Aug. 10, 2022
SR-OCC-2022-803, Notice of Filing of Advance Notice Related to an Expansion of The Options Clearing Corporation's Non-Bank Liquidity Facility Program as Part of Its Overall Liquidity Plan This rule change MUST be rejected. It is a disgusting rule that is attempting to turn off margin calls for industry insiders, which is very obviously against the interested of every retail investor in the world who has money in US markets. The rule change is clearly written for the purpose of letting bad actors (certain OCC members) get away with creating obscene gambling debts on the markets, offloading their "bags" (risk) onto unsuspecting pension funds. There is absolutely no possible fair reason why regular people's pensions should be backing any wild Wall Street speculation. This is very similar to what happened in 2008 and it's abhorrent that the people steering the ship are considering, nay attempting, to let it happen again. More liquidity is NOT NEEDED, as market volatility is only a risk to those who made bad over-leveraged bets and hence those who DESERVE to fail. If a member defaults / fails a margin call, their assets must be liquidated promptly, as is only fair. This is what happens to retail investors and it would be a double standard to set any other rule for industry insiders. Market conditions and volatility are irrelevant, they MUST be liquidated promptly. Any delay in liquidation for the purpose of reducing volatility is literally market manipulation and is criminal in my opinion (and the opinion of possibly millions of other retail investors). By approving this rule the SEC is directly complicit in this crime. I get that the OCC are trying to cover their own asses here too, but the SEC does not need to allow this. Stand up for the actual real people for once, not the billionaire boys club that thinks it can bleed the world dry without a fight. Do the right thing. Thank you.