Kevin Ortegel Comment On Regulatory Notice 21-19
I fully support this effort to improve short interest enhancements. When bad actors are allowed to create a synthetic share out of thin air through dishonesty and illegal activity, they pose the potential to put the entire financial system at risk. If "market makers" are allowed to break rules, including the creation of millions of fake shares, they are given the power to destroy companies, established an uneven playing field, and even destroy economies. Look at AMC and GME right now. Under no circumstances should anyone or any investment entity be allowed to create so many synthetic shares that it puts the entire financial system at risk when the fake shares require settlement and have a negative impact on our trading system that should be open, transparent, and fair. As a retail investor, with access to loads of trading data, should be able to see what others do in the realm of shorting stocks, and those shorted stocks should be negated when the initiator of the short cannot back it up with a borrowed share. Synthetic shares should not be allowed at all under any circumstances, and should be considered market manipulation.