Aug. 6, 2023
Dear Madam, dear Sir, Current financial markets are reaching very high complexity levels, and the most sophisticated participants are using it to its limit, or even abusing it by leveraging the fact that rules cannot be enforced due to various reasons. Amongst other reasons, hiding or dissimulating positions unequally to different participants. More specifically, large players are hiding positions in swaps, owned by entities subject to less stringent or incompatible legislation. Besides, should large participants be caught infringing existing regulations, the levied fines are no deterrent, and at most, the cost of doing business. The current proposal is definitely a step in the directions towards more fair financial markets. Cordially -- Samuel Progin