Chris Dasconio Comment On Regulatory Notice 21-19
We want T-0 settlement. We want transparency. We want jail time and not fines for breaking rules. We want a fair stock market.
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We want T-0 settlement. We want transparency. We want jail time and not fines for breaking rules. We want a fair stock market.
With all due respect, your current rules are useless and are easily ignored and/or side-stepped. There is no transparency in the sector concerning shorts. Numbers are self-reported and easily manipulated, hidden, or misrepresented. Without mandated, accurate, and daily transparency of short data, the entire stock market is subject to malfeasance. The retail investor, as well as institutional investors are at a severe disadvantage without transparency concerning short positions established on a daily basis.
Enforce the rules, it’s not possible to have float greater than available shares, that is called synthetic shares. This is illegal.
Investors make decisions based on rules and laws provided. All participants in the stock market should be held accountable for the same rules and laws. As of right now there are millions and millions of retail investors who are expecting rules to be followed by short positions, and regulating agencies, and are suffering consequences because they are so clearly and blatantly cheating the rules. If any one of us did exactly what hedgefunds are doing now we'd get jail time. Market regulators are making an [REDACTED] out of themselves and the institution by sitting doing nothing.
SSR is a solid rule especially for organic trading between bulls and bears. More often than not, when the SSR is triggered, it’s caused by a malicious entity aggressively shorting the stock. Obviously the annoying thing is that SSR doesn’t stop the shorting, it almost doesn’t affect its momentum. Big trading firms will use an aggressive short ladder attack to bypass SSR… Nothing is necessarily wrong with the ruling itself, it’s the malicious / illegal activity around SSR that makes it useless..
Changes that I see as needed in no particular order of import: 1. All borrowed shares should be tracked in the system and only be able to be lent out 1 time maximum. No more than 200% of the entire float at one time. Shareholders should be be paid the lending fee directly and then the broker can take out what fee they deem necessary. This transaction should be transparent to the investor and should be less than 5% or whatever interest rates are for big banks savings accounts. They are the shareholder's property and should be treated as such. 2. T+2 needs to be abolished.
When it’s more profitable to break the law there will never be the change that is needed in the markets. Making 100 million dollars illegally and it only costs 25 million in fines equals a profitable business model. Why would they EVER follow rules??? The system is broken, rigged and allows outright theft, fraud and manipulation.
I believe it’s important and critical in keeping track and reporting shorting of stocks. We must have a better understanding where all the stocks in circulation is going so we know when the price of a security is manipulated or not. There are so many holes in the system
I would like to see better enforcement of the short sale rule (SSR). There have been days where the SSR was triggered on AMC but then the next day I’ve seen multiple red candles following red candles and that goes to show that the SSR rule is not in fact being enforced because you can only short on upticks (green candles) and not continue shorting on downticks.
How about you do something about the naked shorting once and for all?!?!