February 7, 2022
I have no confidence in the US markets due to the recent events that highlight the lack of transparency and illegal activities, such as naked shorting or counterfeiting of shares, on various stocks from hedge funds and market makers. How is it that US citizens get put in to jail for counterfeiting dollar bills but HF that counterfeit shares (through illegal naked shorting) get away with it without any criminal punishment by using swaps and the lack of transparency in the market to get away with it? How is it fair that MM can route retail order through dark pools to manipulate prices??? Is it because this is a system designed to be unfair against retail investors? Because penalties seem to only apply to retail investors and not any wall street firms likely because of the revolving door between wallstreet firms and regulators. The SEC needs to do its job to uphold confidence in the market by creating regulations that promote transparency and implement significant fines that EXCEED the profits HF are generating from breaking these laws. Markets should be transparent, and rules that apply to retail investors should also be applied to HF and MM. Creating mechanisms that promote transparency should be the number one priority for the SEC
I support any rules and regulations, such as this proposed ruling, to prohibit Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps Prohibition against Undue Influence over Chief Compliance Officers Position Reporting of Large Security-Based Swap Positions