April 20, 2022
This proposal, which incorporates key elements from previously withdrawn proposals, effectively facilitates the SEC's abandonment of their mandate to protect investors and maintain fair, orderly, and efficient markets. This would rubber-stamp yet another intentionally complex and opaque mechanism to subvert regSHO \"locate\" requirements.
Please remember your mandate isnt liquidity at all costs\" - fair and orderly markets need MORE locates and LESS borrowing. This obscene circumnavigation of transparency and accountability would truly move the markets backwards, if adopted.
This rule would increase avoidance of true market price discovery through onward lending. It also removes the infinite risk of naked shorting entirely, and in so doing the deterrent of engaging in what is supposed to be very risky business practice. Failures To Deliver are already \"reset\" through a variety of methods such as using derivatives to not allow them to reach their 30-day mark where the security needs to be \"delivered.\" It is very frustrating to see rules like this being proposed that only favor reckless institutions.
Just because some Authorized Participants may have gotten themselves into hot water doesnt mean that the SEC should change the rules to protect them from the natural, rightful consequences.
Make the borrowers deliver on their promises instead of granting them overnight IOUs
This proposed rule is an affront to anyone who has ever purchased a security in our markets. The NSCC would have me, a hardworking, taxpaying, law-abiding citizen, endorse their criminal activities under the illusion of fairness. This same policy has been proposed TWICE before under different guises because the morally bankrupt white-collar thieves on Wall Street are terrified they will be caught by the consequences of their own poor decisions. They are horrified that they might no longer have the option of sucking the lifeblood from the very veins of our economy, that they will have to work to earn that which, until now, they have simply taken. They fear that those mechanisms of capitalism which once made our nation so prosperous will escape their stagnating influence, exposing them for the parasites they are.
It sickens me to see these creatures propose such blatant exploitation methods over and over and over, just waiting for the day the public is not vigilant enough. They think themselves above everything - above the rules, above consequences, and above the investors they exploit. They call themselves the elite and consider the profits of fraud and abuse to be their divine right.
As a hardworking, taxpaying, law-abiding American citizen, I demand that you help deliver a just reward for their treachery by denying this and any other rule changes they propose to further promote their systemic corruption. They are a sickness which must be burned out from the roots and never permitted to return - for what began as but a foul seed long ago has now become the single greatest threat to all American livelihoods.
I implore you to take this threat to the very sanctity, fairness and transparency of our markets for what it is - a threat against every single retail investor. That there are rules for thee but not for me. Please do your part and stop this.