To whom it may concern, I would like to voice my concerns regarding the following: Naked short selling High frequency trading algorithms Payment for order flow Dark pools Over the course of 2021, meme stocks have made quite a splash in financial markets and exposed what would constitute fraud for the average person, but turns into "savvy investing" for financial institutions. The government has allowed the circumstances which caused the 2008 crash to reinsert themselves in our financial markets. I cannot sell an item I do not own, yet somehow the government allows payment for order flow apps like Robinhood to permeate, while simultaneously allowing the same people paying for the flow to route share purchases through off-market dark pools, likely filled with synthetic shares from naked shorts, to curtail buying/upward momentum and retain a lower share price for the purposes of defrauding the public at large. It hamstrings a businesse's ability to raise capital and pivot to something more profitable through share dilution and undoubtedly leads to many businesses to fail. To allow these practices to continue is antithetical to what it means to be an American and one can easily make the argument that the government has been complicit in the process. I hope for everyone's sake I am incorrect but I have not seen any evidence to the contrary. Please see the rise of these stocks as a warning for the entire financial system as a whole. Sincerely, A concerned citizen
Kevin McCarte Comment On Regulatory Notice 21-19
To whom it may concern, I would like to voice my concerns regarding the following: Naked short selling High frequency trading algorithms Payment for order flow Dark pools Over the course of 2021, meme stocks have made quite a splash in financial markets and exposed what would constitute fraud for the average person, but turns into "savvy investing" for financial institutions. The government has allowed the circumstances which caused the 2008 crash to reinsert themselves in our financial markets. I cannot sell an item I do not own, yet somehow the government allows payment for order flow apps like Robinhood to permeate, while simultaneously allowing the same people paying for the flow to route share purchases through off-market dark pools, likely filled with synthetic shares from naked shorts, to curtail buying/upward momentum and retain a lower share price for the purposes of defrauding the public at large. It hamstrings a businesse's ability to raise capital and pivot to something more profitable through share dilution and undoubtedly leads to many businesses to fail. To allow these practices to continue is antithetical to what it means to be an American and one can easily make the argument that the government has been complicit in the process. I hope for everyone's sake I am incorrect but I have not seen any evidence to the contrary. Please see the rise of these stocks as a warning for the entire financial system as a whole. Sincerely, A concerned citizen