Subject: File No. S7-08-20
From: Michael Ceccardi

July 16, 2020

The justification for rule change is highly questionable. Less transparency and less data will be fatal towards small investors. This proposal is a cheat rule aimed at the rise of at-home traders. Bloated investment managers cannot keep up, so they take their millions of dollars to lobby you to rig the rules in their favor. Without this information traders will not be able to fully manage their risk which could result in heavy losses. REJECT THIS PROPOSAL.