Skip to main content

Scott Miller Comment On Regulatory Notice 21-19

Scott Miller

Well, where should I start. I haven’t been trading long, approximately two years, but in that short time it’s become completely clear that every rule/restriction set in place benefits hedge funds and short traders. Dark pool is an absolute mind blowing joke. Shorts can just trade large order stocks back and forth, with no transparency, and drive the price downwards at any given time. That’s just the tip of the iceberg though. SSR is not enforced at all, and Hedge funds have basically no penalties for FTD’s. No time limits to deliver their shorted stocks back, and obviously they have the money to wait out the regular retailers until they deliver the securities if they ever do. Naked shorting is happening in large quantities every day with seemingly no penalties and so much more. I guess the real issue I have is, it shouldn’t matter if you’re low level day trader or a Billion dollar hedge fund firm, their must be accountability and they should ALL have to deliver in a timely matter. The interest paid can, yes, be difficult for a regular retail trader, but Billionaires can pay a measly interest fee day after day, month after month, with no issues. T+21 never seems to actually happen. Just something else that is never enforced. The TRCH/Meta merger is a perfect example of the corruption taking place. The merge has been taking place for weeks because changing the CUSIP has been a mess with the thousands of counterfeit shares. I don’t know if this will have any impact at all, but my general confidence in the stock market is extremely low after all the manipulation I’ve witnessed in a short amount of time.