Apr. 20, 2022
To whom it May Concern: I am writing to you as a concerned retail investor at my disapproval of the proposed SR-NSCC-2022-801. Specifically I am highly disturbed by the content of this new proposed rule that would effectively allow for FTDs (Failure To Deliver) to continue and worsen, which can be abused by market makers and used in conjunction with illegal naked shorting and abusive dark pool trade routing to control and suppress the price on security trading. This does not in any way benefit investors and in fact could be extremely harmful, which is anathema to the entire purpose of the SECs very existence. Please do not allow SFTs (Security Financial Transactions) proposed in this rule, to create an avenue in which FTDs can abused and never be closed. In today’s day and age, there is no reason for FTD’s to exist when trades can happen in microseconds, however, this is beyond the scope of the proposed rule. The proposed rule SR-NSCC-2022-801 is not acceptable and creates an opportunity to harm retail investors and it violates our rights for a free and fair market. While I stay informed on many of the rules proposed, this is the first time I am writing to comment and the third time I’ve seen this rule (or similar rule proposed). Please remove this proposed rule and furthermore please do not try to propose something similar again in the future, as iterations of this have been rejected in the past and continue to be rejected by educated investors each time it has been proposed. Thank you in advance for your timely attention to this matter. Sincerely, Kevin Kwan Retail Investor