Subject: File No. S7-32-10
From: Joseph Smith

February 7, 2022

Retail investors need more transparency in the market.

Market Makers should not be allowed to have sister companies that operate as hedge funds.

Financial institutions need more intense reporting requirements and transparency of the financial upkeep of their holdings.

These institutions should not be able to accumulate so much risk that the entire market is in jeopardy before any regulators become aware of the risk because the reporting requirements were so lax.