Jul. 27, 2023
Dear SEC, I seek to offer support of this proposed rule. It is to the benefit of household investors (like me), with their less information and much smaller pockets than big financial institutions. Furthermore the enhanced rules to prevent fraud, coercion and manipulation of compliance officers should be industry standard. Daily swap reporting is a trivial ask in the era of high speed trading and AI financial algorithms. A $0 minimum reporting threshold would eliminate a loophole for those using these complex financial instruments. Swaps can be mismanaged and risky, as seen with Archegos and Credit Suisse. Clearly the current regulatory requirements are insufficient and new rules are needed to prevent similar future risks to anyone participating in the market. Thank you SEC for proposing this rule, which aims to steer the financial markets into a better direction away from fraud and issues brought uniquely by big institutions and players with instruments like swaps. Thank you for noticing the loophole in ethics regarding compliance officers and proposing such a reasonable solution. Greg