Feb. 04, 2022
Hello SEC, I saw you are looking for comments The current US market is entirely fraudulent, with self regulatory agencies (eg FINRA) being complicit. They are complicit through their complacency, with years of unchecked fraud and market manipulation through naked short selling by large hedgefunds like Citadel and Susquehana allowed to happen with impunity.The SEC and FINRA have known about this illegal counterfeiting practice for many years, with nothing being done to rectify the illegality of the market conditions. Naked shorting is illegal.- Conditions need to be met by regulatory agencies to ensure it doesn't happen. Exceptions for market makers need to be revoked - selling fake shares does not increase liquidity and their constant internalization of orders has robbed retail investors of billions of dollars. Every trade should be included in price discovery, otherwise NBBO is meaningless. • Short positions need to be publicly reported daily by funds and market makers, stored on a public website visible to all Americans for that purpose, for all holdings, companies, ETFs, etc in the market. • Audits need to happen by regulatory agencies to ensure shorts and FTDs are not being hidden in options. - Punishments need to be severe enough to ensure it doesn't continue, and in a timely manner. • Large hedgefunds and Market Makers are run by the same company. They need to be broken up. • High frequency low volume trades done in dark pools are being used to influence stock pricing while internalization of orders removes retail from the price discovery process. If the value of a stock is not dependent upon supply and demand, then that value is fraudulent. This market manipulation needs to be stopped, stronger rules enforced where violators are punished with heavy fines -- greater than the profit they extracted from their illegal and immoral activities -- and prison sentences. I am thankful you asked for input, it provides a small glimmer of hope that US markets may regain a small measure of dignity and respect. As of right now, the stench of corruption emanating from Wall Street firms is overpowering. Sincerely, Daniel McSkimming, PhD