Rafael Figueroa Comment On Regulatory Notice 21-19
FINRA should provide daily updates on short interest and failure-to-delivers. If that isn't feasible, then at minimum a T+1 timeframe should be implemented. Rampant naked shorting along with a financial toolbox that favors large institutions goes against what a free market is all about. As a retail Investor, I do not have the same means or access to the types of information that larger institutions do, which allows them to make better informed decisions and in effect, keep someone like myself from being able to make informed and profitable moves in the market. Further, the penalties that are levied against offending institutions and hedge funds amount to nothing more than a sternly worded letter. The lack of real financial penalties against illegal actions like naked shorting does nothing to stem the tide of illegality and serves to further erode American trust in the financial market. Unless there is a constant flow of fresh information that is available to all participants in this free market and a marked increase in the penalties associated with financial malfeasance, my trust along with the trust of any individual who seeks to participate in a fair market will dwindle and force us to remove ourselves from the market entirely.