Morgan McKay Comment On Regulatory Notice 21-19
Illegal short selling has decimated my personal savings. FINRA has done nothing. SEC, nothing. Please get around to making it stop.
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Illegal short selling has decimated my personal savings. FINRA has done nothing. SEC, nothing. Please get around to making it stop.
FINRA 21-19 is a long overdue change. It is clear that the integrity of the United States market has been strained to the edge of disaster, in large part due to systemic risk developed under the regulatory authority of FINRA's outdated short interest reporting policy. While many of the policies mentioned in Regulatory Notice 21-19 address the general breadth of exploitable and ineffective reporting, they also leave significant specific gaps that could compromise the entirety of 21-19's purpose.
The current practice of short interest reporting is flawed, as Market Makers are legally allowed to naked short for the sake of liquidity, and have means to "clear" FTD's without needing to buy the underlying stock. The enhancements proposed by FINRA would greatly enhance the visibility of short interest in the market, and allow investors to choose stocks wisely while being able to see the bigger picture, which historically has been kept from them. "Under current Rule 4560, firms report to FINRA the gross short interest in a security aggregated across all accounts twice a month.
Wow. Looks like if you enact all of these, you might have some idea of how much you colossally failed to do your job. The total inadequacy of security regulation in the USA should make every past and present employee of these organizations embarrassed. People saw this before and had to just take it... one man against the population. Now, you cannot silence us and we ll expose every corrupt member. The internet doesn't forget, even when you let google and twitter try to silence our message. Even when you let billionaires take retail funds with total impunity.
The lack of transparency with short interest is triggering a crisis of confidence in the US markets. The uncertainty regarding systemic risk is creating a systemic risk in and of itself. The crisis is just beginning.
FINRA 21-19 is a long overdue change. It is clear that the integrity of the United States market has been strained to the edge of disaster, in large part due to systemic risk developed under the regulatory authority of FINRA's outdated short interest reporting policy. While many of the policies mentioned in Regulatory Notice 21-19 address the general breadth of exploitable and ineffective reporting, they also leave significant specific gaps that could compromise the entirety of 21-19's purpose.
FINRA 21-19 is a long overdue change. It is clear that the integrity of the United States market has been strained to the edge of disaster, in large part due to systemic risk developed under the regulatory authority of FINRA's outdated short interest reporting policy. While many of the policies mentioned in Regulatory Notice 21-19 address the general breadth of exploitable and ineffective reporting, they also leave significant specific gaps that could compromise the entirety of 21-19's purpose.
Please please please change short position regulations to account for arranged financing of synthetic shorts. The US's economic system has become beyond strained and failure to account for synthetic shares both creates an enormous assymetry to the detriment of retail investing and also contributes to contribute malfeasance by unscrupulous hedge funds, market makers, and their enablers. FINRA has the power to do good here, and I hope you take this matter seriously. Thank you for your time!
Are you guys going to protect free markets and repair the confidence of retail investors, or are we just going to watch this [REDACTED] show derail as rich cronies slowly run out of middle class investors and businesses to cannibalize.
FINRA 21-19 is a long overdue change. It is clear that the integrity of the United States market has been strained to the edge of disaster, in large part due to systemic risk developed under the regulatory authority of FINRA's outdated short interest reporting policy. While many of the policies mentioned in Regulatory Notice 21-19 address the general breadth of exploitable and ineffective reporting, they also leave significant specific gaps that could compromise the entirety of 21-19's purpose.