Apr. 20, 2022
To whom it may concern, I am a retail investor, and would like to make my thoughts to this proposed rule known. This rule flies in the face of fair market mechanics, and gives unlimited power and scope to bad actors who would abuse such mechanics. It is set in place to "alleviate Fail To Delivers", but in action does nothing to eliminate them, and in effect protects the action of naked short selling, which is ALREADY ILLEGAL. Derivatives, which have underlying risk by their nature, need to be eventually closed. If an institution made a bad investment in a fair market, then they must pay their dues. Trades cannot be backtracked, like what happened with nickel on the LME. Otherwise, there are no free market and the whole institution is nothing more than a front for a corrupt system controlled behind the scenes with off-exchange deals. This aforementioned rule leverages the complexity of financial vehicles to put power in the hands of institutions, effectively safe-guarding them from their own bad bets. Passing this new rule would only further deteriorate the American public's faith in a "free and fair market". I urge you to withdraw this proposal immediately for said SR-NSCC-2022-003 rule. Joseph Perreault, Retail investor