Apr. 21, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. To the SEC: The proposal SR-NSCC-2022-003 is highly objectionable on the grounds that its effect will be to cover up and perpetuate a failure to deliver (FTD) problem that should not exist in the first place. The SFT system allowing effectively endless FTDs is a farce. The fact that long term FTDs are allowed on any scale at all is borderline fraudulent but creating a system that can allow them to exist indefinitely ends any pretense of a fair market. The justifications of “providing liquidity” or “market efficiency” serve to obscure the true effect of this proposal. Sincerely, A concerned investor.