October 16, 2021
The passage of this rule has clearly gives the potential to hurt, millions of retail investors.
The NYSE states that their purpose for proposing this rule is to \"remove impediments to and perfect the mechanism of a free and open market and a national market system.\" Nothing could be further from the truth. The passage of this rule gives power to one individual to halt trading of \"any and all\" securities based solely on that individual's opinion. These are the hallmarks of communism, not of a free market.
If the NYSE is truly interested in supporting a free market, then they need to let the market be free, rather than subjecting it to the whims of a single individual who would, no doubt, cave to the demands of Wall Street institutions at the expense of all retail investors.
This rule is not in the best interest of a free and fair market, how long will the SEC decide to give away the rights of retail investors under the false pretense of help.
This goes against everything the NYSE is supposed to stand for, in the wake of short sighted changes like these faith in the market will evaporate. The eyes of the world are on the SEC to stand up to the blatant corruption of Wall Street against the the individual investors they depend upon.