Apr. 11, 2023
Dear Sir/Madam, I am writing to express my deep concern and frustration over the recent release of the proposed rule change related to the Clearing Agency Securities Valuation Framework (the "Framework"). As an individual retail investor, I feel that the redaction of all exhibits and lack of transparency is utterly unacceptable. The market is supposed to be a fair and level playing field for all participants, including retail investors. However, the opaque nature of the proposed rule change undermines this principle and raises questions about the SEC's commitment to promoting transparency and safeguarding the interests of retail investors. Specifically, the proposed rule change involves significant aspects such as the selection of third-party pricing vendors, monitoring and review of pricing vendor data, and the processing and use of pricing vendor data. Without adequate transparency, it becomes impossible for retail investors to understand and assess the implications of these changes and how they may impact our investments and market participation. The SEC has a responsibility to protect the interests of all investors and maintain the integrity of the financial markets. I strongly urge the Commission to reconsider its approach to transparency in this matter and release the redacted exhibits, so that retail investors like myself can make informed decisions based on a clear understanding of the rules and regulations governing the market. Furthermore, I would appreciate it if the SEC could provide a clear explanation for the redactions and address the concerns raised in this letter. Greater transparency is crucial for fostering trust between the Commission, market participants, and the general public. Thank you for your attention to this critical matter. I hope to see the SEC uphold its commitment to transparency, fairness, and investor protection. Sincerely, Olav Laudy Retail investor.