February 8, 2022
I support this.
I also do not believe it to be enough.
Some other opinions I have formed in my education about markets as a laymen are as follows:
Naked short selling is counterfeiting, but is apparently allowed through gimmicks for some parties in the name of liquidity. It should be banned for all parties with no exceptions and enforcement should be automatic. We should have the technology to detect this and automatically enforce it. I am of the opinion that even with its current loop holes its legality is likely questionable.
Payment for order flow looks, smells, and seems like front running to me and ought to be banned.
Internalization seems to be another gimmick to manipulate price and ought to be banned.
Dark pools... Another gimmick for manipulation and ought to be banned. Whatever limited benefits they may have offered have been abused to the point that the idea they need abolished is self evident. (90%+ not going to lit exchanges I believe was quoted)
ETFs should be regulated under same rules as the underlying securities full stop. They are simply another gimmick for manipulation in my opinion. I recall reading that some ETFs are 2-300% shorted. You will never convince there is a justifiable reason that this should be possible and allowable.
Securities should be serialized. Is it even a market if the supply and demand curves are broken? I think there is wide spread sentiment that shareholders don't trust what is being done with their shares with or without their consent. Would serializing shares not make them easier to track and detect fraud. Maybe this is done already and I'm not well enough informed? Something like this might be helpful in ensuring that same share is not being used as a locate more then once for example.
My opinion of the markets and the supposed self regulation is so very low. Just look at the title of the rule change. I applaud you for tackling some of these issues now but it is inexcusable that this wasn't done 20 years ago but the past is past. We need more transparency, tighter rules, and automatic enforcement with actual consequences not parking ticket level fines. Enforcement should involve fines equal to the profits taken from violations plus enough to feel real pain for wrong doing escalating up to jail-time. The entire market structure is overly complicated and as a result is ripe to be taken advantage of by big money and even more ripe for the \"little guy\" to get taken advantage of. I know big money needs every advantage they can get but perhaps a level playing field is all anyone really needs? I understand progress is slow but urgency is needed.