Subject: File No. S7-32-10
From: christopher moodley
Affiliation: just a dude with a brokerage account

December 16, 2021

Increased transparency on security based swaps is a must. 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 compared to what could be considered a 'fair' market. In addition, without being able to view the magnitude of these Swap positions, how can we know the potential impacts they may have on the supply and demand of the underlying. It is impossible to have fair markets when key information is withheld from the public eye. The opacity of these derivatives allows for an illegitimate amount of leverage to be applied to positions that otherwise would not be allowed or even possible with the outstanding count of underlying.