July 20, 2023
Dear Securities and Exchange Commission,
I am writing again with utmost enthusiasm and unwavering support for the proposed rule on Position Reporting of Large Security-Based Swap Positions, a transformative step towards empowering household investors. As our nation's corporations trade publicly, it is high time to extend the rays of transparency and equip the public, the backbone of our markets, with the information they rightfully deserve.
Bridging the Information Gap for Household Investors:
At the heart of thriving markets lies the principle of fair access to information. While corporations trade publicly, it is disheartening that individual investors, our household investors, lack comprehensive access to data that could enable them to make informed decisions. The proposed rule paves the way for transparency that empowers household investors, turning the tide in favor of those who have long been underserved.
Shedding Light on Dark Pools and Failures to Deliver:
Dark pools and failures to deliver have been shrouded in obscurity, leaving investors vulnerable and uncertain. Position reporting of large security-based swap positions offers a beacon of hope, as this rule would shed much-needed light on these opaque practices, curbing potential risks, and ensuring a level playing field for all.
Challenging the Status Quo of Payment for Order Flow:
The issue of payment for order flow has long raised concerns about potential conflicts of interest. By embracing transparency through position reporting, the Commission demonstrates its commitment to challenge the status quo and protect the interests of household investors who have the right to know how their orders are routed.
Promoting Accountability through Public Disclosure:
Household investors often navigate financial waters without full visibility into the activities of market participants. Requiring public disclosure of large security-based swap positions would empower individual investors with valuable insights, fostering a culture of accountability and encouraging responsible market behavior.
Empowering Investors through Technology:
The proposed use of structured, machine-readable data language is a visionary approach that leverages technology to enhance accessibility and comprehension of market information. By employing innovative solutions, the Commission reinforces its dedication to equip household investors with the tools necessary to navigate the complexities of the financial world.
Embracing the Public's Voice in Decision-Making:
The reopening of the comment period demonstrates the SEC's commitment to inclusive policymaking, inviting the public's input on this crucial matter. Encouraging the public's participation ensures that the final rule is reflective of the collective vision of our financial community.
In conclusion, I wholeheartedly endorse the Position Reporting of Large Security-Based Swap Positions rule, convinced of its potential to transform our financial landscape for the better. By placing the spotlight on transparency and championing the interests of household investors, the SEC sets an example for markets worldwide.
Let us pave the way towards a future where household investors stand on equal footing, armed with the information they need to make prudent choices. I commend the SEC's unwavering commitment to the public's best interests and eagerly anticipate the successful implementation of this game-changing proposal.
Sincerely, Ben Mason