July 19, 2023
I am writing to express my strong support for the Securities and Exchange Commission's proposed rule for \"Position Reporting of Large Security-Based Swap Positions\".
The global financial crisis of 2008-2009 served as a stark reminder of the potential dangers and systemic risks that unregulated financial instruments, such as security-based swaps, can pose.
These swaps, wrapped in complexity, often serve as dark corners of our financial system where astronomical amounts of money are hidden from public view. This opaqueness breeds risks that can impact not only individual investors but also the stability of our entire financial system.
Your proposal for greater transparency and accountability in this area is not just welcome, but indeed necessary. It is high time that we shine a light on these obscure financial instruments and make their dealings more transparent. I firmly believe that this will promote fairer and safer markets for all participants, especially for the 'little guy' who often lacks the resources to navigate these
complexities.
Furthermore, I would like to address the recent comments by the Congress of the United States that argue against this proposed rule, because of possible issues with liquidity in financial markets. I find it disappointing that some of our representatives are using this as an excuse to
preserve the status quo, which primarily benefits the wealthy and powerful.
These so-called liquidity issues often serve as a smokescreen for preserving systems that enable the rich to exploit these financial instruments at the expense of smaller investors. Ensuring a fair playing field should not be seen as a threat to liquidity. On the contrary, true and fair markets rely on transparency and equal access to information.
We must strive for a financial system where wealth does not grant the privilege to manipulate and deceive, but one where the playing field is leveled, and everyone, irrespective of their financial standing, is held to the same standards of transparency and accountability.
I urge you and the entire Commission to stay steadfast in implemening this proposed rule.
This step is crucial to create an equitable and stable financial market where the interests of the small
investors are protected, and the reckless behaviors of the wealthy are curbed.
I appreciate your efforts on these important issues and look forward to your response.