Apr. 09, 2021
To whom it may concern, As a retail investor who has been hurt by hedge fund's ability to manipulate stock prices, I believe that SR-NSCC-2021-801 is necessary for the overall health of our markets. Hedge funds have had an unfair advantage for decades with regard to their ability to hide activities or misrepresent their risk by only reporting on a monthly basis or not at all due to ambiguity with previous rules. As we saw in 2008, this introduces unlimited systemic risk to our markets which have a rippling effect throughout the global economy. The DTCC and affiliates are currently liable when a member defaults or otherwise introduces risk into the system by naked shorting. I believe allowing the DTCC to investigate member positions at any time, or otherwise providing a means to better handle liquidity risk, while requiring higher risk to be hedged with supplemental liquidity deposits to the clearing house will go a long way to preventing member default. Also, by holding all members accountable for the actions of any, there will be more reason for members to keep each other honest. It will also help protect investors in the event of a member default by giving the DTCC control over v/r Bryan Kirkpatrick