true that "Clearing agencies registered with the Commission play an important role in the securities markets." I strongly disagree with the following statements: "They help ensure the prompt and accurate clearance and settlement of securities transactions, including the transfer of record ownership and the safeguarding of securities and related funds, which has the effect of protecting investors and persons facilitating transactions by and acting on behalf of investors." I do not believe that any of the clearing agencies in today's capital markets operate on behalf of retail investors. Time and time again, these market makers and clearing houses have failed to self-regulate. It is well-known that Fail-to-Deliver (FTDs) are widespread in current markets. Just because Wall Street has control of many of these clearing agencies, does not mean that investment firms should be allowed to perpetuate FTDs. Conflict of interest also runs rampant in today's economic environment on Wall Street. David Inggs, previous Citadel employee, is just one example of strong conflict of interest. In conclusion, I think that clearing agencies and market makers are not capable of self regulation. With their continued fail-safe reliance on the public till to bail them out, they are not sufficiently incentivized to manage risk for themselves & for their member firms. Sincerely, Joshua Zimmerman