Subject: File No. S7-08-20
From: joseph m russell
Affiliation: Analyst

July 28, 2020

I am against raising this level, especially not to 3.5 billion. I research who is buying and selling what I'm interested in. There are several money managers who I track. If they are starting a new position in a stock, it is often worth taking a good look at it. Changing the current rule will lead to less transparency in the stock market and give insiders an even bigger advantage, at the cost of the average investor.