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

$Faraday Future Intelligent Electric Inc. (FFIE.US)$ This text is very long and complex, mainly discussing naked short selling, failure to deliver (FTD), and the T+35 rule. I will simplify the translation into Chinese:

---

**Basic Description of Naked Short Selling, Failure to Deliver (FTD), and T+35 Rule**

**Introduction**

DTCC aims to improve efficiency using paperless, electronic systems, but the closed-loop system makes market manipulation activities like naked short selling possible.

**Regulation SHO**

Reg SHO aims to address naked short selling in the electronic clearing environment, but there are many loopholes that the SEC seems less concerned about.

**Naked short selling**

Market makers can engage in naked short selling without locating the stocks, which is allowed under Reg SHO regulations.

**Failure to deliver (FTD)**

Failure to locate the stocks for naked short selling within two days before settlement will result in FTD. Market makers can extend this up to 6 days.

**Regulatory loopholes and manipulation**

The SEC's rules are ambiguous and can be easily interpreted and manipulated, especially regarding Rule 203(a), the definition of "reasonable grounds", and the management of locate lists.

**DTCC's Stock Borrow Program**

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

**Stock Clearing System and NSCC**

NSCC's Continuous Net Settlement System allows the creation of synthetic stocks, which market makers and hedge funds can exploit these loopholes.

**Summary**

The complexity of naked short selling, FTD, and the T+35 rule reflects the manipulation and regulatory challenges of the modern stock market.

---

I hope this can help you understand the relevant content!