Feb. 06, 2022
Thank you for allowing me this opportunity to share my thoughts. As a retail investor, I would like to make a request that Fines for "Failure To Deliver" are raised by a significant amount. I chose the term Significant becsuse it appears, from where I stand in the market, that Market Makers continue to stretch this rule since the fines are literally Penny's On The Dollar compared to what they stand to profit as a result. I believe the evidence from last year's short squeeze, involving Gamestop and all other participants, continues to show that entities like Citadel continue to abuse their power when they fail to deliver within the standard amount of time. I also believe that, in order to prevent predatory naked short selling in the markets, there needs to be a Federal Regulation on securities that were marked as "Fail to Deliver." Again, for the reason being that the current fine appears to be too cheap, as it only slows the act, rather than restrict the act entirely. If the T+ rule is a reasonable accommodation for locating shares of stock, and the security has not been delivered by T+2, the entity delivering the share should have no choice but to deliver it at the current market price by market close on that same day. No Exceptions! Due to the lack of regulation of delivering securities, financial entities-- particularly Market Makers-- are then capable of creating synthetic shares and naked shorts. The recipient see's the shares in their brokerage account and has no way of knowing that the shares were never delivered. In my humble opinion, the current rules must be changed to regulate the delivering of shares to ensure a fair and equal market. Thank you again for taking the time to consider my request! Bam Sent via the Samsung Galaxy S10e, an AT&T 5G Evolution capable smartphone