Subject: File No. SR-NSCC-2022-801
From: S.C.B., PhD
Affiliation: Academic Researcher

April 23, 2022

So deceptive language and creative phrasing aside, this is essentially a proposal to add a layer of tradable derivatives on top of uncovered obligations that are not able to be covered by in a timely fashion by an institutional entity. Further, the responsible entity seemingly being bailed out by this new system has in many cases profited by not covering the obligations all while the shares of a publically traded American company and its investors have suffered? Please tell me this is a joke and you clowns are not this evil and stupid setting Reg SHO on fire rather than putting a stop to the rule breaking, manipulation, and corruption.