Subject: File No. S7-08-20
From: Judy Nicholson

July 14, 2020

I am writing to voice my opposition to raising the threshold reporting requirements for institutional investors. This will further put retail investors at a disadvantage and is not a move that is in the interest of leveling the playing field or essential fairness and decency. I am opposed to this measure as it only shields corporate institutional investment activities from public knowledge and scrutiny and helps them to assert an unfair advantage in the market and provides opportunities to manipulate markets causing a grave disadvantage to the smaller investor.

I would also like to take this opportunity to voice my concerns about the legality of "Dark Pool" investment activities which currently provide large institutional investors a market to place large trades that are not transparent to the public, and do not have the same reporting requirements of most market makers. These "Dark Pool" trading platforms have an enormous impact on markets without the same reporting requirements and also create a large disadvantage, if not harmful effect on retail investors. This should be stopped.

Best wishes,
Judy "Jude" Nicholson