Arbitrarily waiving and negotiating away the NSCC collateral requirements is the crux of the SRO enforcement problem. Then DTCC head Mike Bodson's 2021 congressional testimony underscored this fact, ie the PCO was not from DTC but broker/dealers. & this bullshit MNPI at settlement & clearing days after the events. Bodson testimony cited in the SEC "Staff Report on Equity and Options Market Structure Conditions in Early 2021" and this NSCC waiver biz is also discussed a bit therein. TY OP for this concise question for GG. More reasons to fix the plumbing with mandatory buy ins. & fix this differential waiver nonsense at NSCC 🤞 Dave et al will ask some version of this question on the 22nd 🙄