Subject: File No. SR-NSCC-2022-801
From: Troy Hitchcock
Affiliation: MBA, MSF

April 20, 2022

Please explain how a rule to assist obfuscating Failures To Delivery (FTD) is a good thing? I was always taught that FTDs are indicative of an inefficient market, hinder price discovery and may be sign of fraud. Again please explain why a rule is needed to hide FTDs?