Oct. 30, 2022
October 30, 2022 I believe the swift and correct approval of the proposed rule, and the reporting of swaps is integral to the safety of our equity markets. Left alone, many of the biggest names in our industry have abused the ability to leave their swaps off their reporting. We must require them to report often, at least every day. We must also require them to report on much smaller positions, anything larger than 100 million should be required to be reported. We must require the ENTIRE portfolio of swaps be reported, not just parts. If we do not do this I believe we will see a repeat of the Archegos collapse, or something similar. The definition of security based swaps must also be kept wide to avoid the evasion that the SEC wishes to curb. This reporting must be required internationally, as to close any loopholes or workarounds any entity may try to use. This is a great rule and I applaud the SEC on the proposal overall, as well as the proposal to require daily reporting, and to release the data publically. Thank you, and please finalize this rule quickly, our markets may be at stake.