Apr. 20, 2022
Dear SEC, Firstly, I would like to confirm that I hold the majority of my life savings in US stocks, including a large percentage of my retirement pension, of which I have spent 35 years saving. I therefore rely heavily on the protection of the SEC to ensure the safety of my financial future. I am writing with regards to File No. SR-NSCC-2022-003 and the implications for retail investors in the US markets. I believe that the proposed rule change should NOT be passed as it further adds to the lack of transparency and accountability in the markets. Such a change would remove the level of risk and accountability held by market participants wishing to short shares, encouraging higher levels of negative short selling to the detriment of the investors and pension funds holding such stock. In addition to making it easier for funds to short high volumes of stock with reduced financial exposure, the rule changes would also enable such short positions to avoid Failure To Deliver (FTD) and encourage further rehypothecation of already lent shares. I already believe that such strategies are undermining the US stock markets, preventing fair price discovery and destroying confidence in the US for investments. As the role of the SEC is to protect investors, I believe passing the referenced rule change would go against the purpose of the SEC and have a negative impact on the investors you are charged with protecting. In a market already leveraged beyond comprehension, do you really want to allow more fuel to be thrown on the fire? I trust you will make the right decision and reject the proposed rule change in its entirety. Yours gratefully, Simon Mitchinson ___________________________________________________________________________ CONFIDENTIALITY NOTICE: The contents of this email message and any attachments are intended solely for the addressee(s) and may contain confidential and/or privileged information and may be legally protected from disclosure. If you are not the intended recipient of this message or their agent, or if this message has been addressed to you in error, please immediately alert the sender by reply email and then delete this message and any attachments. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited. www.oxinst.com/email-statement for regulatory information.