Thank you FINRA for opening the opportunity to comment on Regulatory Notice 21-19 to all investors. Theoughout Throughout last two years, I, along with many others, have enjoyed expanding my knowledge base of the stock market. The more I've learned about the stock matket, the less faith I have in the system. I can open an app on my smart phone anywhere in the world, send money through my bank, and the other party will recieve the money within 30 minutes. Yet if I make a stock purchase through my broker they have T+2 days to locate the stock. I now know that in some instances the settlement isn't made which results in a failure to deliver. If I tried this in the real world, I would be in prison for theft, yet large institutions are allowed to "steal" from investors to provide liquidity to the market. To make matters worse,, some of those same institutions that process my order are allowed to bet against me (short sales) with seemingly infinite amounts of money by creating synthetic shorts. Again, if I were to sell a car I don't own in the real world, I would be arrested. But institutions are allowed to do this as long as the attempt to find the share. Then those institutions only have to report their position twice a month, and even though they can see every one of my positions I have to dig to see theirs. This is not a fair and transparent system. I don't see that short selling provides any benefit to the markets, and it should be eliminated. If they are allowed to remain, these positions should be required to be reported on a daily basis, and should be easily viewed by anyone who wants the information.
Jesse Rousset Comment On Regulatory Notice 21-19
Thank you FINRA for opening the opportunity to comment on Regulatory Notice 21-19 to all investors. Theoughout Throughout last two years, I, along with many others, have enjoyed expanding my knowledge base of the stock market. The more I've learned about the stock matket, the less faith I have in the system. I can open an app on my smart phone anywhere in the world, send money through my bank, and the other party will recieve the money within 30 minutes. Yet if I make a stock purchase through my broker they have T+2 days to locate the stock. I now know that in some instances the settlement isn't made which results in a failure to deliver. If I tried this in the real world, I would be in prison for theft, yet large institutions are allowed to "steal" from investors to provide liquidity to the market. To make matters worse,, some of those same institutions that process my order are allowed to bet against me (short sales) with seemingly infinite amounts of money by creating synthetic shorts. Again, if I were to sell a car I don't own in the real world, I would be arrested. But institutions are allowed to do this as long as the attempt to find the share. Then those institutions only have to report their position twice a month, and even though they can see every one of my positions I have to dig to see theirs. This is not a fair and transparent system. I don't see that short selling provides any benefit to the markets, and it should be eliminated. If they are allowed to remain, these positions should be required to be reported on a daily basis, and should be easily viewed by anyone who wants the information.