April 20, 2022
I believed that we already had a SFT Clearing service. There is no reason to create another except to hide fraud committed by the various parties and members. That fact that we live in the 21st century and have Failures-to-Deliver is preposterous. If the NSCC cannot clear the millions of transactions in the market every minute now, why are we to believe that by adding additional complexity they will be able to. The NSCC has been hiding the fraud of its members. This additional Clearing Service will only make the American Tax Payer the bag holder when all of the institutions default. We will not bail them out this time