Apr. 20, 2022
Good day, The following is my comment for File Number SR-NSCC-2022-003: The US stock market already lacks transparency and accountability for large institutions, so I’m very disappointed that this rule is being proposed. I've read every page of the proposed rule 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 who 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 when the security needs to be "delivered." This is very frustrating to see rules like this being proposed that only favour reckless institutions. Hopefully you'll consider the words of retail investors more with your decision making on regulations, as we've been educating ourselves a lot more over the past couple years. Please withdraw this proposed rule. Sincerely, Scott Seidler