April 20, 2022
To whom it May Concern:
I am aware that the content of this new proposed rule would effectively allow for FTD's (Failure To Deliver) to continue and worsen, which is seemingly being drafted for the sole purpose of allowing our fair markets to be abused by market makers to control and suppress the price on security trading. As an individual retail investor this is highly disturbing. This does not in any way benefit actual investors, who expect due payment from the correct parties whenever a security is bought or sold for a profit, that is literally the point of the stock market. It is clearly evident to myself and others exactly why this proposition is even being proposed in the first place, and it is not reassuring in the slightest to imagine that this proposed rule is supposed to be for the betterment of all investors in the American markets. I understand regulation by litigation is the usual way that the SEC goes about its business, but this is a blatant attempt to be able to favor enormous institutions over literal individuals when it comes to securities transactions.
Even though I am sure that if the powers that be insist that this rule be passed it will, but as an individual retail investor I am stating that I truly do not want this rule passed. Please do not allow SFT's (Security Financial Transactions) proposed in this rule, to create new and potentially endless layers of rolling over/can-kicking to be allowed, whereby the very real financial obligations of the FTD's get passed along instead of settled, which is a clear and gruesome sign that this rule is only meant to benefit specific, large institutions. I can see how it provides stability in the moment, but, again, that stability is only in favor of specific large institutions who would be the only ones benefiting from a rule such as this, and that is without even going into extreme detail about how those specific large institutions are most definitely in an unfavorable position that requires the passing of this proposed rule in order to effectively weasel out of a bad bet.
It also allows for abusive practices where market makers are never accountable for their failings. This is not acceptable and creates an opportunity to harm retail investors, beyond how harmed they already are on a trading day to trading day basis, and it violates the rights of all individual retail investors for a free and fair market. I understand that the corruption in and the manipulation of the markets is thoroughly embedded, so much as that it could be described as just being \"part of the game\", yet this is tantamount to false advertising at best, and complicity at worst.
Please remove this proposed rule and furthermore please do not try to propose something similar again in the future. Iterations of this exact rule have been rejected in the past and continue to be rejected by educated investors every time they resurface, because it amounts to a colossal waste of time for all parties involved.
The mission of the SEC is to look out for the well-being of all investors, not just the investors with deep pockets and connections to Wall Street, so I would propose that you redirect your attention to doing so.
Thank you in advance for your attention to this matter, and for taking public comments. Please live up to your obligations and help all investors from flagrantly telegraphed predatory activity and behavior by Wall Street financial institutions.
Sincerely,
John William Jones III, retail investor