Oct. 08, 2022
October 8, 2022
Comments on Proposed Rule: Reporting of Securities Loans
Release No. 34-93613 File No. S7-18-21
Dear SEC,
I am writing in favour of this rule for increased reporting criteria and accelerated reporting requirements..
I support transaction-by-transaction reporting as it reduces or eliminates the ability for such transactions to hide in a larger sample size pool. Due to dark pools and off-exchange routing, I am of the belief there are multiple transactions perform illegally every day, and hope this rule will bring transparency to these.
I support the 15 minute reporting requirement as continuous pressure is what will be needed to halt these transactions from taking place. The enemy of fraud is checks and balances, and I would much rather see a reporting requirement every 15 minutes to keep a watch over entities performing transactions under illegal pretenses.
I am concerned retail investors, ordinary people, trading for their own futures, retirements, or within mutual funds and related services, are at a large disadvantage by short-selling financial predators. The SEC has stated \"working families\" are of priority, and this proposal will assist them. The sheer amount of short-selling is grossly underreported, and I do not believe our current rules are assisting these ordinary people in any way. Thus this rule will be an important step to be sure ordinary people are not being taken advantage of.
A short seller is not an investor. Short sellers exist solely to reduce the price of stocks for profit with no regard for ordinary people's investing and future. Short sellers actively seek to remove companies not only from the markets, but from existence. This is ordinary citizen's futures, retirements, employment, and lifeline. Any transparency and reporting requirement increases will directly help ordinary citizens and help bring short sellers back to the level playing field they ought to be on.
Thank you.