Subject: File No. S7-32-10
From: Cory Shepherd

February 7, 2022

I think stricter rules are necessary, and a better enforcement of them is needed. All of the rules don't matter if the punishment isn't worse than the crime's payout. Please ensure transparency in our markets via forced reporting of swaps, and if any rules are broken(not just this one), please make the penalty much bigger than the money they made off of it.