Kyle Bingaman Comment On Regulatory Notice 21-19
Transparency, Equality, Fairness, Expediency, and RULE enforcement All of these qualities MUST exist in a FAIR and OPEN marketplace.
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Transparency, Equality, Fairness, Expediency, and RULE enforcement All of these qualities MUST exist in a FAIR and OPEN marketplace.
In regards to notice 21-19, I feel any and all available information regarding short interest and shares affected be open and publicly available information, ideally on a daily basis. We have the means to update this information in a real time way and thus should do so for all shareholders. The stock market has a lot of untrusting investors currently due to the way hedge funds have handled their positions w/ so called "meme" stocks.
All short positions should be reported including synthetics (why does that even exist). Every share should have a unique identifier that can’t be lent out multiple times (like we used to have with physical paper). Maybe we could have a free capitalist economy if competition was allowed and the best companies perform the best. A company shouldn’t be shorted and driven to bankruptcy because someone has enough money to destroy it. Reporting all short positions would discourage this behavior.
Saw this comment in one of the previous comments so I decided to use the same verbiage. “ Hello FINRA, I saw you are looking for comments on 21-19, regarding short positions. As I see it, the current US market is full of nothing but fraud, with the regulatory agencies being complicit.
Every share should be tracked with unique identifier. Every share should be located and lent only once. Every order should be delivered T+2 or fails mean 10x cost penalty. Every short position should be updated publicly with FINRA daily. Shares should not be allowed to be purchased on a dark pool and then sold on the open exchange.
As I understand it FINRA is looking to enhance the requirements around reporting short interest positions. I have this to say about reporting methods and data. We are in a world surrounded by fast moving data. We can call a loved one across the globe in a blink of an eye, share a tele-conference with hundreds of listeners, or place thousand dollar order in seconds. Technology has evolved and with our ability to make decisions based on data provided to us through technology. The fact that short interest data only has to be reported twice a month is outrageous.
Shorts need to be reported daily. The stock market needs more transparency and less manipulation. This will only help ensure a fair market for ALL investors.
While these increased reporting requirements around the currently broadly abused short selling practices in the stock market (including naked shorting, mis-reporting longs as shorts, re-hypothecated shares, married puts/calls, and fails to deliver) are a step in the right direction, the proposed changes do not go far enough to provide transparency and fairness to the public.
I would like for more transparency when it comes to sharing trading information, especially considering shorts.
I request that ALL shorting must be reported daily, and that ALL dark pool trading must be reported daily. Also all dark pool trading MUST be bought and sold within the dark pool, or all LIT trading is bought and sold in the LIT market. Not trading all the buy orders into the dark pool and sells into the LIT market. Honestly the dark pool should not even exist. Shorting needs to be redone as well, options trading is basically gambling.