Subject: File No. s7-32-10
From: Taylor L.
Affiliation: Individual investor

July 6, 2023

More transparency is always better. Transparency is the only thing that is fair. Please consider requiring prompt reporting of Large Security-Based Swap Positions.

If implemented, please make the fines representative of the potential damage caused by this risky behavior when heavily levered and/or with multiple institutions. We saw what Archegos Capital Management did with swaps, please make prompt reporting a requirement.