Aug. 20, 2023
I support the proposal for greater transparency on Swaps. Transparency is key to a fair and free market for all participants. Allowing areas of obfuscation and information asymmetry to exist creates perverse incentives to maximise profit by exploiting imbalanced regulations rather than directly interacting in the market itself as a fair player. Swaps without transparent accountable reporting are wide open to such exploitation. The current rules have lead to the creation in recent years of increasingly byzantine instruments that have had direct disastrous effects on markets by facilitating criminal deceptions and the accrual of enormous hidden liabilities. Such a distorted marketplace only benefits large amoral institutions at the expense of household investors.The SEC cannot responsibly allow such a distorted marketplace to continue to exist under its mandate. Thank you for your consideration. Daron Robinson CEO Magnetomedia Ltd