Apr. 09, 2021
Dear SEC, As a market participant and concerned american, I am in full support of SR-NSCC-2021-801 and its immediate ratification to enforce liquidity requirements and reporting for DTCC members. I believe this regulation is a move in the right direction to improve reporting transparency and forestall flagrant market behavior as alleged naked short selling and accumulating perpetual fail-to-delivers with little penalty. The recent Archegos implosion reminds us that 2008 was not that long ago, and hyper-leveraged toxic bets are proliferating once again: CDOs, treasury shorts, naked shorts, subprime mortgages under pandemic pressure, market maker privilege abuse, synthetic shares and unlimited rehypothecation. You can't hold a Super Bowl if you have no referees and no rulebook - it would just be an unwatchable mess. The integrity and credibility of the markets are at stake- improving and enforcing the rulebook is becoming an existential requirement. Thank you, Ling