Jul. 23, 2020
Mr. Jay Clayton, Chairman Securities and Exchange Commission Washington, D.C. Dear Chairman Clayton: I’m writing to protest the proposed change to Form 13F that will raise the limit beyond which hedge funds and other large trading groups are legally required to report their stock trades on a regular basis. This strikes me as being yet another instance where the SEC is disposed to favor big traders at the expense of the small, retail trader like myself, allowing those big traders to keep secret the kind of information about changes in their investing policies that can often be useful to small traders in assessing market direction. I appreciate that you’ve posted this proposed change for public comment, and I hope there will be many retail traders who, like me, express concern over this new development. Thank you for your service! Best Wishes, Philip Nicholson