Oct. 08, 2022
October 8, 2022
October 8th, 2022
Vanessa Countryman, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-0609
Re: Reporting of Securities Loans (File No. S7-18-21)
Dear Secretary Countryman:
I am writing in strong support and approval of rule 10c-1, Reporting of Securities Loans. Here we are in the early stages of what looks to be another financial crisis. Again, poor risk management is at the core of this problem.
Rule 10c-1, Securities Lending Transparency proposed transaction-by-transaction reporting of all securities lending activity, every 15 minutes.
Transparency in the stock market and especially securities lending/reporting is something that is deserved to all investors, regardless of the size of their investment.
Denying investors transparency by rejecting this rule would suggest to me that there is ill intent to keep this data hidden and may lead to a loss of confidence in markets and regulators.
I see no good argument against Rule 10c-1, nor any reason to oppose it. What would be the purpose of hiding/not reporting a short position other than to avoid scrutiny? Could it be that there is nefarious and illegal activity going on? Could it be that these short sellers would prefer to continue to pay fines for misreporting their short positions as long?
Sincerely,
A Concerned Investor