Apr. 20, 2022
The following is my comment for File Number SR-NSCC-2022-003 as a concerned retail investor: The market already lacks transparency and accountability for large institutions, so im disappointed this rule is being proposed in the first place. I've read every single page of legal speak within the file and it is very clear what this rule proposes. This rule would increase the 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. It's all upside for market makers that excessively short sell securities without a corresponding locate, and all downside for those on the wrong side of their shorting. How does this rule contribute to a "fair" market by any means...? I don't see it. FTDs are already "reset" through a variety of methods such as using deriviatives not allowing them to reach their 30 day mark where the security needs to be "delivered." This is very frustrating to see rules like this being proposed that only favor reckless institutions. Hopefully you will consider the words of retail investors more with your decision making on regulations, as we've been educating ourselves a lot more over the past couple years. This is not a rule that supports an efficient market, and does not support retail investors Yours faithfully, Seb Sent from Yahoo Mail on Android