Apr. 19, 2022
After reading through this proposed rule change (SR-NSCC-2022-003) to establish the "Securities Financing Transaction" (SFT) Clearing Service I had to actually contact you as a retail investor. This proposed rule change would make abusive short-selling worse than it is today. It would make the rules about the market more opaque, harder to understand and confusing for a retail investor that does not have a team of lawyers working for them and it would make my trust in the market, SEC and other national corporations, disappear. If the SEC actually are working for a more fair and transparent market as Gary Gensler talks so much about, this rule change should not, under any circumstances or conditions, be implemented or accepted. The market is already extremely biased towards those with large capital and reach, such as hedge funds and banks, and the market should not become even less fair. The proposed SFT would make share that Fail to Deliver (FTD) extremely unfair for everyone except the one that fails to deliver the share. This will as said earlier make abusive short selling, naked short selling and other methods used by the big players in the market, so much worse. The rules governing the stock market today are not made by retail investors, most of us has probably never even read any of these proposals, so the playing field is already very unbalanced and unfair. The rules are rather made by these big players, such as hedge funds, large banks and Wall Street, and these rules are being used against retail investors. This rule is one of them that seems to make the market more complex, confusing and less fair by trying to keep retail ignorant. As I understand it the SEC has a "mission" to protect investors (which also should include retail investors), maintain fair, orderly, and efficient markets and facilitate capital formation. I urge you to not forget about us retail investors, so please, if there is anyone in the SEC that actually are there to protect retail, you should not let this proposed rule change be implemented or finalized. Have a nice day. Thomas C.