Aug. 10, 2023
To whom it may concern, I have already expressed my full support for proposed rule S7-32-10. That being said, I wanted to address the letter sent to the commission on 8/9/23 by the MFA and its management team. I am not surprised by the MFA fighting for their fund managers and members, however, the continued argument for liquidity ( rehypothecation and fraud) utilizing the guise of public protection has been a virus in the market for too long and needs to be eliminated. This rule has been pushed back for the past 13 years and swap data has continued to be obfuscated by not just the SEC, CFTC, but also, FINRA, Congress, ETC. There are many too many crises that were avoidable and some even appear to be manufactured events! Even with this knowledge, YOU allowed Wallstreet and friends to run rampant with greed and while skirt the reporting guidelines that would transparently show the fraudulent nature and deals going on in our markets. Collusion with clearing houses on 1/28/21is well documented where OVER 10 BILLION DOLLARS WAS WAIVED IN COLLATERAL AND MARGIN REQUIREMENTS for institutions. That is STEALING as they executed the orders and internalized them and kept the money yet did not deliver! MMLTP, Archegos, 2008 MBS collapse due to FAILED RISK MANAGEMENT AND GREED, etc. We are in a continual cycle of abuse with 0 accountability. With this said, I IMPLORE the SEC to not only finalize and implement this rule IMMEDIATELY, I also urge the commission to investigate the entities who are so opposed to transparency and public disclosure/ public education regarding the financial markets. This inherent data disparity does not foster a free and fair market where capital is formed in a healthy way. The immediate implementation of this rule along with immediate enforcement is the ONLY solution. Disregard the MFA proposal as it is solely focused on the continuation of the current status quo. I hope the commission is focused on true capital formation in which NEW INVESTORS start to invest in the free and fair market, investing in companies they believe in due to the transparency of the data available along with the regulatory structure supporting the continuation of a free and fair market. Allowing institutions to trade amongst themselves behind closed doors and not having to report the trades is anything but free and fair. Why do they get to utilize and purchase our data, some of which we have no say in their ability to obtain, and yet they complain that public disclosure makes the field unfair. The stock market is supposed to be a level playing field for all. This rule will assist in rooting out corruption and providing a safe place for investors where all information is available if they are willing to look for it. I do not feel bad for "Smart money" abusing the lack of oversight and regulation with their creation of these financial nuclear bombs through derivatives and loop holes; yet now that they have to disclose their actions they are so afraid and throwing temper tantrums. It was not very "smart" to create the risk in the first place. Derivatives should be removed from the market. Thank you again and I look forward to the immediate implementation of this rule. Reflex Entertainment Management