Aug. 16, 2022
August 16, 2022 I support transaction-by-transaction reporting since it increases transparency. Every participant in an open and fair market deserves as much transparency to ensure they are getting fair deals. Aggregates are not good enough - they lower the transparency, since data can be hidden within aggregates. As such, the 15-minute reporting requirement is essential: the more refined the data are, the more transparent. Furthermore, finer time requirements (15 minutes instead of daily) prevent intraday fraud and hiding of data. This is essential for retail participants especially. In the case of victimized companies, there is a need for a greater ability to defend themselves against predatory firms (participating in short selling in dark pools or similar 'dark' areas without transparency to the outside world. Dark pool trading seriously harms true competition and price discovery. Increased transparency is the best way forward to support retail traders they generally have limited means and data to base their trades on and more transparency equals more informed retail traders. Funds that are shorted in the dark are un-transparent and go against all fair market principles. Increasing transparency and allowing the public to serve as a first-line watchdog in monitoring short selling data for securities fraud can only strengthen the SEC and help it to fulfill its mandate (for the government and the public), at no cost. This also further enhances a free and transparent market with participants fully participating in all facets. Long, untracked lending chains, that can lead to economic fragility. Securities lending activity can hide massively destructive chains of obligation that can even be a threat to national security.