May. 31, 2023
Dear SEC, The proposal entitled “Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Update the Clearing Agency Securities Valuation Framework” (SR-DTC-2023-003) is significantly redacted which prevents public review making it impossible for the public to meaningfully comment on this proposal; so this proposal should be rejected on that basis alone. The proposed rule changes for "the manner in which each of the Clearing Agencies identifies, measures, monitors, and manages the risks related to the pricing of securities processed or otherwise held by such Clearing Agencies" including "the monitoring, reviewing and processing of pricing data for end-of-day and intraday pricing" directly affects the investor protection and public interest and can not be meaningfully commented upon by the public when the exhibits provided are entirely redacted. As the redactions render it impossible for the public to meaningfully review the proposed changes to the Framework which clearly impacts the pricing of securities, this proposal should be rejected. If the proposed changes are merely corrections, clarifications, and simplifications, then the proposed changes should be made available for public review instead of hidden in redacted exhibits. Obscuring proposed changes from public review, followed by approval and implementation, reduces the already dwindling public trust in both our SIFMUs and their regulators. Therefore, the Commission should suspend and reject proposed rule changes with heavily redacted exhibits, including _FILE_NUMBER_ as the interested public can not review these changes, investors can not determine whether or not these changes protect or harm them, and the public can not determine if the proposal is consistent with the Securities Exchange Act of 1934 for ensuring a transparent and fair environment for investors where, for example, the redactions eliminate transparency into whether or not these proposed rule changes are fair for investors. Thanks for taking the time to review my comments. Edwin