February 7, 2022
Hi,
I support the proposed rule changes to bring increased transparency around swap reporting.
I am just concerned about the consequences of breaking these rules. I don't see anything that would compel a firm to follow these rules when doing so could result in higher borrowing costs, higher margin requirements, or liquidity issues.
Fines should be at least 100% of the proceeds of the crime. Anything less is treated as a cost of doing business and if nothing changes on this I will be pulling my money out of US markets as soon as I can reasonably exit my positions.
Good luck,
Eoin Walsh