My comments submissions are: 1. The purpose of this change is to improve transparency within the market to counter fraudulently or bad actors having the ability to circumvent reporting mechanisms for their own gain, and often the loss that retail investors suffer as a result when operating within the market. This premise should underpin how all comments are reviewed and revisions incorporated. 2
I am writing to FINRA to comment today, pursuant to 15 U.S.C.A. § 78i, titled Manipulation of Security Prices, to prohibit manipulative and deceptive tactics that artificially depresses the price of AMC Entertainment and other securities in contravention of the laws of the United States. Section 78i(a) clearly states that "It shall be unlawful for any person, directly or indirectly, by the
Every share should be tracked with unique identifier/label. Every share should have to be located and lent only once. Every order should be delivered T+2 or fails mean large cost penalty, greater than or equal to price if share. Every short position updated with FINRA daily. Even the playing field.
More transparency on short sales is for the greater good of markets. If a couple retail investors can run up a dead company like GameStop, just imagine what these large dollar firms are capable of doing to manipulate the markets without their buddies help. Then imagine a handful of these firms acting together for the same greater purpose.
You should not be able to sell something you don’t own. If borrowed; must have in possession and not “ we can get them later”. Also fail to delivers must be covered in a shorter timeframe. Honestly there should not be any fails to deliver. Short information should be readily available and not 2 days out. After the fact.
Every share should be tracked in a live public database with a unique identifier. Every share should be located and lent only once. Every order should be delivered T+2 or fails to deliver are actually costly penalties along the lines of 10x cost penalty. Every short position should be updated with FINRA daily.
This is my second letter to you. We dont need more government regulation on investing. I am a small investor with an IRA. I have a small amount to invest outside of the IRA. However I choose not to invest that money because capital gains tax would eat up any profit. If you want to help the small investor then give us a $10,000 exemption for short and long term capital gains tax in each tax year.
I am in favor of Notice 21-19 and believe it is imperative that changes be implemented to level the playing field between retail, institutional and large firms concerning available information. Any changes that bring information to retail investors quicker and more accurately, such as short interest and FTD data, cannot come soon enough and is long overdue.
My main focus is on both leveraged and non-levered index ETF's for the DOW, Nasdaq and S&P, both long and inverse. I feel more comfortable investing in the market as a whole as opposed to individual stocks. They also allow me to protect my IRA on downturns as I am not allowed to short individual stocks and would find that far riskier. Please reconsider your proposed changes.
I would like to see a more transparent market with instant short position reporting to the general public. I would also like to see instant reporting of any failure-to-delivers. I think this information should be public to any retail investor instantly and easily with no delays. I believe this will help limit manipulation and allow the market to be free and fair.
