Apr. 09, 2021
Hi! I am an individual retail investor from Europe who likes to trade on the American stock Exchange and would like to express my very supportive opinion regarding this new proposed rule SR-NSCC-2021-801. I believe this rule is a must, - if enacted- it would be a step in the right direction towards accountability for those who engage in the short selling/stock borrowing program. After the financial vridits of 2008 European markets approved regulations to protect retail investors and stop Hedgefunds and Market Makers from exploiting the system. It is crucial that this rule is passed. These past months I have lost all faith in the American Stock Exchange after uncovering the dirty secrets and practices of MMs and HFs. It is time for an update to the current RegSHO closeout requirements and I believe that this SLD change in process from Monthly to Daily settlement is the exact step we need to take in order to encourage fair play and discourage malicious practices. Without more accountability, the American exchange risk becoming the laughing stock of the world. Something I definietly do not want as it is a very fascinating market with a lot of fantastic companies that deserve to grow. I would like to see this rule passed and implemented, effective immediately. Lastly on this ruling, I would like to see stronger penalties enacted for non compliance and violation of this rule. Currently MMs and HFs pay small fines for large gains. They have worked these fines into their business, its a cost of their operation. This is absolute lunancy. Fines and penalties need to discourage maliscious practices, as of now, sadly; they encourage them. Paying small fines on trades whereby they make millions. Ofcourse, these fines are huge from the perspective of small retail investors and thus we’re forced to obey by them, HFs and MMs are not. Once again leaving individual investors in a worse position, making it more difficult to succeed in your trades as MMs and HFS manipulate their way through. Thank you for your time & consideration in this matter Sincerely,