Thank you for the opportunity to make comments. I will begin by saying that short selling should be banned in the United States. It is antithetical to the law of supply and demand, is being abused by hedge funds and market makers and obscures transparency. Seeing as how FINRA and the SEC will not ban short selling here are some of my other suggestions 1. Each Individual Stock Share should have a unique identifier attached. No transaction should take place without the specific share unique identifier being transmitted to the buyer or borrower. Investors should know if the share they are buying is a short share or not! BTW I might not get a piece of paper when I buy a share of stock but at least give me a number. 2. We have super computers now… We should use them. 3. Brokers should be mandated to display the current status of each share of stock for each stock listing by major category. If you can show the same price worldwide second by second… You should be able to show the status of every share (institutional, EFT, float, borrowed) 4. Any short share borrow should be immediately reported, available for the world to see like the stock price and Adjudicated within 24 hours. 5. Fails to deliver should immediately incur a fine of double the borrowed price. 6. All dark pool transactions should immediately be terminated and any dark pool transaction should be fined immediately with a fine of double the share price of the transacted share! I guess that is it for now. Now for a personal comment. FINRA and the SEC are supposed to be protecting our financial system. Too many major players are getting away with serious crimes and not suffering any consequences. This is wrong. You know it, I know it, the world is figuring it out. Please do your jobs and get the corruption out of our finance system and our markets! Thank you.
John Spillane Comment On Regulatory Notice 21-19
Thank you for the opportunity to make comments. I will begin by saying that short selling should be banned in the United States. It is antithetical to the law of supply and demand, is being abused by hedge funds and market makers and obscures transparency. Seeing as how FINRA and the SEC will not ban short selling here are some of my other suggestions 1. Each Individual Stock Share should have a unique identifier attached. No transaction should take place without the specific share unique identifier being transmitted to the buyer or borrower. Investors should know if the share they are buying is a short share or not! BTW I might not get a piece of paper when I buy a share of stock but at least give me a number. 2. We have super computers now… We should use them. 3. Brokers should be mandated to display the current status of each share of stock for each stock listing by major category. If you can show the same price worldwide second by second… You should be able to show the status of every share (institutional, EFT, float, borrowed) 4. Any short share borrow should be immediately reported, available for the world to see like the stock price and Adjudicated within 24 hours. 5. Fails to deliver should immediately incur a fine of double the borrowed price. 6. All dark pool transactions should immediately be terminated and any dark pool transaction should be fined immediately with a fine of double the share price of the transacted share! I guess that is it for now. Now for a personal comment. FINRA and the SEC are supposed to be protecting our financial system. Too many major players are getting away with serious crimes and not suffering any consequences. This is wrong. You know it, I know it, the world is figuring it out. Please do your jobs and get the corruption out of our finance system and our markets! Thank you.