July 20, 2023
I fully support chairman Genslers rule proposal S7-11-23 in enacting greater transparency among large asset security based swaps.
As a retail investor I lack the privilege of swapping my investments, positions, or entire portfolio while large firms on Wallstreet has continued to abuse SWAP privilege which can directly wield influence over real time trading prices of the stocks Ive invested in on top of endless privileges large firms are afforded such sophisticated trading algorithms, CFD, front running. One doesnt have to look past Enron or Madoff to understand why third party recording and cogent strategies for adherence to law and regulations are needed in addition to equal transparency among security based SWAPs.
I have researched several times now and have yet to find a legal public explanation for routine reporting of SWAPs to have been suspended for years. That is a joke. Absolutely outrageous that Americans are now handicapped from investing an due diligence is no longer useful for retail investors to plan for retirement or find worthwhile investments because trillions of dollars can be moved around by large firms thru SWAPs without any oversight or public record.
Retail investors and the stocks themselves will simply become a wealth extraction vehicle for large firms to abuse without enacting these proposals. SWAPs also contain retirement accounts and other forms of public funding belonging to companies, jurisdictions and the public has a right to see exactly who is holding their assets at every juncture.
Enough is enough.