Apr. 20, 2022
Proposed rules SR-NSCC-2022-003 and SR-NSCC-2022-80 do nothing but continue to erode investor confidence in our "fair" markets. If market makers, banks, and hedge funds continue to be able to bend the rules at their will in the interest of "providing liquidity", our system will continue down the path of failure it has been on since well before 2008. This rule destroys price discovery and accountability. If I were to fail to deliver on my bills, I would have to pay the market price for the service I have utilized plus interest. I could not provide an IOU and continue to kick the can down the road until the price is something that I would prefer to pay. These large financial entities already have extreme advantages by utilizing real time data, high frequency trading, and payment for order flow to get a leg up on the competition (especially retail investors). If they then are allowed to write off their losses when they make a bad trade, then there is no fairness left in the American stock market and many retail investors will refuse to participate. The world is watching carefully, and we will know if you continue to allow the financial pillaging of this country through your corruption. Do the right thing and protect our markets as you're supposed to. Signed, Mason Undercoffer