Apr. 19, 2022
To whom it may concern, In the unlikely event this email doesn't end up in an overworked intern's spam folder, I'd like to voice my strong opposition against proposal SR-NSCC-2022-003, as a retail trader and concerned U.S citizen. I'm deeply disappointed (but not surprised) by this proposal. SFTs fly in the face of free market price discovery. They enable effectively unlimited securities lending that can be utilized to saturate the market and devalue the price of a stock. Like many other 'rules' currently in place regarding securities lending, the penalty for doing this would be insufficient to prevent it. The complexity of these rules is being used to hide their true intent from retail traders who might stand to voice an opinion on them. This rule clearly does not benefit retail traders or increase transparency into the questionable securities lending practices known to already be employed by market participants in the absence of any apparent regulatory influence. Please do not continue to allow retail traders to be taken advantage of, I implore you. I doubt that whoever is reading this, if anyone, will be able to do anything about it, but I feel powerless to do anything else. Our markets and economy are being manipulated and honest people are being subjected to the whims of those with enough money to move prices. This proposal would only exacerbate their ability to do that and it would be disastrous for long term market integrity. We need to end the rampant manipulation and dilution of our global equity markets, not accelerate it. Please. Thanks, Henry Sebesta