Aug. 20, 2023
Dear sir/madam, As a overseas investor in US markets, i support rule changes which would make the US markets a more fair and safe place to all market participants. Any black swan events in the US markets affect markets around the world. Rules should should be strenghtened and loopholes covered to prevent any such incidents such as the Archegos affair from ever repeating. The swaps used by Archegos were reponsible for inflating the value of their holdings which is akin to market manipulation. In the same way, swaps can be used to suppress price discovery. Without any regulation or oversight of these swaps, there may be future black swan events by other bad actors which will further erode confidence in the US markets. I also strongly believe that the fines should be increased so as to be a deterrent and not just a cost of doing business for those breaking rules. Regards, Overseas investor