Apr. 20, 2022
Hello, The following is a comment for File Number SR-NSCC-2022-003: The market already lacks transparency and accountability for large institutions, so im disappointed this rule is being proposed. I've read every single page of legal speak in the file and it is very clear what this rule proposes. 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. It's all upside for market makers which excessively naked short securities, 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 derivatives 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'll consider the words of retail investors more with your decisions. I sincerely hope you and your colleagues can see the issues with this proposed rule and begin to show even a small amount of protection for the retail investor. I’ve been interested in the stock market since I was a child and had aspirations of getting involved in it when I got old enough. Unfortunately, once I was old enough to understand the true intentions of our “markets” I lost all interest because I saw who the markets were designed to support… and it’s not the common retail investor. I hope you can understand these frustrations and make an effort to begin to turn the tide for the retail investor. Best. Austin Baron