Oct. 09, 2022
October 9, 2022 Hello SEC, It was incredibly kind of you to lose my comment from November 19, 2021. Visibilty is key to what your organization keeps calling 'free and fair markets'. And I appreciate the attempt to make it so by improving loaned share reporting. However, from what I've learned since making my original comment, I will argue that it is far from enough. First, Archegos Capital was caught with their pants down by using swaps to avoid reporting their true positions to you. Further, the nature of borrowed shares need to be disclosed directly from CNS (Continuous Net Settlement) system. A raw data feed. The same system that you use to report FTDs over to the public. The same system, that your organization admitted to having 0.12% of all FTDs ever be settled. Despite your efforts are moving the 'free and fair markets' in the positive direction, more can be done to provide the transparency without scaring the large financial institutions with whom you so keenly want to keep the revolving door open. Time to nut up, or shut up. Without a doubt, there are other organizations like Archegos that are skirting the rules to avoid reporting by utilizing swaps securities which pose grave idiosyncratic risks to the stability of the markets. I hope this comment does not get lost again. Best Regards, Flam