$Faraday Future Intelligent Electric Inc. (FFIE.US)$ This te...

$Faraday Future Intelligent Electric Inc. (FFIE.US)$ This text is very long and complex, and mainly discusses issues such as bare selling, failure to deliver (FTD), and the T+35 rule. I'll simplify the translation to Chinese:

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**Basic description of bare selling, undeliverable (FTD) and T+35 rules**

**Introduction**

DTCC aims to use paperless and electronic systems to improve efficiency, but the closed-loop system makes it possible to manipulate markets such as bare selling and shorting.

**Regulation SHO**

Reg SHO is designed to handle naked short selling in an electronic clearing environment, but there are many loopholes, and the SEC doesn't seem to care much about this.

**Naked short selling positioning**

Market makers can short sell naked without targeting stocks, which is permitted under Reg SHO regulations.

**Undeliverable (FTD) **

Failure to locate bare shorted stocks within two days prior to settlement will result in FTD. Market makers can keep it up to 6 days longer.

**Rule loopholes and manipulation**

The SEC's rules are vague and easy to interpret and manipulate, particularly the 203 (a) and “reasonable cause” definitions and the management of location lists.

**DTCC's Stock Lending Plan**

Stock lending programs can be used to conceal naked short sales, but there are abuse loopholes.

**Stock Market Clearing System and NSCC**

NSCC's continuous net settlement system allows the creation of synthetic stocks, and market makers and hedge funds can take advantage of these loopholes.

**Summary**

The complexity of bare shorting, FTD, and T+35 rules reflect the manipulation and regulatory challenges of modern stock markets.

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