October 16, 2021
This rule shows incredible contempt for retail stockholders.
The fact that the NYSE and SEC would even contemplate the cessation of trade for a single class of stockholder (retail), while allowing trading to continue for another class of stockholder (well connected), makes many of us realize that the United States is probably no longer the right country to invest money in.
If there is a halt in trading, it needs to be for everyone, large and small alike, and the penalty for violating the trading rule needs to either be jail time or a percentage of Assets Under Management for funds, since million dollar magnitude fines seem to be a cost of doing business for wealthy traders and funds.
I would support a complete cessation of ALL trade for ALL NYSE stocks if there is a systemic problem large enough to warrant a complete market shutdown.
Another shocking loophole in this proposed rule is the clear ability for the NYSE to \"delist\" a stock on their whim. The rule allows any stock to be delisted for as long as the Board wishes to suspend indefinitely.
The fact that the filing then has the gall to say that having the power to shut off retail trading, while allowing institutional trading, for any time period they want, including forever, is:
\"designed to prevent fraudulent and manipulative acts and practices\",
\"designed to promote just and equitable principles of trade\",
and
\"designed to remove impediments to and perfect the mechanism of a free and open market\"
is appalling. If anything, it is the exact opposite on all three counts.
If this complete mockery of an argument is allowed to upend the concept of a fair market, I guess we all deserve what we get for trying to invest in the good businesses of the United States.
I pray that you deny this application for this horrific rule change.