December 16, 2021
Good morning commission, thank you for your time. I'll try to keep this brief.
In my opinion, increased transparency on security based swaps is a required for a transparent and fair market. As you know, credit derivatives such as swaps can have extreme influence on the price action of an underlying security. The lack of accurate reporting puts retail investors like myself at a fundamental and critical disadvantage. How would a retail trader be able to discern legitimate price action caused by trading in the underlying from that created artificially via swaps if we can't even know whether swaps exist on any given security? I am a firm believer that information can build or destroy nations, myself as a retail trader, cannot say for certain if one security is leveraged with this swaps, and this could prove fatal for my life savings, as it could to other retail traders in the US, we could be at the verge of a collapse of the whole global economy and I have no way to prepare myself.
I know the market is highly speculative and that as a retail trader I need to only invest money I can lose, and that is the practice that I run with, but I know several people that have their life saving in retirement accounts that could be emptied in a matter of weeks, days or hours. Giving this kind of information might not stop the practice but it will discourage predatory swap creations over any given security, big or small.
Thank you again for your time, and I look forward to seeing this resolved.