Aug. 22, 2023
To whom it may concern, I am writing to express my support for proposed rule S7-32-10. I support this proposal because financial institutions are incentivised to use obfuscated reporting to commit financial crime. More data is always better contrary to what many so-called industry proffesionals may say using contradictory logic. If simply unearthing how rehypothecated an asset is causes liquidity issues, that liquidity never existed. Transparency in the markets is the ultimate shield against fraud and bubble building. These swaps create a fraudulent economy where the numbers are manipulated at will to defraud market participants without sufficient access to information indicating that the financial products being sold are in fact worthless. I support true capital formation not the counterfeiting enabled by these complex financial schemes. I also wanted to address the letter sent to the commission on 8/9/23 by the MFA and its management team. That MFA is fighting for their fund managers and members is unsurprising, however, the continued argument for liquidity ( rehypothecation and fraud) utilizing the guise of public protection has been a pox in the market for too long and needs to be culled. Every Financial Crisis in living memory since Glass Stiegal was repealed has been due to failed Risk management, greed and financial crime enabled by lack of transparency. Please disregard the MFA proposal as it is solely focused on the continuation of the current status quo. Allowing institutions to trade amongst themselves behind closed doors and not having to report the trades is anything but free and fair. Why are they able to utilize and purchase consumer and investor data, some of which investors have no say in their obtaining, and yet those same institutions complain that public disclosure makes the field unfair. Preposterous. There should be no exceptions as that will always be abused. The threshold should be zero. Please immediately implement this rule. Sincerely, James Kohagen Sent from Yahoo Mail on Android