Oct. 08, 2022
October 8, 2022
Hello, I am here to publicly support S7-18-21. I believe in transparency in the market place and true competition between buyers and sellers. I support transaction-by-transaction reporting for all market securities and financial products. With today's technology there is no need to group transactions in aggregate to save time.
I support the 15-minute reporting requirement, and I believe it does not go far enough. Our technology could support even faster reporting requirements and we could feasibly see transactions being reported in real-time with the right systems in place. I believe by transparently reporting these transactions it helps the common investor and everyday people.
Financial firms should not have the opportunity to hide behind curtains when they are responsible for the greatest financial system the world has ever seen. The more powerful our reporting tools are the more individual investors, not short sellers, are protected. Allowing misreporting creates inefficiencies in the markets. When the numbers are bad, people make bad decisions. I believe that the SEC is in a unique position of actually defending the public's interest and keeping financial firms away from the rightfully earned investments of the people.
By allowing misreporting in one transaction, it could create a chain of untracked lending chains that could cause financial instability. Allowing firms to systematically abuse reporting guidelines, allow powerful businesses to negligently abuse our rules and regulations.
To reiterate, I am a strong supporter of transaction by transaction reporting. I am a supporter of holding firms accountable for the transactions they do on behalf of the individual investor. I am a supporter of a stronger SEC that can, and will, holds these firms accountable.
Thank you.