Apr. 20, 2022
Hey SEC, If a market participant FAILS TO DELIVER there is a problem. Its obvious and simple to see. The term FAIL TO DELIVER should raise a red flag to the SEC for investigation. This rule change obfuscates this market mechanism and renames it an "SFT". This alone is a red flag because the rule change could make detecting fraud in markets harder. Now, why would a market participant want to hide their FAILURE TO DELIVERS? It would seem that someone made a poor decision with their trades and instead of letting it play out in a fair and free market, they want to change the rules. It's like busting in a game of blackjack but telling the dealer that if he trades the up card for your king + a few bucks, we can forget that I lost. It's illogical because doing this affects the rest of the hands in the game, who were fine playing by the rules. Now that you've changed the rules for this guy who made a bad bet, everyone else will want to change the rules because he got away with it. If anything, you need to figure out how these FAIL TO DELIVERS are happening in the first place and put an end to it, because naked shorting is mostly illegal, but always bad for markets to begin with. Best Regards, Green Cactus