March 15, 2022
It goes without saying that this rule is long overdue. In fact, why is it even an option to not report certain transactions?
It seems egregious to me that the regulatory authority for financial markets, the SEC, allows firms to not report on over half (probably more) of their dealings. You are policing with a bandana over your eyes. Self-reporting also lends itself to fraud and crime.
It is astounding that in 2022, despite everything being electronic, we are still waiting on T+2 settlement and waiting multiple weeks to months to see reports of financial institutions.
The change to T+0 and automatic reporting on a daily basis is long overdue. Financial institutions have the tools to trade more, faster than any retail investor ever could. They have no reason to be scared of us. In fact, my personal theory is that if these systems were implemented (T+0, auto-reporting, blockchain) they would stop making money or make significantly less. It demonstrates how much crime and corruption and theft is happening in the market as of today.
SEC, it is time to end the fraud and corruption. Implement T+0. Implement a blockchain exchange where transactions will be verified in real time. Force the reporting of all transactions, whether it be long, short, derivatives, swaps, or any other type of crooked financial dealing.
To end, I'd like to reiterate how unbelievable it is that firms are allowed to not report on certain positions, how they are allowed to self-report, and how that information is almost never verified. It angers me how most fines levied by the SEC don't even equate to 10% of the profit from the crime, and how most of these fines end up not even being paid.
SEC, we are watching you. Power to the Players. Power to the Creators. Power to the Investors.