Subject: File No. S7-14-18
From: Peter Park, PhD

July 28, 2018

Volcker is still very important to too big to fail banks. Regulators need to strengthen supervision for big banks. Trading desks in big banks have advantages in data and flow. If Volcker is gone, then regulators must make sure big banks do not use client transaction data for trading purpose and big banks must guarantee best execution to all of its clients. Big banks need to ensure all clients have access to premium liquidity such as retail flow. Big banks cannot have prop trading desks or equivalent desks because with its advantage, it can easily gamble or speculation in dark pool or general securities markets.