December 15, 2021
Most of this speaks for itself. Why wasn't it in place already?
Swap reporting isn't that much more complicated. If retail can't hide all their bets from everybody else, why should it be okay for anybody else on a massive, insanely reckless, and ultimately destructive scale? Particularly conglomerates that have somehow been allowed through what looks like staggering amounts of corruption and lack of oversight in both our government and our market infrastructure, to become both hedge fund and market maker (among many other ridiculous conflicts of interest things), resulting in absurd leverage, high levels of market-wide intelligence available exclusively to them, and the capacity to abuse to the point where they simply can't lose until, inevitably, we all do.
Transparency is critical to avoiding abuses that inevitably results in these market disasters. It's not our first time at this rodeo that's about to happen. The sooner we have transparency, the more likely it will become crystal clear to all, why it happened and exactly who was responsible this time. We are going to need that and hopefully a DoJ that isn't just posturing about a white collar crackdown in order to avoid repeating same ridiculous story in another 8-12 years.