NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? 😃

Hey folks,

You might have already seen - but the hero we know as WhatCanIMakeToday has created this masterpiece of a post 🏆

👆 Seriously, check it out - it's also pinned in the community collection at the top of this sub.

And in sheer celebration of it's excellence, we're going to compliment this fine piece of mastery by breaking down what it all means exactly - and how the rest of us crayon-lovin' apes can get in on the action as we remove Wall Streets "get out of jail free" card.

Because I think we're all done with this monopoly, and it's time for the structures to come down.

So strap in folks, we're about to show Wall Street what they're up against 😎

Felt cheated in the Wall St casino? You probably were.  We've been robbed and the rules of Wall St's casino allow them to. The National Securities Clearing Corporation (NSCC), which clears and settles stock trades, has a Rule for throwing out rules [NSCC Rules]. The playing field has never been level.

TL:DR(s):

Hold on to your hats guys, because this rule's a real stinker 💩

• ⚠️ Rule 22 allows NSCC officials to change or ignore timing and procedural rules at their discretion.
• AKA - They have the power to ignore the rules whenever they want.
• ⚠️ Officials can waive requirements - like immediate liquidation of failing positions.
• AKA - Officials can decide not to close out short positions (like GME) if it might "disrupt the market".
• ⚠️ Changes must be reported but don't have to be fully disclosed to the public.
• ⚠️ These rule deviations can last up to 60 days without additional approval.

And when it comes down to it, market participants like:

• Brokerage firms
• Investment banks
• Hedge funds
• Asset managers

Can take excessive risks, knowing the NSCC will cover costs if they fail.

This also leads to “Too Big To Fail” scenarios, where risky behavior (aka, Wall Street Casino gambling with the stock market - sigh) is incentivised. Because what's the risk, when the rules don't matter.

Yeesh.

Me neither dude, me neither.

We don't want to see Wall Street exploiting every loophole and rule change to avoid responsibility when the market starts getting a little chaotic, right? 🚀🚀

So we're going to throw out their rule for throwing out rules. With a petition.

And it's never been so easy.

So let's get into the stuff that keeps Wall Street up at night 😎😎😎

So what do we mean by "petition"?

Typically, when you think "petition" you might picture some local legend collecting signatures on street corners or knocking on doors to rally support for some important cause.

❌ But that's not what we're doing here.

No - this is all about putting the power back in your hands. ✅

And that starts with us submitting our thoughts in an email as we petition rule changes to the SEC. Sounds easy, right?

That's because it is - we can have a really important and positive impact on rule making by just as simply petitioning for or against rules as currently exist.

Check out the SEC page here:

If you wanna check out this resource yourself, you can do so here:

SEC.gov | Petitions for Rulemaking Submitted to the SEC

U.S. Securities and Exchange Commission

So that's exactly what we're going to do.

We're going to get into the excellent template that WCIMT has already made for us very shortly, it's a real banger - and if you don't want to wait, you can check it out [here].

But he's prepared a petition ready to send to the SEC to address, let's be honest, the shit show of a rule we're dealing with here—and here's a breakdown of what is discussed:

Summary of the Petition: Amend Clearing Agency Rules for Consistent Close Outs

🖊️ 📑🖊️ 📑🖊️ 📑🖊️ 📑🖊️ 📑🖊️ 📑

Problem with Current Rules:

• The NSCC can decide not to close out failing trades if it thinks doing so would disrupt the market.
• Members may take excessive risks because they know the NSCC will cover the costs if they fail, creating a “Too Big To Fail” scenario.

What we want changed:

• The NSCC should have clear, strict rules and procedures in place for closing out trades to prevent market disruption. No discretion allowed.
• Executives of failing members should be held responsible for up to five years of their compensation to cover the costs of closing out disruptive positions.
• NSCC rules should not allow exceptions or extensions without full public disclosure.

Why It Matters:

• Ensures that risks and costs are managed fairly and not shifted to the public or the NSCC.
• Prevents financial institutions from profiting at the expense of market stability and forces them to face the costs of their risky bets.

Rule Changes Being Proposed:

🖊️ 📑🖊️ 📑🖊️ 📑🖊️ 📑🖊️ 📑🖊️ 📑

• Rule 4: Executives of failing members must cover costs up to five years of their salary. This ensures managers are accountable for their company’s risks.
• Rule 18: Positions must be closed out promptly, regardless of market impact. This prevents delays and market distortions.
• Rule 22:
  • Option A: Require NSCC to publicly report any rule changes, extensions, or suspensions within 1 business day.
  • Option B: No rule changes, extensions, or suspensions allowed.

Pretty simple, right?

So now we got the basics covered, let's check out masterpiece that encapsulates all this into one, easy to copy & paste petition.

All ready for you to send 💪

Here it is, in all it's glory:

Prepare your eyes for a feast of excellence! 👀

Impressive, right?

Damn right.

And if you wanna get in on the action - you can check it out here [reddit link] , here [dismal link], or here [ready-to-copy pastebin].

Credit: WhatCanIMakeToday 👏👏👏

So now we've got our templates ready - what do with do with it next?

Drumroll please...... 🥁🥁🥁

1. Copy (template here)
2. Paste (into your email)
3. Send (press the button)

Easy, right?

And because WCIMT is so wonderfully clever, having already written a letter that is so unbelievably comprehensive that it boggles the mind with it's excellence, all you gotta so is follow these steps now t0 get in on the action:

You can find the letter templates ready to COPY/EDIT here:

🗣️ - here [reddit link]

🗣️ - here [dismal link]

🗣️ - here [ready-to-copy pastebin].

This template is all ready to send! All you got to do is COPY this into an email.

Want to spice things up a bit, make it your own but not quite sure where to start? I gotcha covered:

💻 💡 Work Smarter, not Harder - with ChatGPT

An AI Language Model designed to help you.

Consider inputting writing guides and prompts into ChatGPT to help you compose your own comment: → https://chatgpt.com/ ←

All you gotta do is paste the petition template, and prompt ChatGPT to help you rewrite the letter.

Here's a prompt to help you get started:

Using this letter template, can you re-word this petition for rulemaking to the SEC requesting amendments to clearing agency rules. The petition should propose changes to NSCC Rules 4, 18, and 22 to enhance market stability by eliminating discretion in close-outs, clarifying loss allocation, and including clawback provisions for executives. Emphasise the need for consistent procedures to avoid market distortions, ensure fair risk management, and improve overall financial system stability. Include a brief background explaining concerns about current practices and outline proposed changes with clear justifications. Be polite and professional.

🚨❗️ - YOU are the fact checker, read through your work before submitting to the SEC. ChatGPT is an AI language tool and can produce incorrect responses.

✅ EMAIL TO: [email protected]

✅ SUBJECT: Petition for Rulemaking: Amend Clearing Agency Rules for Consistent Close Outs

Helpful tip!

💻 💡Don't want to use your personal email? Why not sign up for https://proton.me/mail instead - for a more secure way of engaging.

Proton Mail is an encrypted email service based in Switzerland that protects your privacy and data from trackers and scanners. You can create a free account, switch from any email provider, and enjoy features like password protection, aliases, and scheduling.

And the last step is the easiest, most excellent one:

And that's it.

No seriously - that's all it takes, to take back control of your lives, and out of the clutches of ol' scammin, greedy Wall Street.

1. Copy (template here)
2. Paste (into your email)
3. Send (press the button)

Easy, huh?

And remember folks, this is open to international investors everywhere:

🌎🌎 🌎 🌎 🌎 🌎 🌎 🌎

And that's it from me. Time for less, talking - and more action 💪

As Wall Street know all too well how screwed they are when up against you guys, that's for sure.

So let's keep reminding them with our regulatory reform efforts.

And with appreciation to WCIMT's legendary post here, there are additional ways you can check out & submit your petition too:

• ⭐️ [Dismal Jellyfish] Thanks to our very own Dismal Jellyfish, [WCIMT] is now a proud new author on his site at https://dismal-jellyfish.com/! This petition is also available on Dismal's Smacks here where you can copy, paste, modify, and send. (A good option as Dismal's site allows more formatting options which copies over to your email.)
• ⭐️ [WhyDRS] The good people at WhyDRS have a joint petition on their site which lets you email a petition with just a few clicks. (An easy option for those who support spreading the word of DRS. Just a few clicks and paste into your, preferably anonymous, email to review and send this petition.)

Thanks to everyone involved in making this happen!

So what you waiting for?

You want to be your own catalyst for MOASS, right?

Then why not grab the letter template in this link [here] and slap it in an email to: [email protected]

Takes two minutes to change the world, and it's worth taking a few moments out of your day for the bragging rights, isn't it?

So let's remind Wall Street who they are up against - because there's only going to be one winner in all this, and that's you.

Game On 😎