July 16, 2020
I strongly urge any relevant parties to reconsider their support for this motion to raise the threshold for 13F filings.
There is no evidence indicating that opacity in the financial realm benefits the economy. To the contrary, asymmetric information is well-established as a primary cause of financial misfortunes (as further demonstrated by the 2018 Nobel Laureates).
Ample evidence indicates that such insularity of information translates into insularity of capital. Not only would this motion reduce information accessible to smaller investors (thereby reducing competition by proxy), but it would promote an environment in which low-quality debt and overvaluation thrive outside public scrutiny.
Unfortunately, little has changed since the Great Recession in terms of risk aversion and debt consolidation, and arguments that only institutional players understand the economics of obscuring trillions of dollars to save approximately $30 million are elitist at best and in bad faith at worst.
Key Sources:
http://personal.law.miami.edu/froomkin/articles/spec.htm
https://mises.org/library/lemons-and-nobel-prize