Oct. 30, 2022
October 30, 2022 Thank you for proposing Rule 10c-1. I agree with your intentions to remove information asymmetries, to improve market efficiencies in the securities market, and to enhance fair, orderly, and efficient markets for borrowing of the securities and the market for such underlying securities. And I think extending timely reporting requirements to all securities lenders is a solid step towards fulfilling those intentions. In my line of work, complexity science, it is clear that, for a system to operate sustainably, the right hand must know what the left hand is doing. Without pervasive internal knowledge exchange, a system will act decoherently, as simply a sum of disjoint and conflicting parts. In the case of markets, information asymmetries establish a rich-club of well-positioned investors, who collude, legally, to affect market dynamics towards their favor, and to the ongoing detriment of all other parties. Certainly, this assymetric situation is neither efficient nor is it sustainable. A appreciate that this regulatory agency is working to facilitate a more sustainable and thriving market by bringing timely transparencies to the state of the markets. May this work continue in these and other areas. Kindly, -Dr. Billings, Retail Investor