April 20, 2022
This proposed rule is a slap in the face to anyone who has/will purchase(d) securities. The NSCC want to have you to allow their misdeeds under the guise of \"providing liquidity.\"
This market already lacks transparency, lacks accountability (FTDs, Naked shorting, etc). And NSCC propose this rule of 43 pages, triple columned, to further blind retail investors.
Fundamentally, shorting is a very risky bet. If it pays off, good for you. But if it doesn't pay off, you lose a lot. If you are hedge fund, you have access to tools that allow you game the system, (FTD, swaps, derivatives and so on.). But with this rule, a lot of the pressure from naked shorting securities would simply disappear and the winner of these bets would be screwed out of their winnings.
This rule does not contribute anything to a FAIR market. This proposal is simply a way for the NSCC and its buddies to never lose again by continuously kicking the can down the road.
To favor the retail investors, the working class, the backbone of the country, the SEC needs to withdraw this proposal and not allow the NSCC to try to pass another proposal as such ever again.
It is quite unnerving to see rules like this being proposed many times that favor reckless and, frankly, dangerous institutions.
Do the right thing