Aug. 16, 2022
August 16, 2022 Transparency of information ensures a level playing field, establishing equality of opportunity while leaving outcome up to individual participants of the securities market. The proposed rule S7-18-21 is a positive step in this direction, as it asks for reporting in 15 minute intervals, preventing \"foul play\" from being hidden within the aggregate. Given that virtually every trade on the markets is in electronic form, affected participants should not encounter any technological obstacles in implementing the proposed rule, even though some may present that argument. Market participants that oppose the proposed rule undermine the actual accomplishment of price discovery, by implementing strategies that are only possible in an opaque system. The proposed rule is also critical in enabling the SEC to perform it's duty more efficiently and effectively. Self-reported information presents obvious challenges for the SEC to investigate it's veracity more granular, timely and automatic reporting discourages participants from engaging in morally dubious strategies that hurt retail investors, and the markets in general.