Subject: File No. S7-32-10
From: Brian James
Affiliation: Agriculture research biologist

February 7, 2022

It appears that the use of security based swaps can be hidden from the general public, and until recently I had not known it existed.

I think for retail to have a fair market, it needs to be transparent and all of the behind the scenes moves of institutions so we can better gauge our trades.

A lot of the behind the scenes moves also seem to dictate price movement, like the swapping of securities or utilizing dark pools. These things need to be clearly represented by institutions so we can be protected as retail traders.

Thank you and I hope this rule gains traction for the trust in the market to be built back up.