Aug. 20, 2023
This isn't a long response, since it doesn’t need to be: I support the proposal for greater transparency on swaps. Transparency is crucial to the maintenance of a free and fair market for all participants. If the SEC accepts the argument or excuse that providing transparency on ANY financial instruments is too costly, or takes too long, then that inaction incentivizes the creation of more complex financial instruments, with the creators of these instruments essentially taking the fact that it is too costly to audit as a green light for potential fraud or abuse. Swaps without reporting that is transparent, frequent, and enforced, foster an asymmetrical market that further benefits large participants over (and at the expense of) household investors. The SEC cannot responsibly allow this gaping hole in the financial market to continue to exist under its mandate. Thank you for your time and consideration. —